Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 115

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 115
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 as a percent of revenue.

Adjusted EBITDA and Adjusted EBITDA margin are used by our management team as additional measures of our performance for purposes of business decision-making, including managing expenditures and developing budgets, and evaluating strategic opportunities. Period-over-period comparisons of Adjusted EBITDA and Adjusted EBITDA margin help our management team identify additional trends in our financial results that may not be shown solely by comparisons of net income and net income as a percentage of revenue, respectively. In addition, we may use Adjusted EBITDA and Adjusted EBITDA margin in the incentive compensation programs applicable to some of our employees in order to evaluate our performance. 

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The following table provides a reconciliation of net income (loss) to Adjusted EBITDA and net income (loss) as a percentage of revenue to Adjusted EBITDA margin for each of the periods presented (in thousands, except percentages):

Three months ended September 30,Nine months ended September 30,2025202420252024Net income (loss)$1,533 $17,239 $4,578 $(7,430)Add (deduct):Interest income, net(2,510)(4,436)(8,831)(5,303)Depreciation and amortization(1)1,243 2,137 5,853 6,160 Stock-based compensation(2)12,622 13,675 40,016 63,337 Change in fair value of derivative— — — 3,085 Loss on debt extinguishment— — — 9,630 Restructuring charges380 — 2,496 — Provision for income taxes3,719 7,888 5,025 14,926 Other (income) expense, net(3)(376)16 29 47 Adjusted EBITDA$16,611 $36,519 $49,166 $84,452 Revenue$83,260 $98,621 $253,863 $268,874 Net income (loss) as a percent of revenue2 %17 %2 %(3)%Adjusted EBITDA margin 20 %37 %19 %31 %

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(1)Amortization of capitalized software development costs included in cost of revenue for the three months ended September 30, 2025 and 2024 was $0.6 million and