Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 124

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 124
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 did not change meaningfully during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.

Interest expense, net

Six months ended June 30,Change20252024$%(in thousands, except percentages)Interest income, net$6,321 $867 $5,454 629 %

Interest income, net, increased $5.5 million, or 629%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, due to an increase in interest earned on cash and cash equivalents driven largely by the 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.

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