Ibotta (IBTA) 10-Q 30 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-42018
Entity Registrant Name	IBOTTA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	35-2426358
Entity Address, Address Line One	1801 California Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Denver
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80202
City Area Code	303
Local Phone Number	593-1633
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	IBTA
Security Exchange Name	NYSE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Central Index Key	0001538379
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,313,740
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,137,424

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 79,499	$ 62,591
Accounts receivable, less allowances of $3,111 and $3,160, respectively	206,433	226,439
Prepaid expenses and other current assets	14,203	9,314
Total current assets	300,135	298,344
Property and equipment, less accumulated depreciation of $9,299 and $8,905, respectively	2,385	2,541
Capitalized software development costs, less accumulated amortization of $14,574 and $13,482, respectively	13,904	12,844
Equity investment	4,531	4,531
Other long-term assets	1,112	1,530
Total assets	322,067	319,790
Current liabilities:
Accounts payable	7,675	8,937
Due to third-party publishers	67,523	73,155
Accrued expenses	15,401	24,582
Other current liabilities	3,886	4,317
Total current liabilities	181,665	198,150
Long-term liabilities:
Long-term debt, net	65,270	64,448
Convertible notes derivative liability	27,100	25,400
Other long-term liabilities	3,937	3,864
Total liabilities	277,972	291,862
Commitments and contingencies
Redeemable convertible preferred stock, $— par value: 17,245,954 shares authorized, issued and outstanding as of March 31, 2024 and December 31, 2023	0	0
Stockholders’ equity:
Common stock, $— par value: 40,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 9,417,665 and 9,207,337 shares outstanding as of March 31, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	243,986	237,116
Accumulated deficit	(199,891)	(209,188)
Total stockholders' equity	44,095	27,928
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	322,067	319,790
Deferred revenue
Current liabilities:
Deferred revenue	4,190	2,628
User redemption liability	4,190	2,628
User redemption liability
Current liabilities:
Deferred revenue	82,990	84,531
User redemption liability	$ 82,990	$ 84,531

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 82,327	$ 57,691
Cost of revenue	10,515	11,250
Gross profit	71,812	46,441
Operating expenses:
Sales and marketing	28,129	21,602
Research and development	13,641	11,695
General and administrative	13,154	13,334
Depreciation and amortization	983	752
Total operating expenses	55,907	47,383
Income (loss) from operations	15,905	(942)
Interest expense, net	(1,805)	(1,672)
Other expense, net	(1,702)	(1,503)
Income (loss) before provision for income taxes	12,398	(4,117)
Provision for income taxes	(3,101)	(166)
Net income (loss)	$ 9,297	$ (4,283)
Net income (loss) per share:
Basic (in usd per share)	$ 1	$ (0.49)
Diluted (in usd per share)	$ 0.33	$ (0.49)
Weighted average common shares outstanding:
Basic (in shares)	9,310,928	8,819,693
Diluted (in shares)	28,356,797	8,819,693

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,297	$ (4,283)
Other comprehensive income:
Net unrealized gain on short-term investments	0	77
Total other comprehensive income	0	77
Comprehensive income (loss)	$ 9,297	$ (4,206)

Condensed Statements of Redeema

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022	17,245,954
Beginning balance at Dec. 31, 2022	$ 0
Ending balance (in shares) at Mar. 31, 2023	17,245,954
Ending balance at Mar. 31, 2023	$ 0
Balance, beginning of period at Dec. 31, 2022	(34,794)	$ 0	$ 212,637	$ (247,305)	$ (126)
Beginning balance (in shares) at Dec. 31, 2022		8,793,880
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(4,283)			(4,283)
Other comprehensive income	77				77
Exercise of stock options (in shares)		23,991
Exercise of stock options	262		262
Stock-based compensation expense (inclusive of capitalized stock-based compensation)	1,886		1,886
Release of restricted stock purchase shares from repurchase option (in shares)		25,551
Release of restricted stock purchase shares from repurchase option	212		212
Balance, ending of period at Mar. 31, 2023	$ (36,640)	$ 0	214,997	(251,588)	(49)
Ending balance (in shares) at Mar. 31, 2023		8,843,422
Beginning balance (in shares) at Dec. 31, 2023	17,245,954
Beginning balance at Dec. 31, 2023	$ 0
Ending balance (in shares) at Mar. 31, 2024	17,245,954
Ending balance at Mar. 31, 2024	$ 0
Balance, beginning of period at Dec. 31, 2023	$ 27,928	$ 0	237,116	(209,188)	0
Beginning balance (in shares) at Dec. 31, 2023	9,207,337	9,207,337
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 9,297			9,297
Other comprehensive income	$ 0
Exercise of stock options (in shares)	187,777	187,777
Exercise of stock options	$ 1,799		1,799
Stock-based compensation expense (inclusive of capitalized stock-based compensation)	4,950		4,950
Release of restricted stock purchase shares from repurchase option (in shares)		25,551
Release of restricted stock purchase shares from repurchase option	212		212
Other (in shares)		(3,000)
Other	(91)		(91)
Balance, ending of period at Mar. 31, 2024	$ 44,095	$ 0	$ 243,986	$ (199,891)	$ 0
Ending balance (in shares) at Mar. 31, 2024	9,417,665	9,417,665

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Operating activities
Net income (loss)	$ 9,297	$ (4,283)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,909	1,615
Impairment of capitalized software development costs	92	320
Stock-based compensation expense	1,814	1,829
Common stock warrant expense	3,031	0
Credit loss expense	81	308
Amortization of debt discount and issuance costs	826	816	$ 800
Change in fair value of convertible notes derivative liability	1,700	1,500
Other	(3)	(53)
Changes in assets and liabilities:
Accounts receivable	19,925	3,679
Other current and long-term assets	(2,136)	(1,094)
Accounts payable	(1,214)	(619)
Due to third-party publishers	(5,632)	6,617
Accrued expenses	(10,197)	(9,376)
Other current and long-term liabilities	(148)	(201)
Net cash provided by operating activities	19,366	2,692
Investing activities
Additions to property and equipment	(152)	(11)
Additions to capitalized software development costs	(2,315)	(995)
Maturities of short-term investments	0	10,500
Net cash (used in) provided by investing activities	(2,467)	9,494
Financing activities
Proceeds from exercise of stock options	1,799	260
Deferred offering costs	(1,700)	0
Other financing activities	(90)	0
Net cash provided by financing activities	9	260
Net change in cash and cash equivalents	16,908	12,446
Cash, and cash equivalents, beginning of period	62,591	17,818	17,818
Cash, and cash equivalents, end of period	79,499	30,264	$ 62,591
Deferred revenue
Changes in assets and liabilities:
Deferred revenue	1,562	1,135
User redemption liability	1,562	1,135
User redemption liability
Changes in assets and liabilities:
Deferred revenue	(1,541)	499
User redemption liability	$ (1,541)	$ 499

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 3,111,000	$ 3,160,000
Accumulated depreciation	9,299,000	8,905,000
Capitalized software, accumulated amortization	14,574,000	13,482,000
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, shares authorized (in shares)	17,245,954	17,245,954
Redeemable convertible preferred stock, shares issued (in shares)	17,245,954	17,245,954
Redeemable convertible preferred stock, shares outstanding (in shares)	17,245,954	17,245,954
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares, outstanding (in shares)	9,417,665	9,207,337

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Ibotta, Inc. (Company, we, or our) is a technology company that allows consumer packaged goods (CPG) brands to deliver digital promotions to millions of consumers through a single, convenient network called the Ibotta Performance Network (IPN). We provide promotional services to publishers, retailers, and advertisers through the IPN, which includes our direct-to-consumer (D2C) mobile, web, and browser extension properties and our growing network of third-party publisher properties. The majority of the Company’s revenues are derived from the fees we earn from customers when consumers redeem offers. The Company also derives revenue from fees we earn from customers for digital promotions across the Company’s platform in support of their promotional campaigns, as well as from data products. Initial Public Offering On April 22, 2024, the Company closed its initial public offering (IPO), in which it issued and sold 2,500,000 shares of Class A common stock at $88.00 per share (IPO price). The Company received net proceeds of $197.5 million after deducting underwriting discounts and commissions of $13.2 million and offering costs of approximately $9.3 million. Certain selling stockholders (Selling Stockholders) offered an additional 4,060,700 shares of Class A common stock at the IPO price in a secondary offering, for which the Company received no proceeds. In connection with the secondary offering, on April 25, 2024, the underwriters for the IPO exercised their option to purchase an additional 984,105 shares of Class A common stock from the Selling Stockholders at the IPO price less underwriting discounts and commissions, with all proceeds going to the Selling Stockholders. In connection with the IPO, 9,511,741 shares of common stock outstanding were reclassified into an equal number of shares of Class A common stock, 17,245,954 shares of redeemable convertible preferred stock automatically converted into an equal number of shares of Class A common stock, $75.1 million of convertible notes automatically converted into 1,177,087 shares of Class A common stock, an anti-dilution adjustment to the common stock purchase warrant to Walmart, Inc., a Delaware corporation (Walmart Warrant) increased the number of shares of Class A common stock issuable under the Walmart Warrant by 592,457 shares, and 3,668,427 shares of Class A common stock were exchanged for an equivalent number of Class B common stock shares. In addition, certain equity awards with liquidity event-based vesting conditions accelerated in vesting, resulting in the recording of additional stock-based compensation expense. Refer to Note 14 – Subsequent Events

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and pursuant to the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, which can be found in the Company’s final prospectus dated April 17, 2024, filed with the SEC pursuant to Rule 424(b)(4) (Prospectus) under the Securities Act of 1933, as amended. The condensed financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. These operating results are not necessarily indicative of the results that may be expected of the full year performance. Other than those described below, there were no significant changes to the significant accounting policies from those that were disclosed in the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023 included in the Prospectus. Emerging Growth Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (JOBS Act). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it (i) is no longer an emerging growth company or (ii) affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. The Company expects to use the extended transition period for any other new or revised accounting standards during the period in which it remains an emerging growth company. Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent liabilities in the condensed financial statements and accompanying notes. Management evaluates its estimates that include, but are not limited to, revenue recognition, breakage, allowance for credit losses, income taxes and associated valuation allowances, leases, stock-based compensation, contingent liabilities, convertible notes derivative liability, software development costs, including capitalization and the allocation of labor costs between cost of revenue and research and development expense, and the useful lives and impairment of long-lived assets. The Company believes that the estimates, judgments, and assumptions used to determine certain amounts that affect the condensed financial statements are reasonable, based on information available at the time they are made. Actual results could differ materially from these estimates. Segments The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financials as a single reporting segment. Operating segments are components of a company for which separate financial information is internally produced for regular use by the Chief Operating Decision Maker (CODM) to allocate resources and assess the performance of the business. The Company’s CODM is its Chief Executive Officer who makes operating decisions, assesses financial performance, and allocates resources based on Company-wide financial information. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and accounts receivable. At times, such amounts may exceed federally insured limits. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions within the United States. Credit risk with respect to accounts receivable is dispersed due to the large number of customers. The Company does not require collateral for accounts receivable. User Redemption Liability and Due to Third-Party Publishers Consumers earn user awards by redeeming offers on both Ibotta’s D2C properties and our third-party publisher properties. The undistributed user awards earned by consumers on D2C properties are reflected in the user redemption liability in the condensed balance sheets. The user redemption liability is reduced as consumers cash out and through breakage (see Note 3 – User Redemption Liability Extinguishment ). User awards earned by consumers on third-party publisher properties represent a payable reflected in the due to third-party publishers in the condensed balance sheets. The due to third-party publishers liability also includes a revenue share payable for certain publishers that is a negotiated fixed percentage of our fee per redemption on the third-party publishers’ properties. Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . The principal activities from which the Company generates revenue are as follows: Redemption Revenue The Company’s customers promote their products and services to consumers through cash back offers on the IPN. The Company earns a fee per redemption, which is recognized in the period in which the redemption occurred. The Company may also charge fees to set up a redemption campaign which are deferred and recognized over the average duration of historical redemption campaigns. Ad & Other Revenue The Company’s customers may also run advertisements such as banners, tiles, newsletters, and feature placements on Ibotta D2C properties to promote their redemption campaigns, referred to as marketing services. Ad products are billed, and revenue is recognized, as the marketing services are performed over the advertising period. The Company also offers a number of data products and services to customers, including audience targeting and data licensing. Some products and services are billed as a flat fee amount while others are billed based on usage. Data revenue is recognized as it is delivered. Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal, consulting, accounting, and other fees related to the anticipated sale of the Company’s common stock in the IPO, are capitalized and recorded in prepaid expenses and other current assets on the condensed balance sheets. After the IPO, all deferred offering costs will be reclassified into additional paid-in capital as a reduction of proceeds, net of underwriting discounts, received from the IPO on the condensed balance sheets. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires enhanced disclosures about significant segment expenses. In addition, the amendments include enhanced interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. While the application of this guidance will result in additional disclosure concerning the Company’s single reportable segment, it is not expected to have a significant impact on the Company’s condensed financial statements. Other than the item noted above, there are no new accounting pronouncements not yet effective or adopted during the three months ended March 31, 2024 that the Company believes have a significant impact, or potentially significant impact, to its condensed financial statements.

