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Ibotta Reports First Quarter 2025 Financial Results

1. Ibotta reported $84.6 million in revenue, a 3% increase year-over-year. 2. Net income reached $0.6 million, with Adjusted EBITDA margin at 17%. 3. Redeemers grew 37% to 17.1 million, driven by Instacart and Walmart growth. 4. Partnership with DoorDash expands reach to millions of customers. 5. Positive Q2 2025 outlook includes revenue growth forecast of 2%.

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Why Bullish?

Revenue growth and increased redeemer count indicate strong market demand, reminiscent of successful campaigns by similar companies like Fetch Rewards.

How important is it?

Financial performance and new partnerships suggest strong potential for stock price appreciation; attention needed to monitoring ongoing market trends.

Why Short Term?

Immediate effects expected from Q2 guidance and DoorDash partnership; growth trends likely to influence stock promptly.

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DENVER--(BUSINESS WIRE)--Ibotta, Inc. (NYSE: IBTA), which operates the largest digital promotions network in North America, today announced financial results for the first quarter ended March 31, 2025.

“We made significant progress in the first quarter in establishing Ibotta as the first full-service performance marketing platform for the CPG industry,” said Ibotta CEO and founder, Bryan Leach.

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“We made significant progress in the first quarter in establishing Ibotta as the first full-service performance marketing platform for the CPG industry,” said Ibotta CEO and founder, Bryan Leach. “We ran successful campaigns with two of the largest CPG companies in the world and showed how our latest capabilities can deliver profitable revenue growth at scale. We also expanded our pilot program to a select number of new clients, with an ambitious roadmap to scale to our full client base in the future. We are excited to demonstrate the power of applying performance marketing to a massive industry that has never had it before.”

First Quarter 2025 Financial Highlights:

  • Total revenue of $84.6 million, representing year-over-year growth of 3%.
  • Total redemption revenue of $73.4 million, an increase of 8% year-over-year.
  • During the quarter, the IPN had 17.1 million redeemers, compared to 12.5 million redeemers in the first quarter of 2024, an increase of 37% year-over-year. The primary driver of year-over-year growth was the launch of Instacart during the fourth quarter of 2024, like-for-like growth of Walmart’s audience, and the launch of Family Dollar in Q2 of 2024.
  • Increased redemptions to 82.8 million, compared to 71.5 million in the first quarter of 2024, an increase of 16% year-over-year.
  • Generated net income of $0.6 million, representing net income as a percent of revenue of 1%, and adjusted net income of $12.1 million, representing adjusted net income as a percent of revenue of 14%.
  • Delivered Adjusted EBITDA of $14.7 million, representing an Adjusted EBITDA margin of 17%.
  • Generated cash from operating activities of $19.9 million and free cash flow of $14.9 million.
  • Repurchased 1.8 million shares for a total of $72.7 million at an average price per share of $39.47, exclusive of broker commissions and excise tax.

The following table summarizes the Company’s financial results for the three months ended March 31, 2025 and 2024:

 

Three months ended March 31,

 

 

 

2025

 

2024

 

 

Revenue

$

84,574

 

 

$

82,327

 

Net income

 

 

$

555

 

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