Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 119

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 119
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)Net income (loss)$1,533 $17,239 $4,578 $(7,430)

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(1)Amounts include stock-based compensation expense as follows (in thousands):

Three months ended September 30,Nine months ended September 30,2025202420252024Cost of revenue$622 $476 $1,904 $999 Sales and marketing4,133 4,347 14,135 34,777 Research and development2,381 2,447 8,028 7,036 General and administrative5,486 6,405 15,949 20,525 Total stock-based compensation$12,622 $13,675 $40,016 $63,337 

37

Comparison of the three months ended September 30, 2025 and 2024

Revenue

Three months ended September 30,Change20252024$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$22,811 $33,144 $(10,333)(31)%Ad & other revenue11,179 14,136 (2,957)(21)%Total direct-to-consumer revenue33,990 47,280 (13,290)(28)%Third-party publishers revenueRedemption revenue49,270 51,341 (2,071)(4)%Ad & other revenue— — — — %Total third-party publishers revenue49,270 51,341 (2,071)(4)%Total Redemption revenue72,081 84,485 (12,404)(15)%Ad & other revenue11,179 14,136 (2,957)(21)%Total revenue$83,260 $98,621 $(15,361)(16)%

Total redemption revenue decreased $12.4 million, or 15%, during the three months ended September 30, 2025 compared to the three months ended September 30, 2024, due to a $10.3 million decrease in revenue from the Ibotta D2C properties and a $2.1 million decrease in revenue from third-party publishers. The decrease in total redemption revenue was due to a decrease in the quantity and quality of offers available to each redeemer.

Ad & other revenue decreased $3.0 million, or 21%, during the three months ended September 30, 2025 compared to the three months ended September