Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 342

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 2
Chunk 342
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, and the expansion of our existing third-party publishers.

Total redeemers

For the three months ended June 30, 2025 compared to the same period in 2024, total redeemers were approximately 17.3 million and 13.7 million, respectively. For the six months ended June 30, 2025 compared to the same period in 2024, total redeemers were approximately 17.2 million and 13.1 million, respectively.

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Redemptions per redeemer

Redemptions per redeemer are the redemptions divided by the redeemers in that period. This metric is useful as redemptions per redeemer is an indication of our redeemers’ level of engagement with our platform. We aim to grow redemptions from our redeemers by expanding the breadth and depth of offers available and increasing engagement by continuing to improve the consumer experience. In general, redemptions per redeemer are driven by offer supply and the growth in offer supply relative to the growth in redeemers. For new redeemers, redemption frequency initially increases before stabilizing. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. 

Ibotta D2C redemptions per redeemer

For the three months ended June 30, 2025 compared to the same period in 2024, D2C redemptions per redeemer were approximately 13.8 and 15.9, respectively. For the six months ended June 30, 2025 compared to the same period in 2024, D2C redemptions per redeemer were approximately 26.8 and 30.2, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.

Third-party publisher redemptions per redeemer

For the three months ended June 30, 2025 compared to the same period in 2024, third-party publisher redemptions per redeemer were approximately 3.7 and 4.4, respectively. For the six months ended June 30, 2025 compared to the same period in 2024, third-party publisher redemptions per redeemer were approximately 7.7 and 8.5, respectively. The decrease was driven by the quantity and quality of offers available