Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 110

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 110
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,129 Research and development18,069 13,641 General and administrative21,386 13,154 Depreciation and amortization972 983 Total operating expenses70,285 55,907 (Loss) income from operations(2,803)15,905 Interest income (expense), net3,685 (1,805)Other expense, net(399)(1,702)Income before benefit from (provision for) income taxes483 12,398 Benefit from (provision for) income taxes72 (3,101)Net income$555 $9,297 

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

Three months ended March 31,20252024Cost of revenue$657 $158 Sales and marketing5,129 3,622 Research and development3,147 553 General and administrative4,819 512 Total stock-based compensation$13,752 $4,845 

35

Comparison of the three months ended March 31, 2025 and 2024

Revenue

Three months ended March 31,Change20252024$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$25,204 $32,982 $(7,778)(24)%Ad & other revenue11,175 14,338 (3,163)(22)%Total direct-to-consumer revenue36,379 47,320 (10,941)(23)%Third-party publishers revenueRedemption revenue48,195 35,007 13,188 38 %Ad & other revenue— — — — %Total third-party publishers revenue48,195 35,007 13,188 38 %Total Redemption revenue73,399 67,989 5,410 8 %Ad & other revenue11,175 14,338 (3,163)(22)%Total revenue$84,574 $82,327 $2,247 3 %

Total redemption revenue increased $5.4 million, or 8%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due to a $13.2 million increase in revenue from third-party publishers, partially offset by a $7.8 million decrease in revenue from the Ibotta D2C properties. The increase in revenue