Ibotta (IBTA) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		27,490,186
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,137,424

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Property and equipment, less accumulated depreciation of $9,548 and $8,905, respectively	$ 2,057	$ 2,541
Current Assets:
Cash and cash equivalents	341,274	62,591
Accounts receivable, less allowances of $3,825 and $3,160, respectively	227,792	226,439
Prepaid expenses and other current assets	6,992	9,314
Total current assets	576,058	298,344
Capitalized software development costs, less accumulated amortization of $17,216 and $13,482, respectively	15,437	12,844
Equity investment	4,531	4,531
Other long-term assets	183	1,530
Total assets	598,266	319,790
Current liabilities:
Accounts payable	8,251	8,937
Due to third-party publishers	96,337	73,155
Accrued expenses	18,500	24,582
Other current liabilities	3,596	4,317
Total current liabilities	211,472	198,150
Long-term liabilities:
Long-term debt, net	0	64,448
Convertible notes derivative liability	0	25,400
Other long-term liabilities	8,836	3,864
Total liabilities	220,308	291,862
Commitments and contingencies
Redeemable convertible preferred stock, $0.00001 par value: zero and 17,245,954 shares authorized, issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Preferred stock, $0.00001 par value: 100,000,000 shares authorized and zero shares issued and outstanding as of September 30, 2024; zero shares authorized, issued, and outstanding as of December 31, 2023	0	0
Stockholders’ equity:
Common stock, $0.00001 par value: zero shares authorized, issued, and outstanding as of September 30, 2024; 40,000,000 shares authorized and 9,207,337 shares issued and outstanding as of December 31, 2023	0	0
Additional paid-in capital	610,263	237,116
Treasury stock, at cost, 274,902 shares at September 30, 2024 and zero shares at December 31, 2023	(15,687)	0
Accumulated deficit	(216,618)	(209,188)
Total stockholders' equity	377,958	27,928
Total liabilities, redeemable convertible preferred stock, and stockholders' equity	598,266	319,790
Common Class A
Stockholders’ equity:
Common stock, $0.00001 par value: zero shares authorized, issued, and outstanding as of September 30, 2024; 40,000,000 shares authorized and 9,207,337 shares issued and outstanding as of December 31, 2023	0	0
Common Class B
Stockholders’ equity:
Common stock, $0.00001 par value: zero shares authorized, issued, and outstanding as of September 30, 2024; 40,000,000 shares authorized and 9,207,337 shares issued and outstanding as of December 31, 2023	0	0
Deferred revenue
Current liabilities:
Deferred revenue	4,756	2,628
User redemption liability	4,756	2,628
User redemption liability
Current liabilities:
Deferred revenue	80,032	84,531
User redemption liability	$ 80,032	$ 84,531

Condensed Statements of Operati

Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 98,621	$ 85,287	$ 268,874	$ 220,363
Cost of revenue	12,172	10,777	34,970	31,671
Gross profit	86,449	74,510	233,904	188,692
Operating expenses:
Sales and marketing	27,761	37,639	105,908	81,449
Research and development	16,285	12,391	47,452	36,306
General and administrative	20,631	12,109	62,493	38,180
Depreciation and amortization	1,065	1,501	3,096	3,015
Total operating expenses	65,742	63,640	218,949	158,950
Income from operations	20,707	10,870	14,955	29,742
Interest income (expense), net	4,436	(1,556)	5,303	(4,773)
Loss on extinguishment of debt	0	0	(9,630)	0
Other expense, net	(16)	(1,511)	(3,132)	(3,252)
Income before (provision for) benefit from income taxes	25,127	7,803	7,496	21,717
(Provision for) benefit from income taxes	(7,888)	610	(14,926)	(2,246)
Net income (loss)	$ 17,239	$ 8,413	$ (7,430)	$ 19,471
Net income (loss) per share:
Basic (in usd per share)	$ 0.56	$ 0.94	$ (0.34)	$ 2.19
Diluted (in usd per share)	$ 0.51	$ 0.31	$ (0.34)	$ 0.73
Weighted average common shares outstanding:
Basic (in shares)	30,663,263	8,960,311	21,909,949	8,887,966
Diluted (in shares)	33,567,489	26,830,524	21,909,949	26,629,394

Condensed Statements of Compreh

Condensed Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 17,239	$ 8,413	$ (7,430)	$ 19,471
Other comprehensive income:
Net unrealized gain on short-term investments	0	0	0	126
Total other comprehensive income	0	0	0	126
Comprehensive income (loss)	$ 17,239	$ 8,413	$ (7,430)	$ 19,597

Condensed Statements of Redeema

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands		Total	Common Stock		Treasury Stock, Common	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, 2022		17,245,954
Beginning balance at Dec. 31, 2022		$ 0
Ending balance (in shares) at Sep. 30, 2023		17,245,954
Ending balance at Sep. 30, 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)		19,471
Other comprehensive income		126
Balance, ending of period at Sep. 30, 2023		$ 1,273	$ 0			229,107	(227,834)	0
Ending balance (in shares) at Sep. 30, 2023			9,041,759
Beginning balance (in shares) at Mar. 31, 2023		17,245,954
Beginning balance at Mar. 31, 2023		$ 0
Ending balance (in shares) at Jun. 30, 2023		17,245,954
Ending balance at Jun. 30, 2023		$ 0
Balance, beginning of period at Mar. 31, 2023		(36,640)	$ 0			214,997	(251,588)	(49)
Beginning balance (in shares) at Mar. 31, 2023			8,843,422
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		15,341					15,341
Other comprehensive income		49						49
Exercise of stock options (in shares)			52,228
Exercise of stock options		409				409
Stock-based compensation expense (inclusive of capitalized stock-based compensation)		1,898				1,898
Release of restricted stock purchase shares from repurchase option (in shares)			25,552
Release of restricted stock purchase shares from repurchase option		212				212
Balance, ending of period at Jun. 30, 2023		$ (18,731)	$ 0			217,516	(236,247)	0
Ending balance (in shares) at Jun. 30, 2023			8,921,202
Ending balance (in shares) at Sep. 30, 2023		17,245,954
Ending balance at Sep. 30, 2023		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		8,413					8,413
Other comprehensive income		0
Exercise of stock options (in shares)			95,006
Exercise of stock options		483				483
Stock-based compensation expense (inclusive of capitalized stock-based compensation)		10,896				10,896
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 Sep. 30, 2023		$ 1,273	$ 0			229,107	(227,834)	$ 0
Ending balance (in shares) at Sep. 30, 2023			9,041,759
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	[1]	$ 0	237,116	(209,188)
Beginning balance (in shares) at Dec. 31, 2023		9,207,337	9,207,337	[1]
Beginning balance, treasury stock (in shares) at Dec. 31, 2023		0			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ 9,297					9,297
Exercise of stock options (in shares)	[1]		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)	[1]		25,551
Release of restricted stock purchase shares from repurchase option		212				212
Other (in shares)	[1]		(3,000)
Other		(91)				(91)
Balance, ending of period at Mar. 31, 2024		$ 44,095	$ 0	[1]	$ 0	243,986	(199,891)
Ending balance (in shares) at Mar. 31, 2024	[1]		9,417,665
Ending balance, treasury stock (in shares) at Mar. 31, 2024					0
Beginning balance (in shares) at Dec. 31, 2023		17,245,954
Beginning balance at Dec. 31, 2023		$ 0
Ending balance (in shares) at Sep. 30, 2024		0
Ending balance at Sep. 30, 2024		$ 0
Balance, beginning of period at Dec. 31, 2023		$ 27,928	$ 0	[1]	$ 0	237,116	(209,188)
Beginning balance (in shares) at Dec. 31, 2023		9,207,337	9,207,337	[1]
Beginning balance, treasury stock (in shares) at Dec. 31, 2023		0			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		$ (7,430)
Other comprehensive income		$ 0
Exercise of stock options (in shares)		678,582
Balance, ending of period at Sep. 30, 2024		$ 377,958	$ 0	[1]	$ (15,687)	610,263	(216,618)
Ending balance (in shares) at Sep. 30, 2024		0	30,888,017	[1]
Ending balance, treasury stock (in shares) at Sep. 30, 2024		(274,902)			(274,902)
Beginning balance (in shares) at Mar. 31, 2024		17,245,954
Beginning balance at Mar. 31, 2024		$ 0
Ending balance (in shares) at Jun. 30, 2024		0
Ending balance at Jun. 30, 2024		$ 0
Balance, beginning of period at Mar. 31, 2024		44,095	$ 0	[1]	$ 0	243,986	(199,891)
Beginning balance (in shares) at Mar. 31, 2024	[1]		9,417,665
Beginning balance, treasury stock (in shares) at Mar. 31, 2024					0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(33,966)					(33,966)
Exercise of stock options (in shares)	[1]		244,112
Exercise of stock options		2,913				2,913
Stock-based compensation expense (inclusive of capitalized stock-based compensation)		44,912				44,912
Release of restricted stock purchase shares from repurchase option (in shares)	[1]		25,552
Release of restricted stock purchase shares from repurchase option		212				212
Conversion of convertible debt (in shares)	[1]		1,177,087
Conversion of convertible debt		$ 103,584				103,584
Conversion of redeemable convertible preferred stock (in shares)		17,245,954	17,245,954	[1]
Initial public offering, net of issuance costs (in shares)	[1]		2,500,000
Initial public offering, net of issuance costs of $22.0 million		$ 197,952				197,952
Balance, ending of period at Jun. 30, 2024		$ 359,702	$ 0	[1]	$ 0	593,559	(233,857)
Ending balance (in shares) at Jun. 30, 2024	[1]		30,610,370
Ending balance, treasury stock (in shares) at Jun. 30, 2024					0
Ending balance (in shares) at Sep. 30, 2024		0
Ending balance at Sep. 30, 2024		$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		17,239					17,239
Other comprehensive income		0
Exercise of stock options (in shares)	[1]		246,693
Exercise of stock options		2,946				2,946
Stock-based compensation expense (inclusive of capitalized stock-based compensation)		13,792				13,792
Release of restricted stock purchase shares from repurchase option (in shares)	[1]		25,551
Release of restricted stock purchase shares from repurchase option		212				212
Repurchase of common stock (in shares)					(274,902)
Repurchase of common stock		(15,687)			$ (15,687)
Issuance of common stock upon settlement of restricted stock units (in shares)	[1]		9,474
Common stock withheld for tax obligation and net settlement (in shares)	[1]		(4,071)
Common stock withheld for tax obligation and net settlement		(246)				(246)
Balance, ending of period at Sep. 30, 2024		$ 377,958	$ 0	[1]	$ (15,687)	$ 610,263	$ (216,618)
Ending balance (in shares) at Sep. 30, 2024		0	30,888,017	[1]
Ending balance, treasury stock (in shares) at Sep. 30, 2024		(274,902)			(274,902)
[1] Amounts combine the Company’s common stock, Class A common stock, and Class B common stock. See Note 7 - Redeemable Convertible Preferred Stock and Stockholders' Equity for discussion of the establishment of the Company’s two series of common stock and the reclassification of its common stock into Class A common stock in connection with the Company’s initial public offering in April 2024.

