Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 175

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 175
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 IPO proceeds and a decrease in interest expense resulting from the extinguishment of the convertible notes.

Loss on debt extinguishment 

Six months ended June 30,Change20252024$%(in thousands, except percentages)Loss on extinguishment of debt$— $9,630 $(9,630)(100)%

Loss on extinguishment of debt decreased $9.6 million during the during the six months ended June 30, 2025 compared to the six months ended June 30, 2024 due to the conversion of the convertible notes into shares of our Class A common stock concurrently upon the closing of the IPO. 

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Other expense, net

Six months ended June 30,Change20252024$%(in thousands, except percentages)Other expense, net$405 $3,116 $(2,711)(87)%

Other expense, net, decreased $2.7 million, or 87%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to a $3.1 million decrease in the loss on the convertible notes derivative liability, which was settled in connection with the IPO.

Provision for income taxes

Six months ended June 30,Change20252024$%(in thousands, except percentages)Provision for income taxes$1,306 $7,038 $(5,732)(81)%

The provision from income taxes decreased $5.7 million during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, primarily due to the impact of non-deductible items including certain executive compensation costs, stock-based compensation, and the tax expenses related to uncertain tax positions, partially offset by the benefit of research and development tax credits.

Liquidity and Capital Resources

As of June 30, 2025, our principal sources of liquidity included $250.5 million of cash and cash equivalents and $99.0 million of available capacity under a revolving line of credit. 

Our primary cash needs are for personnel-related expenses, sales and marketing expenses, user award and revenue share payables, data hosting costs, and software licensing costs. We believe our existing liquidity and cash flows from operating activities will be sufficient to meet our projected operating and capital requirements for at least the next 12 months. 

Our future cash requirements will depend on many factors, including our pace of growth, the timing and extent of