Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 160

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 160
---
.12 Third-party publisher redemption revenue per redemption0.79 0.78 0.80 0.79 Total redemption revenue per redemption$0.87 $0.87 $0.89 $0.91 

Redemptions

A redemption is a verified purchase of an item qualifying for an offer by a client on the IPN. The number of redemptions are an indicator of the scale and consumer engagement of our business, as well as the value we bring to our clients and publishers. Generally, redemptions change as budgets increase or decrease with existing clients and/or as we add or lose CPG brands as clients. In addition, redemptions grow from adding publishers and redeemers, and/or increasing engagement from existing redeemers.

D2C redemptions are redemptions on any Ibotta D2C property. Third-party publisher redemptions are redemptions on all publishers excluding the Ibotta D2C properties, namely our retailer publishers.

Ibotta D2C redemptions

For the three months ended September 30, 2025 compared to the same period in 2024, D2C redemptions were approximately 20.8 million and 31.6 million, respectively. For the nine months ended 

30

September 30, 2025 compared to the same period in 2024, D2C redemptions were approximately 64.4 million and 87.8 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.

Third-party publisher redemptions

For the three months ended September 30, 2025 compared to the same period in 2024, third-party publisher redemptions were approximately 62.1 million and 65.8 million, respectively. This decline was driven primarily by declines from existing third-party publishers, partially offset by the launch of new publishers, including Instacart and DoorDash. For the nine months ended September 30, 2025 compared to the same period in 2024, third-party publisher redemptions were approximately 181.8 million and 161.7 million, respectively. This growth was driven primarily by the launch of new publishers, including Instacart, DoorDash, and Family Dollar, offset by declines from existing third-party publishers. The decline in existing third-party publisher redemptions is due to a decrease in the quantity and quality of offers available to each third