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income (loss)	$ (7,430)	$ 19,471
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	6,160	5,749
Impairment of capitalized software development costs	437	130
Stock-based compensation expense	36,253	5,307
Common stock warrant expense	27,084	9,052
Credit loss expense	1,217	441
Loss on extinguishment of debt	9,630	0
Amortization of debt discount and issuance costs	1,036	2,475
Change in fair value of convertible notes derivative liability	3,085	3,200
Other	36	51
Changes in assets and liabilities:
Accounts receivable	(2,561)	(63,270)
Other current and long-term assets	(977)	472
Accounts payable	188	826
Due to third-party publishers	23,182	26,215
Accrued expenses	(5,926)	(2,773)
Deferred revenue	2,128	955
User redemption liability	2,128	955
Increase (Decrease) in Contract with Customer, User Redemption, Liability	(4,499)	(7,936)
Other current and long-term liabilities	4,887	(1,317)
Net cash provided by (used in) operating activities	93,930	(952)
Investing activities
Additions to property and equipment	(655)	(372)
Additions to capitalized software development costs	(7,001)	(5,871)
Maturities of short-term investments	0	27,900
Net cash (used in) provided by investing activities	(7,656)	21,657
Financing activities
Proceeds from exercise of stock options	7,649	1,154
Proceeds from initial public offering, net	206,692	0
Deferred offering costs	(5,972)	(4)
Purchase of treasury stock	(15,611)	0
Taxes paid related to net share settlement of equity awards	(246)	0
Other financing activities	(103)	0
Net cash provided by financing activities	192,409	1,150
Net change in cash and cash equivalents	278,683	21,855
Cash, and cash equivalents, beginning of period	62,591	17,818
Cash, and cash equivalents, end of period	341,274	39,673
Supplemental Cash Flow Information [Abstract]
Interest paid	2,529	3,464
Income taxes paid	8,134	1,903
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Deferred offering costs not yet paid	65	421
Stock-based compensation included in capitalized software development costs	$ 317	$ 320

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit loss	$ 3,825,000	$ 3,160,000
Accumulated depreciation	9,548,000	8,905,000
Capitalized software, accumulated amortization	17,216,000	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)	0	17,245,954
Redeemable convertible preferred stock, shares issued (in shares)	0	17,245,954
Redeemable convertible preferred stock, shares outstanding (in shares)	0	17,245,954
Preferred stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Preferred stock, shares authorized (in shares)	100,000,000	0
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	0	40,000,000
Common stock, shares, issued (in shares)	0	9,207,337
Common stock, shares, outstanding (in shares)	0	9,207,337
Treasury stock (in shares)	274,902	0
Common Class A
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	3,000,000,000	0
Common stock, shares, issued (in shares)	27,750,593	0
Common stock, shares, outstanding (in shares)	27,750,593	0
Common Class B
Common stock, par value (in usd per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized (in shares)	350,000,000	0
Common stock, shares, issued (in shares)	3,137,424	0
Common stock, shares, outstanding (in shares)	3,137,424	0

Condensed Statements of Redee_2

Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Initial public offering, issuance costs	$ 22

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 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 ad products 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 we issued and sold 2,500,000 shares of our Class A common stock at $88.00 per share (IPO price). The Company received net proceeds of $198.0 million after deducting underwriting discounts and commissions of $13.2 million and offering costs of approximately $8.8 million. Certain selling stockholders (Selling Stockholders) offered an additional 4,060,700 shares of the Company’s 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 the Company’s 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 (Securities Act). Certain prior year amounts have been reclassified to reflect to the current year presentation. 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, stock-based compensation, allowance for credit losses, income taxes and associated valuation allowances, leases, 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, and therefore, one reportable 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, and the Company earns a fee per redemption. The Company recognizes revenue from redemption campaign customers as fees are earned, net of awards to consumers, as the Company acts as the agent to the Company's customers in the facilitation of the sale to the consumer. 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. Stock-Based Compensation Stock-based compensation for equity awards, including stock options, restricted stock units (RSUs), and awards granted under the Company’s employee stock purchase plan, or ESPP, is measured based on the grant date fair value of the award. For awards with service conditions only, the Company recognizes compensation expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally four years. For awards with both service and performance conditions, the Company recognizes compensation expense, net of actual forfeitures, under the accelerated attribution method when performance conditions are considered probable of being achieved. The fair value of RSUs with only service or performance conditions is equal to the fair value of the underlying common stock at the date of grant. For RSUs with market-based conditions, the Company determines the grant date fair value utilizing a Monte Carlo simulation, which incorporates the probability of achievement of the market-based condition. The fair value of stock options and ESPP awards is estimated on the grant date using the Black-Scholes option-pricing model. The Company’s use of the valuation models requires the input of subjective assumptions. The assumptions used in the Company’s valuation models represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgment. These assumptions and estimates are as follows: • Expected Dividend Rate. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid dividends and does not expect to do so in the foreseeable future, and as such, the dividend yield has been estimated to be zero. • Expected Volatility. The expected volatility is determined with reference to historical stock volatilities of comparable guideline public companies over a period equivalent to the expected term of the award, as the Company does not have an extensive trading history for its common stock. • Expected Term. The expected term is the period of time for which the award is expected to be outstanding, assuming that it vests. We estimate the expected term for stock options using the simplified method, calculated as the midpoint between the requisite service period and the contractual term of the award. The simplified approach is applied as we do not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. For ESPP awards, the expected term is the time period from the grant date to the respective purchase dates included within each offering period. • Risk-Free Interest Rate. The risk-free rate is determined based on the U.S. Treasury Yield Curve with respect to the stock options' expected term. • Fair Value of Common Stock. Prior to the IPO, as the Company’s common stock was not yet publicly traded, the Company engaged a valuation specialist to estimate the fair value of its common stock. Subsequent to the IPO, the fair value of common stock is based on the closing price of the Company’s common stock. 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, were capitalized and recorded in prepaid expenses and other current assets on the condensed balance sheets prior to the IPO. After the IPO, all deferred offering costs were 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 (FASB) 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. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires enhanced disaggregation within the rate reconciliation table and disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. While the application of this guidance will result in enhanced disclosures, it is not expected to have a significant impact on the Company’s condensed financial statements. Other than the items noted above, there are no new accounting pronouncements not yet effective or adopted in the current year 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	9 Months Ended
	Sep. 30, 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 gift card purchases and sponsored user awards earned from watching an advertising video. The Company’s breakage is recorded as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue $ 3,258 $ 6,213 $ 10,888 $ 21,970 Cost of revenue 46 117 161 487 Sales and marketing 394 1,048 1,411 4,340 Total breakage $ 3,698 $ 7,378 $ 12,460 $ 26,797 The user redemption liability was $80.0 million and $84.5 million as of September 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Redemption revenue $ 84,485 $ 66,007 $ 226,425 $ 165,981 Ad & other revenue 14,136 19,280 42,449 54,382 Total revenue $ 98,621 $ 85,287 $ 268,874 $ 220,363 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 $4.8 million and $2.6 million as of September 30, 2024, and December 31, 2023, respectively. Revenue recognized from deferred revenue at the beginning of the year is as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue recognized $ 27 $ 58 $ 1,687 $ 2,524

