Slide 1: Earnings presentation: Fourth quarter and full year 2024
Earnings $1.30 back presentation Add offer Fourth quarter and full year 2024 © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent.
Slide 2: Disclaimer
Disclaimer This presentation is made by Ibotta, Inc. (the “Company,” “Ibotta,” “our,” or “we”) and contains forward-looking statements that involve substantial risks and uncertainties. All statements other than historical factual information are forward-looking statements, including without limitati
Slide 3: 4Q24 and full-year 2024 financial results
4Q24 and full-year 2024 financial results © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q4 results as compared to guidance
Q4 results as compared to guidance Revenue Adjusted EBITDA $98.4M $27.8M -4% vs. guidance midpoint of $103.0M -13% vs. guidance midpoint of $32.0M © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 4
Slide 5: Revenue growth
Revenue growth Q4 2024 revenue decline Full year 2024 revenue growth One-time benefit (0.5%) non-GAAP year-over-year +20% non-GAAP decline1 year-over-year $99.7M $98.4M growth1 $367.3M $320.0M $0.8M $13.5M 4Q23 4Q24 2023 2024 Note: All 4Q23 and 4Q24 figures are unaudited. Figures may not tie due to
Slide 6: Adjusted EBITDA growth
Adjusted EBITDA growth Q4 2024 Adj. EBITDA1 decline Full year 2024 Adj. EBITDA1 growth One-time benefit (5%) %one-time pt. decrease in margin excl. benefit of $0.8M +8% %one-time pt. increase in margin excl. benefit of $13.5M (14%) decrease excl. one-time benefit 62% increase excl. one-time benefit
Slide 7: Revenue breakdown
Revenue breakdown Redemption revenue Ad & other revenue Total redemptions Ad products Marketers buy ads to support promotions Fee per redemption Data Licensing purchase data & selling audiences Media Redemption Revenue Video media units sold on a cost-per-view basis 53% 84% 16% Third-party publisher
Slide 8: Year-over-year revenue change
Year-over-year revenue change Q4 2024 revenue growth Full year 2024 revenue growth Total revenue YoY Growth %1 49% (0.5%) 45% 20% Redemption revenue YoY Growth %1 76% 7% 66% 34% Ad & other YoY Growth % (3%) (27)% 6% (23%) $367.3 Redemption (in M) $99.7 $98.4 $320.0 $58.4 One-time benefit (in M) Ad &
Slide 9: Year-over-year redemption revenue change
Year-over-year redemption revenue change Q4 2024 redemption revenue growth Full year 2024 redemption revenue growth Redemption revenue YoY Growth %1 76% 7% 66% 34% Direct-to-consumer YoY Growth %1 7% (24%) 17% (14%) Third-party publisher YoY Growth % 39% 125% $308.8 D2C (in M) $82.4 One-time benefit
Slide 10: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary 17.2M redeemer per redemption1 ▪ Redemption revenue up 7%2 $0.87 ▪ Redeemers 13.6M $0.82 ▪ Growth driven by expansion of third-party 6.9 publisher network ▪ Redemptions per redeemer 5.5 ▪ Decrease primarily
Slide 11: Key drivers of third-party redemption revenue
Key drivers of third-party redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption 15.4M ▪ 3PP redemption revenue up $0.79 39% 4.8 ▪ Redeemers 4.3 $0.69 Launch1 11.4M Third-party publisher W almart+ Aug-22 All U.S. W almart.com Sep-23 Dollar General Jul
Slide 12: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption1 2.2M 18.3 ▪ D2C redemption revenue down 24%2 year-over-year 1.8M $1.07 15.5 $1.00 ▪ Redemptions per redeemer ▪ Driven by the quantity and quality of offers available to each D2C
Slide 13: Gross profit margins
Gross profit margins Q4 2024 Non-GAAP1 gross profit % Full year 2024 Non-GAAP1 gross profit % 3% 1% Research & development (%pt. (%pt. 88% decrease) 85% 86% increase) 87% 4Q23 4Q24 2023 2024 Note: All 4Q23 and 4Q24 figures are unaudited. Figures may not tie due to rounding. 1Adjusted figures exclude
Slide 14: Operating expense profile
Operating expense profile Q4 2024 Non-GAAP1 opex % Full year 2024 Non-GAAP1 opex % Sales & marketing Research & development General & administrative 2% 64% 7% (%pt. 58% (%pt. 55% 57% increase) decrease) 32% 29% 27% 29% 16% 15% 13% 14% 13% 15% 16% 15% 4Q23 4Q24 2023 2024 Note: All 4Q23 and 4Q24 figur
Slide 15: Guidance
Guidance Revenue +0% $80M - $84M year-over-year growth at the midpoint Adjusted EBITDA $10M - $14M 15% margin at the midpoint © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 15
Slide 16: Appendix
Appendix © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 16
Slide 17: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 4Q23 4Q24 Rev enue $99.7 $98.4 Cost of rev enue 12.3 15.2 Gross profit 87.4 83.2 Operating expenses: Sales and marketing 33.3 33.3 Research and dev elopment 13.7 15.8 General and administrativ e 13.5 20.2 Depreciation
