$IBTA

Ibotta, Inc.

CIK:0001538379|SEC Filings

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Condensed Statements of Operations - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 88,905	$ 86,029	$ 171,388	$ 170,603
Cost of revenue	19,186	17,925	38,636	35,017
Gross profit	69,719	68,104	132,752	135,586
Operating expenses:
Sales and marketing	32,880	28,809	66,928	58,667
Research and development	15,073	14,745	29,575	32,814
General and administrative	21,791	22,264	45,551	43,650
Depreciation and amortization	1,852	1,048	3,407	2,020
Total operating expenses	71,596	66,866	145,461	137,151
(Loss) income from operations	(1,877)	1,238	(12,709)	(1,565)
Interest income, net	1,356	2,636	2,866	6,321
Other expense, net	(11)	(6)	(42)	(405)
(Loss) income before provision for income taxes	(532)	3,868	(9,885)	4,351
Provision for income taxes	(697)	(1,378)	(1,666)	(1,306)
Net (loss) income	$ (1,229)	$ 2,490	$ (11,551)	$ 3,045
Net (loss) income per share:
Basic (in usd per share)	$ (0.05)	$ 0.09	$ (0.49)	$ 0.10
Diluted (in usd per share)	$ (0.05)	$ 0.08	$ (0.49)	$ 0.10
Weighted average common shares outstanding:
Basic (in shares)	23,280,652	28,479,977	23,710,471	29,623,352
Diluted (in shares)	23,280,652	30,433,519	23,710,471	31,819,817

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net (loss) income	$ (11,551)	$ 3,045
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	6,245	4,610
Impairment of capitalized software development costs	991	241
Stock-based compensation expense	27,381	23,049
Common stock warrant expense	4,345	4,345
Credit loss expense	1,151	1,454
Amortization of debt discount and issuance costs	76	75
Deferred income taxes	1,427	(1,196)
Other	6	10
Changes in assets and liabilities:
Accounts receivable	4,177	10,463
Other current and long-term assets	(1,207)	(22,271)
Accounts payable	(730)	1,126
Due to third-party publishers	13,612	731
Accrued expenses	1,950	(1,535)
Deferred revenue	(333)	184
User redemption liability	(3,513)	(3,084)
Other current and long-term liabilities	(395)	24,468
Net cash provided by operating activities	43,632	45,715
Investing activities
Additions to property and equipment	(3,958)	(5,520)
Additions to capitalized software development costs	(8,334)	(6,448)
Proceeds from the sale of property and equipment	27	0
Net cash used in investing activities	(12,265)	(11,968)
Financing activities
Proceeds from exercise of stock options	2,593	7,357
Debt issuance costs	0	(2)
Purchase of treasury stock	(70,784)	(140,176)
Taxes paid related to net share settlement of equity awards	(3,097)	(2,045)
Proceeds from employee stock purchase plan	1,482	2,036
Net cash used in financing activities	(69,806)	(132,830)
Net change in cash, cash equivalents, and restricted cash	(38,439)	(99,083)
Cash, and cash equivalents, beginning of period	186,612	349,690
Cash, and cash equivalents, end of period	148,173	250,607
Supplemental Cash Flow Information [Abstract]
Interest paid	150	96
Income Tax Paid, before Refund Received	474	4,090
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Share repurchases in accounts payable and accrued expenses	877	1,401
Stock-based compensation included in capitalized software development costs	1,111	528
Property and equipment in accounts payable and accrued expenses	$ 325	$ 2,310

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets, Current [Abstract]
Cash and cash equivalents	$ 148,173	$ 186,612
Accounts receivable, less allowances of $1,193 and $2,494, respectively	203,391	208,709
Prepaid expenses and other current assets	14,071	12,604
Total current assets	365,635	407,925
Property and equipment, less accumulated depreciation of $4,494 and $3,029, respectively	23,204	23,434
Capitalized software development costs, less accumulated amortization of $28,697 and $24,165, respectively	27,964	24,193
Equity investment	4,531	4,531
Deferred tax assets, net	53,493	54,850
Operating lease assets	9,762	9,901
Other long-term assets	810	1,077
Total assets	485,399	525,911
Current liabilities:
Accounts payable	7,306	10,840
Due to third-party publishers	121,213	107,601
Accrued expenses	19,343	19,614
Other current liabilities	996	1,249
Total current liabilities	213,468	207,760
Long-term liabilities:
Operating lease liabilities, long-term	25,134	25,501
Unrecognized tax benefits, long-term	5,224	4,999
Total liabilities	243,826	238,260
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value: 100,000,000 shares authorized and zero shares issued and outstanding as of June 30, 2026, and December 31, 2025	0	0
Treasury stock, value	(335,953)	(267,575)
Additional paid-in capital	725,948	692,097
Accumulated deficit	(148,422)	(136,871)
Total stockholders' equity	241,573	287,651
Total liabilities and stockholders' equity	485,399	525,911
Common Class A
Stockholders’ equity:
Common stock, value, issued	0	0
Common Class B
Stockholders’ equity:
Common stock, value, issued	0	0
Deferred revenue
Current liabilities:
Deferred revenue	2,602	2,935
User redemption liability	2,602	2,935
User redemption liability
Current liabilities:
Deferred revenue	62,008	65,521
User redemption liability	$ 62,008	$ 65,521