Digital marketing company Ibotta announced 14% year-over-year revenue growth to $87.9 million in its second earnings report since going public in April.
The Denver, Colo.-based company also reported on Tuesday a net loss of $34 million in the second quarter, which represents a net loss as a percent of revenue of 39%.
Adjusted EBITDA came in at $25.3 million, representing a 29% adjusted EBITDA margin.
Redeemers in the Ibotta network reached 13.7 million for the quarter, a whopping 158% increase year over year. The growth was the result of Ibotta’s expansion with Walmart’s paid membership program, Walmart+, the company reported.
And redemptions from those app users jumped 58% year over year to 80.7 million.
“Our strong second quarter results demonstrate that Ibotta’s pay-for-performance model is resonating with our clients and consumers,” said Ibotta CEO and founder Bryan Leach. “In the current macroeconomic environment, now more than ever, CPG brands are turning to the IPN to win back market share, and that is leading to strong third-party redeemer and redemption growth.”
During the second quarter, Ibotta launched its upgraded digital coupon program with Family Dollar, making Ibotta the exclusive provider of digital promotions for the retailer.
Ibotta also enabled digital offers on AppCard for independent grocers and partnered with St. Louis-based grocery chain Schnuck Markets Inc. to feature digital offers to its customers. “In addition, Ibotta and Schnucks began collaborating on research and development initiatives related to novel ways of delivering personalized savings to consumers,” the company said in its earnings report.
The rewards company also announced a new partnership with last-mile delivery company Instacart, becoming the San Francisco-based tech company’s preferred third-party coupon provider.
The partnership provides Ibotta access to Instacart’s marketplace of over 1,500 retail banners and over 85,000 stores across North America.
“The addition of Instacart will allow our 2,400 CPG brand partners to reach millions of additional consumers with targeted promotions on Instacart’s app and website, all while benefiting from our network’s unprecedented real-time measurement capabilities,” Leach said in a press release.