Financial Performance - Ibotta's Q2 2025 revenue was $86 million, which is 8% lower than the guidance midpoint of $89.5 million[15] - Adjusted EBITDA for Q2 2025 was $17.9 million, 4% lower than the guidance midpoint of $19.5 million[15] - Total revenue decreased by 2% year-over-year from $87.9 million in Q2 2024 to $86 million in Q2 2025[18] - Adjusted EBITDA declined by 8%, with the margin decreasing from 29% in Q2 2024 to 21% in Q2 2025[18] - Ibotta projects revenue between $79 million and $84 million for Q3 2025, a 17% year-over-year decline at the midpoint[48] - Adjusted EBITDA for Q3 2025 is projected to be between $9.5 million and $13.5 million, with a 14% margin at the midpoint[48] Revenue Breakdown and Key Drivers - Redemption revenue constitutes 85% of Ibotta's total revenue in Q2 2025[22] - Ad & other revenue makes up the remaining portion of Ibotta's revenue[23] - Redemption revenue decreased by 1% year-over-year[33] - Direct-to-consumer (D2C) redemption revenue decreased by 24% year-over-year[41] - Third-party publisher (3PP) redemption revenue increased by 17% year-over-year[37]

[Financial & Operational Highlights](index=1&type=section&id=Financial%20%26%20Operational%20Highlights) Ibotta's Q2 2025 featured a 2% revenue decline, a net income turnaround, and robust IPN redeemer growth driven by third-party publishers [Q2 2025 Financial Highlights](index=1&type=section&id=Q2%202025%20Financial%20Highlights) Q2 2025 saw a 2% revenue decrease, a shift to $2.5 million net income, and a 29% Adjusted EBITDA decline, alongside significant share repurchases Q2 2025 Key Financial Metrics (YoY) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $86.0M | $87.9M | (2)% | | **Redemption Revenue** | $73.2M | $74.0M | (1)% | | **Net Income (Loss)** | $2.5M | ($34.0M) | 107% | | **Adjusted EBITDA** | $17.9M | $25.3M | (29)% | | **Adjusted EBITDA Margin** | 21% | 29% | - | | **Free Cash Flow** | $18.9M | $32.7M | (42)% | - The company repurchased **1.4 million shares** for a total of **$67.5 million** at an average price of **$46.59 per share** during the quarter[6](index=6&type=chunk) [Q2 2025 Operational & Business Highlights](index=1&type=section&id=Q2%202025%20Operational%20%26%20Business%20Highlights) IPN total redeemers grew 27% to 17.3 million, driven by third-party publishers, while direct-to-consumer redeemers declined, alongside DoorDash expansion Q2 2025 Key Performance Metrics (YoY) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Total Redeemers** | 17.3M | 13.7M | 27% | | - Direct-to-consumer | 1.6M | 1.8M | (11)% | | - Third-party publisher | 15.7M | 11.9M | 32% | | **Total Redemptions** | 80.5M | 80.7M | 0% | | - Direct-to-consumer | 21.9M | 28.6M | (23)% | | - Third-party publisher | 58.6M | 52.1M | 12% | - Key business developments in Q2 2025 include[8](index=8&type=chunk): - Ibotta digital offers became available to the majority of DoorDash customers - Strengthened the revenue leadership team with new hires for SVP of Enterprise Sales and SVP of Business Marketing - Implemented a sales re-organization to support the transition to performance marketing [Financial Guidance](index=4&type=section&id=Financial%20Guidance) Ibotta projects Q3 2025 revenue between $79.0 million and $84.0 million, a 17% YoY decrease at midpoint, with Adjusted EBITDA of $9.5 million to $13.5 million Third Quarter 2025 Outlook | Metric | Guidance Range | Midpoint YoY Change | | :--- | :--- | :--- | | **Revenue** | $79.0M - $84.0M | (17)% | | **Adjusted EBITDA** | $9.5M - $13.5M | - | | **Adjusted EBITDA Margin** | ~14% (at midpoint) | - | - Ibotta has not reconciled its Adjusted EBITDA guidance to GAAP net income because certain items, such as share-based compensation, are uncertain and cannot be reasonably predicted[9](index=9&type=chunk) [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) This section presents Ibotta's unaudited condensed financial statements, including Statements of Operations, Balance Sheets, and Cash Flows, for Q2 2025 and year-to-date [Condensed Statements of Operations](index=8&type=section&id=Condensed%20Statements%20of%20Operations) Q2 2025 saw $86.0 million revenue, $68.1 million gross profit, and a shift to $1.2 million operating income, driven by reduced operating