Company: IBTA
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001628280-25-008240
Chunk: 147

Company: Ibotta, Inc.
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 147
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,838 (52,850)(22)%Third-party publishers revenueRedemption revenue180,266 80,199 100,067 125 %Ad & other revenue— — — — %Total third-party publishers revenue180,266 80,199 100,067 125 %Total Redemption revenue308,824 243,886 64,938 27 %Ad & other revenue58,430 76,151 (17,721)(23)%Total revenue$367,254 $320,037 $47,217 15 %

Total redemption revenue increased $64.9 million, or 27%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to a $100.1 million increase in revenue from third-party publishers, partially offset by a $35.1 million decrease in revenue from the Ibotta D2C properties. The increase in third-party publishers revenue was primarily driven by the expansion of revenue related to Walmart, Dollar General, Family Dollar, and Instacart. Walmart initially launched in the third quarter of 2022 to members of Walmart’s paid membership program, Walmart+, and expanded to all Walmart customers with a Walmart.com account in September 2023. Dollar General launched in the third quarter of 2023, Family Dollar launched in the second quarter of 2024, and Instacart launched in the fourth quarter of 2024. The decrease in D2C redemption revenue was driven by the one-time breakage benefit of $13.5 million incurred during the year ended December 31, 2023, as well as a decrease in Ibotta D2C redemptions driven by the quantity and quality of offers available to each D2C redeemer.

Ad & other revenue decreased $17.7 million, or 23%, during the year ended December 31, 2024, compared to the year ended December 31, 2023, due to a shift in CPG client spend from ad & other revenue to redemption revenue and the deprecation of our consumer insights business.

Cost of Revenue

Year ended December 31,Change20242023$%(in thousands, except percentages)Cost of revenue$50,121 $43,992 $6,129 14 %

Cost of revenue increased $6.1 million, or 14%, during the year ended December 31, 2024, compared to the year