User Redemption Liability Extin

User Redemption Liability Extinguishment	3 Months Ended
	Mar. 31, 2024
Disaggregation of Revenue [Abstract]
User Redemption Liability Extinguishment	User Redemption Liability Extinguishment The Company reflects a user redemption liability in the condensed balance sheets associated with the undistributed earnings of consumers on Ibotta’s D2C properties. A portion of these undistributed earnings is never expected to be cashed out by consumers due to inactivity and will therefore be recognized as breakage by the Company. Consumers’ accounts that have no activity for six months are considered inactive and charged a $3.99 per month maintenance fee until the balance is reduced to zero or new activity ensues. Balances associated with accounts that are deactivated for violation of the Company’s terms of use are also recognized as breakage. The Company estimates breakage at the time of user redemption and reduces the user redemption liability accordingly. Breakage estimates are made based on historical breakage patterns, and the preparation of estimates includes judgments of the applicability of historical patterns to current and future periods. Breakage is recorded in revenue related to funded awards, as an offset to sales and marketing expense related to self-funded awards, and as an offset to cost of revenue related to consumer insights awards and gift card redemptions. The Company’s breakage is recorded as follows (in thousands): Three months ended March 31, 2024 2023 Revenue $ 3,923 $ 2,988 Cost of revenue 61 68 Sales and marketing 539 749 Total breakage $ 4,523 $ 3,805 The user redemption liability was $83.0 million and $84.5 million as of March 31, 2024 and December 31, 2023, respectively. Disaggregation of Revenue The Company’s disaggregated revenue by type of service is as follows (in thousands): Three months ended March 31, 2024 2023 Redemption revenue $ 67,989 $ 41,703 Ad & other revenue 14,338 15,988 Total revenue $ 82,327 $ 57,691 Deferred Revenues Deferred revenues primarily consist of fees and cash back offers collected from customers that will be applied to future campaigns. Deferred revenues are expected to be recognized as consumers redeem offers over the term of the campaigns, net of the cash back offer, which generally occurs within 12 months. Deferred revenues were $4.2 million and $2.6 million as of March 31, 2024, and December 31, 2023, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): March 31, 2024 December 31, 2023 Accrued employee expenses $ 7,148 $ 18,156 Other accrued expenses 8,253 6,426 Total accrued expenses $ 15,401 $ 24,582

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following (in thousands): March 31, 2024 December 31, 2023 Convertible notes $ 75,099 $ 75,099 Revolving line of credit – – Total debt 75,099 75,099 Less: unamortized debt discount (9,635) (10,440) Less: unamortized debt issuance costs (194) (211) Long-term debt, net $ 65,270 $ 64,448 Our convertible notes are scheduled to mature in 2027. As of March 31, 2024, no other contractual principal repayments of long-term debt are due within the next five years. The Company recorded interest expense of $2.8 million and $2.0 million for the three months ended March 31, 2024 and 2023, respectively, of which $0.8 million was related to the amortization of the debt discount and issuance costs, in each respective year. As of March 31, 2024, $0.1 million of interest was capitalized to the outstanding principal balance of the notes. Convertible Notes On March 24, 2022 (Initial Closing), the Company issued convertible unsecured subordinated promissory notes (notes or convertible notes) to certain investors, including certain related parties and a then officer of the Company (see Note 1 2 – Related Parties ), in an aggregate principal amount of $75.0 million with a maturity date of March 24, 2027. Up to but not including the date that is 18 months The outstanding amount of the notes will automatically convert into shares of the Company’s common stock upon a qualified public transaction, including a qualified initial public offering, qualified direct listing, or qualified special purpose acquisition company transaction. The conversion price is the lesser of (i) $2.5 billion divided by the fully diluted outstanding capitalization of the Company immediately prior to the qualifying public transaction and (ii) the per share value of the Company as determined by the qualifying public transaction multiplied by a discount rate. The applicable discount rate prior to or on the date 18 months after the Initial Closing is 77.5% and thereafter is 72.5%. The Company determined that certain conversion provisions embedded in the convertible notes represent contingent exchange features that qualify as embedded derivatives under ASC 815, Derivatives and Hedging . The qualifying features were collectively bifurcated from the debt host and recorded as a derivative liability in the condensed balance sheets. The derivative liability is accounted for on a fair market value basis. The initial value of the derivative liability at issuance was $16.1 million with the offset recorded as a discount to the notes. Changes in fair value are recognized in other expense, net, in the condensed statements of operations. The debt discount is amortized to interest expense over the contractual term of the debt using the straight-line method which approximates the effective interest method. Refer to Note 6 – Fair Value Measurements for further discussion of the valuation of the derivative liability. Concurrently upon the closing of the IPO, the $75.1 million of convertible notes automatically converted into 1,177,087 shares of Class A common stock. Refer to Note 14 – Subsequent Events for further information. 2021 Credit Facility On November 3, 2021, the Company executed the Third Amended and Restated Loan and Security Agreement with Silicon Valley Bank (Silicon Valley Bank), which consists of a $50.0 million revolving line of credit with a maturity date of November 3, 2024 (2021 Credit Facility). In the event of a public offering, the maturity date of the 2021 Credit Facility will be extended to November 3, 2026. In March 2023, Silicon Valley Bank was closed by the California D epartment of Financial Protection and Innovation due to liquidity concerns and entered into receivership with the Federal Deposit Insurance Corporation. First Citizens BancShares, Inc. (First Citizens Bank) purchased substantially all loans and certain other assets and assumed all customer deposits and certain other liabilities of the former Silicon Valley Bank, including the Company’s 2021 Credit Facility. On March 28, 2023, the Company executed a letter agreement to amend the 2021 Credit Facility to reduce the percentage of funds required to be maintained with Silicon Valley Bank. In December 2023, the Company executed the Second Loan Modification Agreement with Silicon Valley Bank, which, among other things, extended the initial maturity date of the 2021 Credit Facility to November 3, 2025 and amended the financial covenant liquidity ratio calculation. The 2021 Credit Facility, as amended by the subsequent amendment and modification agreements, is referred to herein as the Amended 2021 Credit Facility. Borrowings under the Amended 2021 Credit Facility bear interest at a floating annual rate equal to the greater of (i) an applicable floor rate that ranges from 2.25% to 3.0% based on the Company’s average liquidity position as defined in the Amended 2021 Credit Facility and (ii) the prime rate less a margin that ranges from 0.25% to 1.0% based on the Company’s average liquidity position as defined in the Amended 2021 Credit Facility. In addition, the Company pays an unused revolving line facility fee of 0.25% per year on the average monthly unused amount of commitments under the Amended 2021 Credit Facility. The Company is subject to a springing financial covenant to maintain a minimum liquidity ratio of 1.50x, depending on the Company’s average liquidity position as defined in the Amended 2021 Credit Facility.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present information about financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 76,788 $ 76,788 $ – $ – Total assets $ 76,788 $ 76,788 $ – $ – Liabilities: Convertible notes derivative liability 27,100 – – 27,100 Total liabilities $ 27,100 $ – $ – $ 27,100 December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 57,890 $ 57,890 $ – $ – Total assets $ 57,890 $ 57,890 $ – $ – Liabilities: Convertible notes derivative liability 25,400 – – 25,400 Total liabilities $ 25,400 $ – $ – $ 25,400 The fair values of cash equivalents are measured using quoted prices for identical assets in active markets and are therefore classified as Level 1 in the fair value hierarchy. Long-term debt is recorded at its carrying value in the condensed balance sheets, which may differ from its fair value. The fair value is estimated using Level 3 inputs in a Monte Carlo simulation. As of March 31, 2024 and December 31, 2023, the estimated fair value of the Company’s convertible notes was $102.5 million and $95.4 million, respectively. Convertible Notes Derivative Liability The convertible notes contain certain embedded features that are required to be bifurcated and recorded separately from the debt host as a derivative liability at fair value. Refer to Note 5 – Long - Term Debt for further information. The fair value of the derivative liability was determined using a Monte Carlo simulation and a “with-and-without” valuation methodology. The inputs used to estimate the fair value of the derivative instrument include the probability of potential settlement scenarios, the expected timing of such settlement, and an expected volatility determined with reference to historical stock volatilities of comparable guideline public companies. The derivative liability is classified as Level 3 in the fair value hierarchy. The following table summarizes the activity related to the fair value of the convertible notes derivative liability (in thousands): Three months ended March 31, 2024 2023 Fair value at beginning of period $ 25,400 $ 20,400 Initial recognition of derivative liability – – Change in fair value 1,700 1,500 Fair value at end of period $ 27,100 $ 21,900 Concurrently upon the closing of the IPO, the convertible notes automatically converted into shares of the Company’s Class A common stock, resulting in the extinguishment of the debt and the settlement of the embedded derivative liability. Refer to Note 14 – Subsequent Events for further information. Equity Investment On July 2, 2019, the Company acquired 628,930 shares of the Series A Preferred Stock of a privately-held software company in exchange for cash consideration of $0.8 million. The investment represents a minority interest, and the Company has determined that it does not have significant influence over the company. The preferred shares comprising the investment are illiquid, and the fair value is not readily determinable. The Company has elected the measurement alternative to measure this investment at cost, less impairments, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment.

