Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 111

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 111
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 from third-party publishers was primarily driven by the launch of Family Dollar in the second quarter of 2024, Instacart in the fourth quarter of 2024, and the expansion of our existing third-party publishers. The decrease in D2C redemption revenue was driven primarily by a decrease in the quantity and quality of offers available to each D2C redeemer.

Ad & other revenue decreased $3.2 million, or 22%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, consistent with the decrease in D2C redemption revenue.

Cost of revenue

Three months ended March 31,Change20252024$%(in thousands, except percentages)Cost of revenue$17,092 $10,515 $6,577 63 %

Cost of revenue increased $6.6 million, or 63%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due primarily to the addition of new publishers.

36

Sales and marketing

Three months ended March 31,Change20252024$%(in thousands, except percentages)Sales and marketing$29,858 $28,129 $1,729 6 %

Sales and marketing increased $1.7 million, or 6%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due to increases of $1.5 million in stock-based compensation expense and $1.9 million in other personnel-related costs, partially offset by a $1.9 million decrease in media spend. The increase in stock-based compensation was comprised of a $2.3 million increase related to equity awards for which expense recognition commenced after the IPO, partially offset by a $0.9 million decrease related to the Walmart Warrant. The increase in other personnel-related costs was driven by $0.6 million of restructuring charges incurred in February 2025 with the remainder from increased average headcount and average salary. The decrease in media spend resulted from a shift in marketing strategy. 

Research and development

Three months ended March 31,Change20252024$%(in thousands, except percentages)Research and development$18,069 $13,641 $4,428 32 %

Research and development increased $4.4 million, or 32%, during the three months ended March 31, 2025 compared