Riskified Ltd "Q1 2026 Earnings Recap" (Neutral) Chiodo

研报英文原文证据摘录

Riskified Ltd "Q1 2026 Earnings Recap" (Neutral) Chiodo

Global Research

13 May 2026ab

Riskified Ltd Equities

AmericasQ1 2026 Earnings Recap

Diversified Technology Services

12-month rating Neutral

Q1 execution ahead on gross profit / EBITDA with guidance raise at low-end;

ACH, multi-product, and channel expansion support broader platform

12m price target US$5.00

narrative: Riskified delivered a constructive Q1, with revenue +7% YoY and GMV +9%

YoY, supported by continued new merchant wins and upsell activity. Importantly, non-

GAAP gross profit increased +13% YoY, outpacing revenue growth, while adjusted Price (13 May 2026) US$4.79

EBITDA improved meaningfully to a ~7% margin vs. ~2% in Q1 2025, with GAAP net RIC: RSKD.N BBG: RSKD US

loss also narrowing substantially YoY. Riskified’s gross profit outperformance was driven

by improved performance across the existing merchant base, continued ML model Trading data and key metrics

enhancements, incremental contribution from non-payment products, and early ACH 52-wk range US$5.61-3.79

contribution (with management specifically noting ACH investments are now Market cap. US$0.55b

contributing meaningfully to incremental gross profit). Management raised the low end Shares o/s 115m (COM)

of FY 2026 guidance, with the updated midpoint implying ~10% revenue growth and Free float 72%

~$31mm of adjusted EBITDA (~8% margin), while reiterating expectations for ~$40mm Avg. daily volume ('000) 212

of FY 2026 FCF and maintaining a debt-free balance sheet. Further, the quarter added Avg. daily value (m) US$0.9

support to the view that Riskified’s growth algorithm is broadening beyond core CNP Common s/h equity (12/26E) US$0.21b

fraud, with management pointing to traction across alternative payment workflows, P/BV (12/26E) 3.1x