Riskified Reports Strong Start to 2026 with Accelerated Gross Profit Growth
Raises Revenue and Adjusted EBITDA guidance at the midpoint
“What we are building across products, channels, payment methods, and geographies is showing up where it matters: in pipeline growth, high win rates, and an addressable market that we believe continues to expand. We enter the rest of 2026 with confidence in our ability to sustain and build on our growth trajectory,” said
Q1 2026 and Recent Business Highlights
-
Further Vertical and Geographic Diversification with the Addition of New Merchants: We continued to have success landing new merchants on the
Riskified platform, and deepened our vertical and geographic reach. Five of our top ten new logos won in the first quarter were headquartered outside ofthe United States , with those five wins spanning three verticals.
- ACH Momentum: Three of our top ten deals this quarter were in the ACH space, featuring our largest new logo win. We believe that this performance emphasizes our ability to extend our fraud and risk intelligence capabilities beyond traditional card payments and expand our addressable market.
- Expanded Multi-Product Platform: The number of merchants using more than one product grew approximately 50% year-over-year, reflecting continued platform adoption beyond Chargeback Guarantee.
- Greater Partner Channel Reach: We launched Dispute Resolve for Shopify merchants and announced our partnership with Radial, extending the platform's reach across new distribution channels. We also partnered with Outpayce from Amadeus which is deepening our go-to-market reach into airlines globally.
-
Advanced AI Capabilities to Address Evolving Ecommerce Risk: We expanded our AI Agent Intelligence platform to help protect merchant-native AI shopping assistants, and we are expanding the use of identity intelligence by enabling direct integration into service workflows, highlighted by our recent partnership with
Rue Gilt Groupe .
-
Share Repurchase Program Update: In the first quarter of 2026, we repurchased an aggregate of 6.2 million shares for a total price of
$27.5 million , or an average price of$4.44 per share.
-
Launched Ascend 2026 Global Event Series: We recently hosted Ascend 2026 North America, the first stop in our global event series for ecommerce risk management leaders, under the theme “Intelligence in Motion.” The series will bring together merchants, industry experts, and technology leaders across
North America ,Europe ,Australia ,China , andJapan to discuss the latest AI advancements and innovation-led strategies for ecommerce fraud prevention, conversion optimization, policy management, and growth.
Q1 2026 Financial Summary & Highlights
The following table summarizes our consolidated financial results for the three months ended
|
|
Three Months Ended |
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(unaudited) |
||||||
|
Gross merchandise volume ("GMV") in millions(1) |
$ |
37,247 |
|
|
$ |
34,171 |
|
|
Increase in GMV year over year |
|
9 |
% |
|
|
||
|
Revenue |
$ |
88,268 |
|
|
$ |
82,387 |
|
|
Increase in revenue year over year |
|
7 |
% |
|
|
||
|
|
|
|
|
||||
|
GAAP gross profit |
$ |
45,887 |
|
|
$ |
40,454 |
|
|
Increase in GAAP gross profit year over year |
|
13 |
% |
|
|
||
|
GAAP gross profit margin |
|
52 |
% |
|
|
49 |
% |
|
|
|
|
|
||||
|
Net profit (loss) |
$ |
(4,427 |
) |
|
$ |
(13,886 |
) |
|
Net profit (loss) margin |
|
(5 |
)% |
|
|
(17 |
)% |
|
|
|
|
|
||||
|
Adjusted EBITDA(1) |
$ |
6,187 |
|
|
$ |
1,319 |
|
|
Adjusted EBITDA margin(1) |
|
7 |
% |
|
|
2 |
% |
Additional Financial Highlights
-
GAAP gross profit margin of 52% for the three months ended
March 31, 2026 compared to 49% in the prior year. Non-GAAP gross profit margin(1) of 52% for the three months endedMarch 31, 2026 compared to 50% in the prior year.
-
GAAP net loss per share of
$(0.03) for the three months endedMarch 31, 2026 compared to net loss per share of$(0.09) in the prior year. Non-GAAP diluted net profit per share(1) of$0.05 for the three months endedMarch 31, 2026 compared to$0.03 in the prior year.
