Ibotta, Inc. Class A ( (IBTA) ) has released its Q3 earnings. Here is a breakdown of the information Ibotta, Inc. Class A presented to its investors.
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Ibotta, Inc. operates the largest digital promotions network in North America, enabling brands to deliver digital promotions to consumers through its Ibotta Performance Network (IPN), primarily within the consumer goods sector.
Ibotta, Inc. reported a robust financial performance for the third quarter of 2024, highlighted by a 16% increase in revenue year-over-year, reaching $98.6 million, with notable growth in redemption revenue and a strong net income of $17.2 million.
The company’s financial highlights include a 28% increase in redemption revenue to $84.5 million and a 63% rise in the number of redeemers, largely driven by the expansion of its partnership with Walmart. Ibotta also achieved an adjusted EBITDA of $36.5 million, reflecting a 37% margin, and generated substantial cash flows with $39.5 million from operating activities and $36.7 million in free cash flow.
Strategically, Ibotta expanded its digital offering capabilities with partners like Schnuck Markets and entered a multi-year partnership with Instacart to provide savings to its customers. The company also repurchased shares worth $15.6 million, indicating confidence in its financial stability.
Looking ahead, Ibotta projects revenue growth between $100 million and $106 million for the fourth quarter of 2024, with expectations of a continued strong adjusted EBITDA margin. The company’s management remains focused on leveraging its network to drive incremental sales for brand partners and enhance consumer engagement.