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses	Accrued Expenses Accrued expenses consist of the following (in thousands): September 30, 2024 December 31, 2023 Accrued employee expenses $ 13,440 $ 18,156 Other accrued expenses 5,060 6,426 Total accrued expenses $ 18,500 $ 24,582

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following (in thousands): September 30, 2024 December 31, 2023 Convertible notes $ — $ 75,099 Revolving line of credit — — Total debt — 75,099 Less: unamortized debt discount — (10,440) Less: unamortized debt issuance costs — (211) Long-term debt, net $ — $ 64,448 The Company recognized interest expense as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Contractual interest expense $ 32 $ 1,168 $ 2,529 $ 3,465 Amortization of debt discount and issuance costs 7 834 1,036 2,475 Total interest expense $ 39 $ 2,002 $ 3,565 $ 5,940 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 Company determined that certain conversion provisions embedded in the convertible notes represented contingent exchange features that qualified 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 was 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 were recognized in other expense, net, in the condensed statements of operations. The debt discount was 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 the Company’s Class A common stock. The conversion was accounted for as a debt extinguishment, resulting in the recognition of a $9.6 million loss on extinguishment calculated as the difference between the fair value of the shares issued and the carrying value of the notes and the embedded derivative liability. Immediately prior to the extinguishment, a $1.4 million loss was recognized from the change in fair value of the embedded derivative liability. 2021 Credit Facility On November 3, 2021, the Company executed the Third Amended and Restated Loan and Security Agreement with Silicon Valley Bank, which consists of a $50.0 million revolving line of credit (2021 Credit Facility). In March 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. As a result of our IPO, the maturity date of the Amended 2021 Credit Facility can be extended to November 3, 2026. 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	9 Months Ended
	Sep. 30, 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): September 30, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 338,948 $ 338,948 $ — $ — Total assets $ 338,948 $ 338,948 $ — $ — 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 Company’s cash equivalents are held in money market funds, which are measured using quoted prices for identical assets in active markets and are therefore classified as Level 1 in the fair value hierarchy. As of December 31, 2023, the estimated fair value of the Company’s convertible notes was $95.4 million. Long-term debt is recorded at its carrying value in the condensed balance sheets, which may differ from its fair value. The fair value was estimated using Level 3 inputs in a Monte Carlo simulation. Convertible Notes Derivative Liability The convertible notes contained certain embedded features that were 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Fair value at beginning of period $ — $ 22,100 $ 25,400 $ 20,400 Change in fair value — 1,500 3,085 3,200 Settlement of derivative liability — — (28,485) — Fair value at end of period $ — $ 23,600 $ — $ 23,600 Concurrently upon closing of the IPO, the $75.1 million of convertible notes automatically converted into 1,177,087 shares of the Company’s Class A common stock, and the conversion was accounted for as a debt extinguishment. Immediately prior to the extinguishment, a $1.4 million loss was recognized from the change in fair value of the embedded derivative liability. 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 and Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Redeemable Convertible Preferred Stock and Stockholders' Equity	Redeemable Convertible Preferred Stock and Stockholders’ Equity On April 22, 2024, the Company closed its IPO, in which we issued and sold 2,500,000 shares of our Class A common stock at the IPO price. The Company received net proceeds of $198.0 million after deducting underwriting discounts and commissions of $13.2 million and offering costs of approximately $8.8 million. The Selling Stockholders offered an additional 4,060,700 shares of the Company’s 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 the Company’s 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, on April 22, 2024, the Company filed an amended and restated certificate of incorporation (Restated Certificate). Immediately prior to the effectiveness of the Restated Certificate, all 17,245,954 outstanding shares of redeemable convertible preferred stock automatically converted into an equal number of shares of the Company’s common stock, which were then reclassified into an equal number of shares of the Company’s Class A common stock. In connection with the filing of our Restated Certificate, 9,511,741 shares of the Company’s common stock were reclassified into an equal number of shares of the Company’s Class A common stock. Immediately following the effectiveness of the 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. Concurrently upon the closing of the IPO, the $75.1 million of convertible notes automatically converted into 1,177,087 shares of the Company’s Class A common stock. Upon the completion of the IPO and filing of the Restated Certificate, the Company’s authorized capital stock consists of 3,000,000,000 shares of the Company’s Class A common stock, par value $0.00001 per share, 350,000,000 shares of the Company’s Class B common stock, par value $0.00001 per share, and 100,000,000 shares of preferred stock, par value $0.00001 per share. Redeemable Convertible Preferred Stock As of September 30, 2024, there were no shares of redeemable convertible preferred stock issued and outstanding. Preferred Stock As of September 30, 2024, there were no shares of preferred stock issued or outstanding. Common Stock The rights of the holders of the Company’s Class A common stock and Class B common stock are identical, except with respect to voting and conversion. Each share of the Company’s Class A common stock is entitled to one vote per share and is not convertible into any other shares of the Company’s capital stock. Each share of the Company’s Class B common stock is entitled to 20 votes per share and is convertible at any time into one share of the Company’s Class A common stock. The Company had shares of common stock reserved for issuance as follows: September 30, 2024 December 31, 2023 Redeemable convertible preferred stock outstanding — 17,245,954 Stock options outstanding 3,688,752 4,516,612 Restricted stock units outstanding 1,148,327 — Restricted stock purchase 37,192 113,846 Common stock warrant 4,121,034 3,528,577 Remaining shares reserved for future issuances under equity incentive plans 4,271,356 569,736 Remaining shares reserved for future issuances under the 2024 Employee Stock Purchase Plan 715,000 — Total shares 13,981,661 25,974,725 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 is 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 are released monthly for the 36 months thereafter. As of September 30, 2024, $3.1 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 $0.3 million. As of December 31, 2023, $2.4 million had been released from the repurchase option and recorded to additional paid in capital, $0.8 million was recorded in other current liabilities, 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 were not met . In accordance with the non-discretionary anti-dilution provision, prior to the consummation 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. 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 1,648,413 of such shares after the anti-dilution adjustment) 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 were not met upon an initial public offering or other liquidity event (i.e., considered a market condition), 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) 10.0 10.0 The adjustment under the anti-dilution provision on April 22, 2024 represents a modification under ASC 718. The aggregate grant date fair value of the 592,457 additional shares granted under the anti-dilution provision is $37.2 million. T he fair value was determined based on a Black-Scholes option pricing valuation model with the following assumptions: Black-Scholes Option Pricing Model Risk-free interest rate 4.61 % Expected dividend yield — Expected volatility 65 % Expected term (in years) 7.1 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. In September 2023, the performance conditions required for vesting were deemed probable, and the Company began to recognize stock-based compensation expense. During the three and nine months ended September 30, 2023, we recognized stock-based compensation of $9.1 million in sales and marketing expense associated with the Walmart Warrant. During the three and nine months ended September 30, 2024, we recognized stock-based compensation of $2.2 million and $27.1 million, respectively, in sales and marketing expense associated with the Walmart Warrant. Included in the $27.1 million was a $17.5 million incremental expense adjustment for the anti-dilution provision modification upon IPO. All expense for the periods presented is related to the vesting of the service conditions. S tock-based compensation expense yet to be recognized related to the unvested portion of the Walmart Warrant is $32.3 million as of September 30, 2024 . This amount is expected to be recognized over a weighted average period of 4.0 years. Share Repurchase Program On August 22, 2024, the Company announced that its board of directors approved a share repurchase program, with authorization to purchase up to an aggregate of $100 million of the Company’s Class A common stock (Share Repurchase Program). The Share Repurchase Program has no expiration date. Repurchases under the Share Repurchase Program may be made from time to time through open market repurchases or through privately negotiated transactions subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (Exchange Act). The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of shares of its Class A common stock under this authorization. The Company is not obligated under the Share Repurchase Program to acquire any particular amount of Class A common stock, and the Company may terminate or suspend the Share Repurchase Program at any time. The timing and actual number of shares repurchased may depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. During the three months ended September 30, 2024 , the Company repurchased 274,902 shares of its Class A common stock for an aggregate repurchase amount of $15.7 million , inclusive of immaterial broker commissions and legal costs. Repurchases are reflected in treasury stock on the condensed balance sheets. As of September 30, 2024, $84.4 million remains available and authorized for repurchase under the Share Repurchase Program. Activity under the Share Repurchase Program is recognized in the condensed balance sheets on a trade-date basis.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 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 gift card purchases and sponsored user awards earned from watching an advertising video. The Company’s breakage is recorded as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue $ 3,258 $ 6,213 $ 10,888 $ 21,970 Cost of revenue 46 117 161 487 Sales and marketing 394 1,048 1,411 4,340 Total breakage $ 3,698 $ 7,378 $ 12,460 $ 26,797 The user redemption liability was $80.0 million and $84.5 million as of September 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Redemption revenue $ 84,485 $ 66,007 $ 226,425 $ 165,981 Ad & other revenue 14,136 19,280 42,449 54,382 Total revenue $ 98,621 $ 85,287 $ 268,874 $ 220,363 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 $4.8 million and $2.6 million as of September 30, 2024, and December 31, 2023, respectively. Revenue recognized from deferred revenue at the beginning of the year is as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue recognized $ 27 $ 58 $ 1,687 $ 2,524