-
Operating cash inflow of
$9.5 million for the three months endedMarch 31, 2026 compared to$3.8 million in the prior year. Free cash inflow(1) of$9.0 million for the three months endedMarch 31, 2026 compared to$3.6 million in the prior year.
-
Ended
March 31, 2026 with approximately$276.3 million of cash, deposits, and investments on the balance sheet and zero debt.
"We entered 2026 with operational momentum and demonstrated strong growth toward profitability in the first quarter,” said
Financial Outlook
For the year ending
We now anticipate full-year revenue to be between
We currently expect Adjusted EBITDA to be between
The factors that may determine where we fall within each range remain consistent with what we shared last quarter — the timing of new merchant go-lives and the behavior of the macro environment.
(1) GMV is a key performance indicator. Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit margin, non-GAAP diluted net profit per share, and free cash flow are non-GAAP measures of financial performance. See “Key Performance Indicators and Non-GAAP Measures” for additional information and “Reconciliation of GAAP to Non-GAAP Measures” for a reconciliation to the most directly comparable GAAP measure.
(2) We refer to certain forward-looking non-GAAP financial measures in this press release and on our quarterly results conference call. We are not able to provide a reconciliation of forward-looking Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expense, or free cash flow for the fiscal year ending
Conference Call and Webcast Details
The Company will host a conference call to discuss its financial results today,
Key Performance Indicators and Non-GAAP Measures
This press release and the accompanying tables contain references to Gross Merchandise Volume ("GMV"), which is a key performance indicator, and to certain non-GAAP measures which include non-GAAP measures of financial performance such as Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP cost of revenue, non-GAAP operating expenses by line item, non-GAAP constant currency operating expenses, non-GAAP net profit (loss), and non-GAAP net profit (loss) per share, and a non-GAAP measure of liquidity, Free Cash Flow. Management and our Board of Directors use key performance indicators and non-GAAP measures as supplemental measures of performance and liquidity because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items that we believe do not directly reflect our core operations. We also use Adjusted EBITDA for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives, and to evaluate our capacity to expand our business. Free Cash Flow provides useful information to management and investors about the amount of cash generated by the business that can be used for strategic opportunities, including investing in our business and strengthening our balance sheet.
These non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or other items. Non-GAAP measures of financial performance have limitations as analytical tools in that these measures do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; these measures do not reflect changes in, or cash requirements for, our working capital needs; these measures do not reflect our tax expense or the cash requirements to pay our taxes, and assets being depreciated and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements. Non-GAAP constant currency operating expenses is limited because it reflects a hypothetical recalculation of operating expenses using prior-period exchange rates and therefore does not reflect the actual operating expenses incurred by the business or the economic impact of foreign currency exchange rate fluctuations on our results, which are inherent to our global operations. Free Cash Flow is limited because it does not represent the residual cash flow available for discretionary expenditures. Free Cash Flow is not necessarily a measure of our ability to fund our cash needs.
In light of these limitations, management uses these non-GAAP measures to supplement, not replace, our GAAP results. The non-GAAP measures used herein are not necessarily comparable to similarly titled captions of other companies due to different calculation methods. Non-GAAP financial measures should not be considered in isolation, as an alternative to, or superior to information prepared and presented in accordance with GAAP. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. By providing these non-GAAP measures together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.
We define GMV as the gross total dollar value of orders reviewed through our AI fraud and risk intelligence platform during the period indicated, including the value of orders that we did not approve. GMV is an indicator of the success of our merchants and the scale of our platform. GMV does not represent transactions successfully completed on our merchants’ websites or revenue earned by us, however, our revenue is directionally correlated with the level of GMV reviewed through our platform and is an indicator of future revenue opportunities. We generate revenue based on the portion of GMV we approve multiplied by the associated risk-adjusted fee.
