Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 169

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 169
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15,949 20,525 Total stock-based compensation$12,622 $13,675 $40,016 $63,337 

37

Comparison of the three months ended September 30, 2025 and 2024

Revenue

Three months ended September 30,Change20252024$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$22,811 $33,144 $(10,333)(31)%Ad & other revenue11,179 14,136 (2,957)(21)%Total direct-to-consumer revenue33,990 47,280 (13,290)(28)%Third-party publishers revenueRedemption revenue49,270 51,341 (2,071)(4)%Ad & other revenue— — — — %Total third-party publishers revenue49,270 51,341 (2,071)(4)%Total Redemption revenue72,081 84,485 (12,404)(15)%Ad & other revenue11,179 14,136 (2,957)(21)%Total revenue$83,260 $98,621 $(15,361)(16)%

Total redemption revenue decreased $12.4 million, or 15%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to a $10.3 million decrease in revenue from the Ibotta D2C properties and a $2.1 million decrease in revenue from third-party publishers. The decrease in total redemption revenue was due to a decrease in the quantity and quality of offers available to each redeemer.

Ad & other revenue decreased $3.0 million, or 21%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, driven primarily by reduced client spend on D2C ad products.

Cost of revenue

Three months ended September 30,Change20252024$%(in thousands, except percentages)Cost of revenue$17,142 $12,172 $4,970 41 %

Cost of revenue increased $5.0 million, or 41%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due primarily to the addition of third-party publishers.

38

Sales and marketing

Three months ended September 30,Change202