Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 192

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 192
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, or could in the future cease, use of Ibotta altogether for many reasons. CPG brands have traditionally been slow to adopt new digital offer programs. As a result, we have at times experienced, and may continue to experience, slower adoption and implementation of our products and offerings by our current and potential CPG brands. If we lack a sufficient variety and supply of CPG brands or lack access to the most popular CPG brands, our business, financial condition, results of operations, and prospects could be materially adversely affected.

We may not be able to grow our revenue.

Historically, the growth rate of our business, and as a result, our revenue growth, has varied from quarter to quarter and year to year, and we expect that variability to continue. For the three and nine months ended September 30, 2025, our revenue was $83.3 million and $253.9 million, respectively. There can be no assurances that our revenue will grow at any particular rate, or at all, and you should not rely on the revenue of any prior quarterly or annual period as an indication of our future performance. Our revenue growth rate may decline in future periods.

Our revenue has fluctuated, and may in the future fluctuate, due to changes in the marketing budgets of existing and prospective clients, and the timing of their marketing spend. Our growth also depends on our publishers’ efforts to promote their digital offers programs. Existing and prospective clients can change and have changed their spend without notice, which can result in our inability to anticipate or forecast such fluctuations. 

Our business is complex and evolving. We are currently, and may continue to, offer new products and technologies, pricing, service models, and delivery methods to existing and prospective clients. These new capabilities may change the way we generate and/or recognize revenue, which could impact our operating results. In addition, if we shift a greater number of our arrangements with publishers, CPG brands, and retailers to new pricing models and we are not able to deliver on the results, our revenue growth and revenue could be negatively affected.

We believe that our revenue growth will depend on our ability to, among other factors:

•increase and retain the number of publishers, CPG brands, retailers, and consumers that participate in the IPN; 

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•diversify the mix of our redemptions from publishers; 

•increase the degree to which publishers market their white-label retailer loyalty programs;

•increase our share of advertisers on promotions and media (collectively, marketing spend) through