Ibotta Q3 revenue beats analyst estimates on strong consumer demand
IBTA•Ibotta's third-quarter revenue rose 17% year over year to $97.8 million, beating the $88.68 million analyst estimate. Adjusted EBITDA increased 43% to $23.8 million, and the company forecast fourth-quarter revenue of $94 million to $98 million.
1. Quarterly results
Ibotta reported third-quarter revenue of $97.8 million, up 17% year over year and above the $88.68 million analyst estimate. Adjusted EBITDA rose 43% to $23.8 million, beating the $13.5 million estimate. The company reported a net loss of $3.5 million and free cash flow of $16.8 million.
2. Outlook and drivers
Ibotta expects fourth-quarter revenue of $94 million to $98 million and adjusted EBITDA of $15 million to $17 million. It attributed growth in redemption revenue and its redeemer base to increased advertiser offer supply and strong consumer demand, and said third-party publisher redemptions and promotions with new retailers, including Giant Eagle, contributed to results. The company expects redemption activity to ramp in coming quarters with new publisher launches.
3. Share repurchases
Ibotta repurchased 0.4 million shares for $14.4 million in the third quarter.