expenses Q2 2025 Statement of Operations Highlights (in thousands) | Line Item | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Revenue** | $86,029 | $87,926 | (2.2)% | | **Gross Profit** | $68,104 | $75,643 | (10.0)% | | **Total Operating Expenses** | $66,866 | $97,300 | (31.3)% | | **Income (Loss) from Operations** | $1,238 | ($21,657) | 105.7% | | **Net Income (Loss)** | $2,490 | ($33,966) | 107.3% | - Stock-based compensation expense decreased significantly to **$13.6 million** in Q2 2025 from **$44.8 million** in Q2 2024, contributing to lower operating expenses[21](index=21&type=chunk) [Condensed Balance Sheets](index=9&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, Ibotta's cash and equivalents decreased to $250.5 million, with total assets at $600.8 million and stockholders' equity at $354.1 million Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $250,549 | $349,282 | | **Total current assets** | $482,647 | $581,741 | | **Total assets** | $600,778 | $678,429 | | **Total current liabilities** | $204,033 | $204,165 | | **Total liabilities** | $246,650 | $221,146 | | **Total stockholders' equity** | $354,128 | $457,283 | [Condensed Statements of Cash Flows](index=10&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, operating cash flow was $45.7 million, with significant cash usage in financing activities, primarily for treasury stock purchases Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $45,715 | $54,386 | | **Net cash used in investing activities** | ($11,968) | ($4,789) | | **Net cash (used in) provided by financing activities** | ($132,830) | $205,670 | | **Net change in cash** | ($99,083) | $255,267 | [Supplemental Financial Information](index=11&type=section&id=Supplemental%20Financial%20Information) This section provides detailed revenue breakdowns by channel and reconciliations of GAAP to non-GAAP financial measures, highlighting a strategic shift towards third-party publishers [Supplemental Revenue Detail](index=11&type=section&id=Supplemental%20Revenue%20Detail) Q2 2025 saw third-party publisher revenue grow 17% to $48.6 million, offsetting a 19% decline in direct-to-consumer revenue, indicating a strategic shift Q2 Revenue by Channel (in thousands, YoY) | Revenue Source | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | **Direct-to-consumer** | $37,441 | $46,275 | (19)% | | **Third-party publishers** | $48,588 | $41,651 | 17% | | **Total Revenue** | $86,029 | $87,926 | (2)% | [Reconciliation of Non-GAAP Financial Measures](index=12&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP net income to non-GAAP metrics, showing Q2 2025 Adjusted EBITDA of $17.9 million and Adjusted Net Income of $14.9 million Q2 Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net income (loss)** | $2,490 | ($33,966) | | Stock-based compensation | $13,642 | $44,817 | | Other adjustments | $1,745 | $14,623 | | **Adjusted EBITDA** | $17,882 | $25,274 | Q2 Reconciliation of Adjusted Net Income (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net income (loss)** | $2,490 | ($33,966) | | Stock-based compensation & other adjustments | $14,199 | $55,832 | | Adjustment for income taxes | ($1,797) | ($2,007) | | **Adjusted net income** | $14,892 | $19,859 | Q2 Reconciliation of Free Cash Flow (in thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $25,855 | $35,020 | | Additions to property & capitalized software | ($7,000) | ($2,322) | | **Free cash flow** | $18,855 | $32,698 | [About Ibotta & Key Definitions](index=6&type=section&id=About%20Ibotta%20%26%20Key%20Definitions) Ibotta operates the AI-powered Ibotta Performance Network (IPN) for CPG digital promotions, defining key terms like Redeemers, Redemptions, and Redemption Revenue - Ibotta's business is centered on its **Ibotta Performance Network (IPN)**, an AI-enabled platform for CPG brands to deliver digital promotions on a pay-for-performance (fee-per-sale) basis[15](index=15&type=chunk)[18](index=18&type=chunk) - Key terms defined[16](index=16&type=chunk)[17](index=17&type=chunk): - **Redeemers:** A consumer who has redeemed at least one digital offer in a period - **Redemptions:** A verified purchase of an item qualifying for an offer - **Redemption Revenue:** The fee earned per redemption

