Riskified Ltd. · NYSE:RSKD
Riskified — Q4 2025 Earnings Presentation
36 slides from Riskified's earnings presentation, Mar 4, 2026
Slide 1: Investor Presentation
March 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 Founded in 2013, IPO in July Unique Consumers Over ⅓ of the team Worldwide publicly 2021 (NYSE); only publicly across billions of devoted to R&D held companies held AI fraud and risk historical ecommerce among our client
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 FY’2025: $155B1 1. GMV reviewed by Riskified in the twelve months ended December 31, 2025. 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: Q4 2025 Financial Highlights
Q4 2025 Financial Highlights GMV $46.7B Revenue $99.3M Gross Profit $56.8M Adjusted EBITDA1 $17.7M 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 Q4 2025 Earnings Release issued o
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: Q4 2025 Financial Performance Highlights
Q4 2025 Financial Performance Highlights Achieved Record Q4 & FY Revenues Non-GAAP Gross Profit1 Acceleration Third quarter revenues of $99M, an increase of 6% During the fourth quarter, we achieved record quarterly year-over-year driven by strong new business wins and non-GAAP gross profit of $57.3 m
Slide 23: 2026 Guidance Outlook
2026 Guidance Outlook Initial Guidance Low Midpoint High Revenue $372M $378M $384M Adjusted EBITDA $26M $30M $34M Adjusted EBITDA guidance represents a margin of 8%, inclusive of an approximate 400 bps FX-related Opex headwind to our Adjusted EBITDA margin. Annual Non-GAAP Weighted Average 148-152M
Slide 24: Industry and Geography Billings
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 Q4’25 $17.7M in Adjusted EBITDA, highest positive 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 the
Slide 26: Strong Free Cash Flow Model
Strong Free Cash Flow Model IPO ● Meaningfully improvement in Free Cash Flow (“FCF”) since IPO ● $33M in positive FCF in 2025 ● $298M of cash, deposits and investments as of December 31, 2025 ● Zero Debt Note: Free cash flow is a non-GAAP metric. A reconciliation of Free Cash Flow to its most directl
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: Q4 & FY 2025 Income Statement
Q4 & FY 2025 Income Statement $ in thousands Q4'24 Q4'25 FY'24 FY'25 Revenue 93,529 99,329 327,516 344,638 Cost of revenue 44,668 42,524 156,577 166,566 Gross profit 48,861 56,805 170,939 178,072 Operating expenses: Research and development 16,543 17,163 68,065 69,413 Sales and marketing 19,708 20,30
Slide 33: Q4 & FY 2025 Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA
Q4 & FY 2025 Reconciliation of GAAP Net Profit (Loss) to Adjusted EBITDA $ in thousands Q4'24 Q4'25 FY'24 FY'25 GAAP Net profit (loss) (4,084) 5,760 (34,922) (27,565) Non GAAP expenses: Share-based compensation expense 13,369 11,506 57,831 51,626 Payroll taxes related to share-based compensation 77 90
Slide 34: Q4 & FY 2025 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Q4 & FY 2025 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow $ in thousands Q4'24 Q4'25 FY'24 FY'25 Net cash provided by (used in) operating activities 10,691 10,938 39,696 33,879 Purchases of property and equipment (130) (230) (637) (810) Free Cash Flow 10,561 10,708 3
Slide 35: Q4 & FY 2025 Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
Q4 & FY 2025 Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit $ in thousands Q4'24 Q4'25 FY'24 FY'25 GAAP Gross Profit 48,861 56,805 170,939 178,072 Non GAAP expenses: Share-based compensation expense 171 184 765 738 Payroll taxes related to share-based compensation 2 2 17 15 Depreciation a
Slide 36: Q4 2025 Balance Sheet
Q4 2025 Balance Sheet Riskified BS - December 31, 2025 - USD in thousands Riskified BS - December 31, 2025 - USD in thousands CURRENT ASSETS: CURRENT LIABILITIES: Cash and cash equivalents 162,152 Accounts payable 1,911 Short-term Deposits 5,000 Accrued compensation and benefits 27,532 Short-term inves