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase and Common Stock Warrant	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase and Common Stock Warrant	Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase, and Common Stock Warrant Redeemable Convertible Preferred Stock As of March 31, 2024, the Company was authorized to issue 17,245,954 shares of redeemable convertible preferred stock at a par value of $0.00001, designated in series as follows: Series Shares Authorized Shares Issued and Outstanding Per Share Issuance Price Per Share Liquidation Preference Per Share Dividend Rate Per Annum Series Seed 2,407,363 2,407,363 $ 0.74 $ 0.74 $ 0.0592 Series A 1,984,186 1,984,186 4.10 4.10 0.3280 Series B 3,824,091 3,824,091 5.23 5.23 0.4184 Series C 3,300,548 3,300,548 11.61 11.61 0.9288 Series C-1 1,578,552 1,578,552 15.83 15.83 1.2660 Series D 4,151,214 4,151,214 36.13 36.13 2.8907 Total 17,245,954 17,245,954 The rights, preferences, and privileges of the redeemable convertible preferred stock are as follows: Dividend Rights The holders of redeemable convertible preferred stock shall be entitled to receive noncumulative dividends, when, as and if declared by the board of directors of the Company at the dividend rate specified for such shares of redeemable convertible preferred stock, payable in preference and priority to any declaration or payment of any distribution on common stock of the Company. Payment of any dividends to the holders of preferred stock shall be on a pro rata, pari passu basis in proportion to the dividend rates for each series of redeemable convertible preferred stock. Redemption No shares of redeemable convertible preferred stock are unilaterally redeemable by either the stockholders or the Company; however, the Company’s amended and restated certificate of incorporation in effect prior to the closing of the IPO (Prior Certificate) provides that upon any Deemed Liquidation Event (defined below), the shares of a series of redeemable convertible preferred stock shall be entitled to receive the applicable liquidation preference for such series. Liquidation Preference In the event of any Deemed Liquidation Event, each holder of Series D redeemable convertible preferred stock shall be entitled to receive prior and in preference to any distribution of any of the assets to the holders of Series B, Series C, and Series C-1 redeemable convertible preferred stock (collectively, the Senior redeemable convertible preferred stock), Series Seed and Series A redeemable convertible preferred stock (collectively, the Junior redeemable convertible preferred stock), and common stock, an amount per share equal to the greater of (i) the amount equal to liquidation preference specified for such share plus an amount equal to all declared but unpaid dividends or such lesser amount as may be approved by the holders of at least two-thirds of the outstanding shares of Series D redeemable convertible preferred stock or (ii) such amount per share the holder of Series D redeemable convertible preferred stock would be entitled to receive if such shares had been converted to common stock immediately prior to such Deemed Liquidation Event. After the payment to the holders of Series D redeemable convertible preferred stock, each holder of Senior redeemable convertible preferred stock shall be entitled to receive prior and in preference to any distribution of any of the assets to the holders of Junior redeemable convertible preferred stock and common stock, an amount per share equal to the greater of (i) the amount equal to liquidation preference specified for such share plus an amount equal to all declared but unpaid dividends or such lesser amount as may be approved by the holders of at least two-thirds of the outstanding shares of Senior redeemable convertible preferred stock or (ii) such amount per share the holder of Senior redeemable convertible preferred stock would be entitled to receive if such shares had been converted to common stock immediately prior to liquidation event. After the payment to the holders of Series D redeemable convertible preferred stock and Senior redeemable convertible preferred stock, each holder of Junior redeemable convertible preferred stock shall be entitled to receive prior and in preference to any distribution of any of the assets to the holders of common stock, an amount per share equal to the greater of (i) the amount equal to liquidation preference specified for such share plus an amount equal to all declared but unpaid dividends or such lesser amount as may be approved by the holders of at least two-thirds of the outstanding shares of Junior redeemable convertible preferred stock or (ii) such amount per share the holder of Junior redeemable convertible preferred stock would be entitled to receive if such shares had been converted to common stock immediately prior to liquidation event. A “Deemed Liquidation Event” is defined to include (i) the acquisition of the Company by another entity in a transaction or series of related transactions to which the Company is a party in which the holders of the voting securities of the Company outstanding immediately prior to such acquisition do not continue to retain immediately following such acquisition at least a majority of the total voting power represented by the outstanding voting securities of the Company or the surviving or resulting entity, or the parent entity that wholly owns the Company or the surviving or resulting entity immediately following such acquisition, (ii) a sale, lease, or other disposition of all or substantially all of the assets of the Company and its subsidiaries taken as a whole (other than to a wholly owned subsidiary of the Company), or (iii) any liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary. Optional Conversion Option Each share of redeemable convertible preferred stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, into the number of fully paid, non-assessable shares of common stock determined by dividing the original issue price for the relevant series by the conversion price for such series. Conversion Price Adjustments The conversion price per share of the redeemable convertible preferred stock will be reduced if the Company issues additional shares of common stock without consideration or for a consideration per share less than the applicable conversion price of a series of redeemable convertible preferred stock in effect. The conversion ratio, the dividend rate, original issue price, and the liquidation preference, as the case may be, of the affected series of redeemable convertible preferred stock will be adjusted in the case of specified changes to the Company’s capitalization as a result of subdivisions, combinations, reclassifications, reorganizations, exchanges, and substitutions. Automatic Conversion Each share of redeemable convertible preferred stock shall automatically be converted into fully paid, non-assessable shares of common stock at then effective conversion rate for such share upon the occurrence of the earlier of the following events: (i) immediately prior to the closing of a firm commitment underwritten initial public offering covering the offer and sale of the Company’s common stock, provided that the aggregate gross proceeds to the Company from the offering are not less than $50.0 million; or (ii) upon the receipt of a written request for such conversion from holders of at least two-thirds of the shares of redeemable convertible preferred stock then outstanding. Voting Rights Each holder of redeemable convertible preferred stock is entitled to the number of votes equal to the number of shares of common stock into which the shares of the redeemable convertible preferred stock held by such holder could be converted as of the applicable record date. However, with respect to potential Deemed Liquidation Events, as well as other situations, the common stockholders have protective rights whereby holders of a majority of the common stock, exclusive of all shares of redeemable convertible preferred stock, must approve any Deemed Liquidation Event. Given that Deemed Liquidation Events are within the control of the common stockholders, the redeemable convertible preferred stock is recognized as permanent equity within the condensed statements of redeemable convertible preferred stock and stockholders’ equity (deficit). Protective Provisions For so long as at least 500,000 shares of redeemable convertible preferred stock remain outstanding, the Company shall not without first obtaining the approval of the holders of at least two-thirds of the outstanding shares of the redeemable convertible preferred stock, (i) amend, alter, or repeal any provision of the Prior Certificate in a manner that adversely alters the rights, preferences, privileges, or powers of, or restrictions provided for the benefit of, the redeemable convertible preferred stock or any series thereof; (ii) increase or decrease the authorized number of shares of the Company’s capital stock; (iii) acquire any shares of the common stock of the Company by purchase, redemption, or other acquisition, other than a repurchase approved by the Board, including the Series B Director, of shares of common stock issued to or held by employees, officers, directors, or consultants of the Company or its subsidiaries, either upon termination of their employment or services pursuant to agreements providing for the right of said repurchase or pursuant to rights of first refusal contained in agreements providing for such right; (iv) declare or pay any distribution with respect to the common stock; (v) authorize, approve, or enter into any agreement to consummate a Deemed Liquidation Event; or (vi) amend, alter, or repeal Article V, Sections 5 or 6(a) of the Prior Certificate. For so long as at least 500,000 shares of Series D redeemable convertible preferred stock or Series C-1 redeemable convertible preferred stock remain outstanding, the Company shall not without first obtaining the approval of the holders of at least two-thirds of the outstanding shares of the Series D redeemable convertible preferred stock or Series C-1 redeemable convertible preferred stock, as the case may be, (i) authorize a merger, acquisition, sale of assets, or other corporate reorganization of the Company or any of its subsidiaries that would provide consideration to the holders of Series D redeemable convertible preferred stock or Series C-1 redeemable convertible preferred stock in an amount per share for each share that is less than the then-current liquidation preference of such series of redeemable convertible preferred stock; (ii) voluntarily liquidate or dissolve the Company; (iii) initiate or consummate an initial public offering with an offering price for each share of common stock that is less than the then-current liquidation preference amount per share of such series of redeemable convertible preferred stock; (iv) authorize an automatic conversion of the redeemable convertible preferred stock if such conversion will be consummated in connection with a Deemed Liquidation Event that will provide consideration to the holders of these series in an amount per share for each share that is less than the then-current liquidation preference amount per share for such series of redeemable convertible preferred stock; (v) amend, alter, or repeal any provision of the Prior Certificate in a manner that adversely alter the rights, preferences, privileges, or powers of, or restrictions provided for the benefit of Series D redeemable convertible preferred stock or Series C-l redeemable convertible preferred stock, as the case may be; or (vi) amend Section 6(c) or 6(d) of the Prior Certificate, as applicable to such series of redeemable convertible preferred stock. Common Stock As of March 31, 2024, the Company was authorized to issue 40,000,000 shares of common stock with a par value of $0.00001. As of March 31, 2024, the Company had reserved shares of common stock for future issuances in connection with the following: Number of Shares Redeemable convertible preferred stock outstanding 17,245,954 Stock options outstanding 4,377,241 Restricted stock units outstanding 304,472 Restricted stock purchase 88,295 Common stock warrant 3,528,577 Total shares 25,544,539 Protective Provisions With respect to potential Deemed Liquidation Events, as well as other situations, the common stockholders have protective rights whereby holders of a majority of the common stock, exclusive of the redeemable convertible preferred stock, must approve any Deemed Liquidation Event. As such, the Deemed Liquidation Event is within the control of the common stockholders. Restricted Stock Purchase On February 9, 2021, the Company granted an officer of the Company the right to purchase 408,824 shares of restricted common stock, and the officer exercised the purchase option at the grant date fair value of $8.30 per share, for a total exercise price of $3.4 million (restricted stock purchase). As the restricted stock purchase contained a repurchase option for the Company, the exercise price was initially recognized as a deposit liability that will be offset to additional paid in capital as the repurchase option is released. One quarter of the shares were released from the Company’s repurchase option on the one-year anniversary of the grant, and one forty-eighth of the shares shall be released monthly for the 36 months thereafter. As of March 31, 2024, $2.7 million had been released from the Company’s repurchase option and recorded to additional paid in capital. The portion of shares to be released from the repurchase option in the next 12 months, recorded in other current liabilities, is $0.7 million. As of December 31, 2023, $2.4 million had been released from the Company’s repurchase option and recorded to additional paid in capital. As of December 31, 2023, the portion of shares to be released from the repurchase option in the next 12 months, recorded in other current liabilities, was $0.8 million, and the remainder of $0.2 million was recorded in other long-term liabilities. Common Stock Warrant On May 17, 2021, the Company issued the Walmart Warrant in connection with a multi-year strategic relationship that makes Ibotta the exclusive provider of digital item-level rebate offer content for Walmart U.S. (Commercial Agreement). The Walmart Warrant was issued in exchange for access to Walmart consumers and is accounted for under ASC 718, Compensation–Stock Compensation (ASC 718), as a share-based payment to a nonemployee in exchange for services to be recognized in the same manner as if the Company paid cash for the services. Pursuant to the terms of the Walmart Warrant, Walmart has the right to purchase up to 3,528,577 shares of the Company’s common stock, subject to a non-discretionary anti-dilution provision, at an exercise price of $70.12 , subject to decreases in the event of an initial public offering, a change in control, a direct listing, or a special purpose acquisition company transaction (i.e., liquidity event), if certain pricing thresholds are not met. Vesting of the Walmart Warrant is subject to certain conditions, including the achievement of certain milestones and satisfaction of obligations of both parties, or (with respect to 1,411,430 of such shares) the passage of time after the achievement of certain milestones, subject to acceleration if certain operating goals are achieved. Failure to satisfy these conditions or termination of the Commercial Agreement would result in a decrease in the number of shares vesting under the Walmart Warrant. The Walmart Warrant expires, and any vested warrants are no longer exercisable, effective May 17, 2031, or May 17, 2028 in certain cases if the Commercial Agreement is no longer in effect. The grant date (measurement date) of the Walmart Warrant is May 17, 2021, which is the date of the Commercial Agreement. The aggregate grant date fair value of the Walmart Warrant was $35.3 million . To factor in the various terms and conditions of the Walmart Warrant, including the potential adjustments if certain pricing thresholds are not met upon an initial public offering or other liquidity event, the fair value was determined based on probability weighted estimated fair values determined under both a Black-Scholes option pricing valuation model (assuming no liquidity event) and a Monte Carlo simulation valuation model (assuming a potential liquidity event) with the following assumptions: Black-Scholes Option Pricing Model Monte Carlo Simulation Risk-free interest rate 1.64 % 1.64 % Expected dividend yield – – Expected volatility 50 % 50% / 65% Expected term (in years) 10 10 The potential impact of adjustments to the exercise price if certain pricing thresholds are not achieved upon a liquidity event is factored into the grant date fair value of the Walmart Warrants (i.e., considered a market condition). To the extent the Walmart Warrants are modified under the anti-dilution or other provisions, the modification guidance in ASC 718 would be applied, which could result in incremental expense. The fair value of the portion of the Walmart Warrant that vests upon achievement of the performance conditions is recognized as sales and marketing expense when the performance conditions are considered probable of achievement, and the fair value of the remaining portion is recognized as sales and marketing expense over time beginning upon achievement of certain performance conditions through the remainder of the Commercial Agreement term, subject to acceleration if certain operating goals are achieved, and subject to certain forfeiture and repurchase terms. As of March 31, 2023 , the performance condition required for vesting w as not considered probable, and therefore no stock-based compensation expense was recorded during the three months ended March 31, 2023 . During the three months ended March 31, 2024, the performance condition required for vesting w as considered probable ; therefore, s tock-based compensation expense of $3.0 million was recognized during the three months ended March 31, 2024 in sales and marketing expense , all of which related to the vesting of the service condition. S tock-based compensation expense yet to be recognized related to the unvested portion of the Walmart Warrant was $19.1 million as of March 31, 2024, s ubject to a non-discretionary anti-dilution provision. This amount is expected to be recognized over a weighted average period of 4.5 years. In connection with the IPO, 9,511,741 shares of common stock outstanding were reclassified into an equal number of shares of Class A common stock, 17,245,954 shares of redeemable convertible preferred stock automatically converted into an equal number of shares of Class A common stock, $75.1 million of convertible notes automatically converted into 1,177,087 shares of Class A common stock, an anti-dilution adjustment to the Walmart Warrant increased the number of shares of Class A common stock issuable under the warrant by 592,457 shares, and 3,668,427 shares of Class A common stock were exchanged for an equivalent number of Class B common stock shares. Refer to Note 14 – Subsequent Events for further information.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customers	User Redemption Liability Extinguishment The Company reflects a user redemption liability in the condensed balance sheets associated with the undistributed earnings of consumers on Ibotta’s D2C properties. A portion of these undistributed earnings is never expected to be cashed out by consumers due to inactivity and will therefore be recognized as breakage by the Company. Consumers’ accounts that have no activity for six months are considered inactive and charged a $3.99 per month maintenance fee until the balance is reduced to zero or new activity ensues. Balances associated with accounts that are deactivated for violation of the Company’s terms of use are also recognized as breakage. The Company estimates breakage at the time of user redemption and reduces the user redemption liability accordingly. Breakage estimates are made based on historical breakage patterns, and the preparation of estimates includes judgments of the applicability of historical patterns to current and future periods. Breakage is recorded in revenue related to funded awards, as an offset to sales and marketing expense related to self-funded awards, and as an offset to cost of revenue related to consumer insights awards and gift card redemptions. The Company’s breakage is recorded as follows (in thousands): Three months ended March 31, 2024 2023 Revenue $ 3,923 $ 2,988 Cost of revenue 61 68 Sales and marketing 539 749 Total breakage $ 4,523 $ 3,805 The user redemption liability was $83.0 million and $84.5 million as of March 31, 2024 and December 31, 2023, respectively. Disaggregation of Revenue The Company’s disaggregated revenue by type of service is as follows (in thousands): Three months ended March 31, 2024 2023 Redemption revenue $ 67,989 $ 41,703 Ad & other revenue 14,338 15,988 Total revenue $ 82,327 $ 57,691 Deferred Revenues Deferred revenues primarily consist of fees and cash back offers collected from customers that will be applied to future campaigns. Deferred revenues are expected to be recognized as consumers redeem offers over the term of the campaigns, net of the cash back offer, which generally occurs within 12 months. Deferred revenues were $4.2 million and $2.6 million as of March 31, 2024, and December 31, 2023, respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock-Based Compensation Expense The Company’s stock-based compensation expense is recorded as follows (in thousands): Three months ended March 31, 2024 2023 Cost of revenue $ 158 $ 220 Sales and marketing (1) 3,622 564 Research and development 553 527 General and administrative 512 518 Total stock-based compensation expense $ 4,845 $ 1,829 _______________ (1) Sales and marketing includes common stock warrant expense of $3.0 million recognized during the three months ended March 31, 2024. No common stock warrant expense was recognized during the three months ended March 31, 2023. The Company capitalized an immaterial amount of stock-based compensation expense to capitalized software development costs during the three months ended March 31, 2024 and 2023. Unrecognized stock-based compensation expense for unvested restricted stock units and stock options as of March 31, 2024 was $26.0 million and is expected to be recognized over a weighted average period of 2.80 years. Equity Incentive Plan The 2011 Equity Incentive Plan (2011 Plan) permits employee grants of up to 14,957,531 shares of common stock as of March 31, 2024. The 2011 Plan provides for the grant of various stock awards to employees of the Company, including incentive stock options, nonqualified stock options, and restricted stock units (RSUs). Stock Options The Company’s option awards typically vest over a three A summary of option activity for the three months ended March 31, 2024, is as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding as of December 31, 2023 4,516,612 $ 14.34 7.45 $ 75,915 Granted 184,148 31.15 Exercised (187,777) 9.58 Forfeited or expired (135,742) 18.12 Options outstanding as of end of period 4,377,241 $ 15.14 7.33 $ 70,096 Options vested and exercisable as of March 31, 2024 2,578,934 $ 13.26 6.53 $ 46,137 The total intrinsic value of stock options exercised during the three months ended March 31, 2024 was $4.0 million. In July 2021, the Company granted stock option awards to our named executive officers in anticipation of an initial public offering in 2021. The stock options were scheduled to vest in equal monthly installments over the four-year period after the vesting commencement date (or in the case of one of the two awards granted to the CEO, the one-year anniversary of the vesting commencement date). The vesting commencement date for each award was the effectiveness of a registration statement on Form S-1 under the Securities Act. In March 2024, the awards were modified to accelerate the vesting by amending the vesting commencement date to be the grant date. The modification increased the fair value of the options by $3.0 million. During the three months ended March 31, 2024, no stock-based compensation expense was recognized for these stock options as the performance condition was not probable. Upon closing of the IPO, certain options with liquidity event-based vesting conditions were satisfied, and the Company will recognize a cumulative stock-based compensation expense adjustment for which the service-based vesting condition had been satisfied. Refer to Note 14 – Subsequent Events for further information. Restricted Stock Units During the three months ended March 31, 2024, the Company granted RSUs to employees that vest upon the satisfaction of both a service condition and a liquidity event condition, collectively referred to as “double-trigger awards.” The service condition for the majority of these awards is satisfied over four years with awards vesting on each quarterly vesting date (defined as the first trading day on or after March 1, June 1, September 1, and December 1). The liquidity event condition is satisfied upon the occurrence of a qualifying event, defined as the earlier to occur of (i) a change of control or (ii) the first quarterly vest date after the expiration of the lock-up period following the completion of an IPO, subject in each instance to continued service to the Company. During the three months ended March 31, 2024, no stock-based compensation expense was recognized for RSUs. A summary of RSU activity for the three months ended March 31, 2024, is as follows: RSUs Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 – $ – Granted 305,172 31.15 Vested – – Forfeited or expired (700) 31.15 Unvested and outstanding as of March 31, 2024 304,472 $ 31.15 Upon the closing of the IPO, the Company will recognize a cumulative share-based compensation expense adjustment associated with the double-trigger awards for which a portion of the service period had been satisfied and vested through achievement of the liquidity event condition upon the IPO. Refer to Note 14 – Subsequent Events

