Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 159

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 159
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 and Adjusted EBITDA margin to the most directly comparable GAAP financial measures. 

Note that certain figures shown above may not recalculate due to rounding.

Performance Metrics and Non-GAAP Measures

We use the following key performance metrics and non-GAAP measures to help us evaluate our business, identify trends affecting our performance, and make strategic decisions. For more information regarding how we use non-GAAP measures in our business, the limitations of these measures, and a reconciliation of these measures to the most directly comparable GAAP financial measures, refer to the section titled Non-GAAP Measures.

Note that certain figures shown within this section may not recalculate due to rounding.

29

Performance Metrics

The performance metrics below are presented in two categories: direct-to-consumer (D2C) and third-party publishers, which sum to the total metric. The underlying trends and drivers of our D2C business often vary from those of our third-party publisher business. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. The explanation of the changes in the total metric can be found in the D2C and third-party publishers sections.

Three months ended September 30,Nine months ended September 30,2025202420252024(in thousands, except per redeemer and per redemption figures)Redemptions:Direct-to-consumer redemptions20,793 31,571 64,354 87,819 Third-party publisher redemptions62,055 65,795 181,818 161,728 Total redemptions82,848 97,366 246,172 249,547 Redeemers:Direct-to-consumer redeemers1,6381,9091,6291,879Third-party publisher redeemers16,52713,37815,90111,946Total redeemers18,16515,28717,53013,825Redemptions per redeemer:Direct-to-consumer redemptions per redeemer12.716.539.546.7Third-party publisher redemptions per redeemer3.84.911.413.5Total redemptions per redeemer4.66.414.018.0Redemption revenue per redemption:Direct-to-consumer redemption revenue per redemption$1.10 $1.05 $1.13 $1