We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the below tables, adjusted for, as applicable, depreciation and amortization (including amortization of capitalized internal-use software as presented in our statement of cash flows), share-based compensation expense, payroll taxes related to share-based compensation, legal-related and other expenses, restructuring costs, provision for (benefit from) income taxes, other income (expense) including foreign currency transaction gains and losses and gains and losses on non-designated hedges, and interest income (expense). Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of revenue. Non-GAAP Gross Profit Margin represents Non-GAAP Gross Profit expressed as a percentage of revenue. We define non-GAAP net profit (loss) per share as non-GAAP net profit (loss) divided by non-GAAP weighted-average shares. We define non-GAAP weighted-average shares, as GAAP weighted average shares, adjusted to reflect any dilutive ordinary share equivalents resulting from non-GAAP net profit (loss), if applicable.
We define non-GAAP constant currency operating expenses as total non-GAAP operating expenses excluding the impact of our hedging program and foreign exchange rate movements. We use it to determine the impact that exchange rate changes have on our results. Non-GAAP constant currency operating expenses is calculated by translating current period non-GAAP operating expenses excluding hedging gains/losses using the prior period exchange rate.
We define Free Cash Flow as net cash provided by (used in) operating activities, less cash purchases of property and equipment and capitalized software development costs.
Management believes that by excluding certain items from the associated GAAP measure, these non-GAAP measures are useful in assessing our performance and provide meaningful supplemental information due to the following factors:
Depreciation and amortization: We exclude depreciation and amortization (including amortization of capitalized internal-use software) because we believe that these costs are not core to the performance of our business and the utilization of the underlying assets being depreciated and amortized can change without a corresponding impact on the operating performance of our business. Management believes that excluding depreciation and amortization facilitates comparability with other companies in our industry.
Share-based compensation expense: We exclude share-based compensation expense primarily because it is a non-cash expense that does not directly correlate to the current performance of our business. This is partly because the expense is calculated based on the grant date fair value of an award which may vary significantly from the current fair market value of the award based on factors outside of our control. Share-based compensation expense is principally aimed at aligning our employees’ interests with those of our shareholders and at long-term retention, rather than to address operational performance for any particular period.
Payroll taxes related to share-based compensation: We exclude employer payroll tax expense related to share-based compensation in order to see the full effect that excluding that share-based compensation expense had on our operating results. These expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business.
Legal-related and other expenses: We exclude certain costs incurred in connection with corporate initiatives that are non-recurring and not reflective of costs associated with our ongoing business and operating results and are viewed as unusual and infrequent.
Restructuring costs: We exclude costs associated with reductions in force because these costs are related to one-time severance and benefit payments and are not reflective of costs associated with our ongoing business and operating results and are viewed as unusual and infrequent.
See the tables below for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.
Forward Looking Statements
This press release and announcement contains forward-looking statements within the meaning of the safe harbor provisions of the
Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: our ability to manage our growth effectively; continued use of credit cards and other payment methods that expose merchants to the risk of payment fraud, and other changes in laws and regulations, including card scheme rules, related to the use of these payment methods, and the emergence of new alternative payments products; our ability to attract new merchants and retain existing merchants and increase sales of our products to existing merchants; our history of net losses and ability to achieve profitability; the impact of macroeconomic and geopolitical conditions on us and on the performance of our merchants; the accuracy of our estimates of market opportunity and forecasts of market growth; competition; our ability to continue to improve our artificial intelligence, machine learning models and automated decision making technologies (collectively, "AI Technologies"); fluctuations in our CTB Ratio and gross profit margin, including as a result of large-scale merchant fraud attacks or other security incidents; our ability to protect the information of our merchants and consumers; our ability to predict future revenue due to lengthy sales cycles; seasonal fluctuations in revenue; our merchant concentration and loss of a significant merchant; the financial condition of our merchants, particularly in challenging macroeconomic environments, and the impact of pricing pressure; our ability to increase the adoption of our products, develop and introduce new products and effectively manage the impact of new product introductions on our existing product portfolio; our ability to mitigate the risks involved with selling our products to large enterprises; changes to our pricing and pricing structures; our ability to retain the services of our executive officers, and other key personnel, including our co-founders; our ability to attract and retain highly qualified personnel, including software engineers and data scientists, particularly in
About
|
|
|||||||
|
|
As of
|
|
As of
|
||||
|
|
|
||||||
|
|
(unaudited) |
|
|
||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
139,866 |
|
|
$ |
162,152 |
|
|
Short-term deposits |
|
5,000 |
|
|
|
5,000 |
|
|
Accounts receivable, net |
|
34,070 |
|
|
|
48,453 |
|
|
Prepaid expenses and other current assets |
|
12,167 |
|
|
|
9,825 |
|
|
Short-term investments |
|
131,477 |
|
|
|
130,428 |
|
|
Total current assets |
|
322,580 |
|
|
|
355,858 |
|
|
Property and equipment, net |
|
10,488 |
|
|
|
10,970 |
|
|
Operating lease right-of-use assets |
|
20,138 |
|
|
|
21,203 |
|
|
Deferred contract acquisition costs |
|
14,783 |
|
|
|
15,587 |
|
|
Other assets, noncurrent |
|
6,896 |
|
|
|
6,953 |
|
|
Total assets |
$ |
374,885 |
|
|
$ |
410,571 |
|
|
Liabilities and Shareholders’ Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
1,209 |
|
|
$ |
1,911 |
|
|
Accrued compensation and benefits |
|
17,336 |
|
|
|
27,532 |
|
|
Guarantee obligations |
|
10,218 |
|
|
|
12,278 |
|
|
Provision for chargebacks, net |
|
8,771 |
|
|
|
10,458 |
|
|
Operating lease liabilities, current |
|
6,114 |
|
|
|
6,075 |
|
|
Accrued expenses and other current liabilities |
|
14,480 |
|
|
|
12,466 |
|
|
Total current liabilities |
|
58,128 |
|
|
|
70,720 |
|
|
Operating lease liabilities, noncurrent |
|
17,760 |
|
|
|
18,947 |
|
|
Other liabilities, noncurrent |
|
26,763 |
|
|
|
26,145 |
|
|
Total liabilities |
|
102,651 |
|
|
|
115,812 |
|
|
Shareholders’ equity: |
|
|
|
||||
|
Class A ordinary shares, no par value; 900,000,000 shares authorized as of |
|
— |
|
|
|
— |
|
|
Class B ordinary shares, no par value; 232,500,000 shares authorized as of |
|
— |
|
|
|
— |
|
|
|
|
(288,088 |
) |
|
|
(260,451 |
) |
|
Additional paid-in capital |
|
1,038,653 |
|
|
|
1,029,328 |
|
|
Accumulated other comprehensive profit (loss) |
|
152 |
|
|
|
(62 |
) |
|
Accumulated deficit |
|
(478,483 |
) |
|
|
(474,056 |
) |
|
Total shareholders’ equity |
|
272,234 |
|
|
|
294,759 |
|
|
Total liabilities and shareholders’ equity |
$ |
374,885 |
|
|
$ |
410,571 |
|
|
|
|||||||
|
|
Three Months Ended
|
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(unaudited) |
||||||
|
Revenue |
$ |
88,268 |
|
|
$ |
82,387 |
|
|
Cost of revenue |
|
42,381 |
|
|
|
41,933 |
|
|
Gross profit |
|
45,887 |
|
|
|
40,454 |
|
|
Operating expenses: |
|
|
|
||||
|
Research and development |
|
17,517 |
|
|
|
18,077 |
|
|
