Riskified Q1 Earnings Call Highlights
Riskified (NYSE:RSKD) reported higher first-quarter revenue and gross profit, raised the low end of its full-year outlook and highlighted growth in newer areas such as ACH fraud intelligence, non-payment fraud products and identity data tools during its first-quarter 2026 earnings call.
Co-founder and Chief Executive Officer Eido Gal said the company’s quarter reflected “disciplined execution” across converting pipeline into new business, expanding relationships with existing merchants and broadening its opportunity across new verticals and payment methods.
For the first quarter, Riskified reported revenue of $88.3 million, up 7% year over year, and non-GAAP gross profit of $46.3 million, up 13%. Adjusted EBITDA was $6.2 million, compared with $1.7 million a year earlier, representing a 370% increase. Gross merchandise volume was $37.2 billion, up 9% year over year.
Pipeline Growth and International Wins
Gal said Riskified’s pipeline grew substantially from the prior year, with the U.S. serving as the largest contributor. He also cited continued momentum in Japan and Latin America. From an industry perspective, Gal said activity was healthy in emerging categories within the company’s travel sub-vertical.
The company’s recently announced partnership with Outpayce from Amadeus helped expand its go-to-market reach into airlines globally and contributed to pipeline growth, Gal said. He added that Riskified’s competitive win rates remained above 75% in the quarter.
“Five of our top 10 new logos won in Q1 were headquartered outside of the United States,” Gal said, noting those wins spanned the general, home, and tickets and travel verticals.
ACH, Alternative Payments and Multi-Product Adoption
Riskified executives emphasized growing demand for ACH fraud intelligence. Gal said the company’s fraud platform applies across “the full spectrum of digital transactions” and not only traditional card payments. He said Riskified had invested over the past several years in ACH-specific models and features, and that the investment contributed meaningfully to incremental gross profit in the quarter.
Three of the company’s top 10 deals in the quarter were in ACH, including its largest new logo win, Gal said. In response to an analyst question, Gal said merchants face an increasingly complex payment landscape that includes ACH, digital wallets, stablecoins, credit cards and localized payment methods. He said merchants are seeking a consolidated vendor that can support risk management across multiple channels.
The company also reported traction beyond its core Chargeback Guarantee product. Gal said the number of merchants using more than one Riskified product grew approximately 50% year over year, and those accounts now account for more than 30% of the company’s revenue base. He said multi-product merchants generally carry stronger margin profiles.
Asked about non-chargeback product revenue, Gal said Riskified remains on track with its prior expectation of $15 million to $20 million in 2026. He said growth in multi-product adoption is being driven primarily by Policy and Dispute products, and that those merchants show better satisfaction, incremental gross profit and retention.
New Identity Data Product and ARIA AI Tool
Riskified also discussed the launch of its first standalone identity data product. Gal said one of the company’s key assets is a graph database containing hundreds of millions of identities and billions of nodes, built from global data from large e-commerce merchants. The company is now making that data available to merchants in real time across the customer journey.
The first use case integrates identity intelligence into service workflows, including CRM and customer service consoles. Gal said agents receive a real-time risk score when a customer contacts them, allowing merchants to fast-track loyal customers and apply more friction to serial abusers. He said merchants using the capability have seen up to a 30% reduction in complaint rates and, in some cases, a seven-figure reduction in refund and return costs.
Gal pointed to Riskified’s partnership with Rue Gilt Groupe, where the company’s identity data is integrated into the Zendesk service console, as an example of the product in use.
Riskified also introduced ARIA, its AI Risk Intelligence Analyst, at its Ascend 2026 North America event. Gal said ARIA allows merchants to use conversational language to investigate transaction-level explanations, performance trends and risk indicators. In response to an analyst question, he said ARIA is being rolled out to all Riskified customers and has received strong early feedback.
Financial Performance by Category and Region
Chief Financial Officer Agi Dotcheva said first-quarter billings grew 11%, compared with reported revenue growth of 7%. She said the gap reflected the timing of revenue recognition under the company’s guarantee accounting framework and is expected to narrow over the year, with billings and revenue growth converging on a full-year basis.
Billings growth was broad-based across nearly all categories, led by tickets and travel and money transfer and payments. Tickets and travel grew approximately 18% year over year, while money transfer and payments grew 30%, driven by upsell activity with existing merchants. Those gains were partially offset by softness in fashion and luxury, concentrated in Asia-Pacific, due primarily to a strong prior-year comparison.
By region, Dotcheva said billings grew across all regions. The U.S. grew 10% year over year, APAC grew 15%, Other Americas grew approximately 11% and EMEA delivered approximately 11% growth.
Riskified ended the quarter with about $276 million in cash, deposits and investments and no debt. The company generated $9 million in free cash flow during the quarter and expects approximately $40 million of positive free cash flow in 2026.
Guidance Raised at Low End
Riskified raised the low end of its full-year guidance ranges for revenue and adjusted EBITDA. The company now expects full-year revenue of $376 million to $384 million, with a midpoint of $380 million. It expects adjusted EBITDA of $28 million to $34 million, with a midpoint of $31 million, up from the prior range of $26 million to $34 million.
Dotcheva said the main factors that could influence where results fall within the ranges include the timing of new merchant go-lives and upsells, merchant retention and the broader macroeconomic environment.
The company also continued its share repurchase program. During the first quarter, Riskified repurchased approximately 6.2 million shares at an average price of $4.44 per share, for total consideration of $27.5 million. Since the program began in the fourth quarter of 2023, the company has repurchased approximately 58.2 million shares for $287 million, contributing to a 19% reduction in total shares outstanding over that period.
About Riskified (NYSE:RSKD)
Riskified is a technology company specializing in e-commerce fraud prevention and revenue optimization for online merchants. Its platform combines machine learning, behavioral analytics and proprietary risk models to assess the legitimacy of transactions in real time. By offering a chargeback guarantee, Riskified assumes the financial liability for approved orders that later turn out to be fraudulent, allowing retailers to focus on growth rather than dispute management.
The company's core product suite addresses various aspects of the online shopping lifecycle, including order approval, account takeover protection and policy compliance.
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