Ibotta, Inc.

Previous wording

Ibotta’s mission is to Make Every Purchase Rewarding. We accomplish this mission by delivering digital promotions to consumers through the Ibotta Performance Network (IPN). We source digital promotions from our clients, which are primarily consumer packaged goods (CPG) brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform. We have strategic relationships with Walmart Inc. (Walmart), Dollar General Corporation (Dollar General), Family Dollar Stores, Inc. (Family Dollar), Maplebear, Inc. (Instacart), DoorDash, Inc. (DoorDash) and Uber Technologies, Inc. (Uber) (announced in March 2026 but not yet launched), among others, who are third-party publishers on the IPN and use our content to power their digital offer programs on a white-label basis. We also host offers on Ibotta’s direct-to-consumer properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, direct-to-consumer (D2C), which is part of the IPN). Within D2C, we also partner with affiliate networks to access offers from certain retailer advertisers so consumers can earn cash back on a percentage of their total basket spend at those retailers.

Current wording

Ibotta’s mission is to Make Every Purchase Rewarding. We accomplish this mission by delivering digital promotions to consumers through the Ibotta Performance Network (IPN). We source digital promotions from our clients, which are primarily consumer packaged goods (CPG) brands, and distribute these promotions to consumers via our network of publishers, which is enabled by our technology platform. We have strategic relationships with Walmart Inc. (Walmart), Dollar General Corporation (Dollar General), Family Dollar Stores, Inc. (Family Dollar), Maplebear, Inc. (Instacart), DoorDash, Inc. (DoorDash) and Uber Technologies, Inc. (Uber), among others, who are third-party publishers on the IPN and use our content to power their digital offer programs on a white-label basis. We also host offers on Ibotta’s direct-to-consumer properties, which include the Ibotta-branded cash back mobile app, website, and browser extension (collectively, direct-to-consumer (D2C), which is part of the IPN). Within D2C, we also partner with affiliate networks to access offers from certain retailer advertisers so consumers can earn cash back on a percentage of their total basket spend at those retailers.

Previous wording

The performance metrics below are presented in two categories: direct-to-consumer (D2C) and third-party publishers, which sum to the total metric. The underlying trends and drivers of our D2C business often vary from those of our third-party publisher business. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. The explanation of the changes in the total metric can be found in the D2C and third-party publishers sections.

Current wording

The performance metrics below are presented in two categories: third-party publishers and direct-to-consumer (D2C), which sum to the total metric. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. The underlying trends and drivers of our D2C business often vary from those of our third-party publisher business. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer. The explanation of the changes in the total metric can be found in the third-party publisher and D2C sections.

Previous wording

D2C redemptions are redemptions on any D2C property. Third-party publisher redemptions are redemptions on all publishers excluding the D2C properties, namely our retailer publishers.

Current wording

Third-party publisher redemptions are redemptions on all publishers excluding the D2C properties, namely our retailer publishers. D2C redemptions are redemptions on any D2C property.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, third-party publisher redemptions were approximately 70.7 million and 61.2 million, respectively. This growth was driven primarily by organic growth at existing third-party publishers, as well as the launch of new publishers, namely DoorDash, which substantially launched in the second quarter of 2025.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, third-party publisher redemptions were approximately 74.4 million and 58.6 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, third-party publisher redemptions were approximately 145.1 million and 119.8 million, respectively. This growth was driven primarily by increases in offer supply and third party publisher redeemers, as well as the launch of new publishers, namely DoorDash, which substantially launched in the second quarter of 2025.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, D2C redemptions were approximately 17.3 million and 21.6 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, D2C redemptions were approximately 17.1 million and 21.9 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, D2C redemptions were approximately 34.3 million and 43.6 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer and a decrease in D2C redeemers.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, total redemptions were 88.0 million and 82.8 million, respectively.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, total redemptions were 91.4 million and 80.5 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redemptions were 179.4 million and 163.3 million, respectively.

Previous wording

D2C redeemers are consumers who have redeemed at least one digital offer on any Ibotta property within the quarter. Third-party publisher redeemers are consumers who have redeemed at least one digital offer on any publisher property that is not an Ibotta property, namely our retailer publishers.

