Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 111

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 111
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 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-party publisher redeemer.

Total redemptions

For the three months ended September 30, 2025 compared to the same period in 2024, total redemptions were 82.8 million and 97.4 million, respectively. For the nine months ended September 30, 2025 compared to the same period in 2024, total redemptions were 246.2 million and 249.5 million, respectively. 

Redeemers

Redeemers are defined as consumers who have redeemed at least one digital offer within the quarter. If one consumer were to redeem on more than one publisher, they would be counted as a redeemer on each publisher. Year-to-date redeemers are calculated as the average of current year quarter-to-date redeemers. Redeemers are an indicator of the scale and growth of our business, as the number of redeemers typically drives our revenue and is an indication of our ability to grow redemptions. 

D2C redeemers are consumers who have redeemed at least one digital offer on any Ibotta property within the quarter. Third-party publisher redeemers are consumers who have redeemed at least one digital offer on any publisher property that is not an Ibotta property, namely our retailer publishers.

Ibotta D2C redeemers

For the three months ended September 30, 2025 compared to the same period in 2024, D2C redeemers were 1.6 million and 1.9 million, respectively. For the nine months ended September 30, 2025 compared to the same period in 2024, D2C redeemers were 1.6 million and 1.9 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.

Third-party publisher redeemers

For the three months ended September 30