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of revenue $ 476 $ 151 $ 999 $ 504 Sales and marketing (1) 4,347 9,627 34,777 10,749 Research and development 2,447 523 7,036 1,560 General and administrative 6,405 474 20,525 1,546 Total stock-based compensation expense $ 13,675 $ 10,775 $ 63,337 $ 14,359 _______________ (1) Sales and marketing includes common stock warrant expense of $2.2 million and $27.1 million recognized during the three and nine months ended September 30, 2024, respectively, and $9.1 million recognized during the three and nine months ended September 30, 2023. See Note 7 – R edeemable Convertible Preferred Stock and Stockholders’ Equity . The Company capitalized $0.3 million and $0.1 million of stock-based compensation expense to capitalized software development costs during the three and nine months ended September 30, 2024, respectively. The Company capitalized an immaterial amount of stock-based compensation expense to capitalized software development costs during the three and nine months ended September 30, 2023. Unrecognized stock-based compensation expense as of September 30, 2024 was $52.7 million for unvested restricted stock units and $11.7 million for unvested stock options and is expected to be recognized over a weighted average period of 3.2 years and 2.4 years, respectively. Equity Incentive Plan In April 2024, the Company’s board of directors approved the 2024 Equity Incentive Plan (2024 Plan), which became effective in connection with the IPO. 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. The 2011 Equity Incentive Plan (2011 Plan), which terminated effective immediately prior to the effectiveness of the 2024 Plan, provided for the grant of various stock awards to employees of the Company, including incentive stock options, nonqualified stock options, and RSUs. As of September 30, 2024, the maximum number of shares of the Company’s Class A common stock that may be issued under the 2024 Plan is equal to 4,550,353 shares. The number of shares available for issuance will automatically increase on the first day of each fiscal year of the Company, beginning on January 1, 2025, in an amount equal to the least of (i) 5,400,000 shares, (ii) 5% of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding fiscal year, or (iii) such number of shares determined by the Administrator no later than the last day of the immediately preceding fiscal year. Stock Options The Company’s option awards typically vest over a three A summary of option activity for the nine months ended September 30, 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 7.5 $ 75,915 Granted 184,148 31.15 Exercised (678,582) 11.28 Forfeited or expired (333,426) 16.94 Options outstanding as of September 30, 2024 3,688,752 $ 15.51 6.7 $ 170,057 Options vested and exercisable as of September 30, 2024 2,513,078 $ 14.05 6.1 $ 119,523 The total intrinsic value of stock options exercised during the nine months ended September 30, 2024 was $34.3 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. As a result of the IPO, the liquidity event condition associated with these stock options was satisfied as of the effectiveness of the registration statement on Form S-1 under the Securities Act on April 17, 2024. Upon the IPO, we recognized an $11.4 million cumulative stock-based compensation expense adjustment using the accelerated attribution method associated with the stock options for which the portion of the service period had been satisfied and vested through achievement of the liquidity event condition upon the IPO. Prior to the IPO, no stock-based compensation expense was recognized for these stock options as the liquidity event condition was not probable. Restricted Stock Units A summary of RSU activity for the nine months ended September 30, 2024, is as follows: RSUs Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 — $ — Granted 1,229,226 61.65 Vested (9,474) 64.58 Forfeited or expired (71,425) 71.82 Unvested and outstanding as of September 30, 2024 1,148,327 $ 60.99 Prior to and in connection with the IPO, the Company granted RSUs to employees and executives that vest upon the satisfaction of both a service condition and a liquidity event condition (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. 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. Upon the IPO, we recognized a $2.6 million cumulative stock-based compensation expense adjustment using the accelerated attribution method associated with the double-trigger awards for which the portion of the service period had been satisfied. The double-trigger awards are expected to begin vesting on December 1, 2024, which is the first quarterly vest date after the expiration of the lock-up period following the completion of the IPO. The vesting of certain double-trigger awards was accelerated prior to December 1, 2024 related to terminations. RSUs granted after the IPO are subject to a service-based vesting condition only, which is typically a three CEO Performance-Based RSU On April 17, 2024, the Company issued a performance-based RSU award to the CEO (CEO PRSU). The CEO PRSU awards a target number of RSUs to the CEO, totaling 125,216 RSUs, that become eligible to vest based on 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 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. The award is subject to the CEO’s continued service to the Company, and the TSR condition is a market condition. In addition, the CEO PRSU is subject to acceleration upon a change in control. The Company estimated the fair value of the CEO PRSU on the April 17, 2024 issuance date using a Monte Carlo simulation that incorporates the probability of achievement of the market condition, resulting in an aggregate grant date fair value of $14.3 million. The key assumptions used include a risk-free rate of 4.76%, an expected volatility of approximately 57%, and an expected term of 2.7 years. During the three and nine months ended September 30, 2024, we recognized $1.3 million and $2.4 million of stock-based compensation expense related to the CEO PRSU, respectively. Employee Stock Purchase Plan (ESPP) In April 2024, the Company’s board of directors approved the 2024 ESPP, which became effective in connection with the IPO. Initially, there are 715,000 shares of the Company’s Class A common stock reserved for issuance under the ESPP. The number of shares available for issuance will automatically increase on the first day of each fiscal year of the Company, beginning on January 1, 2025, in an amount equal to the least of (i) 1,100,000 shares of Class A common stock, (ii) 1% of the outstanding shares of all classes of the Company’s common stock on the last day of the immediately preceding fiscal year, or (iii) an amount determined by the board of directors. The ESPP allows eligible employees to purchase shares of the Company’s Class A common stock at a discounted price per share through payroll deductions over consecutive offering periods that are approximately six months in length. Each offering period has a single purchase period of the same duration. The offering periods will generally start on the first trading day on or after May 15 and November 15 each year and end on the first trading day on or after the following November 15 and May 15, respectively. The per share purchase price is equal to 85% of the lesser of the fair market value of a share of the Company’s Class A common stock on (i) the first trading date of the offering period or (ii) the last trading day of the offering period.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 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. During the three and nine months ended September 30, 2024, the Company recorded an income tax provision of $7.9 million and $14.9 million, respectively, resulting in an effective tax rate of 31.4% and 199.1%, respectively. These effective tax rates differ from the U.S. federal statutory rate primarily due to the impact of nondeductible items, including certain executive compensation costs, stock based compensation, and the tax expense related to uncertain tax positions; partially offset by the benefit of research and development tax credits. During the three and nine months ended September 30, 2023 the Company recorded an income tax benefit of $0.6 million and an income tax provision of $2.2 million, respectively, resulting in an effective tax rate of (7.8)% and 10.3%, respectively. These effective tax rates differ from the U.S. federal statutory rate primarily due to the effects of the valuation allowance and state and local taxes. The Internal Revenue Service (IRS) is currently auditing our consolidated U.S. income tax return for 2021.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Following the IPO, the Company has two series of common stock, Class A common stock and Class B common stock. The rights of the holders of the Company’s Class A common stock and Class B common stock are identical, except with respect to voting and conversion. As the liquidation and dividend rights are identical, basic and diluted net income (loss) per share are the same for Class A common stock and Class B common stock. Basic and diluted net income (loss) per share is calculated as follows (in thousands, except share and per share amounts): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 17,239 $ 8,413 $ (7,430) $ 19,471 Denominator: Weighted average shares of common stock outstanding, basic 30,663,263 8,960,311 21,909,949 8,887,966 Plus: dilutive effect of stock options 2,685,989 624,259 — 495,474 Plus: dilutive effect of RSUs 218,237 — — — Plus: dilutive effect of redeemable convertible preferred stock — 17,245,954 — 17,245,954 Weighted average common shares outstanding, diluted 33,567,489 26,830,524 21,909,949 26,629,394 Net income (loss) per share, basic $ 0.56 $ 0.94 $ (0.34) $ 2.19 Net income (loss) per share, diluted $ 0.51 $ 0.31 $ (0.34) $ 0.73 As the Company incurred a net loss during the nine months ended September 30, 2024, basic net loss per share is equivalent to diluted net loss per share as the inclusion of all potentially dilutive securities outstanding would have been antidilutive. The following potentially dilutive common shares, presented based on amounts outstanding, were excluded from the computation of diluted net income (loss) per share because their effect would have been antidilutive 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock options — 3,191,922 3,688,752 3,791,773 RSUs 699,644 — 1,148,327 — ESPP 56,353 — 56,353 — Unvested shares of restricted stock purchase 37,192 139,398 37,192 164,949 Common stock warrant 4,121,034 3,851,194 4,121,034 3,847,502 Total shares excluded from diluted net income (loss) per share 4,914,223 7,182,514 9,051,658 7,804,224 Potentially dilutive common shares with respect to the convertible notes are not presented in the table above. The shares are excluded as of September 30, 2023 because no conditions required for conversion had occurred, and as of September 30, 2024 because the shares are included in the calculation of basic net income (loss) per share because the convertible notes converted into shares of the Company’s Class A common stock as part of the IPO.

