Slide 1: Earnings presentation First quarter 2025
Earnings $1.30 back presentation Add offer First quarter 2025 © 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: 1Q25 financial results and 2Q25 outlook
1Q25 financial results and 2Q25 outlook © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q1 results as compared to guidance
Q1 results as compared to guidance Revenue Adjusted EBITDA $84.6M $14.7M +3% vs. guidance midpoint of $82.0M +22% vs. guidance midpoint of $12.0M © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 4
Slide 5: First quarter 2025 results
First quarter 2025 results Total revenue growth Adjusted EBITDA decline +3% (10%) year-over-year % pt. decrease growth in margin $82.3M $84.6M $22.7M (28% margin) $14.7M (17% margin) 1Q24 1Q25 1Q24 1Q25 Note: All 1Q24 and 1Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBI
Slide 6: 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 57% 87% 13% Third-party publisher
Slide 7: Year-over-year revenue change
Year-over-year revenue change Total revenue Redemption revenue Total revenue YoY Growth %1 46% 3% Redemption revenue YoY Growth % 1 68% 8% Redemption revenue YoY Growth % 1 68% 8% Direct-to-consumer YoY Growth % 1 3% (24%) Ad & other YoY Growth % (10%) (22%) Third-party publisher YoY Growth % 315% 3
Slide 8: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary 17.1M redeemer per redemption ▪ Redemption revenue up 8% $0.95 ▪ Redeemers $0.89 ▪ Growth driven by expansion of third-party 12.5M publisher network ▪ Redemptions per redeemer 5.7 ▪ Decrease primarily drive
Slide 9: 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 $0.80 $0.79 38% ▪ Redeemers Third-party publisher Launch1 4.1 10.6M 4.0 W almart+ Aug-22 All U.S. W almart.com Sep-23 Dollar General Jul
Slide 10: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption $1.19 $1.17 ▪ D2C redemption revenue 1.9M down 24% year-over-year 1.7M ▪ Redemptions per 14.4 redeemer 13.1 ▪ Driven by the quantity and quality of offers available to each D2C r
Slide 11: Cost & margin profile
Cost & margin profile Non-GAAP1 gross profit % Non-GAAP1 operating expenses (% of non-GAAP revenue) Sales & marketing 7% Research Research& &development development (%pt. General & administrative 87% decrease) 4% 81% (%pt. increase) 65% 61% 29% 30% 17% 16% 15% 19% 1Q24 1Q25 1Q24 1Q25 Note: All 1Q24
Slide 12: Guidance
Guidance Revenue +2% $86.5M - $92.5M year-over-year growth at the midpoint Adjusted EBITDA $17.0M - $22.0M 22% margin at the midpoint © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 12
Slide 13: Appendix
Appendix © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 13
Slide 14: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 1Q24 1Q25 Rev enue $82.3 $84.6 Cost of rev enue 10.5 17.1 Gross profit 71.8 67.5 Operating expenses: Sales and marketing 28.1 29.9 Research and dev elopment 13.6 18.1 General and administrativ e 13.2 21.4 Depreciation
Slide 15: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 1Q23 1Q24 1Q25 Direct-to-consumer redemption revenue $33.3 $33.0 $25.2 One-time breakage benefit (1.2) - - Non-GAAP direct-to-consumer redemption revenue $32.1 $33.0 $25.2 Direct-to-consumer redemption revenue % YoY growth (1%) (24%) Non-GAAP d
Slide 16: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 1Q23 1Q24 1Q25 Redemption rev enue $41.7 $68.0 $73.4 Ad & other rev enue 16.0 14.3 11.2 Total revenue $57.7 $82.3 $84.6 One-time breakage benefit (1.2) - - Non-GAAP total revenue $56.5 $82.3 $84.6 Total revenue % YoY growth 43% 3% N
Slide 17: Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 1Q24 1Q25 Net income $9.3 $0.6 Add (deduct): I nterest expense (income), net 1.8 (3.7) Depreciation & amortization 1.9 2.2 Stock based compensation 4.8 13.8 Restructuring charges - 1.6 Change in fair v alue of
Slide 18: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 1Q24 1Q25 Gross profit $71.8 $67.5 Cost of rev enue stock-based compensation 0.2 0.7 Non-GAAP gross profit $72.0 $68.1 Rev enue 82.3 84.6 Gross profit % 87% 80% Non-GAAP gross profit % 87% 81% Note: All quarterly figures are unaudited. Fig
Slide 19: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 1Q24 1Q25 Sales & marketing $28.1 $29.9 Stock-based compensation (3.6) (5.1) Restrucuring charges - (0.6) Non-GAAP sales & marketing $24.5 $24.1 Rev enue $82.3 $84.6 Sales & marketing % rev enue 34% 35% Non-GAAP sales & marketing % r
Slide 20: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 1Q24 1Q25 Sales & marketing 28.1 29.9 Reseach & dev elopment 13.6 18.1 General & administrativ e 13.2 21.4 Depreciation & amortization 1.0 1.0 Total operating expense $55.9 $70.3 Sales & marketing stock based compensation