Ibotta, Inc. (NYSE: IBTA), headquartered in Denver, operates the largest digital promotions network in North America. The company connects consumer packaged goods (CPG) brands with over 200 million consumers through an extensive network of publishers. Ibotta’s platform facilitates performance marketing aimed at driving sales for its clients, primarily in the grocery sector.

In the first quarter of 2025, Ibotta experienced a stable increase in its financial performance. Total revenue reached $84.6 million, marking a 3% increase compared to the first quarter of 2024. This revenue growth was supported by a substantial rise in redemption revenue, which amounted to $73.4 million, reflecting an 8% year-over-year increase. The company reported a net income of $0.6 million, representing just 1% of total revenue, and an adjusted net income of $12.1 million, or 14% of total revenue.

Adjusted EBITDA for the quarter was $14.7 million, corresponding to a 17% adjusted EBITDA margin. Ibotta generated cash from operating activities of $19.9 million, alongside a free cash flow of $14.9 million. The number of redeemers in the Ibotta Performance Network (IPN) surged to 17.1 million, a 37% increase from the previous year, driven by the launch of new partnerships with Instacart and Family Dollar.

Other financial metrics showed significant developments: third-party publisher redemption revenue climbed to $48.2 million, an increase of 38% year-over-year, while direct-to-consumer redemption revenue decreased by 24% to $25.2 million. The total number of redemptions rose by 16% to 82.8 million, with overall redemption revenue per redemption decreasing to $0.89, down 7% year-over-year.

Operating expenses for the first quarter included a 29% increase in non-GAAP general and administrative expenses, reaching $21.4 million. The company repurchased 1.8 million shares of its stock for a total of $72.7 million at an average price of $39.47 per share, which reflects a proactive approach to capital management.

Looking ahead, Ibotta provided financial guidance for the second quarter of 2025, projecting revenue between $86.5 million and $92.5 million, indicating a 2% growth at the midpoint. The company also anticipates adjusted EBITDA in the range of $17 million to $22 million, reflecting a 22% margin at the midpoint. The guidance indicates Ibotta’s confidence in its performance marketing initiatives, despite acknowledging continued supply constraints as it transitions to a broader implementation of its new operating model.