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 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, P.C. (Wilson Sonsini), which serves as outside corporate counsel to the Company. During the nine months ended September 30, 2024 and 2023, the Company spent $3.5 million and $0.8 million, respectively, with Wilson Sonsini. During the three months ended September 30, 2024 and 2023, the Company spent $0.7 million and $0.5 million, respectively, with Wilson Sonsini. Amounts payable to Wilson Sonsini were $0.9 million as of September 30, 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.

Commitment and Contingencies

Commitment and Contingencies	9 Months Ended
	Sep. 30, 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 $0.4 million as of September 30, 2024 in conjunction with leased real estate. As of September 30, 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 judgment 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 September 30, 2024, tax reserves were immaterial. As of December 31, 2023, tax reserves were $0.6 million. 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. Third-Party Publisher Commitments The Company has minimum commitments with certain third-party publishers. These commitments may be structured as a minimum revenue share or guaranteed minimum payments, which are recognized within cost of revenue on our condensed statements of operations. Certain commitments also include variable components subject to performance conditions. During the three and nine months ended September 30, 2024, we recognized minimum commitments of $1.0 million and $2.0 million, respectively, within cost of revenue. As of September 30, 2024, the fixed portion of the remaining minimum commitments are as follows: Fiscal Year In thousands Remainder of 2024 1,000 2025 26,000 2026 26,000 2027 26,000 2028 23,000 Thereafter 38,500 Total $ 140,500

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated subsequent events through November 13, 2024, the date the accompanying condensed financial statements were available to be issued. There were no significant subsequent events identified.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 17,239	$ (33,966)	$ 9,297	$ 8,413	$ 15,341	$ (4,283)	$ (7,430)	$ 19,471

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Marisa Daspit [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 27, 2024, Marisa Daspit, our Chief People Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 63,298 shares of our Class A common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until August 29, 2025, or earlier if all transactions under the trading arrangement are completed.
Name	Marisa Daspit
Title	Chief People Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 27, 2024
Expiration Date	August 29, 2025
Arrangement Duration	367 days
Aggregate Available	63,298	63,298

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 (Securities Act). Certain prior year amounts have been reclassified to reflect to the current year presentation. 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, stock-based compensation, allowance for credit losses, income taxes and associated valuation allowances, leases, 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, and the Company earns a fee per redemption. The Company recognizes revenue from redemption campaign customers as fees are earned, net of awards to consumers, as the Company acts as the agent to the Company's customers in the facilitation of the sale to the consumer. 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 gift card purchases and sponsored user awards earned from watching an advertising video.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation for equity awards, including stock options, restricted stock units (RSUs), and awards granted under the Company’s employee stock purchase plan, or ESPP, is measured based on the grant date fair value of the award. For awards with service conditions only, the Company recognizes compensation expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally four years. For awards with both service and performance conditions, the Company recognizes compensation expense, net of actual forfeitures, under the accelerated attribution method when performance conditions are considered probable of being achieved. The fair value of RSUs with only service or performance conditions is equal to the fair value of the underlying common stock at the date of grant. For RSUs with market-based conditions, the Company determines the grant date fair value utilizing a Monte Carlo simulation, which incorporates the probability of achievement of the market-based condition. The fair value of stock options and ESPP awards is estimated on the grant date using the Black-Scholes option-pricing model. The Company’s use of the valuation models requires the input of subjective assumptions. The assumptions used in the Company’s valuation models represent management’s best estimates, which involve inherent uncertainties and the application of management’s judgment. These assumptions and estimates are as follows: • Expected Dividend Rate. The expected dividend assumption is based on the Company’s history and expectation of dividend payouts. The Company has not paid dividends and does not expect to do so in the foreseeable future, and as such, the dividend yield has been estimated to be zero. • Expected Volatility. The expected volatility is determined with reference to historical stock volatilities of comparable guideline public companies over a period equivalent to the expected term of the award, as the Company does not have an extensive trading history for its common stock. • Expected Term. The expected term is the period of time for which the award is expected to be outstanding, assuming that it vests. We estimate the expected term for stock options using the simplified method, calculated as the midpoint between the requisite service period and the contractual term of the award. The simplified approach is applied as we do not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. For ESPP awards, the expected term is the time period from the grant date to the respective purchase dates included within each offering period. • Risk-Free Interest Rate. The risk-free rate is determined based on the U.S. Treasury Yield Curve with respect to the stock options' expected term. • Fair Value of Common Stock.
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, were capitalized and recorded in prepaid expenses and other current assets on the condensed balance sheets prior to the IPO. After the IPO, all deferred offering costs were 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 (FASB) 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. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires enhanced disaggregation within the rate reconciliation table and disaggregation of income taxes paid by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. While the application of this guidance will result in enhanced disclosures, it is not expected to have a significant impact on the Company’s condensed financial statements. Other than the items noted above, there are no new accounting pronouncements not yet effective or adopted in the current year 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)	9 Months Ended
	Sep. 30, 2024
Disaggregation of Revenue [Abstract]
Schedule of Company's Breakage	The Company’s breakage is recorded as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue $ 3,258 $ 6,213 $ 10,888 $ 21,970 Cost of revenue 46 117 161 487 Sales and marketing 394 1,048 1,411 4,340 Total breakage $ 3,698 $ 7,378 $ 12,460 $ 26,797

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses consist of the following (in thousands): September 30, 2024 December 31, 2023 Accrued employee expenses $ 13,440 $ 18,156 Other accrued expenses 5,060 6,426 Total accrued expenses $ 18,500 $ 24,582

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt Instruments	Long-term debt consists of the following (in thousands): September 30, 2024 December 31, 2023 Convertible notes $ — $ 75,099 Revolving line of credit — — Total debt — 75,099 Less: unamortized debt discount — (10,440) Less: unamortized debt issuance costs — (211) Long-term debt, net $ — $ 64,448
Interest Income and Interest Expense Disclosure	The Company recognized interest expense as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Contractual interest expense $ 32 $ 1,168 $ 2,529 $ 3,465 Amortization of debt discount and issuance costs 7 834 1,036 2,475 Total interest expense $ 39 $ 2,002 $ 3,565 $ 5,940

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2024 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 338,948 $ 338,948 $ — $ — Total assets $ 338,948 $ 338,948 $ — $ — 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Fair value at beginning of period $ — $ 22,100 $ 25,400 $ 20,400 Change in fair value — 1,500 3,085 3,200 Settlement of derivative liability — — (28,485) — Fair value at end of period $ — $ 23,600 $ — $ 23,600

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock and Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule Of Common Stock Reserved For Future Issuance	The Company had shares of common stock reserved for issuance as follows: September 30, 2024 December 31, 2023 Redeemable convertible preferred stock outstanding — 17,245,954 Stock options outstanding 3,688,752 4,516,612 Restricted stock units outstanding 1,148,327 — Restricted stock purchase 37,192 113,846 Common stock warrant 4,121,034 3,528,577 Remaining shares reserved for future issuances under equity incentive plans 4,271,356 569,736 Remaining shares reserved for future issuances under the 2024 Employee Stock Purchase Plan 715,000 — Total shares 13,981,661 25,974,725
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 were not met upon an initial public offering or other liquidity event (i.e., considered a market condition), 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) 10.0 10.0 he fair value was determined based on a Black-Scholes option pricing valuation model with the following assumptions: Black-Scholes Option Pricing Model Risk-free interest rate 4.61 % Expected dividend yield — Expected volatility 65 % Expected term (in years) 7.1

