Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 353

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 353
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,Change20252024$%(in thousands, except percentages)Research and development$46,836 $47,452 $(616)(1)%

Research and development decreased $0.6 million, or 1%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, due to decreases of $1.2 million in personnel-related costs, excluding stock-based compensation, and $0.6 million in software licensing costs, partially offset by an increase of $1.0 million in stock-based compensation expense. The decrease in personnel-related costs, excluding stock-based compensation, was primarily related to higher capitalization of personnel costs due to increased investment in our platform and infrastructure partially offset by $0.7 million of restructuring charges. The increase in stock-based compensation was driven by a $3.9 million increase in recurring equity compensation, partially offset by decreases of $1.5 million related to equity awards with a liquidity event-based vesting condition that was satisfied in connection with the IPO and $1.4 million related to a higher allocation of personnel costs to cost of revenue due to continued investment in our platform and infrastructure.

General and administrative

Nine months ended September 30,Change20252024$%(in thousands, except percentages)General and administrative$66,115 $62,493 $3,622 6 %

General and administrative increased $3.6 million, or 6%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, due to increases of $4.4 million in professional fees largely attributable 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