Sales and marketing |
|
20,893 |
|
|
|
22,782 |
|
|
General and administrative |
|
13,374 |
|
|
|
16,653 |
|
|
Total operating expenses |
|
51,784 |
|
|
|
57,512 |
|
|
Operating profit (loss) |
|
(5,897 |
) |
|
|
(17,058 |
) |
|
Interest income (expense), net |
|
2,449 |
|
|
|
3,725 |
|
|
Other income (expense), net |
|
(469 |
) |
|
|
844 |
|
|
Profit (loss) before income taxes |
|
(3,917 |
) |
|
|
(12,489 |
) |
|
Provision for (benefit from) income taxes |
|
510 |
|
|
|
1,397 |
|
|
Net profit (loss) |
$ |
(4,427 |
) |
|
$ |
(13,886 |
) |
|
Other comprehensive profit (loss), net of tax: |
|
|
|
||||
|
Other comprehensive profit (loss) |
|
214 |
|
|
|
(1,157 |
) |
|
Comprehensive profit (loss) |
$ |
(4,213 |
) |
|
$ |
(15,043 |
) |
|
|
|
|
|
||||
|
Net profit (loss) per share attributable to Class A and B ordinary shareholders, basic |
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
Net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted |
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
Weighted-average shares used in computing net profit (loss) per share attributable to Class A and B ordinary shareholders, basic |
|
147,390,698 |
|
|
|
161,601,389 |
|
|
Weighted-average shares used in computing net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted |
|
147,390,698 |
|
|
|
161,601,389 |
|
|
|
|||||||
|
|
Three Months Ended
|
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(unaudited) |
||||||
|
Cash flows from operating activities: |
|
|
|
||||
|
Net profit (loss) |
$ |
(4,427 |
) |
|
$ |
(13,886 |
) |
|
Adjustments to reconcile net profit (loss) to net cash provided by (used in) operating activities: |
|
|
|
||||
|
Unrealized loss (gain) on foreign currency |
|
564 |
|
|
|
(1,025 |
) |
|
Provision for (benefit from) account receivable allowances |
|
(300 |
) |
|
|
266 |
|
|
Depreciation and amortization |
|
590 |
|
|
|
654 |
|
|
Amortization of capitalized internal-use software costs |
|
259 |
|
|
|
302 |
|
|
Amortization of deferred contract costs |
|
2,866 |
|
|
|
2,807 |
|
|
Share-based compensation expense |
|
10,981 |
|
|
|
14,316 |
|
|
Non-cash right-of-use asset changes |
|
1,065 |
|
|
|
1,006 |
|
|
Changes in accrued interest |
|
674 |
|
|
|
(60 |
) |
|
Other |
|
90 |
|
|
|
82 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable |
|
14,464 |
|
|
|
15,769 |
|
|
Deferred contract acquisition costs |
|
(1,410 |
) |
|
|
(1,895 |
) |
|
Prepaid expenses and other assets |
|
(2,406 |
) |
|
|
(1,665 |
) |
|
Accounts payable |
|
(705 |
) |
|
|
(299 |
) |
|
Accrued compensation and benefits |
|
(10,315 |
) |
|
|
(7,846 |
) |
|
Guarantee obligations |
|
(2,060 |
) |
|
|
(4,567 |
) |
|
Provision for chargebacks, net |
|
(1,687 |
) |
|
|
44 |
|
|
Operating lease liabilities |
|
(1,283 |
) |
|
|
(1,117 |
) |
|
Accrued expenses and other liabilities |
|
2,582 |
|
|
|
958 |
|
|
Net cash provided by (used in) operating activities |
|
9,542 |
|
|
|
3,844 |
|
|
Cash flows from investing activities: |
|
|
|
||||
|
Purchases of investments |
|
(100,966 |
) |
|
|
(78,157 |
) |
|
Maturities of investments |
|
99,026 |
|
|
|
12,495 |
|
|
Purchases of property and equipment |
|
(172 |
) |
|
|
(208 |
) |
|
Proceeds from sale of fixed assets |
|
14 |
|
|
|
16 |
|
|
Capitalized software development costs |
|
(350 |
) |
|
|
— |
|
|
Net cash provided by (used in) investing activities |
|
(2,448 |
) |
|
|
(65,854 |
) |
|
Cash flows from financing activities: |
|
|
|
||||
|
Proceeds from exercise of share options |
|
810 |
|
|
|
632 |
|
|
Taxes paid related to net share settlement of equity awards |
|
(2,466 |
) |
|
|
(2,256 |
) |
|
Purchases of treasury shares |
|
(27,637 |
) |
|
|
(20,686 |
) |
|
Net cash provided by (used in) financing activities |
|
(29,293 |
) |
|
|
(22,310 |
) |
|
Effects of exchange rates on cash and cash equivalents |
|
(87 |
) |
|
|
115 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
(22,286 |
) |
|
|
(84,205 |
) |
|
Cash and cash equivalents—beginning of period |
|
162,152 |
|
|
|
371,063 |
|
|
Cash and cash equivalents—end of period |
$ |
139,866 |
|
|
$ |
286,858 |
|
Reconciliation of GAAP to Non-GAAP Measures
The following tables reconcile non-GAAP measures to the most directly comparable GAAP measure and are presented in thousands except for share and per share amounts.
