Ibotta, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved a revenue of $98.6 million for the third quarter, marking a 16% increase from $85.3 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $268.9 million, up 22% from $220.4 million year-over-year. This growth was primarily driven by a substantial increase in redemption revenue, which rose to $84.5 million in Q3 2024, a 28% increase compared to $66.0 million in Q3 2023. However, direct-to-consumer revenue saw a decline of 25% to $47.3 million, influenced by a one-time breakage benefit in the prior year and a decrease in redemptions.

Gross profit for the third quarter was $86.4 million, up from $74.5 million in Q3 2023, while net income for the quarter was $17.2 million, compared to $8.4 million in the previous year. Despite this quarterly profitability, Ibotta reported a net loss of $7.4 million for the nine months ended September 30, 2024, contrasting with a net income of $19.5 million for the same period in 2023.

The company’s total assets increased significantly to $598.3 million as of September 30, 2024, up from $319.8 million at the end of 2023. Cash and cash equivalents also saw a substantial rise, reaching $341.3 million, compared to $62.6 million at the end of the previous year. This increase was bolstered by the company's initial public offering (IPO) on April 22, 2024, which netted $198.0 million after costs.

Operating expenses for the third quarter totaled $65.7 million, slightly higher than $63.6 million in Q3 2023. Notably, sales and marketing expenses decreased by 26% to $27.8 million, attributed to reduced stock-based compensation and a shift in marketing strategy. Conversely, general and administrative expenses surged by 70% to $20.6 million, driven by increased stock-based compensation and public company costs.

Ibotta's strategic initiatives include a share repurchase program announced in August 2024, authorizing up to $100 million in repurchases of Class A common stock. As of September 30, 2024, the company had repurchased 274,902 shares for $15.7 million, leaving $84.4 million available under the program.

Overall, while Ibotta demonstrated strong revenue growth and quarterly profitability, it faces challenges in maintaining profitability over the longer term, particularly with a net loss reported for the nine-month period and fluctuations in direct-to-consumer revenue.