Current wording

Third-party publisher redeemers are consumers who have redeemed at least one digital offer on any publisher property that is not an Ibotta property, namely our retailer publishers. D2C redeemers are consumers who have redeemed at least one digital offer on any Ibotta property within the quarter.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, third-party publisher redeemers were approximately 18.3 million and 15.4 million, respectively. This growth was driven primarily by organic growth at existing third-party publishers, as well as the launch of new publishers, namely DoorDash, which substantially launched in the second quarter of 2025.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, third-party publisher redeemers were approximately 19.5 million and 15.7 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, third-party publisher redeemers were approximately 18.9 million and 15.6 million, respectively. This growth was driven primarily by organic growth at existing third-party publishers, which benefited from an increase in offer supply, as well as the launch of new publishers, namely DoorDash, which substantially launched in the second quarter of 2025.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, D2C redeemers were 1.4 million and 1.7 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.

Current wording

For both the three and six months ended June 30, 2026, compared to the same period in 2025, D2C redeemers were 1.4 million and 1.6 million, respectively. The decrease was driven by the quantity and quality of offers available to each D2C redeemer.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, total redeemers were approximately 19.7 million and 17.1 million, respectively.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, total redeemers were approximately 20.9 million and 17.3 million, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redeemers were approximately 20.3 million and 17.2 million, respectively.

Previous wording

Redemptions per redeemer are the redemptions divided by the redeemers in that period. This metric is useful as redemptions per redeemer is an indication of our redeemers’ level of engagement with our platform and network. We aim to grow redemptions from our redeemers by expanding the quantity and quality of offers available and increasing engagement by continuing to improve the consumer experience. In general, redemptions per redeemer are driven by the quantity and quality of offer supply and the growth in offer supply relative to the growth in redeemers. For new redeemers, redemption frequency initially increases before stabilizing. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. Third-party publisher redeemers tend to have a lower redemption frequency as compared to D2C redeemers.

Current wording

Redemptions per redeemer are the redemptions divided by the redeemers in that period. This metric is useful as redemptions per redeemer is an indication of our redeemers’ level of engagement with our platform and network. We aim to grow redemptions from our redeemers by expanding the quantity and quality of offers available and increasing engagement by continuing to improve the consumer experience. In general, redemptions per redeemer are driven by the quantity and quality of offer supply and the growth in offer supply relative to the growth in redeemers. For new redeemers, redemption frequency initially increases before stabilizing. Our third-party publisher business tends to reach consumers who may be more loyal to a specific retailer and are engaging with offers powered by Ibotta’s technology platform. Third-party publisher redeemers tend to have a lower redemption frequency as compared to D2C redeemers. Our D2C business caters to consumers who are focused on savings, irrespective of the retailer.

Previous wording

D2Credemption revenue per redemption represents redemption revenue generated from offers on any Ibotta property divided by the redemptions on any Ibotta property in that period. Third-party publisher redemption revenue per redemption represents redemption revenue generated from offers on all publishers other than those on Ibotta properties divided by redemptions on all publishers other than those on Ibotta properties. Refer to the Results of Operations section below for the disaggregation of revenue by D2C and third-party publisher.

Current wording

Third-party publisher redemption revenue per redemption represents redemption revenue generated from offers on all publishers other than those on Ibotta properties divided by redemptions on all publishers other than those on Ibotta properties. D2Credemption revenue per redemption represents redemption revenue generated from offers on any Ibotta property divided by the redemptions on any Ibotta property in that period. Refer to the Results of Operations section below for the disaggregation of revenue by third-party publisher and D2C.

Previous wording

Forthe three months ended March 31, 2026 compared to the same period in 2025, D2C redemption revenue per redemptionwas $1.10 and$1.17, respectively. This change was driven primarily by offer mix.

Current wording

Forthe three months ended June 30, 2026 compared to the same period in 2025, D2C redemption revenue per redemptionwas $1.10 and$1.12, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, D2C redemptions revenue per redemption was $1.10 and $1.14, respectively. This change was driven primarily by offer mix.

Previous wording

For the three months ended March 31, 2026 compared to the same period in 2025, total redemption revenue per redemption was $0.83 and $0.89, respectively.

Current wording

For the three months ended June 30, 2026 compared to the same period in 2025, total redemption revenue per redemption was $0.88 and $0.91, respectively. For the six months ended June 30, 2026 compared to the same period in 2025, total redemption revenue per redemption was $0.85 and $0.90, respectively.

Previous wording

Adjusted EBITDAis earnings before interest income, net, provision for (benefit from) income taxes, anddepreciation and amortization expense, and excludes stock-based compensation expense, restructuring charges, andother expense, net. We define Adjusted EBITDA marginas Adjusted EBITDA as a percent of revenue.

Current wording

Adjusted EBITDAis earnings before interest income, net, provision for income taxes, anddepreciation and amortization expense, and excludes stock-based compensation expense, restructuring charges, andother expense, net. We define Adjusted EBITDA marginas Adjusted EBITDA as a percent of revenue.

