Company: IBTA
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001628280-25-051720
Chunk: 338

Company: Ibotta, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 2
Chunk 338
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 are subject to global economic conditions. Our revenue depends on the ability of consumers to buy products that are featured on the IPN. Deteriorating macroeconomic conditions or decreases in consumer spending power or confidence, could lower promotional budgets and result in a decline in client spending which could adversely affect the number of offer redemptions on our network. Management continues to actively monitor the impact of these macroeconomic factors on our financial condition, liquidity, operations, and workforce. For more information on risks associated with macroeconomic conditions, see the risk factor titled “Macroeconomic conditions, including slower growth or a recession and supply chain disruptions, have previously affected and could continue to adversely affect our business, financial condition, results of operations, and prospects.”

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Table of Contents

Financial and Operational Highlights

Three months ended September 30,Nine months ended September 30,2025202420252024(in thousands, except percentages, per redeemer, and per redemption figures)Redemptions(1) 82,848 97,366 246,172 249,547 Redeemers(1)18,165 15,287 17,530 13,825 Redemptions per redeemer(1) 4.6 6.4 14.0 18.0 Redemption revenue per redemption(1) $0.87 $0.87 $0.89 $0.91 Revenue$83,260 $98,621 $253,863 $268,874 Gross profit$66,118 $86,449 $201,704 $233,904 Gross margin79 %88 %79 %87 %Net income (loss)$1,533 $17,239 $4,578 $(7,430)Net income (loss) as a percent of revenue2 %17 %2 %(3)%Adjusted EBITDA(1)$16,611 $36,519 $49,166 $84,452 Adjusted EBITDA margin(1)20 %37 %19 %31 %

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(1)See Performance Metrics and Non-GAAP Measures for more information and reconciliations of Adjusted EBITDA and Adjusted EBITDA margin to the most directly comparable GAAP financial measures. 

Note that certain figures shown above may not recalculate due to rounding.

Performance Metrics and Non-GAAP Measures

We use