Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 108

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 108
---
. (Family Dollar), Maplebear, Inc. (Instacart), and DoorDash, Inc. (DoorDash, announced in January 2025 and launched to the majority of DoorDash customers during the second quarter of 2025), among others, who are third-party publishers on the IPN and use our digital offers to power their loyalty programs on a white-label basis. We also host offers on Ibotta’s direct-to-consumer properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, Ibotta D2C, which is part of the IPN). Within Ibotta D2C, we also partner with affiliate networks to allow consumers to earn cash back on a percentage of their total basket spend at certain retailers.

Impact of Macroeconomic Conditions

Our business and results of operations are subject to global economic conditions. Our revenue depends on the ability of consumers to buy products that are featured on the IPN. Deteriorating macroeconomic conditions or decreases in consumer spending power or confidence, could lower promotional budgets and result in a decline in client spending which could adversely affect the number of offer redemptions on our network. Management continues to actively monitor the impact of these macroeconomic factors on our financial condition, liquidity, operations, and workforce. For more information on risks associated with macroeconomic conditions, see the risk factor titled “Macroeconomic conditions, including slower growth or a recession and supply chain disruptions, have previously affected and could continue to adversely affect our business, financial condition, results of operations, and prospects.”

28

Table of Contents

Financial and Operational Highlights

Three months ended September 30,Nine months ended September 30,2025202420252024(in thousands, except percentages, per redeemer, and per redemption figures)Redemptions(1) 82,848 97,366 246,172 249,547 Redeemers(1)18,165 15,287 17,530 13,825 Redemptions per redeemer(1) 4.6 6.4 14.0 18.0 Redemption revenue per redemption(1) $0.87 $0.87 $0.89 $0.91 Revenue$83,260 $98,621 $253,863 $268,874 Gross profit$66,118 $86,449 $201,704 $233,904 Gross margin