Core Viewpoint - A class action securities lawsuit has been filed against Ibotta, Inc. due to alleged securities fraud related to its initial public offering on April 18, 2024 [1][2]. Group 1: Lawsuit Details - The lawsuit aims to recover losses for investors who purchased Ibotta securities and were negatively impacted by the alleged fraud [2]. - The complaint alleges that Ibotta failed to disclose the risks associated with its contract with The Kroger Co., specifically that the contract was at-will, allowing Kroger to terminate it without notice [3]. - Ibotta provided detailed information about its contract with Walmart but did not mention the at-will nature of the Kroger contract, misleading investors about the stability of its client relationships [3]. Group 2: Next Steps for Investors - Investors who suffered losses in Ibotta have until June 16, 2025, to request to be appointed as lead plaintiff in the lawsuit [4]. - Participation in the lawsuit does not require any out-of-pocket costs for class members, and they may be entitled to compensation [4]. Group 3: Law Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [5]. - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [5].

Core Viewpoint - A class action lawsuit has been filed against Ibotta, Inc. for violations of federal securities laws related to misleading statements made during its IPO process [1][4]. Group 1: Lawsuit Details - The Schall Law Firm has announced the filing of a class action lawsuit against Ibotta, Inc. for alleged violations of federal securities laws [1]. - Investors who purchased Ibotta's securities during its IPO on April 18, 2024, are encouraged to contact the firm for participation in the lawsuit [2]. - The lawsuit claims that Ibotta made false and misleading statements regarding its contract with The Kroger Co., failing to disclose that the contract was at-will and could be canceled without warning [4]. Group 2: Investor Impact - The complaint states that Ibotta's public statements were materially misleading, leading to investor damages when the truth about the company's situation was revealed [4]. - By August, Ibotta did not list Kroger as a major customer in its SEC filings, further indicating a lack of transparency [4].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Ibotta, Inc. regarding a class action lawsuit related to misleading statements about the risks associated with Ibotta's contract with Kroger [1][2]. Allegations - The complaint alleges that Ibotta failed to properly disclose the at-will nature of its contract with Kroger, which could allow Kroger to terminate the contract without warning. This omission is seen as a significant risk that was not communicated to investors [2]. Class Action Details - The class period for the lawsuit pertains to shares purchased during Ibotta's initial public offering on April 18, 2024. Shareholders are encouraged to register for participation in the class action by the deadline of June 16, 2025 [1][3]. - Once registered, shareholders will receive updates on the case through a portfolio monitoring software [3]. Law Firm Background - The Gross Law Firm is recognized for its commitment to protecting investors' rights and ensuring companies adhere to responsible business practices. The firm aims to recover losses for investors caused by misleading statements or omissions that led to inflated stock prices [4].

Core Viewpoint - Rosen Law Firm is reminding purchasers of Ibotta, Inc. securities about a class action lawsuit related to the company's initial public offering and subsequent performance issues, with a lead plaintiff deadline set for June 16, 2025 [1][3]. Group 1: Class Action Details - Investors who purchased Ibotta securities may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties can join by contacting the law firm [3][6]. - The lawsuit claims that Ibotta made false or misleading statements regarding its business operations and financial health, which led to investor damages when the truth was revealed [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm emphasizes the importance of selecting qualified legal counsel with a successful track record in securities class actions, highlighting its own achievements in this area [4]. - The firm has secured significant settlements for investors, including over $438 million in 2019 alone, and has been consistently ranked among the top firms for securities class action settlements [4].

