Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 122

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 1
Chunk 122
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$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$72,635 $98,426 $(25,791)(26)%Ad & other revenue35,175 42,449 (7,274)(17)%Total direct-to-consumer revenue107,810 140,875 (33,065)(23)%Third-party publishers revenueRedemption revenue146,053 127,999 18,054 14 %Ad & other revenue— — — — %Total third-party publishers revenue146,053 127,999 18,054 14 %Total Redemption revenue218,688 226,425 (7,737)(3)%Ad & other revenue35,175 42,449 (7,274)(17)%$253,863 $268,874 $(15,011)(6)%

Total redemption revenue decreased $7.7 million, or 3%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, due to a $25.8 million decrease in revenue from the Ibotta D2C properties, partially offset by an $18.1 million increase in revenue from third-party publishers. The decrease in total redemption revenue was driven primarily by a decrease in the quantity and quality of offers available to each redeemer.

Ad & other revenue decreased $7.3 million, or 17%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, driven primarily by reduced client spend on D2C ad products.

Cost of Revenue

Nine months ended September 30,Change20252024$%(in thousands, except percentages)Cost of revenue$52,159 $34,970 $17,189 49 %

Cost of revenue increased $17.2 million, or 49%, during the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, due primarily to the addition of new publishers.

41

Sales and marketing

Nine months ended September 30,Change20252024$%(in thousands, except percentages)Sales and marketing$85,296 $105,908 $(20,612)(19)%

Sales and marketing decreased $20.6 million, or 19%, during the nine months ended September 30, 2025 compared to