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Our income tax provision for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, in the relevant period. Each quarter we update our estimate of the annual effective tax rate, and if our estimated tax rate changes, we make a cumulative adjustment.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts): Three months ended March 31, 2024 2023 Numerator: Net income (loss) $ 9,297 $ (4,283) Denominator: Weighted average shares of common stock outstanding, basic 9,310,928 8,819,693 Plus: dilutive effect of stock options 1,799,915 – Plus: dilutive effect of redeemable convertible preferred stock 17,245,954 – Weighted average shares of common stock outstanding, diluted 28,356,797 8,819,693 Net income (loss) per share, basic $ 1.00 $ (0.49) Net income (loss) per share, diluted $ 0.33 $ (0.49) The following potentially dilutive common shares were excluded from the computation of diluted net income or loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: Three months ended March 31, 2024 2023 Stock options 386,359 4,776,024 RSUs 304,472 — Unvested shares of restricted stock purchase 88,295 190,501 Redeemable convertible preferred stock — 17,245,954 Common stock warrant 3,528,577 — Total shares excluded from diluted net income (loss) per share 4,307,703 22,212,479 Potentially dilutive common shares with respect to the convertible notes are not presented in the table above, as no conditions required for conversion have occurred. On April 22, 2024, the Company closed its IPO, in which it issued and sold 2,500,000 shares of its Class A common stock at a price of $88.00 per share. On that date, the Company’s 17,245,954 shares of outstanding redeemable convertible preferred stock automatically converted into an equal number of shares of Class A common stock and $75.1 million of convertible notes automatically converted into 1,177,087 shares of Class A common stock. These shares will be included in the Company’s issued and outstanding Class A common stock starting on that date. In addition, an anti-dilution adjustment to the Walmart Warrant increased the number of shares of Class A common stock issuable under the warrant by 592,457 shares. Refer to Note 14 – Subsequent Events