Core Viewpoint - A class action securities lawsuit has been filed against Ibotta, Inc. due to alleged securities fraud related to its initial public offering on April 18, 2024 [1][2]. Class Definition - The lawsuit aims to recover losses for investors who purchased Ibotta securities linked to the company's IPO [2]. Case Details - The complaint alleges that Ibotta made false statements and failed to disclose the risks associated with its contract with Kroger, specifically that the contract was at-will, allowing Kroger to terminate it without notice [3]. - Ibotta provided detailed information about its contract with Walmart but did not mention the at-will nature of the Kroger contract, misleading investors about the potential risk of losing a major client [3]. Next Steps - Investors who suffered losses in Ibotta have until June 16, 2025, to request to be appointed as lead plaintiff, although participation in any recovery does not require serving in this role [4]. - Class members may be entitled to compensation without any out-of-pocket costs or fees [4]. Why Levi & Korsinsky - Levi & Korsinsky has a strong track record in securities litigation, having secured hundreds of millions for shareholders over the past 20 years and consistently ranking among the top securities litigation firms in the U.S. [5].

Core Viewpoint - A class action securities lawsuit has been filed against Ibotta, Inc. due to alleged securities fraud related to its initial public offering on April 18, 2024 [1][2]. Group 1: Lawsuit Details - The lawsuit aims to recover losses for investors who purchased Ibotta securities and were negatively impacted by the alleged fraud [2]. - The complaint alleges that Ibotta failed to disclose the risks associated with its contract with Kroger, specifically that the contract was at-will, allowing Kroger to terminate it without notice [3]. - Ibotta provided detailed information about its contract with Walmart but did not mention the at-will nature of the Kroger contract, misleading investors about the stability of its client relationships [3]. Group 2: Next Steps for Investors - Investors who suffered losses in Ibotta have until June 16, 2025, to request to be appointed as lead plaintiff in the lawsuit [4]. - Participation in the lawsuit does not require serving as a lead plaintiff, and there are no costs or obligations for class members to participate [4]. Group 3: Law Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [5]. - The firm has been recognized as one of the top securities litigation firms in the United States for seven consecutive years [5].

Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Ibotta, Inc. regarding a class action lawsuit related to misleading statements about the company's contract with Kroger, which could have significant implications for investors [1][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of individuals or entities that purchased Ibotta securities during the class period linked to the company's initial public offering on April 18, 2024 [3]. - Allegations include that Ibotta failed to disclose the at-will nature of its contract with Kroger, which could allow the client to terminate the agreement without notice, posing a risk to investors [4]. - The deadline for shareholders to register for the class action is June 16, 2025, and participation does not require appointment as lead plaintiff [5]. Group 2: Firm's Commitment - The Gross Law Firm aims to protect investors' rights against deceit and fraud, emphasizing the importance of responsible business practices [6]. - The firm seeks recovery for investors who suffered losses due to misleading statements or omissions that led to inflated stock prices [6].

Core Viewpoint - Ibotta, Inc. is facing a class action lawsuit related to its initial public offering (IPO), with allegations of misleading information in its offering documents [1][3]. Group 1: Class Action Lawsuit Details - The class action lawsuit, titled Fortune v. Ibotta, Inc., claims that Ibotta and its executives, along with IPO underwriters, violated the Securities Act of 1933 [1][3]. - Investors who purchased Ibotta securities during the IPO on April 18, 2024, have until June 16, 2025, to seek appointment as lead plaintiff in the lawsuit [1][5]. - The lawsuit alleges that Ibotta failed to disclose significant risks regarding its contract with The Kroger Co., including the at-will nature of the contract, which could allow Kroger to terminate it without notice [3][4]. Group 2: Financial Impact - Ibotta sold 2.5 million shares at $88.00 per share during its IPO, but as of April 17, 2025, the securities have traded significantly lower than the IPO price [2][4]. - The complaint indicates that the misleading information in the IPO documents has contributed to substantial losses for investors [2][3]. Group 3: Legal Representation - Robbins Geller Rudman & Dowd LLP is representing investors in this class action lawsuit and is recognized as a leading law firm in securities fraud litigation [6]. - The firm has a strong track record, having recovered over $2.5 billion for investors in securities-related class action cases in 2024 alone [6].