Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 137

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 137
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 the condensed balance sheets on a trade-date basis. As of March 31, 2025, $96.1 million remains available and authorized for repurchase under the Share Repurchase Program. 

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Table of ContentsIbotta, Inc.Notes to Condensed Financial Statements(unaudited)

9. Revenue

Disaggregation of RevenueThe Company’s disaggregated revenue by type of service is as follows (in thousands):Three months ended March 31,20252024Redemption revenue$73,399 $67,989 Ad & other revenue11,175 14,338 Total revenue$84,574 $82,327 Deferred RevenueDeferred revenue, a contract liability, consists of fees and cash back offers collected from clients that will be applied to future campaigns. Deferred revenue is expected to be recognized as consumers redeem offers over the term of the campaigns, net of the cash back offer, which generally occurs within 12 months. Deferred revenue was $5.6 million and $5.0 million as of March 31, 2025 and December 31, 2024, respectively. Revenue recognized from deferred revenue at the beginning of the year is as follows (in thousands):Three months ended March 31,20252024Revenue recognized$2,845 $1,423 

10. Stock-Based Compensation 

Stock-Based Compensation ExpenseThe Company’s stock-based compensation expense is recorded as follows (in thousands):Three months ended March 31,20252024Cost of revenue$657 $158 Sales and marketing(1)5,129 3,622 Research and development3,147 553 General and administrative4,819 512 Total stock-based compensation expense$13,752 $4,845 _______________(1)Sales and marketing includes common stock warrant expense of $2.2 million and $3.0 million recognized during the three months ended March 31, 2025 and 2024, respectively. See Note 8 – Stockholders’ Equity. The Company capitalized an immaterial amount of stock-based compensation expense to capitalized software development costs during the three months ended March 31, 2025 and 2024. Equity Incentive PlanIn April 2024, the Company’s board of directors approved the 2024 Equity Incentive Plan (2024 Plan), which became effective in connection with the IPO. The 2024 Plan provides for the grant of stock options, restricted stock, RSUs, stock appreciation