Riskified Ltd. · NYSE:RSKD
Riskified — Q1 2026 Earnings Presentation
37 slides from Riskified's earnings presentation, May 13, 2026
Slide 1: Investor Presentation
May 2026 Investor Presentation
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking st
Slide 3: Key Performance Indicators and Non-GAAP Measures
Key Performance Indicators and Non-GAAP Measures This presentation contains key performance indicators including GMV, as well as non-GAAP measures of financial performance, including Adjusted EBITDA and Non-GAAP Gross Profit, and a non-GAAP measure of liquidity, Free Cash Flow. “Gross Merchandise Volu
Slide 4: Agenda
01 Company Overview Agenda 02 Financial Overview 03 Appendix
Slide 5: Company Overview
01 Company Overview
Slide 6: AI fraud prevention fueling ecommerce success
AI fraud prevention fueling ecommerce success Leading ecommerce brands trust Riskified to secure every step of the customer journey, from login to checkout to refund claims and returns.
Slide 7: Riskified is a leader in ecommerce fraud & risk intelligence
Riskified is a leader in ecommerce fraud & risk intelligence RSKD 1.1B+ 33%+ ~50 Only publicly held AI fraud Unique consumers Over ⅓ of the team Worldwide publicly and risk intelligence company across billions of devoted to R&D held companies ecommerce transactions among our clients on our network $1
Slide 8: Continuous innovation fuels strong performance
Continuous innovation fuels strong performance Agentic Intelligence $800B Decision Studio Cumulative GMV $ (In Billions) Identity Explore Adaptive Checkout Policy New Policy Protect ML Models Auth Rate Enhance ACH Protection Dispute Resolve Account Secure Shop Protection PSD2 Optimize 100% of mercha
Slide 9: Attacking a massive market
Attacking a massive market $6.5 trillion $8.3 trillion global ecommerce global ecommerce GMV in 20252 GMV in 20292 LTM Q1’2026: $158B1 1. GMV reviewed by Riskified in the twelve months ended March 31, 2026. Figures reported are rounded 2. Source: eMarketer (July 2025)
Slide 10: Multiple opportunities for growth
Multiple opportunities for growth Grow with our Win new Land and Geographic New Platform merchants merchants expand expansion categories Sale
Slide 11: Automated platform with strong network effects
Automated platform with strong network effects $750 billion Global ecommerce volume More More processed (GMV) since inception Merchants GMV +5 billion Historical full-lifecycle ecommerce transactions Riskified Flywheel +1.1 billion Unique consumers in network More More Global +170 ROI Consumers Countr
Slide 12: Ecommerce has numerous, complicated pain points
Ecommerce has numerous, complicated pain points Friction & Lost Sales +$231B in global revenue lost to false declines1 Fraud & Chargebacks Abuse & Policy +$56B in global fraudulent ecommerce Enforcement orders2 Account Security +$77B in losses due to return fraud in the US3 1 Datos Insights Global e
Slide 13: Riskified unleashes AI on ecommerce decisioning
Riskified unleashes AI on ecommerce decisioning Separating Risky & Legitimate …Driving Superior Business Identities… Outcomes Increased Revenue Legitimate Fraud & Abuse Decreased Costs ? Better Customer Experiences
Slide 14: Covering the entire ecommerce journey with AI-powered products
Covering the entire ecommerce journey with AI-powered products Account Creation & Account Log-In Account Secure Order Approval & Fraud Review Chargeback Guarantee & Adaptive Checkout Bank Payment Authorization Policy Enforcement & Claims Authorization Policy Protect Chargeback Management Dispute Res
Slide 15: Riskified's global merchant network, turning shared intelligence into smarter decisions
Riskified’s global merchant network, turning shared intelligence into smarter decisions
Slide 16: Consistently beating next-gen competitors in head-to-head pilots
Consistently beating next-gen competitors in head-to-head pilots Gift card retailer Travel merchant Fashion retailer Lower chargeback rates Lower chargeback rates Lower chargeback rates 1.3% 0.35% 0.44% Competitor A 2.60% Competitor A 0.44% Competitor A 0.89% Competitor B 3.10% Competitor B 1.01% Hi
Slide 17: Empowering merchants with our AI risk intelligence platform
Empowering merchants with our AI risk intelligence platform Account Fraud Policy Dispute Solutions Secure Prevention Protect Resolve Protection and Block account Block fraud, lift revenue Stop abuse, post- Fight chargebacks, intelligence at every takeovers, build trust with Chargeback purchase inves
Slide 18: The Riskified AI Platform Delivers Strong Performance For Merchants
The Riskified AI Platform Delivers Strong Performance For Merchants Deep Data Customized, Enterprise Robust AI-Powered Modular ML Capture Autonomously Scalability Identity Components Infrastructure Trained Models & Compliance Graph
Slide 19: Financial Overview
02 Financial Overview
Slide 20: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights GMV $37.2B Revenue $88.3M Gross Profit $45.9M Adjusted EBITDA1 $6.2M 1 Adjusted EBITDA is a non-GAAP metric. A reconciliation of this metric to the most directly comparable GAAP financial measure can be found in the Appendix and/or in our Q1 2026 Earnings Release issued on
Slide 21: Annual Financial Highlights
