IBTA · Ibotta, Inc.

Ibotta's first quarter 2026 results exceeded the upper end of its guidance for both revenue and adjusted EBITDA, though year-over-year comparisons showed declines. Revenue fell 2% to $82.5 million, driven by a 1% decrease in redemption revenue to $73.0 million, partially offset by a 15% increase in total redeemers to 19.7 million. The company generated a net loss of $10.3 million compared to net income of $0.6 million in the prior year, primarily due to higher operating expenses, including increased sales and marketing costs and stock-based compensation. Adjusted EBITDA declined 41% to $8.7 million, with margin contracting from 17% to 11%. Management attributed the performance to disciplined execution and the continued success of LiveLift pilots, and highlighted the expansion of the Ibotta Performance Network through partnerships with Uber and Giant Eagle. The company expects to return to year-over-year revenue growth in the third quarter. For the second quarter of 2026, Ibotta guided revenue of $82-$86 million (down 2% at the midpoint) and adjusted EBITDA of $9-$12 million. The company also repurchased 1.9 million shares for $44.7 million during the quarter.