Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 326

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 326
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, 2024, due to increases of $1.5 million in stock-based compensation expense and $1.9 million in other personnel-related costs, partially offset by a $1.9 million decrease in media spend. The increase in stock-based compensation was comprised of a $2.3 million increase related to equity awards for which expense recognition commenced after the IPO, partially offset by a $0.9 million decrease related to the Walmart Warrant. The increase in other personnel-related costs was driven by $0.6 million of restructuring charges incurred in February 2025 with the remainder from increased average headcount and average salary. The decrease in media spend resulted from a shift in marketing strategy. 

Research and development

Three months ended March 31,Change20252024$%(in thousands, except percentages)Research and development$18,069 $13,641 $4,428 32 %

Research and development increased $4.4 million, or 32%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due to increases of $2.6 million in stock-based compensation expense and $1.8 million in other personnel-related costs. The increase in stock-based compensation expense was comprised of a $3.3 million increase related to equity awards for which expense recognition commenced after the IPO, partially offset by a $0.7 million decrease related to a higher allocation of personnel costs to cost of revenue. The increase in other personnel-related costs was driven by $0.7 million of restructuring charges incurred in February 2025 with the remainder from increased average headcount.

General and administrative

Three months ended March 31,Change20252024$%(in thousands, except percentages)General and administrative$21,386 $13,154 $8,232 63 %

General and administrative increased $8.2 million, or 63%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due to increases of $4.3 million in stock-based compensation expense, $1.2 million in ongoing public company costs, $1.0 million in other personnel-related costs, $0.7 million related to the timing of the Company’s annual town hall, $0.4 million in facilities costs due to the commencement of a new office space lease in the first quarter of 2025, and $0.3 million in bad debt expense