Revenue and Gross Profit Growth
Q1 revenue of $88.3M, up 7% year-over-year; non-GAAP gross profit of $46.3M, up 13% year-over-year; GMV of $37.2B, up 9% year-over-year.
Riskified
· RSKD
May 13th, 2026
Summary
- Earnings Call Date:
- 2026-05-13
- Change Since:
- +1.88%
- Next Earnings Date:
- 2026-08-12
Earnings Call Sentiment
PositiveThe call conveyed solid operational momentum: revenue, gross profit and GMV growth; a large improvement in adjusted EBITDA; healthy cash flow and a stronger balance sheet; raised guidance; product expansion (ACH, identity, ARIA) and expanding distribution channels. Offsetting factors include a billing-to-revenue recognition gap, remaining GAAP loss, category concentration (75% of billings in three categories), fashion & luxury softness in APAC, and near-term expense timing that lifts Q2 spend. On balance the positives—especially the large EBITDA leverage, product traction, ACH/alternative payment wins, and guidance raise—outweigh the lowlight risks, though execution and timing remain important for achieving full-year targets.
Company Guidance
Riskified raised the low end of its full‑year 2026 guidance, now expecting revenue of $376–$384 million (midpoint $380M) and adjusted EBITDA of $28–$34 million (midpoint $31M), up from a prior adj. EBITDA low of $26M; it also guides full‑year gross profit growth of 8–12% (midpoint implying ~10% quarterly growth) and expects each quarter to approximate the same percentage of annual revenue as in 2025. The company reiterated ~ $40M of positive free cash flow for 2026 (Q1 FCF was $9M), raised Q2 non‑GAAP operating expense to ~ $43M (Q1 was $40.1M) and expects H2 quarterly op‑expenses of $42–$43M. Q1 operating metrics that underpin the outlook included revenue $88.3M (+7% YoY), GMV $37.2B (+9%), billings +11% (wider than revenue), gross profit $46.3M (+13%), adjusted EBITDA $6.2M (+370% YoY), cash/investments ~$276M, zero debt, and ongoing share repurchases (Q1: 6.2M shares for $27.5M; total repurchases 58.2M shares for $287M, a ~19% reduction in shares outstanding).
Significant Adjusted EBITDA Improvement
Adjusted EBITDA of $6.2M in Q1, a 370% increase from $1.7M in Q1 2025, reflecting operating leverage as the business scales.
Stronger GAAP and Cash Flow Position
GAAP net loss narrowed to $4.4M from $13.9M in Q1 2025 (68% improvement); Q1 free cash flow of $9M and expected ~ $40M positive free cash flow for full-year 2026; cash, deposits and investments of ~$276M and zero debt.
Raised Full-Year Guidance
Raised low end of full-year guidance: revenue now $376M–$384M (midpoint $380M) and adjusted EBITDA $28M–$34M (midpoint $31M), up from prior revenue/EBITDA posture.
Strong Category and Regional Momentum
Billings grew 11% in Q1 (vs revenue +7%); Tickets & Travel billings ~ +18% YoY and Money Transfer & Payments +30% YoY; regionally U.S. +10%, APAC +15%, Other Americas ~11%, EMEA ~11%.
Multiproduct Adoption and Margin Upside
Merchants using more than one product grew ~50% YoY and now account for over 30% of revenue; multiproduct accounts typically deliver stronger margin profiles.
Product Innovation and New Revenue Streams
Launched stand-alone identity data product and Riskified ARIA (AI Risk Intelligence Analyst); identity use cases reported up to 30% reduction in complaint rates and multi-million dollar reductions in refund/return costs for some merchants.
ACH and Alternative Payment Traction
Three of top 10 new-logo deals in Q1 were ACH-related, including the largest new logo; non-card payment capabilities are contributing meaningfully to incremental gross profit.
Distribution and Channel Expansion
Expanded reach via Shopify Dispute Resolve, partnership with Radial, and Outpayce/Amadeus travel distribution — broadening go-to-market channels to acquire and scale merchants.
Disciplined Capital Allocation
Repurchased ~6.2M shares in Q1 for $27.5M; total repurchases since program inception ~58.2M shares for $287M, reducing shares outstanding ~19% over the period.
Operator
Ladies and gentlemen, thank you for standing by, and welcome to Riskified First Quarter 2026 Earnings Call. [Operator Instructions] Please be advised that, today's conference is being recorded. I would like now to turn the conference over to [ Cody Slach ], Investor Relations for Riskified. Please go ahead.
Unknown Executive
Good morning, and thank you for joining us today. We are hosting today's call to discuss Riskified's financial results for the first quarter of 2026. Participating on today's call are Eido Gal, Riskified's Co-Founder and Chief Executive Officer; and Aglika Dotcheva, Riskified's Chief Financial Officer. We released our results for the first quarter of 2026 earlier today. Our earnings materials, including a replay of today's webcast will be available on our Investor Relations website at ir.riskified.com. Certain statements made on the call today will be forward-looking statements related to, without limitation, our operating performance, business and financial goals, outlook as to revenues, gross profit, pipeline generation, pipeline conversion, adjusted EBITDA profitability and adjusted EBITDA margins, which reflect management's best judgment based on currently available information and are not guarantees of future performance. We intend all forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our expectations as of the date of this call, and except as required by law, we undertake no obligation to revise this information as a result of new develop...
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