Slide 18: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 4Q23 4Q24 Direct-to-consumer redemption revenue $40.3 $30.1 One-time breakage benefit (0.8) - Non-GAAP direct-to-consumer redemption revenue $39.4 $30.1 Direct-to-consumer redemption revenue % YoY growth 9% (25%) Non-GAAP direct-to-consumer red
Slide 19: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 4Q23 4Q24 Redemption rev enue $77.9 $82.4 Ad & other rev enue 21.8 16.0 Total revenue $99.7 $98.4 One-time breakage benefit (0.8) - Non-GAAP total revenue $98.8 $98.4 Total revenue % YoY growth 50% (1%) Non-GAAP total revenue % YoY
Slide 20: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 4Q23 4Q24 Direct-to-consumer redemption revenue per redemption $1.02 $1.07 Direct-to-consumer redemption rev enue 40.3 30.1 One-time breakage benefit (0.8) - Non-GAAP direct-to-consumer redemption rev enue 39.4 30.1 Direct-to-consum
Slide 21: Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 4Q23 4Q24 Net income $18.6 $76.2 Add (deduct): I nterest expense (income), net 2.1 (4.1) Depreciation & amortization 0.9 1.9 Stock based compensation 5.8 12.9 Change in fair v alue of deriv ativ e 1.8 - Loss o
Slide 22: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 4Q23 4Q24 Gross profit $87.4 $83.2 Stock-based compensation 0.2 0.5 One-time breakage benefit (0.8) - Non-GAAP gross profit $86.7 $83.7 Rev enue 99.7 98.4 Non-GAAP rev enue1 $98.8 $98.4 Gross profit % 88% 85% Non-GAAP gross profit % 88% 85
Slide 23: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 4Q23 4Q24 Sales & marketing $33.3 $33.3 Stock-based compensation (4.7) (4.3) Non-GAAP sales & marketing $28.6 $29.0 Rev enue 99.7 98.4 Non-GAAP rev enue1 $98.8 $98.4 Sales & marketing % rev enue 33% 34% Non-GAAP sales & marketing % N
Slide 24: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 4Q23 4Q24 Sales & marketing 33.3 33.3 Reseach & dev elopment 13.7 15.8 General & administrativ e 13.5 20.2 Depreciation & amortization 0.6 0.9 Total operating expense $61.1 $70.3 Sales & marketing stock based compensation
Slide 25: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 2023 2024 Rev enue $320.0 $367.3 Cost of rev enue 44.0 50.1 Gross profit 276.0 317.1 Operating expenses: Sales and marketing 114.8 139.2 Research and dev elopment 50.0 63.3 General and administrativ e 51.6 82.7 Deprec
Slide 26: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 2023 2024 Direct-to-consumer redemption revenue $163.7 $128.6 One-time breakage benefit (13.5) - Non-GAAP direct-to-consumer redemption revenue $150.1 $128.6 Direct-to-consumer redemption revenue % YoY growth 27% (21%) Non-GAAP direct-to-consum
Slide 27: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 2023 2024 Redemption rev enue $243.9 $308.8 Ad & other rev enue 76.2 58.4 Total revenue $320.0 $367.3 One-time breakage benefit (13.5) - Non-GAAP total revenue $306.5 $367.3 Total revenue % YoY growth 52% 15% Non-GAAP total revenue
Slide 28: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 2023 2024 Direct-to-consumer redemption revenue per redemption $1.13 $1.11 Direct-to-consumer redemption rev enue 163.7 128.6 One-time breakage benefit (13.5) - Non-GAAP direct-to-consumer redemption rev enue 150.1 128.6 Direct-to-c
Slide 29: Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 2023 2024 Net income $38.1 $68.7 Add (deduct): I nterest expense (income), net 6.9 (9.4) Depreciation & amortization 6.7 8.1 Stock based compensation 20.2 76.2 Change in fair v alue of deriv ativ e 5.0 3.1 Los
Slide 30: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 2023 2024 Gross profit $276.0 $317.1 Stock-based compensation 0.7 1.5 One-time breakage benefit (13.5) - Non-GAAP gross profit $263.2 $318.6 Rev enue 320.0 367.3 Non-GAAP rev enue1 $306.5 $367.3 Gross profit % 86% 86% Non-GAAP gross profit
Slide 31: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 2023 2024 Sales & marketing $114.8 $139.2 Stock-based compensation (15.4) (39.1) Non-GAAP sales & marketing $99.3 $100.1 Rev enue 320.0 367.3 Non-GAAP rev enue1 $306.5 $367.3 Sales & marketing % rev enue 36% 38% Non-GAAP sales & mark
Slide 32: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 2023 2024 Sales & marketing 114.8 139.2 Reseach & dev elopment 50.0 63.3 General & administrativ e 51.6 82.7 Depreciation & amortization 3.7 4.0 Total operating expense $220.0 $289.2 Sales & marketing stock based compensa
Slide 33: 2023 one-time breakage benefit
2023 one-time breakage benefit User redemption liability & breakage • On our balance sheet, we have a user redemption In 2023, we made an update to fix a software liability balance that is an accumulation of direct- error to correctly charge maintenance fees to to-consumer (D2C) redeemers' account b