Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 113

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 113
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, except percentages)Interest income (expense), net$3,685 $(1,805)$5,490 304 %

Interest income (expense), net, increased $5.5 million, or 304%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, due to an increase in interest earned on cash and cash equivalents driven largely by the IPO proceeds and a decrease in interest expense resulting from the extinguishment of the convertible notes.

Other expense, net

Three months ended March 31,Change20252024$%(in thousands, except percentages)Other expense, net$399 $1,702 $(1,303)(77)%

Other expense, net, decreased $1.3 million, or 77%, during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to a $1.7 million decrease in the loss on the convertible notes derivative liability, which was settled in connection with the IPO.

Benefit from (provision for) income taxes

Three months ended March 31,Change20252024$%(in thousands, except percentages)Benefit from (provision for) income taxes$72 $(3,101)$3,173 102 %

Benefit from (provision for) income taxes increased $3.2 million during the three months ended March 31, 2025 compared to the three months ended March 31, 2024, primarily due to lower pre-tax book income and the impact of non-deductible items, including certain executive compensation costs and the tax expenses related to uncertain tax positions. These increases are partially offset by the benefit of research and development tax credits.

38

Liquidity and Capital Resources

As of March 31, 2025, our principal sources of liquidity included $297.5 million of cash, cash equivalents, and restricted cash and $99.0 million of available capacity under a revolving line of credit. 

Our primary cash needs are for personnel-related expenses, sales and marketing expenses, user award and revenue share payables, data hosting costs, and software licensing costs. We believe our existing liquidity and cash flows from operating activities will be sufficient to meet our projected operating and capital requirements for at least the next 12 months. 

Our future cash requirements will depend on many factors, including our pace of growth, the timing and extent of spend to support research and development