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Redemption revenue $ 84,485 $ 66,007 $ 226,425 $ 165,981 Ad & other revenue 14,136 19,280 42,449 54,382 Total revenue $ 98,621 $ 85,287 $ 268,874 $ 220,363
Contract with Customer, Contract Asset, Contract Liability, and Receivable	Revenue recognized from deferred revenue at the beginning of the year is as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Revenue recognized $ 27 $ 58 $ 1,687 $ 2,524

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of revenue $ 476 $ 151 $ 999 $ 504 Sales and marketing (1) 4,347 9,627 34,777 10,749 Research and development 2,447 523 7,036 1,560 General and administrative 6,405 474 20,525 1,546 Total stock-based compensation expense $ 13,675 $ 10,775 $ 63,337 $ 14,359 _______________ (1) Sales and marketing includes common stock warrant expense of $2.2 million and $27.1 million recognized during the three and nine months ended September 30, 2024, respectively, and $9.1 million recognized during the three and nine months ended September 30, 2023. See Note 7 – R edeemable Convertible Preferred Stock and Stockholders’ Equity
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	A summary of option activity for the nine months ended September 30, 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 7.5 $ 75,915 Granted 184,148 31.15 Exercised (678,582) 11.28 Forfeited or expired (333,426) 16.94 Options outstanding as of September 30, 2024 3,688,752 $ 15.51 6.7 $ 170,057 Options vested and exercisable as of September 30, 2024 2,513,078 $ 14.05 6.1 $ 119,523 A summary of RSU activity for the nine months ended September 30, 2024, is as follows: RSUs Weighted Average Grant Date Fair Value per Share Unvested and outstanding as of December 31, 2023 — $ — Granted 1,229,226 61.65 Vested (9,474) 64.58 Forfeited or expired (71,425) 71.82 Unvested and outstanding as of September 30, 2024 1,148,327 $ 60.99

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 17,239 $ 8,413 $ (7,430) $ 19,471 Denominator: Weighted average shares of common stock outstanding, basic 30,663,263 8,960,311 21,909,949 8,887,966 Plus: dilutive effect of stock options 2,685,989 624,259 — 495,474 Plus: dilutive effect of RSUs 218,237 — — — Plus: dilutive effect of redeemable convertible preferred stock — 17,245,954 — 17,245,954 Weighted average common shares outstanding, diluted 33,567,489 26,830,524 21,909,949 26,629,394 Net income (loss) per share, basic $ 0.56 $ 0.94 $ (0.34) $ 2.19 Net income (loss) per share, diluted $ 0.51 $ 0.31 $ (0.34) $ 0.73
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following potentially dilutive common shares, presented based on amounts outstanding, were excluded from the computation of diluted net income (loss) per share because their effect would have been antidilutive 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock options — 3,191,922 3,688,752 3,791,773 RSUs 699,644 — 1,148,327 — ESPP 56,353 — 56,353 — Unvested shares of restricted stock purchase 37,192 139,398 37,192 164,949 Common stock warrant 4,121,034 3,851,194 4,121,034 3,847,502 Total shares excluded from diluted net income (loss) per share 4,914,223 7,182,514 9,051,658 7,804,224

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	As of September 30, 2024, the fixed portion of the remaining minimum commitments are as follows: Fiscal Year In thousands Remainder of 2024 1,000 2025 26,000 2026 26,000 2027 26,000 2028 23,000 Thereafter 38,500 Total $ 140,500

Nature of Operations (Details)

Nature of Operations (Details) - USD ($)			3 Months Ended		9 Months Ended
	Apr. 25, 2024	Apr. 22, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsidiary, Sale of Stock [Line Items]
Sale of stock (in dollars per share)		$ 88
Underwriting discounts and commissions		$ 13,200,000
Offering costs					$ 5,972,000	$ 4,000
Long-term debt, gross		$ 75,100,000	$ 0		0		$ 75,099,000
Conversion of convertible securities		17,245,954
Total stock-based compensation expense		$ 14,000,000	13,675,000	$ 10,775,000	63,337,000	$ 14,359,000
Common stock warrant
Subsidiary, Sale of Stock [Line Items]
Total stock-based compensation expense		$ 17,500,000
Convertible notes
Subsidiary, Sale of Stock [Line Items]
Long-term debt, gross			$ 0		$ 0		$ 75,099,000
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
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
Conversion of Convertible Debt | Common Class A
Subsidiary, Sale of Stock [Line Items]
Common stock reclassified (in shares)		1,177,087
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)
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
Convertible notes
Subsidiary, Sale of Stock [Line Items]
Long-term debt, gross		$ 75,100,000
Common stock warrant
Subsidiary, Sale of Stock [Line Items]
Antidilutive increase in warrants outstanding (in shares)		592,457
IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued in transaction (in shares)		2,500,000
Sale of stock, proceeds received, net		$ 198,000,000
Offering costs		$ 8,800,000
Secondary Offering
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
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)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Reporting segments	1
Operating segments	1
Service period	4 years

User Redemption Liability Ext_3

User Redemption Liability Extinguishment - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 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	$ 80,032,000	$ 84,531,000

User Redemption Liability Ext_4

User Redemption Liability Extinguishment - Schedule of Company's Breakage (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 98,621	$ 85,287	$ 268,874	$ 220,363
Breakage
Disaggregation of Revenue [Line Items]
Total revenue	3,698	7,378	12,460	26,797
Revenue | Breakage
Disaggregation of Revenue [Line Items]
Total revenue	3,258	6,213	10,888	21,970
Cost of revenue | Breakage
Disaggregation of Revenue [Line Items]
Total revenue	46	117	161	487
Sales and marketing | Breakage
Disaggregation of Revenue [Line Items]
Total revenue	$ 394	$ 1,048	$ 1,411	$ 4,340

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued employee expenses	$ 13,440	$ 18,156
Other accrued expenses	5,060	6,426
Accrued expenses	$ 18,500	$ 24,582

Long-Term Debt - Schedule of Lo

Long-Term Debt - Schedule of Long-Term Debt Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Apr. 22, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	$ 0	$ 75,100	$ 75,099
Less: unamortized debt discount	0		(10,440)
Less: unamortized debt issuance costs	0		(211)
Long-term debt, net	0		64,448
Convertible notes
Debt Instrument [Line Items]
Long-term debt, gross	0		75,099
Revolving line of credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0		$ 0

Long-Term Debt - Interest Expen

Long-Term Debt - Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Disclosure [Abstract]
Contractual interest expense	$ 32	$ 1,168	$ 2,529	$ 3,465
Amortization of debt discount and issuance costs	7	834	1,036	2,475
Total interest expense	$ 39	$ 2,002	$ 3,565	$ 5,940

Long-Term Debt - Convertible No

Long-Term Debt - Convertible Notes (Details) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Apr. 22, 2024	Mar. 24, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 9,600		$ 0	$ 0	$ 9,630	$ 0
Loss, change in fair value	$ 1,400
Conversion of Convertible Debt | Common Class A
Debt Instrument [Line Items]
Common stock reclassified (in shares)	1,177,087
Convertible Notes Derivative Liability
Debt Instrument [Line Items]
Fair value		$ 16,100
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%

Long-Term Debt - 2021 Credit Fa

Long-Term Debt - 2021 Credit Facility (Details) - Revolving Credit Facility - Silicon Valley Bank - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Nov. 03, 2021
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.25%
Covenant ratio	150%
Minimum | Base Rate | Variable Rate Component One
Line of Credit Facility [Line Items]
Interest rate		2.25%
Minimum | Prime Rate | Variable Rate Component Two
Line of Credit Facility [Line Items]
Interest rate		0.25%
Maximum | Base Rate | Variable Rate Component One
Line of Credit Facility [Line Items]
Interest rate		3%
Maximum | Prime Rate | Variable Rate Component Two
Line of Credit Facility [Line Items]
Interest rate		1%
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	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash equivalents	$ 338,948	$ 57,890
Total assets	338,948	57,890
Liabilities:
Convertible notes derivative liability		25,400
Total liabilities		25,400
Level 1
Assets:
Cash equivalents	338,948	57,890
Total assets	338,948	57,890
Liabilities:
Convertible notes derivative liability		0
Total liabilities		0
Level 2
Assets:
Cash equivalents	0	0
Total assets	0	0
Liabilities:
Convertible notes derivative liability		0
Total liabilities		0
Level 3
Assets:
Cash equivalents	0	0
Total assets	$ 0	0
Liabilities:
Convertible notes derivative liability		25,400
Total liabilities		$ 25,400

