Revenue Performance - Total revenue for Q2 2024 was $87.9 million, a 14% increase year-over-year, with non-GAAP revenue growth of 29% when excluding a one-time breakage benefit[3] - Total redemption revenue reached $74.0 million, marking a 27% year-over-year increase, and non-GAAP redemption revenue growth was 51% when excluding a one-time breakage benefit[3] - In Q2 2024, the company's revenue reached $87.9 million, a 13.5% increase from $77.4 million in Q2 2023[19] - For the six months ended June 30, 2024, revenue totaled $170.3 million, up 26.0% from $135.1 million in the same period of 2023[19] - For Q3 2024, the company projects revenue between $91 million and $96 million, reflecting a year-over-year increase of 12% at the midpoint[7] - Total revenue for the three months ended June 30, 2024, was $87,926,000, representing a 14% increase from $77,385,000 in 2023[23] User Engagement and Redemptions - The Ibotta Performance Network (IPN) had 13.7 million redeemers, a 158% increase from 5.3 million redeemers in Q2 2023, driven by the expansion of the Walmart program[3] - Total redemptions increased to 80.7 million, up 58% from 51.2 million in Q2 2023[3] - Direct-to-consumer redemption revenue decreased by 31% to $32,300,000 for the three months ended June 30, 2024, compared to $46,530,000 in 2023[23] - The company experienced a significant increase in third-party publisher redemption revenue, which rose by 255% to $41,651,000 for the three months ended June 30, 2024[23] Financial Losses and Expenses - The company reported a net loss of $34.0 million, representing a net loss as a percent of revenue of 39%[3] - The company reported a net loss of $33.97 million for Q2 2024, compared to a net income of $15.34 million in Q2 2023[19] - For the six months ended June 30, 2024, Ibotta reported a net loss of $24,669,000 compared to a net income of $11,058,000 in the same period of 2023[22] - Sales and marketing expenses surged to $50.0 million in Q2 2024, a significant increase from $22.2 million in Q2 2023[19] - Research and development expenses rose to $17.5 million in Q2 2024, compared to $12.2 million in Q2 2023[19] - Stock-based compensation expense surged to $24,802,000 for the six months ended June 30, 2024, compared to $3,584,000 in 2023[22] Cash Flow and Equity - Cash and cash equivalents increased to $317.9 million as of June 30, 2024, up from $62.6 million at the end of 2023[21] - Cash and cash equivalents at the end of the period increased to $317,858,000 from $43,698,000 in the previous year[22] - Total stockholders' equity increased to $359.7 million as of June 30, 2024, compared to $27.9 million at the end of 2023[21] - The net cash provided by operating activities for the six months ended June 30, 2024, was $54,386,000, a substantial increase from $1,071,000 in 2023[22] - Free cash flow for the six months ended June 30, 2024, was $49,597,000, compared to a negative free cash flow of $(2,691,000) in 2023[29] Strategic Initiatives - The company launched a new digital coupon program with Family Dollar, enhancing customer engagement across nearly 8,000 store locations[6] - A strategic partnership with Instacart was announced, expected to provide savings to Instacart customers later this year[6] - The company anticipates revenue contributions from Instacart by the end of the year and digital offers becoming available to Schnucks' customers later this year[18] Adjusted Financial Metrics - Adjusted EBITDA for Q2 2024 was $25.3 million, with an Adjusted EBITDA margin of 29%[3] - Adjusted EBITDA for the three months ended June 30, 2024, was $25,274,000, with an adjusted EBITDA margin of 29%[24] - Ibotta's adjusted net income for the three months ended June 30, 2024, was $19,859,000, representing 23% of total revenue[25] - The user redemption liability decreased to $81.0 million as of June 30, 2024, down from $84.5 million at the end of 2023[21] - The company recorded a breakage benefit of $9.4 million in Q2 2023, which was not present in Q2 2024[14]

