Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 122

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 122
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 compared to the six months ended June 30, 2024, due to a $20.1 million increase in revenue from third-party publishers, partially offset by a $15.5 million decrease in revenue from the Ibotta D2C properties. 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 the launch of new partners, such as Family Dollar, Instacart, and DoorDash, among others, and the expansion of existing third-party publishers.

Ad & other revenue decreased $4.3 million, or 15%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, driven primarily by reduced client spend on D2C ad products.

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Cost of Revenue

Six months ended June 30,Change20252024$%(in thousands, except percentages)Cost of revenue$35,017 $22,798 $12,219 54 %

Cost of revenue increased $12.2 million, or 54%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, due primarily to the addition of new publishers.

Sales and marketing

Six months ended June 30,Change20252024$%(in thousands, except percentages)Sales and marketing$58,667 $78,147 $(19,480)(25)%

Sales and marketing decreased $19.5 million, or 25%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, due to decreases of $20.4 million in stock-based compensation expense related primarily to the Walmart Warrant for additional shares granted upon the closing of the IPO under the warrant’s anti-dilution provision, $1.2 million in media spend, and $0.3 million in B2B marketing, partially offset by an increase of $2.8 million in other personnel-related costs. The decreases in media spend and B2B marketing resulted from a shift in marketing strategy. The increase in other personnel-related costs was driven by $1.2 million of restructuring charges and the remainder due to increases in sales bonus expense, benefits expense, and salary and wages.

Research and development

Six months ended June 30,Change20252024$