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)			3 Months Ended		9 Months Ended		60 Months Ended
	Apr. 22, 2024	Jul. 02, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 75,100,000		$ 0		$ 0			$ 75,099,000
Loss, change in fair value	1,400,000
Shares acquired (in shares)		628,930
Cash consideration		$ 800,000
Equity method investment, adjustment			0	$ 0	0	$ 0
Positive cumulative adjustment of equity investments							$ 8,300,000
Negative cumulative adjustment of equity investments							$ 4,500,000
Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross	$ 75,100,000
Conversion of Convertible Debt | Common Class A
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Common stock reclassified (in shares)	1,177,087
Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt, gross			$ 0		$ 0			75,099,000
Level 3 | Convertible Notes Payable
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term debt								$ 95,400,000

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Derivative liability, beginning balance	$ 0	$ 22,100	$ 25,400	$ 20,400
Change in fair value	0	1,500	3,085	3,200
Settlement of derivative liability	0	0	(28,485)	0
Derivative liability, ending balance	$ 0	$ 23,600	$ 0	$ 23,600

Redeemable Convertible Prefer_3

Redeemable Convertible Preferred Stock and Stockholders' Equity - Narrative (Details)				3 Months Ended		6 Months Ended	9 Months Ended		38 Months Ended
	Apr. 25, 2024 shares	Apr. 22, 2024 USD ($) $ / shares shares	Feb. 09, 2021 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Jun. 30, 2024 USD ($) shares	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) shares	Mar. 31, 2024 USD ($) shares	Aug. 22, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2023 shares	Mar. 31, 2023 shares	Dec. 31, 2022 shares	May 17, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Underwriting discounts and commissions		$ 13,200,000
Offering costs							$ 5,972,000	$ 4,000
Redeemable convertible preferred stock, shares authorized (in shares) | shares		17,245,954		0			0				17,245,954
Long-term debt, gross		$ 75,100,000		$ 0			$ 0				$ 75,099,000
Common stock, shares authorized (in shares) | shares				0			0				40,000,000
Common stock, par value (in usd per share) | $ / shares				$ 0.00001			$ 0.00001				$ 0.00001
Preferred stock, shares authorized (in shares) | shares				100,000,000			100,000,000				0
Redeemable convertible preferred stock, par value (in usd per share)				$ 0.00001			$ 0.00001				$ 0.00001
Redeemable convertible preferred stock, shares issued (in shares) | shares				0			0				17,245,954
Redeemable convertible preferred stock, shares outstanding (in shares) | shares				0	17,245,954	0	0	17,245,954	17,245,954		17,245,954	17,245,954	17,245,954	17,245,954
Preferred stock, shares issued (in shares) | shares				0			0				0
Preferred stock, shares outstanding (in shares) | shares				0			0				0
Additional paid in capital, restricted share purchase									$ 3,100,000
Other current liabilities				$ 3,596,000			$ 3,596,000				$ 4,317,000
Other long-term liabilities				8,836,000			8,836,000				3,864,000
Warrants, exercise price (in dollars per share) | $ / shares															$ 70.12
Warrants, increase in number of shares exercisable, percent		12.40%
Warrants outstanding															$ 35,300,000
Stock-based compensation expense		$ 14,000,000		13,675,000	$ 10,775,000		63,337,000	$ 14,359,000
Stock-based compensation expense yet to be recognized				52,700,000			52,700,000
Authorized amount										$ 100,000,000
Repurchase of common stock				15,687,000
IPO
Class of Stock [Line Items]
Shares issued in transaction (in shares) | shares		2,500,000
Sale of stock, proceeds received, net		$ 198,000,000
Offering costs		$ 8,800,000
Common stock, par value (in usd per share) | $ / shares		$ 0.00001
Preferred stock, shares authorized (in shares) | shares		100,000,000
Redeemable convertible preferred stock, par value (in usd per share)		$ 0.00001
Secondary Offering
Class of Stock [Line Items]
Shares issued in transaction (in shares) | shares		4,060,700
Sale of stock, proceeds received, net		$ 0
Over-Allotment Option
Class of Stock [Line Items]
Shares issued in transaction (in shares) | shares	984,105
Convertible notes
Class of Stock [Line Items]
Long-term debt, gross				0			0				75,099,000
Convertible notes
Class of Stock [Line Items]
Long-term debt, gross		$ 75,100,000
Common stock warrant
Class of Stock [Line Items]
Warrants (in shares) | shares		4,121,034													3,528,577
Antidilutive increase in warrants outstanding (in shares) | shares		592,457
Warrants outstanding		$ 37,200,000
Warrants, Performance Conditions
Class of Stock [Line Items]
Warrants (in shares) | shares															1,648,413
Sales and marketing
Class of Stock [Line Items]
Stock-based compensation expense				4,347,000	9,627,000		34,777,000	10,749,000
Restricted stock purchase | Officer
Class of Stock [Line Items]
Granted (in shares) | shares			408,824
Granted, weighted average grant date fair value, as of beginning of period (in usd per share) | $ / shares			$ 8.30
Restricted stock purchase, authorized amount			$ 3,400,000
Vesting period			1 year
Restricted Stock Purchase
Class of Stock [Line Items]
Additional paid in capital, restricted share purchase						$ 2,400,000
Other current liabilities				300,000			300,000				$ 800,000
Other long-term liabilities				200,000			200,000
Warrants, Performance Conditions | Share-Based Payment Arrangement, Nonemployee
Class of Stock [Line Items]
Stock-based compensation expense yet to be recognized				$ 32,300,000			32,300,000
Stock-based compensation yet to be recognized, weighted average period				4 years
Warrants, Performance Conditions | Sales and marketing | Share-Based Payment Arrangement, Nonemployee
Class of Stock [Line Items]
Stock-based compensation expense				$ 2,200,000	$ 9,100,000		$ 27,100,000	$ 9,100,000
Common stock warrant
Class of Stock [Line Items]
Stock-based compensation expense		$ 17,500,000
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
Common Class A
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares				3,000,000,000			3,000,000,000				0
Common stock, par value (in usd per share) | $ / shares				$ 0.00001			$ 0.00001				$ 0.00001
Repurchase of common stock (in shares) | shares				274,902
Repurchase of common stock				$ 15,700,000
Remaining amount authorized				$ 84,400,000			$ 84,400,000
Common Class A | IPO
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares		3,000,000,000
Common Class A | Common Stock Converted to Class A Common Stock
Class of Stock [Line Items]
Common stock reclassified (in shares) | shares		9,511,741
Common Class A | Conversion of Class A Common Stock To Class B Common Stock
Class of Stock [Line Items]
Common stock, shares exchanged (in shares) | shares		(3,668,427)
Common Class A | Conversion of Convertible Debt
Class of Stock [Line Items]
Common stock reclassified (in shares) | shares		1,177,087
Common Class B
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares				350,000,000			350,000,000				0
Common stock, par value (in usd per share) | $ / shares				$ 0.00001			$ 0.00001				$ 0.00001
Common stock, votes per share (votes)		20
Common Class B | IPO
Class of Stock [Line Items]
Common stock, shares authorized (in shares) | shares		350,000,000
Common Class B | Conversion of Class A Common Stock To Class B Common Stock
Class of Stock [Line Items]
Common stock, shares exchanged (in shares) | shares		3,668,427

Redeemable Convertible Prefer_4

Redeemable Convertible Preferred Stock and Stockholders' Equity - Schedule of Common Stock Reserved For Future Issuance (Details) - shares	Sep. 30, 2024	Apr. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Total shares (in shares)	13,981,661		25,974,725
Equity Incentive Plan
Class of Stock [Line Items]
Authorized amount (in shares)	4,271,356		569,736
ESPP
Class of Stock [Line Items]
Total shares (in shares)		715,000
Authorized amount (in shares)	715,000		0
Redeemable convertible preferred stock outstanding
Class of Stock [Line Items]
Total shares (in shares)	0		17,245,954
Stock options
Class of Stock [Line Items]
Total shares (in shares)	3,688,752		4,516,612
Restricted stock units outstanding
Class of Stock [Line Items]
Total shares (in shares)	1,148,327		0
Restricted stock purchase
Class of Stock [Line Items]
Total shares (in shares)	37,192		113,846
Common stock warrant
Class of Stock [Line Items]
Total shares (in shares)	4,121,034		3,528,577

Redeemable Convertible Prefer_5

Redeemable Convertible Preferred Stock and Stockholders' Equity - Fair Value Measurement Inputs and Valuation Techniques (Details)	Apr. 22, 2024 yr	May 17, 2021
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	0.0461	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	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	0.65	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	7,100
Warrants, measurement input, term		10 years
Expected term (in years) | Monte Carlo Simulation
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants, measurement input, term		10 years

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 98,621	$ 85,287	$ 268,874	$ 220,363
Redemption revenue
Disaggregation of Revenue [Line Items]
Total revenue	84,485	66,007	226,425	165,981
Ad & other revenue
Disaggregation of Revenue [Line Items]
Total revenue	$ 14,136	$ 19,280	$ 42,449	$ 54,382

Revenue from Contracts with C_4

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue recognized	$ 27	$ 58	$ 1,687	$ 2,524

