Financial Performance - Total revenue for Q3 2025 was $83.3 million, a decline of 16% year-over-year[5] - Revenue for Q3 2025 was $83.26 million, a decrease of 16% compared to $98.62 million in Q3 2024[22] - Gross profit for Q3 2025 was $66.12 million, down from $86.45 million in Q3 2024, reflecting a decline of 23%[22] - Net income for the quarter was $1.5 million, representing 2% of total revenue, while adjusted net income was $16.3 million, or 20% of revenue[5] - Net income for Q3 2025 was $1.53 million, compared to $17.24 million in Q3 2024, indicating a significant drop of 91%[22] - The company reported a net income as a percentage of revenue of 2% for the three months ended September 30, 2025, down from 17% in 2024[28] - The adjusted net income for the three months ended September 30, 2025, was $16,345,000, compared to $31,409,000 in 2024, representing a decline of 48%[29] - Adjusted EBITDA for the quarter was $16.6 million, with an adjusted EBITDA margin of 20%[7] - Adjusted EBITDA for the three months ended September 30, 2025, was $16,611,000, down from $36,519,000 in 2024, resulting in an adjusted EBITDA margin of 20% compared to 37% in the prior year[28] - Free cash flow for the three months ended September 30, 2025, was $10,594,000, significantly lower than $36,677,000 in the same period of 2024[30] Revenue Breakdown - Direct-to-consumer revenue decreased by 28% year-over-year in Q3 2025, totaling $33.99 million compared to $47.28 million in Q3 2024[27] - Third-party publishers revenue decreased by 4% year-over-year in Q3 2025, totaling $49.27 million compared to $51.34 million in Q3 2024[27] - Total redemption revenue was $72.1 million, down 15% year-over-year[5] Cash Flow and Assets - Cash generated from operating activities was $21.8 million, and free cash flow was $10.6 million[7] - Cash and cash equivalents as of September 30, 2025, were $223.30 million, a decrease from $349.28 million at the end of 2024[24] - Total assets decreased to $569.43 million as of September 30, 2025, down from $678.43 million at the end of 2024[24] - Stockholders' equity decreased to $329.61 million as of September 30, 2025, compared to $457.28 million at the end of 2024[24] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $67.47 million, down from $93.93 million for the same period in 2024[26] - The company experienced a net cash provided by operating activities of $21,754,000 for the three months ended September 30, 2025, compared to $39,544,000 in 2024[30] Shareholder Actions - The company repurchased 1.4 million shares for a total of $38.7 million at an average price of $26.73 per share[7] Strategic Initiatives - A strategic partnership with Circana was announced to enhance third-party sales lift measurement for digital promotions[4] - The launch of LiveLift™, an enhanced solution for CPG brands to measure and optimize campaigns in real-time, was announced subsequent to the quarter-end[3] Guidance - Guidance for Q4 2025 includes revenue expectations of $80 - $85 million and adjusted EBITDA of $9 - $12 million[14] Restructuring Charges - The company incurred restructuring charges of $380,000 for the three months ended September 30, 2025, while there were no such charges in the same period of 2024[29]
Ibotta, Inc.(IBTA) - 2025 Q3 - Quarterly Results