Riskified Ltd.

Q2 GMV was $41.3 million, up 13% year over year. Revenue was $98.7 million, up 22% year over year, the strongest growth in more than four years. Non-GAAP gross profit was $45.4 million, up 13% year over year, and gross margin was 46%. Adjusted EBITDA was $3.9 million, up 84% from $2.1 million in Q2 2025. GAAP net loss improved to $9.1 million from $11.6 million a year ago. For the full year, Riskified raised revenue guidance to $400 million-$410 million and adjusted EBITDA guidance to $33 million-$39 million; Q3 revenue growth is expected to be approximately 27%, and Q3 gross profit growth is expected to be similar to Q2. The company also said it expects more than $40 million of positive free cash flow in 2026.

Eido Gal said the quarter reflected the combination of a more complex fraud environment and a stronger product platform, including identity, checkout, policy, dispute, and AI tools. He emphasized that momentum came from both new logos and upsells, with the quarter showing a faster pace of conversion and broader geographic traction. His tone was upbeat and confident, repeatedly describing the business as having the platform, pipeline, and momentum to keep growing.

Aglika Dotcheva highlighted that gross profit growth and revenue growth were driven by new merchants and upsell activity, with digital finance, tickets and travel, and fashion and luxury contributing across the business. She said gross margin at 46% was affected by mix, especially more ticketing activity and new merchants that start at lower margins, but that cohorts should improve over time. She also pointed to disciplined spending, with non-GAAP operating expenses of $41.5 million, 42% of revenue, cash and investments of about $223.6 million, 0 debt, $12.9 million of free cash flow in Q2, and more than $40 million expected for 2026. The company repurchased 13.7 million shares for $63.9 million in Q2.

Analysts focused on whether the new-logo acceleration was an inflection tied to AI-driven fraud changes, and management said it was a convergence of platform expansion, stronger product-market fit, and a tougher fraud backdrop, with the quarter being the point where "everything clicked." Questions also centered on take rate and gross margin; management said take rate mostly reflected higher-risk new business and could fluctuate slightly lower, while margin pressure was mainly mix-related and not structural. Other questions covered NDR, which remains around 105%, newer product contribution, and the Marqeta partnership, which management said helps improve post-authorization approval and serves as a differentiated merchant-selling point rather than a separate monetization model.