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Parties	Related Parties Retention of Wilson Sonsini Goodrich & Rosati, P.C. Larry W. Sonsini, a member of the Company’s board of directors, is a founding partner of the law firm Wilson Sonsini Goodrich & Rosati, Professional Corporation (Wilson Sonsini), which serves as outside corporate counsel to the Company. During the three months ended March 31, 2024 and 2023, the Company spent a total of $1.6 million and $0.2 million, respectively. Amounts payable to Wilson Sonsini were $1.5 million as of March 31, 2024, and $1.0 million as of December 31, 2023. Convertible Notes The Company issued convertible notes to certain investors on March 24, 2022 (see Note 5 – Long-Term Debt ). Convertible notes in the principal aggregate amount of $69.5 million were issued to Koch Disruptive Technologies, LLC (KDT), which was the sole purchaser of the Company’s Series D convertible preferred stock, the beneficial owner of more than 5% of the Company's outstanding capital stock, and was represented on the Company’s board of directors. Convertible notes in the principal aggregate amount of $0.1 million were also issued to WS Investment Company LLC (2022A), which is affiliated with Wilson Sonsini and is represented on the Company’s board of directors. Convertible notes in the principal aggregate amount of $0.5 million each were also issued to a then officer of the Company, an immediate family member of an officer and principal owner of the Company, and a trust to which an immediate family member of an officer and principal owner of the Company is a trustee. Concurrently upon the closing of the IPO, the $75.1 million of convertible notes automatically converted into 1,177,087 shares of Class A common stock. At the time of the closing of the IPO, KDT was no longer represented on the Company’s board of directors. Refer to Note 14 – Subsequent Events for further information.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Letter of Credit The Company has a standby letter of credit with Silicon Valley Bank in the amount of $0.8 million as of March 31, 2024 in conjunction with leased real estate. As of March 31, 2024, no amounts had been drawn, and the Company was in compliance with the covenants under the letter of credit. Tax Reserves We conduct operations in many tax jurisdictions. In some of these jurisdictions, non-income-based taxes, such as sales and other indirect taxes, may be assessed on our operations. There is uncertainty and judgement as to the taxability of the Company’s services and what constitutes sufficient presence for a jurisdiction to levy such taxes. The Company records tax reserves in other current liabilities on the condensed balance sheets when they become probable and the amount can be reasonably estimated. As of March 31, 2024 and December 31, 2023, the Company recorded an estimated tax reserve of $0.1 million and $0.6 million, respectively. Due to the estimates involved in the analysis, the Company expects that the liability will change over time and could exceed the current estimate. The Company may also be subject to examination by the relevant state taxing authorities.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Initial Public Offering On April 22, 2024, the Company closed its IPO, in which it issued and sold 2,500,000 shares of Class A common stock at the IPO price. The Company received net proceeds of $197.5 million after deducting underwriting discounts and commissions of $13.2 million and offering costs of approximately $9.3 million. The Selling Stockholders offered an additional 4,060,700 shares of Class A common stock at the IPO price in a secondary offering, for which the Company received no proceeds. In connection with the secondary offering, on April 25, 2024, the underwriters for the IPO exercised their option to purchase an additional 984,105 shares of Class A common stock from the Selling Stockholders at the IPO price less underwriting discounts and commissions, with all proceeds going to the Selling Stockholders. The following transactions occurred in connection with the IPO: Capital Stock Conversion Immediately prior to the effectiveness of the filing of our amended and restated certificate of incorporation (Restated Certificate) filed in connection with the IPO, the Company’s 17,245,954 shares of outstanding redeemable convertible preferred stock automatically converted into an equal number of shares of Class A common stock. Common Stock Reclassification In connection with the filing of our Restated Certificate, 9,511,741 shares of common stock were reclassified into an equal number of shares of Class A common stock. Class B Stock Exchange Immediately following the effectiveness of the filing of our Restated Certificate and common stock reclassification, 3,668,427 shares of the Company’s Class A common stock outstanding and beneficially owned by Bryan Leach, Chief Executive Officer and President, and certain related entities were exchanged for an equivalent number of shares of the Company’s Class B common stock. Each share of Class B common stock is entitled to 20 votes and is convertible at any time into one share of Class A common stock. Convertible Notes Conversion Concurrently upon closing of the IPO, $75.1 million of convertible notes automatically converted into 1,177,087 shares of Class A common stock. The conversion will be accounted for as a debt extinguishment, resulting in the recognition of a $9.6 million loss on extinguishment that represents the difference between the fair value of the shares issued and the carrying value of the notes and the embedded derivative liability. Prior to the extinguishment, a $1.4 million loss will be recognized from the change in fair value of the embedded derivative liability. Stock-Based Compensation In connection with the IPO, stock-based compensation expense associated with certain equity awards were impacted as follows: Stock Options Certain stock option awards previously granted to executives of the Company include a liquidity event-based vesting condition satisfied upon the effectiveness of a registration statement on Form S-1 under the Securities Act. The liquidity event-based vesting condition was satisfied on April 17, 2024 in connection with our IPO. We will record a $11.4 million cumulative stock-based compensation expense adjustment using the accelerated attribution method for which the service-based vesting condition had been satisfied. Anti-Dilution Adjustment to Common Stock Warrant In accordance with the non-discretionary anti-dilution provision of the Walmart Warrant, concurrently upon closing of the IPO, the number of shares exercisable increased by an amount equal to 12.4% of the total increase of the Company’s fully diluted capitalization since issuance. The Walmart Warrant shares increased by 592,457 shares to a new total of 4,121,034 shares, following the issuance of 1,177,087 shares of our Class A common stock upon the automatic conversion of the convertible notes and after taking into account option and restricted stock unit grants made following the issuance of the Walmart Warrant. The adjustment under the anti-dilution provision represents a modification under ASC 718 and $17.5 million of incremental stock-based compensation expense will be recorded. Restricted Stock Units On April 17, 2024, the Company issued 392,625 double-trigger awards to certain executives. As a result of the IPO, the liquidity event condition associated with all double-trigger awards was deemed probable as of the effectiveness of the registration statement on Form S-1 under the Securities Act on April 17, 2024. The Company will record a $2.6 million cumulative stock-based compensation expense adjustment using the accelerated attribution method associated with the double-trigger awards for which a portion of the service period had been satisfied and vested through achievement of the liquidity event condition upon the IPO. On April 17, 2024, the Company issued a target number of RSUs to the CEO, totaling 125,216 RSUs, subject to both a service condition and a market condition. The market condition associated with the award is based on the performance of the Company’s total shareholder return (TSR) relative to the TSRs of the companies in the Russell 2000 Index during the performance period from the date of grant date through December 31, 2026. A percentage of the target number of RSUs, ranging from zero to 200%, will vest based on the percentile rank of the Company's TSR relative to that of the other companies in the index over the performance period. For purposes of calculating TSR, Company’s starting price will be the IPO price and the starting price for each company in the index will be the period of 60-trading days ending on the award’s grant date, and the ending price for us and for each company in the index will be the average closing price for the period of 60-trading days ending on the last day of the performance period. On April 17, 2024, the Company issued 27,270 RSUs to certain non-employee directors that vest annually over three years. Equity Incentive Plans In connection with the IPO, the 2011 Plan was terminated effective immediately prior to the effectiveness of the 2024 Equity Incentive Plan (2024 Plan) with no impact to outstanding awards previously granted. The 2024 Plan became effective on April 17, 2024, the date of the Prospectus. The 2024 Plan provides for the grant of stock options, restricted stock, RSUs, stock appreciation rights, performance units and performance shares to eligible employees, directors, and consultants.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 9,297	$ (4,283)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and pursuant to the applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) for interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. Accordingly, these unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023, which can be found in the Company’s final prospectus dated April 17, 2024, filed with the SEC pursuant to Rule 424(b)(4) (Prospectus) under the Securities Act of 1933, as amended. The condensed financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. These operating results are not necessarily indicative of the results that may be expected of the full year performance. Other than those described below, there were no significant changes to the significant accounting policies from those that were disclosed in the audited consolidated financial statements and accompanying notes for the year ended December 31, 2023 included in the Prospectus.
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts and classifications of assets and liabilities, revenue and expenses, and the related disclosures of contingent liabilities in the condensed financial statements and accompanying notes. Management evaluates its estimates that include, but are not limited to, revenue recognition, breakage, allowance for credit losses, income taxes and associated valuation allowances, leases, stock-based compensation, contingent liabilities, convertible notes derivative liability, software development costs, including capitalization and the allocation of labor costs between cost of revenue and research and development expense, and the useful lives and impairment of long-lived assets. The Company believes that the estimates, judgments, and assumptions used to determine certain amounts that affect the condensed financial statements are reasonable, based on information available at the time they are made. Actual results could differ materially from these estimates.
Segments	Segments
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and accounts receivable. At times, such amounts may exceed federally insured limits. The Company reduces credit risk by placing its cash and cash equivalents with major financial institutions within the United States. Credit risk with respect to accounts receivable is dispersed due to the large number of customers. The Company does not require collateral for accounts receivable.
User Redemption Liability and Due to Third-Party Publishers	User Redemption Liability and Due to Third-Party Publishers Consumers earn user awards by redeeming offers on both Ibotta’s D2C properties and our third-party publisher properties. The undistributed user awards earned by consumers on D2C properties are reflected in the user redemption liability in the condensed balance sheets. The user redemption liability is reduced as consumers cash out and through breakage (see Note 3 – User Redemption Liability Extinguishment
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers . The principal activities from which the Company generates revenue are as follows: Redemption Revenue The Company’s customers promote their products and services to consumers through cash back offers on the IPN. The Company earns a fee per redemption, which is recognized in the period in which the redemption occurred. The Company may also charge fees to set up a redemption campaign which are deferred and recognized over the average duration of historical redemption campaigns. Ad & Other Revenue The Company’s customers may also run advertisements such as banners, tiles, newsletters, and feature placements on Ibotta D2C properties to promote their redemption campaigns, referred to as marketing services. Ad products are billed, and revenue is recognized, as the marketing services are performed over the advertising period. The Company also offers a number of data products and services to customers, including audience targeting and data licensing. Some products and services are billed as a flat fee amount while others are billed based on usage. Data revenue is recognized as it is delivered. The Company reflects a user redemption liability in the condensed balance sheets associated with the undistributed earnings of consumers on Ibotta’s D2C properties. A portion of these undistributed earnings is never expected to be cashed out by consumers due to inactivity and will therefore be recognized as breakage by the Company. Consumers’ accounts that have no activity for six months are considered inactive and charged a $3.99 per month maintenance fee until the balance is reduced to zero or new activity ensues. Balances associated with accounts that are deactivated for violation of the Company’s terms of use are also recognized as breakage. The Company estimates breakage at the time of user redemption and reduces the user redemption liability accordingly. Breakage estimates are made based on historical breakage patterns, and the preparation of estimates includes judgments of the applicability of historical patterns to current and future periods. Breakage is recorded in revenue related to funded awards, as an offset to sales and marketing expense related to self-funded awards, and as an offset to cost of revenue related to consumer insights awards and gift card redemptions.
Deferred Offering Costs	Deferred Offering Costs Deferred offering costs, which consist of direct incremental legal, consulting, accounting, and other fees related to the anticipated sale of the Company’s common stock in the IPO, are capitalized and recorded in prepaid expenses and other current assets on the condensed balance sheets. After the IPO, all deferred offering costs will be reclassified into additional paid-in capital as a reduction of proceeds, net of underwriting discounts, received from the IPO on the condensed balance sheets.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which requires enhanced disclosures about significant segment expenses. In addition, the amendments include enhanced interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. The amendments of ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. While the application of this guidance will result in additional disclosure concerning the Company’s single reportable segment, it is not expected to have a significant impact on the Company’s condensed financial statements. Other than the item noted above, there are no new accounting pronouncements not yet effective or adopted during the three months ended March 31, 2024 that the Company believes have a significant impact, or potentially significant impact, to its condensed financial statements.

