Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 170

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 170
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 to the three months ended June 30, 2024, due primarily to the addition of new third-party publishers.

37

Sales and marketing

Three months ended June 30,Change20252024$%(in thousands, except percentages)Sales and marketing$28,809 $50,018 $(21,209)(42)%

Sales and marketing decreased $21.2 million, or 42%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due to a decrease of $21.9 million in stock-based compensation expense, partially offset by an increase of $0.9 million in other personnel-related costs. The decrease in stock-based compensation was primarily comprised of $19.6 million related to the Walmart Warrant for additional shares granted upon the closing of the IPO under the warrant’s anti-dilution provision and $1.8 million related primarily to equity awards with a liquidity event-based vesting condition that was satisfied in connection with the IPO. The increase in other personnel-related costs was driven by $0.6 million of restructuring charges and the remainder due to increased sales bonus expense.

Research and development

Three months ended June 30,Change20252024$%(in thousands, except percentages)Research and development$14,745 $17,526 $(2,781)(16)%

Research and development decreased $2.8 million, or 16%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due to decreases of $1.5 million in stock-based compensation and $1.0 million in other personnel-related costs. The decrease in stock-based compensation expense related primarily to equity awards with a liquidity event-based vesting condition that was satisfied in connection with the IPO. The decrease in other personnel-related costs was driven by a decrease in average headcount.

General and administrative

Three months ended June 30,Change20252024$%(in thousands, except percentages)General and administrative$22,264 $28,708 $(6,444)(22)%

General and administrative decreased $6.4 million, or 22%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, due to decreases of $8.0 million in stock-based compensation expense, $0.7 million related to the timing of the Company’s annual town hall, and $