Financial Performance - Revenue for Q1 2024 was $82.3 million, a 42.7% increase from $57.7 million in Q1 2023[11] - Gross profit for Q1 2024 reached $71.8 million, compared to $46.4 million in Q1 2023, reflecting a gross margin improvement[11] - Net income for Q1 2024 was $9.3 million, a significant turnaround from a net loss of $4.3 million in Q1 2023[11] - Adjusted EBITDA for the three months ended March 31, 2024, was $22.7 million, with an adjusted EBITDA margin of 28%, up from 4% in the prior year[136] - The company reported a net income of $9.3 million for the three months ended March 31, 2024, compared to a net loss of $4.3 million for the same period in 2023[106] Assets and Liabilities - Total current assets increased to $300.1 million as of March 31, 2024, up from $298.3 million at the end of 2023[10] - Cash and cash equivalents rose to $79.5 million, compared to $62.6 million at the end of 2023, indicating improved liquidity[10] - Total liabilities decreased to $278.0 million as of March 31, 2024, down from $291.9 million at the end of 2023[10] - Long-term debt remained stable at $75.099 million as of March 31, 2024, consistent with the amount reported on December 31, 2023[42] Cash Flow - The company reported net cash provided by operating activities of $19,366 thousand for the three months ended March 31, 2024, significantly up from $2,692 thousand in the same period last year[18] - Net cash provided by operating activities increased by $16.7 million to $19.4 million for the three months ended March 31, 2024, compared to $2.7 million for the same period in 2023[199] - The net change in cash and cash equivalents for the three months ended March 31, 2024, was $16.9 million, compared to $12.4 million for the same period in 2023[198] Stock and Equity - The number of shares outstanding increased to 9.4 million as of March 31, 2024, compared to 9.2 million at the end of 2023[10] - The company closed its initial public offering (IPO) on April 22, 2024, raising net proceeds of $197.5 million from the sale of 2,500,000 shares of Class A common stock at $88.00 per share[21] - As of March 31, 2024, Ibotta, Inc. was authorized to issue 40,000,000 shares of common stock, with 25,544,539 shares reserved for future issuances[79] - The company has 17,245,954 shares of redeemable convertible preferred stock outstanding, with various series having different liquidation preferences and dividend rates[79] Redemption and User Engagement - The company reported 71,466 redemptions in the first quarter of 2024, with redemption revenue per redemption at $0.95, slightly down from $0.96 in the prior year[136] - For the three months ended March 31, 2024, total redemptions were approximately 71.5 million, up from 43.3 million in the same period in 2023, representing a year-over-year increase of 65%[145] - Total redeemers increased to approximately 12.5 million from 4.7 million, marking a growth of 166% year-over-year[150] Expenses - Operating expenses for Q1 2024 were $55.9 million, up from $47.4 million in Q1 2023, driven by increased sales and marketing efforts[11] - Sales and marketing expenses increased by $6.5 million, or 30%, during the three months ended March 31, 2024, driven by increases in stock-based compensation, B2B marketing, and media spend[186] - Research and development expenses increased by $1.9 million, or 17%, during the three months ended March 31, 2024, due to a $2.0 million increase in personnel-related expenses[187] Future Outlook - The company anticipates continued growth in user engagement and revenue generation through its Ibotta Performance Network[3] - Future strategies include expanding partnerships with major retailers and enhancing platform capabilities to capture a larger market share[3] - The company expects redemption revenue to continue increasing as a percentage of total revenue as it grows its platform[168] Tax and Interest - The effective income tax rate for the three months ended March 31, 2024, was 25.0%, compared to (4.0)% for the same period in 2023[105] - The company recorded interest expense of $2.8 million for the three months ended March 31, 2024, an increase from $2.0 million in the same period of 2023[44]

Company Overview - Ibotta, Inc. announced financial results for Q1 2024 on May 30, 2024[3]. - The company is classified as an emerging growth company under the Securities Act[1]. - Ibotta's Class A Common Stock is traded on the New York Stock Exchange under the symbol IBTA[1]. Financial Reporting - The report includes a press release detailing the financial performance for the quarter ended March 31, 2024[2]. - The financial results are not deemed "filed" under the Securities Exchange Act of 1934[4]. - Sunit Patel serves as the Chief Financial Officer and signed the report[5].