User Redemption Liability Ext_2

User Redemption Liability Extinguishment (Tables)	3 Months Ended
	Mar. 31, 2024
Disaggregation of Revenue [Abstract]
Schedule of Company's Breakage	The Company’s breakage is recorded as follows (in thousands): Three months ended March 31, 2024 2023 Revenue $ 3,923 $ 2,988 Cost of revenue 61 68 Sales and marketing 539 749 Total breakage $ 4,523 $ 3,805

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): March 31, 2024 December 31, 2023 Accrued employee expenses $ 7,148 $ 18,156 Other accrued expenses 8,253 6,426 Total accrued expenses $ 15,401 $ 24,582

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Long-term debt consists of the following (in thousands): March 31, 2024 December 31, 2023 Convertible notes $ 75,099 $ 75,099 Revolving line of credit – – Total debt 75,099 75,099 Less: unamortized debt discount (9,635) (10,440) Less: unamortized debt issuance costs (194) (211) Long-term debt, net $ 65,270 $ 64,448

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following tables present information about financial instruments measured at fair value on a recurring basis (in thousands): March 31, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 76,788 $ 76,788 $ – $ – Total assets $ 76,788 $ 76,788 $ – $ – Liabilities: Convertible notes derivative liability 27,100 – – 27,100 Total liabilities $ 27,100 $ – $ – $ 27,100 December 31, 2023 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 57,890 $ 57,890 $ – $ – Total assets $ 57,890 $ 57,890 $ – $ – Liabilities: Convertible notes derivative liability 25,400 – – 25,400 Total liabilities $ 25,400 $ – $ – $ 25,400
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table summarizes the activity related to the fair value of the convertible notes derivative liability (in thousands): Three months ended March 31, 2024 2023 Fair value at beginning of period $ 25,400 $ 20,400 Initial recognition of derivative liability – – Change in fair value 1,700 1,500 Fair value at end of period $ 27,100 $ 21,900

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase and Common Stock Warrant (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Redeemable Convertible Preferred Stock	As of March 31, 2024, the Company was authorized to issue 17,245,954 shares of redeemable convertible preferred stock at a par value of $0.00001, designated in series as follows: Series Shares Authorized Shares Issued and Outstanding Per Share Issuance Price Per Share Liquidation Preference Per Share Dividend Rate Per Annum Series Seed 2,407,363 2,407,363 $ 0.74 $ 0.74 $ 0.0592 Series A 1,984,186 1,984,186 4.10 4.10 0.3280 Series B 3,824,091 3,824,091 5.23 5.23 0.4184 Series C 3,300,548 3,300,548 11.61 11.61 0.9288 Series C-1 1,578,552 1,578,552 15.83 15.83 1.2660 Series D 4,151,214 4,151,214 36.13 36.13 2.8907 Total 17,245,954 17,245,954
Fair Value Measurement Inputs and Valuation Techniques	To factor in the various terms and conditions of the Walmart Warrant, including the potential adjustments if certain pricing thresholds are not met upon an initial public offering or other liquidity event, the fair value was determined based on probability weighted estimated fair values determined under both a Black-Scholes option pricing valuation model (assuming no liquidity event) and a Monte Carlo simulation valuation model (assuming a potential liquidity event) with the following assumptions: Black-Scholes Option Pricing Model Monte Carlo Simulation Risk-free interest rate 1.64 % 1.64 % Expected dividend yield – – Expected volatility 50 % 50% / 65% Expected term (in years) 10 10
Schedule Of Common Stock Reserved For Future Issuance	As of March 31, 2024, the Company had reserved shares of common stock for future issuances in connection with the following: Number of Shares Redeemable convertible preferred stock outstanding 17,245,954 Stock options outstanding 4,377,241 Restricted stock units outstanding 304,472 Restricted stock purchase 88,295 Common stock warrant 3,528,577 Total shares 25,544,539

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company’s disaggregated revenue by type of service is as follows (in thousands): Three months ended March 31, 2024 2023 Redemption revenue $ 67,989 $ 41,703 Ad & other revenue 14,338 15,988 Total revenue $ 82,327 $ 57,691

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	The Company’s stock-based compensation expense is recorded as follows (in thousands): Three months ended March 31, 2024 2023 Cost of revenue $ 158 $ 220 Sales and marketing (1) 3,622 564 Research and development 553 527 General and administrative 512 518 Total stock-based compensation expense $ 4,845 $ 1,829 _______________ (1) Sales and marketing includes common stock warrant expense of $3.0 million recognized during the three months ended March 31, 2024. No common stock warrant expense was recognized during the three months ended March 31, 2023.
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	A summary of option activity for the three months ended March 31, 2024, is as follows: Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding as of December 31, 2023 4,516,612 $ 14.34 7.45 $ 75,915 Granted 184,148 31.15 Exercised (187,777) 9.58 Forfeited or expired (135,742) 18.12 Options outstanding as of end of period 4,377,241 $ 15.14 7.33 $ 70,096 Options vested and exercisable as of March 31, 2024 2,578,934 $ 13.26 6.53 $ 46,137 A summary of RSU activity for the three months ended March 31, 2024, is as follows: RSUs Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 – $ – Granted 305,172 31.15 Vested – – Forfeited or expired (700) 31.15 Unvested and outstanding as of March 31, 2024 304,472 $ 31.15

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts): Three months ended March 31, 2024 2023 Numerator: Net income (loss) $ 9,297 $ (4,283) Denominator: Weighted average shares of common stock outstanding, basic 9,310,928 8,819,693 Plus: dilutive effect of stock options 1,799,915 – Plus: dilutive effect of redeemable convertible preferred stock 17,245,954 – Weighted average shares of common stock outstanding, diluted 28,356,797 8,819,693 Net income (loss) per share, basic $ 1.00 $ (0.49) Net income (loss) per share, diluted $ 0.33 $ (0.49)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive common shares were excluded from the computation of diluted net income or loss per share because their effect would have been anti-dilutive for the periods presented, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period: Three months ended March 31, 2024 2023 Stock options 386,359 4,776,024 RSUs 304,472 — Unvested shares of restricted stock purchase 88,295 190,501 Redeemable convertible preferred stock — 17,245,954 Common stock warrant 3,528,577 — Total shares excluded from diluted net income (loss) per share 4,307,703 22,212,479

Nature of Operations (Details)

Nature of Operations (Details) - USD ($)			3 Months Ended
	Apr. 25, 2024	Apr. 22, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Offering costs			$ 1,700,000	$ 0
Long-term debt, gross			$ 75,099,000		$ 75,099,000
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in dollars per share)		$ 88
Underwriting discounts and commissions		$ 13,200,000
Offering costs		$ 9,300,000
Conversion of convertible securities		17,245,954
Subsequent Event | Common Stock Converted to Class A Common Stock | Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock reclassified (in shares)		9,511,741
Subsequent Event | Common Stock Converted to Class A Common Stock | Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock reclassified (in shares)		(9,511,741)
Subsequent Event | Conversion of Redeemable Convertible Preferred Stock to Class A Common Stock | Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock reclassified (in shares)		17,245,954
Subsequent Event | Conversion of Convertible Debt | Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock reclassified (in shares)		1,177,087
Subsequent Event | Conversion of Class A Common Stock To Class B Common Stock | Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock, shares exchanged (in shares)		(3,668,427)
Subsequent Event | Conversion of Class A Common Stock To Class B Common Stock | Common Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, shares exchanged (in shares)		3,668,427
Subsequent Event | Convertible notes
Subsidiary, Sale of Stock [Line Items]
Long-term debt, gross		$ 75,100,000
Subsequent Event | Common stock warrant
Subsidiary, Sale of Stock [Line Items]
Antidilutive increase in warrants outstanding (in shares)		592,457
IPO | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)		2,500,000
Sale of stock, proceeds received, net		$ 197,500,000
Secondary Offering | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)		4,060,700
Sale of stock, proceeds received, net		$ 0
Over-Allotment Option | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)	984,105

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2024 segment
Accounting Policies [Abstract]
Reporting segments	1
Operating segments	1

User Redemption Liability Ext_3

User Redemption Liability Extinguishment - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Inactive account status, period with no activity	6 months
Maintenance fee	$ 3.99
Maintenance fee applied, through account balance	0
User redemption liability
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 82,990,000	$ 84,531,000

User Redemption Liability Ext_4

User Redemption Liability Extinguishment - Schedule of Company's Breakage (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 82,327	$ 57,691
Breakage
Disaggregation of Revenue [Line Items]
Total revenue	4,523	3,805
Revenue | Breakage
Disaggregation of Revenue [Line Items]
Total revenue	3,923	2,988
Cost of revenue | Breakage
Disaggregation of Revenue [Line Items]
Total revenue	61	68
Sales and marketing | Breakage
Disaggregation of Revenue [Line Items]
Total revenue	$ 539	$ 749

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued employee expenses	$ 7,148	$ 18,156
Other accrued expenses	8,253	6,426
Accrued expenses	$ 15,401	$ 24,582

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 75,099	$ 75,099
Less: unamortized debt discount	(9,635)	(10,440)
Less: unamortized debt issuance costs	(194)	(211)
Long-term debt, net	65,270	64,448
Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	75,099	75,099
Revolving line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 0

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Disclosure [Abstract]
Contractual principal repayments	$ 0
Interest expense	2,800,000	$ 2,000,000
Amortization of debt discount and issuance costs	826,000	$ 816,000	$ 800,000
Interest capitalized	$ 100,000

Long-Term Debt - Convertible No

Long-Term Debt - Convertible Notes (Details) $ in Thousands			3 Months Ended	6 Months Ended	18 Months Ended
	Apr. 22, 2024 shares	Mar. 24, 2022 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 24, 2023	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross			$ 75,099	$ 75,099		$ 75,099
Convertible Notes Derivative Liability
Debt Instrument [Line Items]
Fair value		$ 16,100
Subsequent Event | Conversion of Convertible Debt | Common Class A
Debt Instrument [Line Items]
Common stock reclassified (in shares) | shares	1,177,087
Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross			$ 75,099	$ 75,099		$ 75,099
Convertible notes | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate			1%
Convertible notes | Base Rate
Debt Instrument [Line Items]
Variable rate			5%
Convertible notes | Convertible Promissory Notes Due March 24, 2027
Debt Instrument [Line Items]
Debt instrument, face amount		$ 75,000
Debt instrument, term		18 months
Interest rate		6%
Conversion price		$ 2,500,000
Discount rate				0.725	0.775

Long-Term Debt - 2021 Credit Fa

Long-Term Debt - 2021 Credit Facility (Details) - Revolving Credit Facility - Silicon Valley Bank - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Nov. 03, 2021
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.25%
Covenant ratio	150%
Minimum | Prime Rate | Variable Rate Component Two
Line of Credit Facility [Line Items]
Interest rate		0.25%
Minimum | Base Rate | Variable Rate Component One
Line of Credit Facility [Line Items]
Interest rate		2.25%
Maximum | Prime Rate | Variable Rate Component Two
Line of Credit Facility [Line Items]
Interest rate		1%
Maximum | Base Rate | Variable Rate Component One
Line of Credit Facility [Line Items]
Interest rate		3%
Revolving line of credit
Line of Credit Facility [Line Items]
Long-term line of credit		$ 50
Long-term line of credit	$ 0
Remaining borrowing capacity		$ 50

Fair Value Measurements - Recur

Fair Value Measurements - Recurring and Nonrecurring (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash equivalents	$ 76,788	$ 57,890
Total assets	76,788	57,890
Liabilities:
Convertible notes derivative liability	27,100	25,400
Total liabilities	27,100	25,400
Level 1
Assets:
Cash equivalents	76,788	57,890
Total assets	76,788	57,890
Liabilities:
Convertible notes derivative liability	0	0
Total liabilities	0	0
Level 2
Assets:
Cash equivalents	0	0
Total assets	0	0
Liabilities:
Convertible notes derivative liability	0	0
Total liabilities	0	0
Level 3
Assets:
Cash equivalents	0	0
Total assets	0	0
Liabilities:
Convertible notes derivative liability	27,100	25,400
Total liabilities	$ 27,100	$ 25,400

