Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 124

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 124
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 to legal matters, $1.4 million in facilities costs due to the commencement of a new office space lease in the first quarter of 2025, $1.0 million in software licensing costs, $0.7 million in bad debt expense, and $0.4 million in corporate insurance. These increases were partially offset by a $4.6 million decrease in stock-based compensation expense driven by decreases of 

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$8.0 million related to equity awards with a liquidity event-based vesting condition that was satisfied in connection with the IPO and $1.6 million from the reversal of previously recognized expense for unvested equity awards related to the departure of the Company’s former chief financial officer in March 2025, partially offset by a $5.0 million increase in recurring equity compensation.

Depreciation and amortization

Nine months ended September 30,Change20252024$%(in thousands, except percentages)Depreciation and amortization$2,656 $3,096 $(440)(14)%

Depreciation and amortization decreased $0.4 million, or 14%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, primarily driven by a decrease in amortization of infrastructure-related software development costs.

Interest income, net

Nine months ended September 30,Change20252024$%(in thousands, except percentages)Interest income, net$8,831 $5,303 $3,528 67 %

Interest income, net, increased $3.5 million, or 67%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, due to a $3.2 million decrease in interest expense resulting from the extinguishment of the convertible notes upon IPO, as well as an increase in interest earned on cash and cash equivalents driven largely by the IPO proceeds.

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Loss on debt extinguishment 

Nine months ended September 30,Change20252024$%(in thousands, except percentages)Loss on extinguishment of debt$— $9,630 $(9,630)(100)%

Loss on extinguishment of debt decreased $9.6 million during the during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 due to the conversion of the convertible notes into shares of our Class A common stock concurrently upon the closing