Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 352

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 352
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Provision for income taxes$1,378 $3,937 $(2,559)(65)%

The provision from income taxes decreased $2.6 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the impact of non-deductible items, including certain executive compensation costs, stock-based compensation, and the tax expenses related to uncertain tax positions. These increases are partially offset by the benefit of research and development tax credits.

Comparison of the six months ended June 30, 2025 and 2024

Revenue

Six months ended June 30,Change20252024$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$49,824 $65,282 $(15,458)(24)%Ad & other revenue23,996 28,313 (4,317)(15)%Total direct-to-consumer revenue73,820 93,595 (19,775)(21)%Third-party publishers revenueRedemption revenue96,783 76,658 20,125 26 %Ad & other revenue— — — — %Total third-party publishers revenue96,783 76,658 20,125 26 %Total Redemption revenue146,607 141,940 4,667 3 %Ad & other revenue23,996 28,313 (4,317)(15)%$170,603 $170,253 $350 — %

Total redemption revenue increased $4.7 million, or 3%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024, due to a $20.1 million increase in revenue from third-party publishers, partially offset by a $15.5 million decrease in revenue from the Ibotta D2C properties. The decrease in D2C redemption revenue was driven primarily by a decrease in the quantity and quality of offers available to each D2C redeemer. The increase in third-party publisher redemption revenue was primarily driven by the launch of new partners, such as Family Dollar, Instacart, and DoorDash, among others, and the expansion of existing third-party publishers.

Ad & other revenue decreased $4.3 million, or 15%, during the six months ended June 30, 2025 compared to the six months ended June 30, 202