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)		3 Months Ended		57 Months Ended
	Jul. 02, 2019	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Jul. 01, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Shares acquired (in shares)						628,930
Cash consideration	$ 800,000
Equity method investment, adjustment		$ 0	$ 0
Positive cumulative adjustment of equity investments				$ 8,300,000
Negative cumulative adjustment of equity investments				4,500,000
Level 3 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt		$ 102,500,000		$ 102,500,000	$ 95,400,000

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative liability, beginning balance	$ 25,400	$ 20,400
Initial recognition of derivative liability	0	0
Change in fair value	1,700	1,500
Derivative liability, ending balance	$ 27,100	$ 21,900

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase and Common Stock Warrant - Schedule of Redeemable Convertible Preferred Stock (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	17,245,954	17,245,954
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Redeemable convertible preferred stock, shares outstanding (in shares)	17,245,954	17,245,954	17,245,954	17,245,954
Redeemable convertible preferred stock, shares issued (in shares)	17,245,954	17,245,954
Series Seed
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	2,407,363
Redeemable convertible preferred stock, shares outstanding (in shares)	2,407,363
Redeemable convertible preferred stock, shares issued (in shares)	2,407,363
Redeemable convertible preferred stock, per share issuance price (in dollars per share)	$ 0.74
Redeemable convertible preferred stock, per share liquidation preference (in dollars per share)	0.74
Redeemable convertible preferred stock, per share dividend rate per annum (in dollars per share)	$ 0.0592
Series A
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	1,984,186
Redeemable convertible preferred stock, shares outstanding (in shares)	1,984,186
Redeemable convertible preferred stock, shares issued (in shares)	1,984,186
Redeemable convertible preferred stock, per share issuance price (in dollars per share)	$ 4.10
Redeemable convertible preferred stock, per share liquidation preference (in dollars per share)	4.10
Redeemable convertible preferred stock, per share dividend rate per annum (in dollars per share)	$ 0.3280
Series B
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	3,824,091
Redeemable convertible preferred stock, shares outstanding (in shares)	3,824,091
Redeemable convertible preferred stock, shares issued (in shares)	3,824,091
Redeemable convertible preferred stock, per share issuance price (in dollars per share)	$ 5.23
Redeemable convertible preferred stock, per share liquidation preference (in dollars per share)	5.23
Redeemable convertible preferred stock, per share dividend rate per annum (in dollars per share)	$ 0.4184
Series C
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	3,300,548
Redeemable convertible preferred stock, shares outstanding (in shares)	3,300,548
Redeemable convertible preferred stock, shares issued (in shares)	3,300,548
Redeemable convertible preferred stock, per share issuance price (in dollars per share)	$ 11.61
Redeemable convertible preferred stock, per share liquidation preference (in dollars per share)	11.61
Redeemable convertible preferred stock, per share dividend rate per annum (in dollars per share)	$ 0.9288
Series C-1
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	1,578,552
Redeemable convertible preferred stock, shares outstanding (in shares)	1,578,552
Redeemable convertible preferred stock, shares issued (in shares)	1,578,552
Redeemable convertible preferred stock, per share issuance price (in dollars per share)	$ 15.83
Redeemable convertible preferred stock, per share liquidation preference (in dollars per share)	15.83
Redeemable convertible preferred stock, per share dividend rate per annum (in dollars per share)	$ 1.2660
Series D
Class of Stock [Line Items]
Redeemable convertible preferred stock, shares authorized (in shares)	4,151,214
Redeemable convertible preferred stock, shares outstanding (in shares)	4,151,214
Redeemable convertible preferred stock, shares issued (in shares)	4,151,214
Redeemable convertible preferred stock, per share issuance price (in dollars per share)	$ 36.13
Redeemable convertible preferred stock, per share liquidation preference (in dollars per share)	36.13
Redeemable convertible preferred stock, per share dividend rate per annum (in dollars per share)	$ 2.8907

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase and Common Stock Warrant - Narrative (Details) - USD ($)				3 Months Ended		12 Months Ended	38 Months Ended
	Apr. 22, 2024	Mar. 24, 2022	Feb. 09, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 31, 2024	May 17, 2021
Class of Stock [Line Items]
Threshold of Share Holder Approval, Percentage				66.67%
Minimum gross proceeds on conversion		$ 50,000,000
Shares outstanding, requests require shareholder approval				500,000
Common stock, shares authorized (in shares)				40,000,000		40,000,000	40,000,000
Common stock, par value (in usd per share)				$ 0.00001		$ 0.00001	$ 0.00001
Additional paid in capital, restricted share purchase							$ 2,700,000
Other current liabilities				$ 3,886,000		$ 4,317,000	3,886,000
Other long-term liabilities				3,937,000		3,864,000	3,937,000
Warrants, exercise price (in dollars per share)								$ 70.12
Warrants outstanding								$ 35,300,000
Stock-based compensation expense				4,845,000	$ 1,829,000
Stock-based compensation expense yet to be recognized				$ 26,000,000			26,000,000
Stock-based compensation yet to be recognized, weighted average period				2 years 9 months 18 days
Long-term debt, gross				$ 75,099,000		75,099,000	75,099,000
Common stock warrant
Class of Stock [Line Items]
Warrants (in shares)								3,528,577
Warrants, Performance Conditions
Class of Stock [Line Items]
Warrants (in shares)								1,411,430
Subsequent Event
Class of Stock [Line Items]
Conversion of convertible securities	17,245,954
Subsequent Event | Convertible notes
Class of Stock [Line Items]
Long-term debt, gross	$ 75,100,000
Subsequent Event | Common stock warrant
Class of Stock [Line Items]
Warrants (in shares)	4,121,034
Antidilutive increase in warrants outstanding (in shares)	592,457
Sales and marketing
Class of Stock [Line Items]
Stock-based compensation expense				3,622,000	564,000
Restricted stock purchase | Officer
Class of Stock [Line Items]
Granted (in shares)			408,824
Granted, weighted average grant date fair value, as of beginning of period (in usd per share)			$ 8.30
Restricted stock purchase, authorized amount			$ 3,400,000
Vesting period			1 year
Warrants, Performance Conditions | Share-Based Payment Arrangement, Nonemployee
Class of Stock [Line Items]
Stock-based compensation expense					$ 0
Stock-based compensation expense yet to be recognized				$ 19,100,000			19,100,000
Stock-based compensation yet to be recognized, weighted average period				4 years 6 months
Warrants, Performance Conditions | Sales and marketing | Share-Based Payment Arrangement, Nonemployee
Class of Stock [Line Items]
Stock-based compensation expense				$ 3,000,000
Restricted Stock Purchase
Class of Stock [Line Items]
Additional paid in capital, restricted share purchase						2,400,000
Other current liabilities				700,000		$ 800,000	700,000
Other long-term liabilities				$ 200,000			$ 200,000
Restricted Stock Purchase, Tranche One
Class of Stock [Line Items]
Restricted stock purchase, shares released			25%
Restricted Stock Purchase, Tranche Two
Class of Stock [Line Items]
Restricted stock purchase, shares released			2.08%
Restricted Stock Purchase, Tranche Two | Restricted stock purchase | Officer
Class of Stock [Line Items]
Vesting period			36 months
Series D or Series C-1 Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Shares outstanding, requests require shareholder approval				500,000
Common Class A | Subsequent Event | Common Stock Converted to Class A Common Stock
Class of Stock [Line Items]
Common stock reclassified (in shares)	9,511,741
Common Class A | Subsequent Event | Conversion of Redeemable Convertible Preferred Stock to Class A Common Stock
Class of Stock [Line Items]
Common stock reclassified (in shares)	17,245,954
Common Class A | Subsequent Event | Conversion of Convertible Debt
Class of Stock [Line Items]
Common stock reclassified (in shares)	1,177,087
Common Class A | Subsequent Event | Conversion of Class A Common Stock To Class B Common Stock
Class of Stock [Line Items]
Common stock, shares exchanged (in shares)	(3,668,427)
Common Class B | Subsequent Event | Conversion of Class A Common Stock To Class B Common Stock
Class of Stock [Line Items]
Common stock, shares exchanged (in shares)	3,668,427
Common Stock | Subsequent Event | Common Stock Converted to Class A Common Stock
Class of Stock [Line Items]
Common stock reclassified (in shares)	(9,511,741)

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase and Common Stock Warrant - Schedule of Common Stock Reserved For Future Issuance (Details)	Mar. 31, 2024 shares
Class of Stock [Line Items]
Total shares (in shares)	25,544,539
Redeemable convertible preferred stock
Class of Stock [Line Items]
Total shares (in shares)	17,245,954
Stock options
Class of Stock [Line Items]
Total shares (in shares)	4,377,241
Restricted stock units outstanding
Class of Stock [Line Items]
Total shares (in shares)	304,472
Restricted stock purchase
Class of Stock [Line Items]
Total shares (in shares)	88,295
Common stock warrant
Class of Stock [Line Items]
Total shares (in shares)	3,528,577

Redeemable Convertible Prefer_6

Redeemable Convertible Preferred Stock, Common Stock, Restricted Stock Purchase and Common Stock Warrant - Fair Value Measurement Inputs and Valuation Techniques (Details)	May 17, 2021 yr
Risk-free interest rate | Black-Scholes Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0.0164
Risk-free interest rate | Monte Carlo Simulation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0.0164
Expected dividend yield | Black-Scholes Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0
Expected dividend yield | Monte Carlo Simulation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0
Expected volatility | Black-Scholes Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0.50
Expected volatility | Minimum | Monte Carlo Simulation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0.50
Expected volatility | Maximum | Monte Carlo Simulation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	0.65
Expected term (in years) | Black-Scholes Option Pricing Model
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	10,000
Expected term (in years) | Monte Carlo Simulation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input	10,000

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 82,327	$ 57,691
Redemption revenue
Disaggregation of Revenue [Line Items]
Total revenue	67,989	41,703
Ad & other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 14,338	$ 15,988

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 1,400	$ 2,200
Deferred revenue
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 4,190		$ 2,628

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
RSUs
Total stock-based compensation expense	$ 4,845,000	$ 1,829,000
Warrants, Performance Conditions | Share-Based Payment Arrangement, Nonemployee
RSUs
Total stock-based compensation expense		0
Cost of revenue
RSUs
Total stock-based compensation expense	158,000	220,000
Sales and marketing
RSUs
Total stock-based compensation expense	3,622,000	564,000
Sales and marketing | Warrants, Performance Conditions | Share-Based Payment Arrangement, Nonemployee
RSUs
Total stock-based compensation expense	3,000,000
Sales and marketing | Common stock warrant
RSUs
Total stock-based compensation expense		0
Research and development
RSUs
Total stock-based compensation expense	553,000	527,000
General and administrative
RSUs
Total stock-based compensation expense	$ 512,000	$ 518,000

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Stock-based compensation expense yet to be recognized	$ 26
Stock-based compensation yet to be recognized, weighted average period	2 years 9 months 18 days

