Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 146

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 146
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 on the IPN. The number of redemptions are an indicator of the scale and consumer engagement of our business, as well as the value we bring to our clients and publishers. Generally, redemptions grow as we increase budgets with existing clients and/or add new CPG brands as clients. In addition, redemptions grow from adding publishers and redeemers, and/or increasing engagement from existing redeemers.

D2C redemptions are redemptions on any Ibotta D2C property. Third-party publisher redemptions are redemptions on all publishers excluding the Ibotta D2C properties, namely our retailer publishers.

Ibotta D2C redemptions

For the three months ended March 31, 2025 compared to the same period in 2024, D2C redemptions were approximately 21.6 million and 27.7 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.

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Third-party publisher redemptions

For the three months ended March 31, 2025 compared to the same period in 2024, third-party publisher redemptions were approximately 61.2 million and 43.8 million, respectively. This growth was primarily driven by the launch of Family Dollar in the second quarter of 2024, and Instacart in the fourth quarter of 2024, as well as the expansion of our existing third-party publishers.

Total redemptions

For the three months ended March 31, 2025 compared to the same period in 2024, total redemptions were 82.8 million and 71.5 million, respectively.

Redeemers

Redeemers are defined as consumers who have redeemed at least one digital offer within the quarter. If one consumer were to redeem on more than one publisher, they would be counted as a redeemer on each publisher. Year-to-date redeemers are calculated as the average of current year quarter-to-date redeemers. Redeemers are an indicator of the scale and growth of our business, as the number of redeemers typically drives our revenue and is an indication of our ability to grow redemptions. 

D2C redeemers are consumers who have redeemed at least one digital offer on any Ibotta property within the quarter. Third-party publisher redeemers are consumers who have redeemed at least one digital offer on any publisher property that is not an Ibotta property, namely our retailer publishers.

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