Riskified Ltd. · NYSE:RSKD
Riskified — Q3 2025 Earnings Presentation
38 slides from Riskified's earnings presentation, Nov 12, 2025
Slide 1: Investor Presentation
November 2025 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, including Adjusted EBITDA and Free Cash Flow. “Gross Merchandise Volume” or “GMV” is defined as the gross total dollar value of orders reviewed through o
Slide 4: Agenda
01 Company Overview Agenda 02 Financial Overview 03 Appendix
Slide 5: Company Overview
01 Company Overview
Slide 6: Unleash your eCommerce Growth
Unleash your eCommerce Growth Leading ecommerce merchants trust Riskified to maximize revenue and profit with our AI-powered fraud management and risk intelligence platform.
Slide 7: Riskified is a Leader in eCommerce Risk Intelligence
Riskified is a Leader in eCommerce Risk Intelligence 2013 RSKD 33%+ 50+ Established more than a IPO in July 2021; Over ⅓ of the team Publicly held decade ago as a pioneer in only publicly held AI devoted to R&D companies AI-powered fraud fraud and risk among our clients management in ecommerce intell
Slide 8: 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 Q3’2025: $148B1 1. GMV reviewed by Riskified in the twelve months ended September 30, 2025. Figures reported are rounded 2. Source: eMarketer (July 2025)
Slide 9: Ecommerce Has Numerous, Complicated Pain Points
Ecommerce Has Numerous, Complicated Pain Points Friction & Lost Sales +$525B in annual lost sales due to falsely declined orders 1 Fraud & Chargebacks Abuse & Policy +$52B in fraudulent eCommerce Enforcement orders each year 2 Account Security +$100B in abusive refunds & returns annually 3 1. eMarke
Slide 10: 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 11: Covering the Entire Checkout Journey with AI-Powered Products
Covering the Entire Checkout 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 Reso
Slide 12: Riskified helps the world's leading enterprise merchants unleash their ecommerce growth
Riskified helps the world’s leading enterprise merchants unleash their ecommerce growth by outsmarting risk
Slide 13: 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 14: Automated Platform with Strong Network Effects
Automated Platform with Strong Network Effects +4 billion Historical full-lifecycle eCommerce More More transactions Merchants GMV +950 million Unique consumers in network Riskified Flywheel +480 Data attributes of models More More Global +185 ROI Consumers Countries with unique consumers Note: Intern
Slide 15: The Riskified Platform
The Riskified Platform Deep Data Customized, Enterprise Robust AI-Powered Modular ML Capture Autonomously Scalability Identity Components Infrastructure Trained Models & Compliance Graph
Slide 16: Products Synergistically Improve Performance & ROI
Products Synergistically Improve Performance & ROI Multiple customer touch points all feed back into the Riskified platform Adaptive Chargeback Policy Account Secure Dispute Resolve Checkout Guarantee Protect Block Reduce false Prevent Stop abuse, Fight account declines & fraud, reward chargebacks, t
Slide 17: Enables Rapid Product Development as New Use Cases Arise
Enables Rapid Product Development as New Use Cases Arise Modular ML Infrastructure Products Chargeback Guarantee Policy Protect Dispute Resolve Account Secure Prevent fraud, Stop policy abuse, Fight chargebacks, Block account lift revenue reward loyalty recover revenue takeovers, build trust Managed
Slide 18: 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 19: Financial Overview
02 Financial Overview
Slide 20: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights GMV $37.8B Revenue $81.9M Gross Profit $41.1M Adjusted EBITDA1 $5.6M 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 Q3 2025 Earnings Release issued on
Slide 21: Annual Financial Highlights
Annual Financial Highlights FY 2024 GMV $141.2B Revenue $327.5M Gross Profit: $170.9M Adjusted EBITDA1 $17.2M Adjusted EBITDA Margin1 -2% 1% -8% -14% -3% 5% 1 Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP metrics. A reconciliation of these metrics to the most directly comparable GAAP financi
Slide 22: Q3 2025 Financial Performance Highlights
