Company: IBTA
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001538379-25-000010
Chunk: 121

Company: Ibotta, Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 121
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 to the conversion of the convertible notes into shares of our Class A common stock concurrently upon the closing of the IPO. 

Other expense, net

Three months ended June 30,Change20252024$%(in thousands, except percentages)Other expense, net$6 $1,414 $(1,408)(100)%

Other expense, net, decreased $1.4 million, or 100%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to a $1.4 million decrease in the loss on the convertible notes derivative liability, which was settled in connection with the IPO.

39

Provision for income taxes

Three months ended June 30,Change20252024$%(in thousands, except percentages)Provision for income taxes$1,378 $3,937 $(2,559)(65)%

The provision from income taxes decreased $2.6 million during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, primarily due to the impact of non-deductible items, including certain executive compensation costs, stock-based compensation, and the tax expenses related to uncertain tax positions. These increases are partially offset by the benefit of research and development tax credits.

Comparison of the six months ended June 30, 2025 and 2024

Revenue

Six months ended June 30,Change20252024$%(in thousands, except percentages)Direct-to-consumer revenueRedemption revenue$49,824 $65,282 $(15,458)(24)%Ad & other revenue23,996 28,313 (4,317)(15)%Total direct-to-consumer revenue73,820 93,595 (19,775)(21)%Third-party publishers revenueRedemption revenue96,783 76,658 20,125 26 %Ad & other revenue— — — — %Total third-party publishers revenue96,783 76,658 20,125 26 %Total Redemption revenue146,607 141,940 4,667 3 %Ad & other revenue23,996 28,313 (4,317)(15)%$170,603 $170,253 $350 — %

Total redemption revenue increased $4.7 million, or 3%, during the six months ended June 30, 2025