Ibotta CFO Matt Puckett Outlines Turnaround at TMT

Ibotta CFO Matt Puckett detailed the drivers behind the company's operational turnaround at Citi’s 2026 Global TMT Conference, pointing to sales force restructuring and network expansions that helped return the business to revenue growth.

"Revenue growth returned in the second quarter of 2024, about one quarter earlier than expected," said Matt Puckett, CFO, Ibotta, in a statement regarding the conference presentation.

Revenue Metrics and Segment Performance

The return to growth follows double-digit declines experienced across late 2023 and early 2024. In the latest quarter, overall revenue grew 3%, core redemption revenue rose 10%, and redeemer growth reached 21%.

To address CPG client concerns regarding promotional spending, Ibotta highlighted Circana data showing a 16% incremental sales lift and about 10% to 11% lift across all catalog products.

Sales Force Restructuring and Publisher Network Expansion

Ibotta reorganized its sales force from a traditional geographic model to a vertical structure focusing on food, beverage, health and beauty, and general merchandise. The company also separated enterprise clients from emerging clients to streamline account management.

In addition to internal restructuring, the digital promotions platform expanded its publisher network in 2024 by adding:

• Uber
• Giant Eagle
• 7-Eleven

These integrations sit alongside existing major distribution partners such as Walmart, DoorDash, and Instacart.

Financial Position and Valuation Metrics

Turning to profitability and financial health, Ibotta reported a gross profit margin of 78% over the last twelve months alongside a negative EBITDA of $7.3 million. Looking ahead, equity analysts are forecasting a full turnaround to profitability with a projected earnings per share (EPS) of $1.84 for fiscal 2026.