|
|
Three Months Ended
|
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(unaudited) |
||||||
|
Net profit (loss) |
$ |
(4,427 |
) |
|
$ |
(13,886 |
) |
|
Provision for (benefit from) income taxes |
|
510 |
|
|
|
1,397 |
|
|
Interest (income) expense, net |
|
(2,449 |
) |
|
|
(3,725 |
) |
|
Other (income) expense, net |
|
469 |
|
|
|
(844 |
) |
|
Depreciation and amortization |
|
849 |
|
|
|
956 |
|
|
Share-based compensation expense |
|
10,981 |
|
|
|
14,316 |
|
|
Payroll taxes related to share-based compensation |
|
254 |
|
|
|
261 |
|
|
Legal-related and other expenses |
|
— |
|
|
|
236 |
|
|
Restructuring costs |
|
— |
|
|
|
2,608 |
|
|
Adjusted EBITDA |
$ |
6,187 |
|
|
$ |
1,319 |
|
|
Net profit (loss) margin |
|
(5 |
)% |
|
|
(17 |
)% |
|
Adjusted EBITDA Margin |
|
7 |
% |
|
|
2 |
% |
|
|
Three Months Ended
|
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(unaudited) |
||||||
|
GAAP gross profit |
$ |
45,887 |
|
|
$ |
40,454 |
|
|
Plus: depreciation and amortization |
|
278 |
|
|
|
325 |
|
|
Plus: share-based compensation expense |
|
157 |
|
|
|
192 |
|
|
Plus: payroll taxes related to share-based compensation |
|
5 |
|
|
|
4 |
|
|
Plus: restructuring costs |
|
— |
|
|
|
134 |
|
|
Non-GAAP gross profit |
$ |
46,327 |
|
|
$ |
41,109 |
|
|
Gross profit margin |
|
52 |
% |
|
|
49 |
% |
|
Non-GAAP gross profit margin |
|
52 |
% |
|
|
50 |
% |
|
|
Three Months Ended
|
||||
|
|
2026 |
|
2025 |
||
|
|
(unaudited) |
||||
|
GAAP cost of revenue |
$ |
42,381 |
|
$ |
41,933 |
|
Less: depreciation and amortization |
|
278 |
|
|
325 |
|
Less: share-based compensation expense |
|
157 |
|
|
192 |
|
Less: payroll taxes related to share-based compensation |
|
5 |
|
|
4 |
|
Less: restructuring costs |
|
— |
|
|
134 |
|
Non-GAAP cost of revenue |
$ |
41,941 |
|
$ |
41,278 |
|
|
|
|
|
||
|
Operating Expenses: |
|
|
|
||
|
GAAP research and development |
$ |
17,517 |
|
$ |
18,077 |
|
Less: depreciation and amortization |
|
250 |
|
|
281 |
|
Less: share-based compensation expense |
|
2,758 |
|
|
3,415 |
|
Less: payroll taxes related to share-based compensation |
|
3 |
|
|
1 |
|
Less: restructuring costs |
|
— |
|
|
632 |
|
Non-GAAP research and development |
$ |
14,506 |
|
$ |
13,748 |
|
|
|
|
|
||
|
GAAP sales and marketing |
$ |
20,893 |
|
$ |
22,782 |
|
Less: depreciation and amortization |
|
187 |
|
|
180 |
|
Less: share-based compensation expense |
|
3,604 |
|
|
4,297 |
|
Less: payroll taxes related to share-based compensation |
|
145 |
|
|
139 |
|
Less: restructuring costs |
|
— |
|
|
1,410 |
|
Non-GAAP sales and marketing |
$ |
16,957 |
|
$ |
16,756 |
|
|
|
|
|
||
|
GAAP general and administrative |
$ |
13,374 |
|
$ |
16,653 |
|
Less: depreciation and amortization |
|
134 |
|
|
170 |
|
Less: share-based compensation expense |
|
4,462 |
|
|
6,412 |
|
Less: payroll taxes related to share-based compensation |
|
101 |
|
|
117 |
|
Less: legal-related and other expenses |
|
— |
|
|
236 |
|
Less: restructuring costs |
|
— |
|
