Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 118

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 118
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(1,378)(3,937)(1,306)(7,038)Net income (loss)$2,490 $(33,966)$3,045 $(24,669)

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

Three months ended June 30,Six months ended June 30,2025202420252024Cost of revenue$625 $365 $1,282 $523 Sales and marketing4,873 26,808 10,002 30,430 Research and development2,500 4,036 5,647 4,589 General and administrative5,644 13,608 10,463 14,120 Total stock-based compensation$13,642 $44,817 $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