Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 105

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 105
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 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. 

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Ibotta D2C redemptions per redeemer

For the three months ended March 31, 2025 compared to the same period in 2024, D2C redemptions per redeemer were approximately 13.1 and 14.4, 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 March 31, 2025 compared to the same period in 2024, third-party publisher redemptions per redeemer were approximately 4.0 and 4.1, respectively. The decrease was driven by the quantity and quality of offers available to each third-party publisher redeemer.

Total redemptions per redeemer

For the three months ended March 31, 2025 compared to the same period in 2024, total redemptions per redeemer were approximately 4.8 and 5.7, respectively.

Redemption revenue per redemption

Redemption revenue per redemption is the redemption revenue divided by the number of redemptions. Redemption revenue per redemption is an indication of our fee, which is generally charged as a fixed dollar amount per redemption. In any period, our redemption revenue per redemption can fluctuate based on the category mix of offers being redeemed and the impact of inflation on a product’s manufacturer’s suggested retail price (MSRP). Category mix can be impacted by factors such as seasonal promotions, including back-to-school items in the third quarter or holiday promotions on grocery and food items in the fourth quarter of each year. Our fee is generally charged as a fixed dollar amount per redemption based on the retail price of the specific item being promoted.

D2C redemption revenue per redemption represents redemption revenue generated from offers on any Ibotta property divided by the redemptions on any Ibotta property in that period. Third-party publisher redemption