|
432 |
|
Non-GAAP general and administrative |
$ |
8,677 |
|
$ |
9,286 |
|
|
|
|
|
||
|
Non-GAAP operating expenses |
$ |
40,140 |
|
$ |
39,790 |
|
|
Three Months Ended
|
|
|
|||||||
|
|
2026 |
|
2025 |
|
$ Change |
|
% Change |
|||
|
|
(unaudited) |
|||||||||
|
Non-GAAP operating expenses(1) |
$ |
40,140 |
|
$ |
39,790 |
|
$ |
350 |
|
1% |
|
Realized hedging gains / (losses) |
|
(63) |
|
|
308 |
|
|
|
|
|
|
Non-GAAP operating expenses, excluding hedging gains/losses |
|
40,077 |
|
|
40,098 |
|
|
(21) |
|
—% |
|
Adjustment for FX rate fluctuations (2) |
|
(2,927) |
|
|
|
|
|
|
||
|
Non-GAAP operating expenses, constant currency |
$ |
37,150 |
|
$ |
40,098 |
|
$ |
(2,948) |
|
(7)%
|
| (1) |
See tables above for a reconciliation of Non-GAAP operating expenses to GAAP operating expenses by line item. |
|
| (2) |
Adjustment for FX rate fluctuations represents the impact of exchange rate changes on non-GAAP operating expenses and is calculated by translating current period foreign currency transactions using the prior period's monthly average exchange rates. Monthly average rates represent the simple average of daily exchange rates within each calendar month. |
|
|
|
|
|
Three Months Ended
|
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
|
(unaudited) |
||||||
|
Net cash provided by (used in) operating activities |
$ |
9,542 |
|
|
$ |
3,844 |
|
|
Purchases of property and equipment |
|
(172 |
) |
|
|
(208 |
) |
|
Capitalized software development costs |
|
(350 |
) |
|
|
— |
|
|
Free Cash Flow |
$ |
9,020 |
|
|
$ |
3,636 |
|
|
|
Three Months Ended
|
||||||
|
|
|
2026 |
|
|
|
2025 |
|
|
(unaudited) |
|||||||
|
Net profit (loss) |
$ |
(4,427 |
) |
|
$ |
(13,886 |
) |
|
Depreciation and amortization |
|
849 |
|
|
|
956 |
|
|
Share-based compensation expense |
|
10,981 |
|
|
|
14,316 |
|
|
Payroll taxes related to share-based compensation |
|
254 |
|
|
|
261 |
|
|
Legal-related and other expenses |
|
— |
|
|
|
236 |
|
|
Restructuring costs |
|
— |
|
|
|
2,608 |
|
|
Non-GAAP net profit (loss) |
$ |
7,657 |
|
|
$ |
4,491 |
|
|
|
|
|
|
||||
|
Weighted-average shares used in computing net profit (loss) and non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, basic |
|
147,390,698 |
|
|
|
161,601,389 |
|
|
Add: Dilutive Class A and B ordinary share equivalents |
|
3,223,826 |
|
|
|
6,221,619 |
|
|
Weighted-average shares used in computing non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted |
|
150,614,524 |
|
|
|
167,823,008 |
|
|
|
|
|
|
||||
|
Net profit (loss) per share attributable to Class A and B ordinary shareholders, basic |
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
Net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted |
$ |
(0.03 |
) |
|
$ |
(0.09 |
) |
|
Non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, basic |
$ |
0.05 |
|
|
$ |
0.03 |
|
|
Non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted |
$ |
0.05 |
|
|
$ |
0.03 |
|
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