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Deferred Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 27	$ 58	$ 1,687	$ 2,524

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 22, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
RSUs
Total stock-based compensation expense	$ 14,000	$ 13,675	$ 10,775	$ 63,337	$ 14,359
Common stock warrant
RSUs
Total stock-based compensation expense	$ 17,500
Cost of revenue
RSUs
Total stock-based compensation expense		476	151	999	504
Sales and marketing
RSUs
Total stock-based compensation expense		4,347	9,627	34,777	10,749
Sales and marketing | Warrants, Performance Conditions | Share-Based Payment Arrangement, Nonemployee
RSUs
Total stock-based compensation expense		2,200	9,100	27,100	9,100
Research and development
RSUs
Total stock-based compensation expense		2,447	523	7,036	1,560
General and administrative
RSUs
Total stock-based compensation expense		$ 6,405	$ 474	$ 20,525	$ 1,546

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-Based Compensation Expense - Narrative (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
RSUs
Stock-based compensation expense capitalized	$ 0.3	$ 0.1
Stock-based compensation expense yet to be recognized	52.7	52.7
Stock-based compensation expense yet to be recognized, option	$ 11.7	$ 11.7
Restricted stock units outstanding
RSUs
Stock-based compensation yet to be recognized, weighted average period		3 years 2 months 12 days
Stock options
RSUs
Stock-based compensation yet to be recognized, weighted average period		2 years 4 months 24 days

Stock-Based Compensation - Equi

Stock-Based Compensation - Equity Incentive Plan (Details)			1 Months Ended	3 Months Ended		9 Months Ended		33 Months Ended
	Apr. 22, 2024 USD ($)	Apr. 17, 2024 USD ($) shares	Mar. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Apr. 16, 2024 USD ($)	May 17, 2021
RSUs
Intrinsic value						$ 34,300,000
Total stock-based compensation expense	$ 14,000,000			$ 13,675,000	$ 10,775,000	$ 63,337,000	$ 14,359,000
Monte Carlo Simulation | Risk-free interest rate
RSUs
Warrants, measurement input									0.0164
Restricted stock units outstanding
RSUs
Vesting period						4 years
Granted (in shares) | shares						1,229,226
Restricted stock units outstanding | Chief Executive Officer
RSUs
Granted (in shares) | shares		125,216
Total stock-based compensation expense				$ 1,300,000		$ 2,400,000
Restricted stock units outstanding | Chief Executive Officer | Monte Carlo Simulation
RSUs
Aggregate grant date fair value		$ 14,300,000
Restricted stock units outstanding | Chief Executive Officer | Monte Carlo Simulation | Risk-free interest rate
RSUs
Warrants, measurement input		0.0476
Restricted stock units outstanding | Chief Executive Officer | Monte Carlo Simulation | Expected volatility
RSUs
Warrants, measurement input		0.57
Restricted stock units outstanding | Chief Executive Officer | Monte Carlo Simulation | Expected term (in years)
RSUs
Warrants, measurement input		2.7
Stock options
RSUs
Vesting period						4 years
Expiration period						10 years
Intrinsic value			$ 3,000,000
Total stock-based compensation expense		$ 11,400,000						$ 0
Stock options | Chief Executive Officer
RSUs
Vesting period						1 year
Restricted Stock Units, Double Trigger Awards
RSUs
Cumulative stock-based compensation expense adjustment		$ 2,600,000
Minimum | Monte Carlo Simulation | Expected volatility
RSUs
Warrants, measurement input									0.50
Minimum | Restricted stock units outstanding
RSUs
Vesting period						3 years
Minimum | Restricted stock units outstanding | Chief Executive Officer
RSUs
Award vesting percentage		0%
Minimum | Stock options
RSUs
Vesting period						3 years
Maximum | Monte Carlo Simulation | Expected volatility
RSUs
Warrants, measurement input									0.65
Maximum | Restricted stock units outstanding
RSUs
Vesting period						4 years
Maximum | Restricted stock units outstanding | Chief Executive Officer
RSUs
Award vesting percentage		200%
Maximum | Stock options
RSUs
Vesting period						4 years
Equity Incentive Plan
RSUs
Authorized amount (in shares) | shares				4,550,353		4,550,353
Increase in shares authorized to be issued (in shares) | shares						5,400,000
Percentage of outstanding shares						0.05

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Options
Options outstanding, beginning balance (in shares)	4,516,612	4,516,612
Granted (in shares)		184,148
Exercised (in shares)		(678,582)
Forfeited or expired (in shares)		(333,426)
Options outstanding, ending balance (in shares)		3,688,752
Weighted Average Exercise Price
Options outstanding, weighted average exercise price per share. beginning balance (in usd per share)	$ 14.34	$ 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)		11.28
Options forfeited or expired, weighted average exercise price per share (in usd per share)		16.94
Options outstanding, weighted average exercise price per share. ending balance (in usd per share)		$ 15.51
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual term	7 years 6 months	6 years 8 months 12 days
Options outstanding, aggregate intrinsic value		$ 170,057	$ 75,915
Options vested and exercisable (in shares)		2,513,078
Options vested and exercisable, weighted average exercise price per share (in usd per share)		$ 14.05
Options vested and exercisable, weighted average remaining contractual term		6 years 1 month 6 days
Options vested and exercisable, aggregate intrinsic value		$ 119,523

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU Activity (Details) - Restricted stock units outstanding	9 Months Ended
	Sep. 30, 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	1,229,226
Vested (in shares) | shares	9,474
Canceled (in shares) | shares	(71,425)
Unvested and outstanding as of end of period (in shares) | shares	1,148,327
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	61.65
Vested, weighted average grant date fair value, as of beginning of period (in usd per share) | $ / shares	64.58
Canceled, weighted average grant date fair value, as of beginning of period (in usd per share) | $ / shares	71.82
Unvested and outstanding, weighted average grant date fair value, as of end of period (in usd per share) | $ / shares	$ 60.99

Stock-Based Compensation - Empl

Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 22, 2024	Apr. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
RSUs
Shares reserved for issuance (in shares)			13,981,661		13,981,661		25,974,725
Stock-based compensation expense	$ 14,000		$ 13,675	$ 10,775	$ 63,337	$ 14,359
ESPP
RSUs
Shares reserved for issuance (in shares)		715,000
Increase of common stock issued (in shares)		1,100,000
Percentage of outstanding shares		1%
Stock-based compensation expense			$ 600		$ 1,100

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
(Provision for) benefit from income taxes	$ 7,888	$ (610)	$ 14,926	$ 2,246
Effective income tax rate	(31.40%)	(7.80%)	(199.10%)	(10.30%)

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss)	$ 17,239	$ (33,966)	$ 9,297	$ 8,413	$ 15,341	$ (4,283)	$ (7,430)	$ 19,471
Denominator:
Basic (in shares)	30,663,263			8,960,311			21,909,949	8,887,966
Plus: dilutive effect of stock options (in shares)	2,685,989			624,259			0	495,474
Plus: dilutive effect of RSUs (in shares)	218,237			0			0	0
Plus: dilutive effect of redeemable convertible preferred stock (in shares)	0			17,245,954			0	17,245,954
Diluted (in shares)	33,567,489			26,830,524			21,909,949	26,629,394
Net income (loss) per share, basic (in usd per share)	$ 0.56			$ 0.94			$ (0.34)	$ 2.19
Net income (loss) per share, diluted	$ 0.51			$ 0.31			$ (0.34)	$ 0.73

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	4,914,223	7,182,514	9,051,658	7,804,224
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	0	3,191,922	3,688,752	3,791,773
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	699,644	0	1,148,327	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	56,353	0	56,353	0
Unvested shares of restricted stock purchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	37,192	139,398	37,192	164,949
Common stock warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total shares excluded from diluted net income (loss) per share	4,121,034	3,851,194	4,121,034	3,847,502

Related Parties (Details)

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 22, 2024	Dec. 31, 2023	Mar. 24, 2022
Related Party Transaction [Line Items]
Long-term debt, gross	$ 0		$ 0		$ 75,100	$ 75,099
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	0		0			75,099
Convertible Promissory Notes Due March 24, 2027 | Convertible notes
Related Party Transaction [Line Items]
Debt instrument, face amount							$ 75,000
Convertible notes
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	700	$ 500	3,500	$ 800
Accounts payable	$ 900		$ 900			$ 1,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Tax reserve			$ 600,000
Minimum
Other Commitments [Line Items]
Minimum other commitment	$ 1,000,000	$ 2,000,000
Letter of Credit | Silicon Valley Bank
Other Commitments [Line Items]
Long-term line of credit	400,000	400,000
Drawn amount	$ 0	$ 0

Commitment and Contingencies -

Commitment and Contingencies - Other Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 1,000
2025	26,000
2026	26,000
2027	26,000
2028	23,000
Thereafter	38,500
Total	$ 140,500