Annual Financial Highlights FY 2025 GMV $155.1B Revenue $344.6M Gross Profit: $178.1M Adjusted EBITDA1 $26.7M Adjusted EBITDA Margin1 -2% 1% -8% -14% -3% 5% 8% 1 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP metrics. A reconciliation of these metrics to the most directly comparable GAAP fina
Slide 22: Q1 2026 Financial Performance Highlights
Q1 2026 Financial Performance Highlights Revenue Off to a Strong Start Non-GAAP Gross Profit1 Acceleration Q1 delivered Revenue of $88.3 million, up 7% from the prior year, During the first quarter, we achieved record quarterly non-GAAP driven by continued new merchant and upsell activity. gross profit
Slide 23: 2026 Guidance Outlook
2026 Guidance Outlook Updated Guidance Low Midpoint High Revenue $376M $380M $384M Adjusted EBITDA $28M $31M $34M Adjusted EBITDA guidance represents a margin of 8% at the midpoint Annual Non-GAAP Weighted Average 144-146M Shares Outstanding
Slide 24: Industry and Geography Billings Trends
Industry and Geography Billings Payments, Money Transfer & Crypto Tickets & Travel Trends Electronics Home General 2 Over time, we have Fashion & Luxury Goods continued to diversify across industries and geographies1, with growth across most geographies and verticals in 2025 APAC 1 Geography of bill
Slide 25: Adjusted EBITDA Over Time
Adjusted EBITDA Over Time Q1’26 $6.2M in Adjusted EBITDA, highest positive Q1 Adjusted EBITDA recorded IPO Adj EBITDA Margin Note: Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP metrics. A reconciliation of these metrics to the most directly comparable GAAP financial measure is provided in t
Slide 26: Strong Free Cash Flow Model - Trailing Twelve Months
Strong Free Cash Flow Model - Trailing Twelve Months ● Meaningfully improvement in Free Cash Flow (“FCF”) since IPO ● Expect approximately $40M of FCF in 2026 ● $276M of cash, deposits and investments as of March 31, 2026 ● Zero Debt Note: Free cash flow is a non-GAAP metric. A reconciliation of Free
Slide 27: Continuous Customer Penetration
Continuous BILLINGS GROWTH BY COHORT 1 Customer Penetration 2 Our three most recent cohorts (2022-2024) demonstrated strong growth in 2025; Billings from our 2022 cohort grew 3x, our 2023 and 2024 cohorts grew approximately 9x and 2x, respectively. 1 Each “cohort” includes all of the accounts that o
Slide 28: CTB Cohorts Over Time
CTB Cohorts CTB Ratio by Cohort(1)Outlook Over Time While CTB ratios fluctuate from period to period as a 2022 Cohort 2024 Cohort result of various factors, 2025 Cohort including changes in 2021 Cohort industry mix within 2023 Cohort cohorts, over the long-term we have been Pre IPO able to consistent
Slide 29: How We Drive Accuracy & CTB Improvements Over Time
How We Drive Accuracy & CTB1 Improvements Over Time 100% Performance Improvement Levers: ● More data: Merchant A Tomorrow Approval Rate ○ Vertical & geographic penetration Merchant B ● More accurate models: ○ More models per merchant Today ○ Continuous model retraining Merchant C ● Automated, real t
Slide 30: Appendix
03 Appendix
Slide 31: Chargeback Guarantee Revenue Model Flow
Chargeback Guarantee Revenue Model Flow Transforming GMV into Revenue Riskified’s GMV Total ecommerce volume submitted to Riskified for review Approval Rate (%) Varies by merchant based on a variety of inputs, including the industry of the merchant, the risk level of the end Take market, the percentag
Slide 32: Q1 2026 Income Statement
Q1 2026 Income Statement $ in thousands Q1'25 Q1'26 Revenue 82,387 88,268 Cost of revenue 41,933 42,381 Gross profit 40,454 45,887 Operating expenses: Research and development 18,077 17,517 Sales and marketing 22,782 20,893 General and administrative 16,653 13,374 Total operating expenses 57,512 51,7
Slide 33: Q1 2026 Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA
Q1 2026 Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA $ in thousands Q1'25 Q1'26 GAAP Net profit (loss) (13,886) (4,427) Non GAAP expenses: Share-based compensation expense 14,316 10,981 Payroll taxes related to share-based compensation 261 254 Depreciation and amortization 956 849 Inter
Slide 34: Q1 2026 Reconciliation of Operating Cash Flow to Free Cash Flow
Q1 2026 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow $ in thousands Q1'25 Q1'26 Net cash provided by (used in) operating activities 3,844 9,542 Purchases of property and equipment (208) (172) Capitalized software development costs 0 (350) Free Cash Flow 3,636 9,020
Slide 35: Q1 2026 Reconciliation to Free Cash Flow - TTM
Q1 2026 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow - TTM $ in thousands Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Net cash provided by (used in) operating activities 4,332 14,012 10,691 3,844 5,592 13,505 10,938 9,542 Purchases of property and equipment (224)
Slide 36: Q1 2026 Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
Q1 2026 Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit $ in thousands Q1'25 Q1'26 GAAP Gross Profit 40,454 45,887 Non GAAP expenses: Share-based compensation expense 192 157 Payroll taxes related to share-based compensation 4 5 Depreciation and amortization 325 278 Restructuring costs 134
Slide 37: Q1 2026 Balance Sheet
Q1 2026 Balance Sheet Riskified BS - March 31, 2026 - USD in thousands Riskified BS - March 31, 2026 - USD in thousands CURRENT ASSETS: CURRENT LIABILITIES: Cash and cash equivalents 139,866 Accounts payable 1,209 Short-term Deposits 5,000 Accrued compensation and benefits 17,336 Short-term investments