Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 168

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 168
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 losses on the disposal of assets.

Provision for income taxes

The provision for income taxes consists primarily of income taxes related to federal and state jurisdictions in which we conduct business, with the exception of the fourth quarter of 2024 when we released our valuation allowance on our deferred tax assets.

35

Results of Operations

The following tables set forth our results of operations in dollars for each of the periods presented (in thousands):

Three months ended June 30,Six months ended June 30,2025202420252024Revenue$86,029 $87,926 $170,603 $170,253 Cost of revenue(1)17,925 12,283 35,017 22,798 Gross profit68,104 75,643 135,586 147,455 Operating expenses(1):Sales and marketing28,809 50,018 58,667 78,147 Research and development14,745 17,526 32,814 31,167 General and administrative22,264 28,708 43,650 41,862 Depreciation and amortization1,048 1,048 2,020 2,031 Total operating expenses66,866 97,300 137,151 153,207 Income (loss) from operations1,238 (21,657)(1,565)(5,752)Interest income, net2,636 2,672 6,321 867 Loss on debt extinguishment— (9,630)— (9,630)Other expense, net(6)(1,414)(405)(3,116)Income (loss) before provision for income taxes3,868 (30,029)4,351 (17,631)Provision for income taxes(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