Slide 1: Earnings presentation Third quarter 2025
Earnings $1.30 back presentation Add offer Third 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: 3Q25 financial results and 4Q25 outlook
3Q25 financial results and 4Q25 outlook © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 3
Slide 4: Q3 results as compared to guidance
Q3 results as compared to guidance Revenue Adjusted EBITDA1 $83.3M $16.6M +2% vs. guidance midpoint of $81.5M +44% vs. guidance midpoint of $11.5M Note: All 3Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest income, net, provision
Slide 5: Third quarter 2025 results
Third quarter 2025 results Total revenue growth Adjusted EBITDA1 decline (16%) (17%) year-over-year % pt. decrease decline in margin (37% margin) (20% margin) Note: All 3Q24 and 3Q25 figures are unaudited. Figures may not tie due to rounding. 1Adjusted EBITDA is defined as earnings before interest i
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 59% 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 19% (16%) Redemption revenue YoY Growth % 1 32% (15%) Redemption revenue YoY Growth % 1 32% (15%) Direct-to-consumer YoY Growth % 1 (20%) (31%) Ad & other YoY Growth % (27%) (21%) Third-party publisher YoY Gro
Slide 8: Key drivers of redemption revenue
Key drivers of redemption revenue Redeemers (M) Redemptions per Redemption revenue Commentary redeemer per redemption ▪ Redemption revenue down 15% year-over-year ▪ Redeemers ▪ Growth driven by expansion of third-party publisher network ▪ Redemptions per redeemer ▪ Decrease primarily driven by the q
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 ▪ 3PP redemption revenue down 4% year-over-year ▪ Redeemers ▪ Growth driven by expansion of third-party publisher network ▪ Redemptions per redeemer ▪ Driven by the quant
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 down 31% year-over-year ▪ Redeemers ▪ Driven by the quantity and quality of offers available to D2C redeemers ▪ Redemptions per redeemer ▪ Driven by the
Slide 11: Cost & margin profile
Cost & margin profile Non-GAAP1 gross profit % Non-GAAP1 operating expenses % (as % of revenue) (as % of revenue) Sales & marketing 8% Research Research& &development development (%pt. General & administrative decrease) 9% (%pt. increase) Note: All 3Q24 and 3Q25 figures are unaudited. Figures may no
Slide 12: Guidance
Guidance Revenue (16%) $80.0M - $85.0M year-over-year decline at the midpoint Adjusted EBITDA $9.0M - $12.0M 13% margin at the midpoint Note: We have not reconciled Adjusted EBITDA to GAAP net income for our guidance because we do not provide guidance on GAAP net income and would not be able to pres
Slide 13: Appendix
Appendix © 2025 Ibotta, Inc. Proprietary and confidential, not to be shared without Ibotta’s express consent. 13
Slide 14: Consolidated statements of operations
Consolidated statements of operations In accordance with U.S. GAAP ($ in millions) 3Q24 3Q25 Rev enue $98.6 $83.3 Cost of rev enue 12.2 17.1 Gross profit 86.4 66.1 Operating expenses: Sales and marketing 27.8 26.6 Research and dev elopment 16.3 14.0 General and administrativ e 20.6 22.5 Depreciation
Slide 15: Revenue GAAP to non-GAAP reconciliation
Revenue GAAP to non-GAAP reconciliation ($ in millions) 3Q23 3Q24 3Q25 Direct-to-consumer redemption revenue $43.6 $33.1 $22.8 One-time breakage benefit (2.1) - - Non-GAAP direct-to-consumer redemption revenue $41.5 $33.1 $22.8 Direct-to-consumer redemption revenue % YoY growth (24%) (31%) Non-GAAP
Slide 16: Revenue GAAP to non-GAAP reconciliation (continued)
Revenue GAAP to non-GAAP reconciliation (continued) ($ in millions) 3Q23 3Q24 3Q25 Redemption rev enue $66.0 $84.5 $72.1 Ad & other rev enue 19.3 14.1 11.2 Total revenue $85.3 $98.6 $83.3 One-time breakage benefit (2.1) - - Non-GAAP total revenue $83.2 $98.6 $83.3 Total revenue % YoY growth 16% (16%
Slide 17: Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation
Adjusted EBITDA and Adjusted EBITDA margin GAAP to non-GAAP reconciliation ($ in millions) 3Q24 3Q25 Net income $17.2 $1.5 Add (deduct): I nterest income, net (4.4) (2.5) Depreciation & amortization 2.1 1.2 Stock based compensation 13.7 12.6 Restructuring charges - 0.4 Change in fair v alue of deriv
Slide 18: Gross Profit GAAP to non-GAAP reconciliation
Gross Profit GAAP to non-GAAP reconciliation ($ in millions) 3Q24 3Q25 Gross profit $86.4 $66.1 Cost of rev enue stock-based compensation 0.5 0.6 Non-GAAP gross profit $86.9 $66.7 Rev enue 98.6 83.3 Gross profit % 88% 79% Non-GAAP gross profit % 88% 80% Note: All quarterly figures are unaudited. Fig
Slide 19: Operating expenses GAAP to non-GAAP reconciliation
Operating expenses GAAP to non-GAAP reconciliation ($ in millions) 3Q24 3Q25 Sales & marketing $27.8 $26.6 Stock-based compensation (4.3) (4.1) Restrucuring charges - (0.4) Non-GAAP sales & marketing $23.4 $22.1 Rev enue $98.6 $83.3 Sales & marketing % rev enue 28% 32% Non-GAAP sales & marketing % r
Slide 20: Operating expenses GAAP to non-GAAP reconciliation (continued)
Operating expenses GAAP to non-GAAP reconciliation (continued) ($ in millions) 3Q24 3Q25 Sales & marketing 27.8 26.6 Reseach & dev elopment 16.3 14.0 General & administrativ e 20.6 22.5 Depreciation & amortization 1.1 0.6 Total operating expense $65.7 $63.8 Sales & marketing stock based compensation