Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 349

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 349
---
$27,394 $49,662 

36

Comparison of the three months ended June 30, 2025 and 2024

Revenue

Three months ended June 30,Change20252024$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$24,620 $32,300 $(7,680)(24)%Ad & other revenue12,821 13,975 (1,154)(8)%Total direct-to-consumer revenue37,441 46,275 (8,834)(19)%Third-party publishers revenueRedemption revenue48,588 41,651 6,937 17 %Ad & other revenue— — — — %Total third-party publishers revenue48,588 41,651 6,937 17 %Total Redemption revenue73,208 73,951 (743)(1)%Ad & other revenue12,821 13,975 (1,154)(8)%Total revenue$86,029 $87,926 $(1,897)(2)%

Total redemption revenue decreased $0.7 million, or 1%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due to a $7.7 million decrease in revenue from the Ibotta D2C properties, partially offset by a $6.9 million increase in revenue from third-party publishers. The decrease in D2C redemption revenue was driven primarily by a decrease in the quantity and quality of offers available to each D2C redeemer. The increase in third-party publisher redemption revenue was primarily driven by the launch of new partners, such as Family Dollar, Instacart, and DoorDash, among others.

Ad & other revenue decreased $1.2 million, or 8%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024.

Cost of revenue

Three months ended June 30,Change20252024$%(in thousands, except percentages)Cost of revenue$17,925 $12,283 $5,642 46 %

Cost of revenue increased $5.6 million, or 46%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due primarily to the addition of new third-party publishers.

37

Sales and marketing

Three months