Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 345

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 345
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DA margin for each of the periods presented (in thousands, except percentages):

Three months ended September 30,Nine months ended September 30,2025202420252024Net income (loss)$1,533 $17,239 $4,578 $(7,430)Add (deduct):Interest income, net(2,510)(4,436)(8,831)(5,303)Depreciation and amortization(1)1,243 2,137 5,853 6,160 Stock-based compensation(2)12,622 13,675 40,016 63,337 Change in fair value of derivative— — — 3,085 Loss on debt extinguishment— — — 9,630 Restructuring charges380 — 2,496 — Provision for income taxes3,719 7,888 5,025 14,926 Other (income) expense, net(3)(376)16 29 47 Adjusted EBITDA$16,611 $36,519 $49,166 $84,452 Revenue$83,260 $98,621 $253,863 $268,874 Net income (loss) as a percent of revenue2 %17 %2 %(3)%Adjusted EBITDA margin 20 %37 %19 %31 %

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(1)Amortization of capitalized software development costs included in cost of revenue for the three months ended September 30, 2025 and 2024 was $0.6 million and $1.1 million, respectively, and for the nine months ended September 30, 2025 and 2024 was $3.2 million and $3.1 million, respectively. 

(2)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 $