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plan (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
RSUs
Intrinsic value		$ 4,000,000
Total stock-based compensation expense		$ 4,845,000	$ 1,829,000
Restricted stock units outstanding
RSUs
Vesting period		4 years
Total stock-based compensation expense		$ 0
Stock options
RSUs
Vesting period		4 years
Expiration period		10 years
Intrinsic value	$ 3,000,000
Stock options | Chief Executive Officer
RSUs
Vesting period		1 year
Minimum | Stock options
RSUs
Vesting period		3 years
Maximum | Stock options
RSUs
Vesting period		4 years
Equity Incentive Plan
RSUs
Authorized amount (in shares)	14,957,531	14,957,531

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Options
Options outstanding, beginning balance (in shares)	4,516,612
Granted (in shares)	184,148
Exercised (in shares)	(187,777)
Forfeited or expired (in shares)	(135,742)
Options outstanding, ending balance (in shares)	4,377,241	4,516,612
Weighted Average Exercise Price
Options outstanding, weighted average exercise price per share. beginning balance (in usd per share)	$ 14.34
Options granted, weighted average exercise price per share (in usd per share)	31.15
Options exercised, weighted average exercise price per share (in usd per share)	9.58
Options forfeited or expired, weighted average exercise price per share (in usd per share)	18.12
Options outstanding, weighted average exercise price per share. ending balance (in usd per share)	$ 15.14	$ 14.34
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual term	7 years 3 months 29 days	7 years 5 months 12 days
Options outstanding, aggregate intrinsic value	$ 70,096	$ 75,915
Options vested and exercisable (in shares)	2,578,934
Options vested and exercisable, weighted average exercise price per share (in usd per share)	$ 13.26
Options vested and exercisable, weighted average remaining contractual term	6 years 6 months 10 days
Options vested and exercisable, aggregate intrinsic value	$ 46,137

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU Activity (Details) - Restricted stock units outstanding	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested and outstanding as of beginning of period (in shares) | shares	0
Granted (in shares) | shares	305,172
Vested (in shares) | shares	0
Canceled (in shares) | shares	(700)
Unvested and outstanding as of end of period (in shares) | shares	304,472
Weighted Average Grant Date Fair Value per Share
Unvested and outstanding, weighted average grant date fair value, as of beginning of period (in usd per share) | $ / shares	$ 0
Granted, weighted average grant date fair value, as of beginning of period (in usd per share) | $ / shares	31.15
Vested, weighted average grant date fair value, as of beginning of period (in usd per share) | $ / shares	0
Canceled, weighted average grant date fair value, as of beginning of period (in usd per share) | $ / shares	31.15
Unvested and outstanding, weighted average grant date fair value, as of end of period (in usd per share) | $ / shares	$ 31.15

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ (3,101)	$ (166)
Effective income tax rate	25%	4%

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net income (loss)	$ 9,297	$ (4,283)
Denominator:
Basic (in shares)	9,310,928	8,819,693
Plus: dilutive effect of stock options (in shares)	1,799,915	0
Plus: dilutive effect of redeemable convertible preferred stock (in shares)	17,245,954	0
Diluted (in shares)	28,356,797	8,819,693
Net income (loss) per share, basic (in usd per share)	$ 1	$ (0.49)
Net income (loss) per share, diluted	$ 0.33	$ (0.49)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	4,307,703	22,212,479
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	386,359	4,776,024
Restricted stock units outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	304,472	0
Restricted stock purchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	88,295	190,501
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	0	17,245,954
Common stock warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	3,528,577	0

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 22, 2024	Mar. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Long-term debt, gross		$ 75,099	$ 75,099
Subsequent Event
Subsequent Event [Line Items]
Sale of stock (in dollars per share)	$ 88
Conversion of convertible securities	17,245,954
Subsequent Event | Conversion of Redeemable Convertible Preferred Stock to Class A Common Stock | Common Class A
Subsequent Event [Line Items]
Common stock reclassified (in shares)	17,245,954
Subsequent Event | Conversion of Convertible Debt | Common Class A
Subsequent Event [Line Items]
Common stock reclassified (in shares)	1,177,087
Subsequent Event | Convertible notes
Subsequent Event [Line Items]
Long-term debt, gross	$ 75,100
Subsequent Event | Common stock warrant
Subsequent Event [Line Items]
Antidilutive increase in warrants outstanding (in shares)	592,457
IPO | Subsequent Event
Subsequent Event [Line Items]
Shares issued in transaction (in shares)	2,500,000

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 22, 2024	Dec. 31, 2023	Mar. 24, 2022
Related Party Transaction [Line Items]
Long-term debt, gross	$ 75,099			$ 75,099
Subsequent Event | Conversion of Convertible Debt | Common Class A
Related Party Transaction [Line Items]
Convertible preferred stock, shares issued upon conversion (in shares)			1,177,087
Convertible notes
Related Party Transaction [Line Items]
Long-term debt, gross	75,099			75,099
Convertible Promissory Notes Due March 24, 2027 | Convertible notes
Related Party Transaction [Line Items]
Debt instrument, face amount					$ 75,000
Convertible notes | Subsequent Event
Related Party Transaction [Line Items]
Long-term debt, gross			$ 75,100
Related Party | Kock Disruptive Technologies, LLC | Ibotta Inc.
Related Party Transaction [Line Items]
Ownership percentage					5%
Related Party | Convertible Promissory Notes Due March 24, 2027 | Convertible notes | Kock Disruptive Technologies, LLC
Related Party Transaction [Line Items]
Debt instrument, face amount					$ 69,500
Related Party | Convertible Promissory Notes Due March 24, 2027 | Convertible notes | WS Investment Company LLC
Related Party Transaction [Line Items]
Debt instrument, face amount					100
Other Affiliates | Convertible Promissory Notes Due March 24, 2027 | Convertible notes
Related Party Transaction [Line Items]
Debt instrument, face amount					500
Officer | Convertible Promissory Notes Due March 24, 2027 | Convertible notes
Related Party Transaction [Line Items]
Debt instrument, face amount					500
Immediate Family Member of Management or Principal Owner | Convertible Promissory Notes Due March 24, 2027 | Convertible notes
Related Party Transaction [Line Items]
Debt instrument, face amount					$ 500
Legal Consulting Services | Related Party
Related Party Transaction [Line Items]
General and administrative	1,600	$ 200
Accounts payable	$ 1,500			$ 1,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Tax reserve	$ 100,000	$ 600,000
Letter of Credit | Silicon Valley Bank
Other Commitments [Line Items]
Long-term line of credit	800,000
Drawn amount	$ 0

Subsequent Events (Details)

Subsequent Events (Details)				3 Months Ended
	Apr. 25, 2024 shares	Apr. 22, 2024 USD ($) shares	Apr. 17, 2024 USD ($) shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) shares	May 17, 2021 shares
Subsequent Event [Line Items]
Offering costs | $					$ 1,700,000	$ 0
Redeemable convertible preferred stock, shares issued (in shares)					17,245,954		17,245,954
Long-term debt, gross | $					$ 75,099,000		$ 75,099,000
Stock-based compensation expense | $					$ 4,845,000	$ 1,829,000
Shares reserved for issuance (in shares)					25,544,539
Common stock warrant
Subsequent Event [Line Items]
Warrants (in shares)								3,528,577
Employee Stock Option
Subsequent Event [Line Items]
Vesting period					4 years
Shares reserved for issuance (in shares)					4,377,241
Employee Stock Option | Minimum
Subsequent Event [Line Items]
Vesting period					3 years
Employee Stock Option | Maximum
Subsequent Event [Line Items]
Vesting period					4 years
Employee Stock Option | Chief Executive Officer
Subsequent Event [Line Items]
Vesting period					1 year
Restricted stock units outstanding
Subsequent Event [Line Items]
Vesting period					4 years
Stock-based compensation expense | $					$ 0
RSU's issued (in shares)					305,172
Shares reserved for issuance (in shares)					304,472
Subsequent Event
Subsequent Event [Line Items]
Underwriting discounts and commissions | $		$ 13,200,000
Offering costs | $		$ 9,300,000
Redeemable convertible preferred stock, shares issued (in shares)		1,177,087
Conversion of convertible securities		17,245,954
Loss on extinguishment of debt | $		$ 9,600,000
Loss, change in fair value | $		$ 1,400,000
Warrants, increase in number of shares exercisable, percent		12.40%
Subsequent Event | Convertible notes
Subsequent Event [Line Items]
Long-term debt, gross | $		$ 75,100,000
Subsequent Event | Common stock warrant
Subsequent Event [Line Items]
Warrants (in shares)		4,121,034
Antidilutive increase in warrants outstanding (in shares)		592,457
Subsequent Event | Employee Stock Purchase Plan
Subsequent Event [Line Items]
Shares reserved for issuance (in shares)			715,000
Subsequent Event | Employee Stock Option
Subsequent Event [Line Items]
Stock-based compensation expense | $			$ 11,400,000
Subsequent Event | Common stock warrant
Subsequent Event [Line Items]
Stock-based compensation expense | $				$ 17,500,000
Subsequent Event | Restricted Stock Units, Double Trigger Awards
Subsequent Event [Line Items]
Cumulative stock-based compensation expense adjustment | $		$ 2,600,000
Subsequent Event | Restricted Stock Units, Double Trigger Awards | Executive Officer
Subsequent Event [Line Items]
RSU's issued (in shares)			392,625
Subsequent Event | Restricted stock units outstanding
Subsequent Event [Line Items]
Vesting period			3 years
Subsequent Event | Restricted stock units outstanding | Chief Executive Officer
Subsequent Event [Line Items]
RSU's issued (in shares)			125,216
Starting price determination period			60 days
Ending price determination period			60 days
Subsequent Event | Restricted stock units outstanding | Chief Executive Officer | Minimum
Subsequent Event [Line Items]
Award vesting percentage			0%
Subsequent Event | Restricted stock units outstanding | Chief Executive Officer | Maximum
Subsequent Event [Line Items]
Award vesting percentage			200%
Subsequent Event | Restricted stock units outstanding | Director
Subsequent Event [Line Items]
RSU's issued (in shares)			27,270
Subsequent Event | Common Class B
Subsequent Event [Line Items]
Common stock, votes per share (votes)		20
Subsequent Event | Common Class B | Conversion of Class A Common Stock To Class B Common Stock
Subsequent Event [Line Items]
Common stock, shares exchanged (in shares)		3,668,427
Subsequent Event | Common Class A | Conversion of Convertible Debt
Subsequent Event [Line Items]
Common stock reclassified (in shares)		(1,177,087)
Subsequent Event | Common Class A | Common Stock Converted to Class A Common Stock
Subsequent Event [Line Items]
Common stock reclassified (in shares)		(9,511,741)
Subsequent Event | Common Class A | Conversion of Class A Common Stock To Class B Common Stock
Subsequent Event [Line Items]
Common stock, shares exchanged (in shares)		(3,668,427)
Subsequent Event | Common Class A | Conversion of Redeemable Convertible Preferred Stock to Class A Common Stock
Subsequent Event [Line Items]
Common stock reclassified (in shares)		(17,245,954)
Subsequent Event | Common Stock | Common Stock Converted to Class A Common Stock
Subsequent Event [Line Items]
Common stock reclassified (in shares)		9,511,741
Subsequent Event | IPO
Subsequent Event [Line Items]
Shares issued in transaction (in shares)		2,500,000
Sale of stock, proceeds received, net | $		$ 197,500,000
Subsequent Event | Secondary Offering
Subsequent Event [Line Items]
Shares issued in transaction (in shares)		4,060,700
Sale of stock, proceeds received, net | $		$ 0
Subsequent Event | Over-Allotment Option
Subsequent Event [Line Items]
Shares issued in transaction (in shares)	984,105