Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 118

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 118
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 and equipment.

We expect depreciation to increase when we place assets in service related to our new corporate headquarters, currently expected to occur in late 2025.

Interest income, net

Interest income, net consists of interest income earned on cash, cash equivalents, and restricted cash, net of interest expense incurred on debt instruments.

Loss on debt extinguishment

Loss on debt extinguishment consists of the loss incurred upon the conversion of the convertible notes into shares of our Class A common stock concurrently upon the closing of the IPO.

Other income (expense), net

Other income (expense), net consists of losses on the convertible notes derivative liability, penalties, and gains and losses on the disposal of assets.

Provision for income taxes

The provision for income taxes consists primarily of income taxes related to federal and state jurisdictions in which we conduct business, with the exception of the fourth quarter of 2024 when we released our valuation allowance on our deferred tax assets.

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Results of Operations

The following tables set forth our results of operations in dollars for each of the periods presented (in thousands):

Three months ended September 30,Nine months ended September 30,2025202420252024Revenue$83,260 $98,621 $253,863 $268,874 Cost of revenue(1)17,142 12,172 52,159 34,970 Gross profit66,118 86,449 201,704 233,904 Operating expenses(1):Sales and marketing26,629 27,761 85,296 105,908 Research and development14,022 16,285 46,836 47,452 General and administrative22,465 20,631 66,115 62,493 Depreciation and amortization636 1,065 2,656 3,096 Total operating expenses63,752 65,742 200,903 218,949 Income from operations2,366 20,707 801 14,955 Interest income, net2,510 4,436 8,831 5,303 Loss on debt extinguishment— — — (9,630)Other income (expense), net376 (16)(29)(3,132)Income before provision for income taxes5,252 25,127 9,603 7,496 Provision for income taxes(3,719)(7,888)(5,025)(14,926