Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 153

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 153
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2025 and 2024

Revenue

Three months ended March 31,Change20252024$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$25,204 $32,982 $(7,778)(24)%Ad & other revenue11,175 14,338 (3,163)(22)%Total direct-to-consumer revenue36,379 47,320 (10,941)(23)%Third-party publishers revenueRedemption revenue48,195 35,007 13,188 38 %Ad & other revenue— — — — %Total third-party publishers revenue48,195 35,007 13,188 38 %Total Redemption revenue73,399 67,989 5,410 8 %Ad & other revenue11,175 14,338 (3,163)(22)%Total revenue$84,574 $82,327 $2,247 3 %

Total redemption revenue increased $5.4 million, or 8%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due to a $13.2 million increase in revenue from third-party publishers, partially offset by a $7.8 million decrease in revenue from the Ibotta D2C properties. The increase in revenue from third-party publishers was primarily driven by the launch of Family Dollar in the second quarter of 2024, Instacart in the fourth quarter of 2024, and the expansion of our existing third-party publishers. The decrease in D2C redemption revenue was driven primarily by a decrease in the quantity and quality of offers available to each D2C redeemer.

Ad & other revenue decreased $3.2 million, or 22%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, consistent with the decrease in D2C redemption revenue.

Cost of revenue

Three months ended March 31,Change20252024$%(in thousands, except percentages)Cost of revenue$17,092 $10,515 $6,577 63 %

Cost of revenue increased $6.6 million, or 63%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due primarily to the addition of new publishers.

36

Sales and marketing

Three