Q3 2025 Financial Performance Highlights Achieved Record Q3 & 9M Non-GAAP Gross Profit1 Revenues Acceleration Third quarter revenues of $82M, an increase of 4% Meaningful improvement from a four-percent decline year-over-year driven by strong new business wins in the first half of the year to 5% growt
Slide 23: 2025 Guidance Outlook
2025 Guidance Outlook Improved Guidance Low Midpoint High Revenue $338M $342M $346M Adjusted EBITDA $21M $24M $27M Annual Non-GAAP Weighted Average 163-164M Shares Outstanding
Slide 24: Q3 2025 Business Highlights
Q3 2025 Business Highlights Accelerated Gross Profit Strengthened Leadership Further Vertical and Growth Position in Money Transfer Geographic Diversification We achieved a meaningful acceleration in and Payments Category with the Addition of New gross profit growth in the third quarter of Our top new
Slide 25: Q3 2025 Business Highlights
Q3 2025 Business Highlights Share Repurchase Program Successfully Executed Achieved Amazon Web Update First-Ever Global Ascend in Services (AWS) Retail and In the third quarter, we repurchased 2025 Consumer Packaged Goods approximately 5.2 million ordinary shares With Ascend Japan in October, Riskifi
Slide 26: 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 all geographies in 2024 APAC 1 Geography of billings determined
Slide 27: Adjusted EBITDA Over Time
Adjusted EBITDA Over Time $5.6M in Adjusted EBITDA, a Q3 record and the eighth consecutive quarter of a positive Adjusted EBITDA 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 financia
Slide 28: Strong Free Cash Flow Model
Strong Free Cash Flow Model IPO ● Meaningfully improved our Free Cash Flow (“FCF”) since IPO ● Expect over $30M in 2025 ● $325M of cash, deposits and investments as of September 30, 2025 ● Zero Debt Note: Free cash flow is a non-GAAP metric. A reconciliation of Free Cash Flow to its most directly com
Slide 29: Continuous Customer Penetration
Continuous BILLINGS GROWTH BY COHORT 1 Customer Penetration 2 Our recent 2022 and 2023 cohorts demonstrated exceptional growth, with the 2022 cohort tripling billings and the 2023 cohort growing nearly sixfold in 2024 2 1 Each “cohort” includes all of the accounts that onboarded to the Riskified plat
Slide 30: CTB Cohorts Over Time
CTB Cohorts CTB RATIO BY COHORT 1 Over Time 2 While CTB ratios fluctuate 2022 Cohort 2024 Cohort from period to period as starting point a result of various factors, 2018 2021 including changes in industry Cohort Cohort 2020 mix within cohorts, over the Cohort 2023 2013-2017 Cohort long-term we have
Slide 31: 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 32: Appendix
03 Appendix
Slide 33: 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 34: Q3 & 9M 2025 Income Statement
Q3 & 9M 2025 Income Statement $ in thousands Q3'24 Q3'25 9M'24 9M'25 Revenue 78,849 81,862 233,987 245,309 Cost of revenue 39,893 40,799 111,909 124,042 Gross profit 38,956 41,063 122,078 121,267 Operating expenses: Research and development 16,671 17,006 51,522 52,250 Sales and marketing 20,999 18,56
Slide 35: Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA
Q3 & 9M 2025 Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA $ in thousands Q3'24 Q3'25 9M'24 9M'25 GAAP Net profit (loss) (9,699) (7,806) (30,838) (33,325) Non GAAP expenses: Share-based compensation expense 13,905 12,945 44,462 40,120 Payroll taxes related to share-based compensation 135
Slide 36: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Q3 & 9M 2025 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow $ in thousands Q3'24 Q3'25 9M'24 9M'25 Net cash provided by (used in) operating activities 14,012 13,505 29,005 22,941 Purchases of property and equipment (105) (120) (507) (580) Free Cash Flow 13,907 13,385 2
Slide 37: Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
Q3 & 9M 2025 Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit $ in thousands Q3'24 Q3'25 9M'24 9M'25 GAAP Gross Profit 38,956 41,063 122,078 121,267 Non GAAP expenses: Share-based compensation expense 183 183 594 554 Payroll taxes related to share-based compensation 4 3 15 13 Depreciation a
Slide 38: Q3 2025 Balance Sheet
Q3 2025 Balance Sheet Riskified BS - September 30, 2025 - USD in thousands Riskified BS - September 30 2025 - USD in thousands CURRENT ASSETS: CURRENT LIABILITIES: Cash and cash equivalents 228,845 Accounts payable 2,115 Short-term Deposits 5,000 Accrued compensation and benefits 20,817 Short-term inve