Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 348

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 348
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 fourth quarter of 2024 when we released our valuation allowance on our deferred tax assets.

36

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)Net income (loss)$1,533 $17,239 $4,578 $(7,430)

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(1)Amounts include stock-based compensation expense as follows (in thousands):

Three months ended September 30,Nine months ended September 30,2025202420252024Cost of revenue$622 $476 $1,904 $999 Sales and marketing4,133 4,347 14,135 34,777 Research and development2,381 2,447 8,028 7,036 General and administrative5,486 6,405 15,949 20,525 Total stock-based compensation$12,622 $13,675 $40,016 $63,337 

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Comparison of the three months ended September