Previous wording

(1)Amortization of capitalized software development costs included in cost of revenue for the three months ended March 31, 2026 and 2025 was $1.3 million and $1.2 million, respectively.

Current wording

(1)Amortization of capitalized software development costs included in cost of revenue for the three months ended June 30, 2026 and 2025 was $1.5 million and $1.4 million, respectively, and for the six months ended June 30, 2026 and 2025 was $2.8 million and $2.6 million, respectively.

Previous wording

Cost of revenue consists primarily of revenue share and related minimum commitments with certain third-party publishers, personnel-related costs attributable to personnel in certain of our engineering departments who maintain our platform, data hosting costs, amortization of platform-related software development costs, software licensing costs, certain reward costs net of breakage, and processing fees. Personnel-related costs include salaries, bonuses, stock-based compensation, and benefits. Reward costs net of breakage recorded in cost of revenue are associated with cash back earned from gift card purchases and sponsored rewards earned from watching an advertising video. Breakage represents the undistributed earnings of D2C consumers that is not expected to be cashed out due to inactivity. Reward costs also include rewards that are cashed out and subsequently identified as violating our terms of use.

Current wording

Cost of revenue consists primarily of revenue share and related minimum commitments with certain third-party publishers, personnel-related costs for certain of our engineering departments who maintain our platform, data hosting costs, amortization of platform-related software development costs, software licensing costs, certain reward costs net of breakage, and processing fees. Personnel-related costs include salaries, bonuses, stock-based compensation, and benefits. Reward costs net of breakage recorded in cost of revenue are associated with cash back earned from gift card purchases and sponsored rewards earned from watching an advertising video. Breakage represents the undistributed earnings of D2C consumers that is not expected to be cashed out due to inactivity. Reward costs also include rewards that are cashed out and subsequently identified as violating our terms of use.

Previous wording

Research and development expenses consist primarily of personnel-related costs for our technology departments, software licensing costs, professional fees, impairment of capitalized software development costs, and market research. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, taxes, travel, and, in the prior year, restructuring charges. We capitalize certain software development costs that are attributable to developing new features and adding incremental functionality to our platform or infrastructure. Costs incurred during the preliminary project stage are recorded in research and development. Costs incurred during the post-implementation stage are recorded in research and development or cost of revenue, depending on the nature of the project. In addition, impairment of in-progress software projects for which completion is subsequently determined not to be probable is recorded in research and development expenses.

Current wording

Research and development expenses consist primarily of personnel-related costs for our technology departments, impairment of capitalized software development costs, software licensing costs, professional fees, and market research. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, taxes, travel, and, in the prior year, restructuring charges. We capitalize certain software development costs that are attributable to developing new features and adding incremental functionality to our platform or infrastructure. Costs incurred during the preliminary project stage are recorded in research and development. Costs incurred during the post-implementation stage are recorded in research and development or cost of revenue, depending on the nature of the project. In addition, impairment of in-progress software projects for which completion is subsequently determined not to be probable is recorded in research and development expenses.

Previous wording

General and administrative expenses consist primarily of personnel-related costs for our administrative departments, professional fees for external legal, accounting, and other consulting services, software licensing costs, facilities costs, corporate insurance, credit loss expense, company events, and taxes, licenses, and other fees. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, recruiting fees, taxes, travel, and, in the prior year, restructuring charges.

Current wording

General and administrative expenses consist primarily of personnel-related costs for our administrative departments, software licensing costs, professional fees for external legal, accounting, and other consulting services, facilities costs, corporate insurance, credit loss expense, company events, and taxes, licenses, and other fees. Personnel-related costs include salaries, bonuses, stock-based compensation, benefits, taxes, travel, recruiting fees, and, in the prior year, restructuring charges.

Previous wording

Depreciation and amortization consists of amortization of intangible assets, including infrastructure-related software development costs and acquired technology, and depreciation of property and equipment.

Current wording

Depreciation and amortization consists of depreciation of property and equipment and amortization of infrastructure-related software development costs.

Previous wording

We expect depreciation to increase as we invest in the development of our infrastructure-related software and as a result of the increase in depreciation related to our new corporate headquarters.

Current wording

We expect depreciation and amortization to increase as a result of our new corporate headquarters and as we continue to develop infrastructure-related software.

Previous wording

The (provision for) benefit from income taxes consists primarily of income taxes related to federal and state jurisdictions in which we conduct business.

Current wording

The provision for income taxes consists primarily of income taxes related to federal and state jurisdictions in which we conduct business.