Company: IBTA
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001628280-25-025593
Chunk: 103

Company: Ibotta, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 103
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 months ended March 31,20252024(in thousands, except per redeemer and per redemption figures)Redemptions:Direct-to-consumer redemptions21,629 27,675 Third-party publisher redemptions61,211 43,791 Total redemptions82,840 71,466 Redeemers:Direct-to-consumer redeemers1,6561,928Third-party publisher redeemers15,43310,559Total redeemers17,08912,487Redemptions per redeemer:Direct-to-consumer redemptions per redeemer13.114.4Third-party publisher redemptions per redeemer4.04.1Total redemptions per redeemer4.85.7Redemption revenue per redemption:Direct-to-consumer redemption revenue per redemption$1.17 $1.19 Third-party publisher redemption revenue per redemption0.79 0.80 Total redemption revenue per redemption$0.89 $0.95 

Redemptions

A redemption is a verified purchase of an item qualifying for an offer by a client 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