Slide 1: Earnings presentation Second quarter 2025
Earnings $1.30 back presentation Add offer Second 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: 2Q25 financial results and 3Q25 outlook
2Q25 financial results and 3Q25 outlook © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q2 results as compared to guidance
Q2 results as compared to guidance Revenue Adjusted EBITDA1 $86.0M $17.9M (4%) vs. guidance midpoint of $89.5M (8%) vs. guidance midpoint of $19.5M Note: All 2Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest income, net, provisio
Slide 5: Second quarter 2025 results
Second quarter 2025 results Total revenue growth Adjusted EBITDA1 decline (2%) (8%) year-over-year % pt. decrease decline in margin $87.9M $86.0M $25.3M (29% margin) $17.9M (21% margin) 2Q24 2Q25 2Q24 2Q25 Note: All 2Q24 and 2Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted
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 56% 85% 15% Third-party publisher
Slide 7: Year-over-year revenue change
Year-over-year revenue change Total revenue Redemption revenue Total revenue YoY Growth %1 29% (2%) Redemption revenue YoY Growth % 1 51% (1%) Redemption revenue YoY Growth % 1 51% (1%) Direct-to-consumer YoY Growth % 1 (13%) (24%) Ad & other YoY Growth % (27%) (8%) Third-party publisher YoY Growth
Slide 8: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary 17.3M redeemer per redemption ▪ Redemption revenue down 1% $0.92 $0.91 ▪ Redeemers 13.7M ▪ Growth driven by expansion of third-party publisher network 5.9 ▪ Redemptions per redeemer ▪ Decrease primarily 4.6
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 15.7M $0.83 ▪ 3PP redemption revenue up $0.80 17% ▪ Redeemers 11.9M 4.4 ▪ Growth driven by expansion of third-party 3.7 publisher network ▪ Redemptions per redeemer ▪ Dri
Slide 10: Key drivers of D2C redemption revenue
Key drivers of D2C redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption ▪ D2C redemption revenue $1.13 $1.12 down 24% year-over-year 1.8M 15.9 ▪ Redemptions per 1.6M redeemer 13.8 ▪ 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 % (as % of revenue) (as % of revenue) Sales & marketing 6% Research Research& &development development (%pt. General & administrative 86% decrease) 2% 80% (%pt. increase) 59% 61% 26% 27% 15% 14% 17% 19% 2Q24 2Q25 2Q24 2Q25 N
Slide 12: Guidance
Guidance Revenue (17%) $79.0M - $84.0M year-over-year decline at the midpoint Adjusted EBITDA $9.5M - $13.5M 14% margin at the midpoint Note: We have not reconciled Adjusted EBITDA to GAAP net income for our guidance because we do not provide guidance on GAAP net income and would not be able to pres
Slide 13: Appendix
Appendix © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 13
Slide 14: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 2Q24 2Q25 Rev enue $87.9 $86.0 Cost of rev enue 12.3 17.9 Gross profit 75.6 68.1 Operating expenses: Sales and marketing 50.0 28.8 Research and dev elopment 17.5 14.7 General and administrativ e 28.7 22.3 Depreciation
Slide 15: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 2Q23 2Q24 2Q25 Direct-to-consumer redemption revenue $46.5 $32.3 $24.6 One-time breakage benefit (9.4) - - Non-GAAP direct-to-consumer redemption revenue $37.1 $32.3 $24.6 Direct-to-consumer redemption revenue % YoY growth (31%) (24%) Non-GAAP
Slide 16: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 2Q23 2Q24 2Q25 Redemption rev enue $58.3 $74.0 $73.2 Ad & other rev enue 19.1 14.0 12.8 Total revenue $77.4 $87.9 $86.0 One-time breakage benefit (9.4) - - Non-GAAP total revenue $68.0 $87.9 $86.0 Total revenue % YoY growth 14% (2%)
Slide 17: Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 2Q24 2Q25 Net income $(34.0) $2.5 Add (deduct): I nterest income, net (2.7) (2.6) Depreciation & amortization 2.1 2.4 Stock based compensation 44.8 13.6 Restructuring charges - 0.6 Change in fair v alue of der
Slide 18: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 2Q24 2Q25 Gross profit $75.6 $68.1 Cost of rev enue stock-based compensation 0.4 0.6 Non-GAAP gross profit $76.0 $68.7 Rev enue 87.9 86.0 Gross profit % 86% 79% Non-GAAP gross profit % 86% 80% Note: All quarterly figures are unaudited. Fig
Slide 19: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 2Q24 2Q25 Sales & marketing $50.0 $28.8 Stock-based compensation (26.8) (4.9) Restrucuring charges - (0.6) Non-GAAP sales & marketing $23.2 $23.4 Rev enue $87.9 $86.0 Sales & marketing % rev enue 57% 33% Non-GAAP sales & marketing %
Slide 20: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 2Q24 2Q25 Sales & marketing 50.0 28.8 Reseach & dev elopment 17.5 14.7 General & administrativ e 28.7 22.3 Depreciation & amortization 1.0 1.0 Total operating expense $97.3 $66.9 Sales & marketing stock based compensation