Riskified Ltd.

Ladies and gentlemen, thank you for standing by, and welcome to Riskified First Quarter 2026 Earnings Call. At this time, all participants are in the listen-only mode. After the speaker's presentation, there will be a question-and-answer session. And to ask a question during the session, you would need to press star 11 on your telephone. You would then hear an automated message advising your hand is raised. And to withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Cody Slatch, Investor Relations for Riskified. Please go ahead.

Good morning, and thank you for joining us today. We are hosting today's call to discuss Riskified's financial results for the first quarter of 2026. Participating on today's call are Ido Gall, Riskified's co-founder and chief executive officer, and Agi Gocheva, Riskified's chief financial officer. We released our results for the first quarter of 2026 earlier today. Our earnings materials, including a replay of today's webcast, will be available on our investor relations website at ir.riskified.com. Certain statements made on the call today will be forward-looking statements related to without limitation, our operating performance, business and financial goals, outlook as to revenues, gross profit, pipeline generation, pipeline conversion, adjusted EBITDA profitability, and adjusted EBITDA margins, which reflect management's best judgment based on currently available information and are not guarantees of future performance. We intend all forward-looking statements to be covered by the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our expectations as of the date of this call and except as required by law, we undertake no obligation to revise this information as a result of new developments that may occur after the time of this call. Please refer to our annual report on Form 20F for the year ended December 31st, 2025 and subsequent reports we file or furnish with the FCC for more information on the specific factors that could cause actual results to differ materially from our expectations. Additionally, we will discuss certain non-GAAP financial measures and key performance indicators on the call. Reconciliations to the most directly comparable GAAP financial measures are available in our earnings release issued earlier today and also furnished with the SEC on Form 6K and in the appendix of our investor relations presentation, all of which are posted on our investor relations website. I will now turn the call over to Ido.

Thanks, Cody, and hello, everyone. We're off to a strong start in 26 to date, and I'm pleased with the momentum we've been seeing across the business. Our performance this quarter was largely the product of disciplined execution across three fronts, converting the growing pipeline into new business at high rates, deepening our platform relationships with existing merchants, and expanding our addressable opportunity across new verticals and payment methods. In the first quarter, we delivered non-GAAP gross profit of $46.3 million and revenue of $88.3 million, up 13% and 7% year-over-year, respectively, along with adjusted EBITDA of $6.2 million, a 370% increase from the prior year. Allow me to highlight the key areas of execution that drove our results this quarter. Our pipeline grew substantially year-over-year, with the U.S. being the largest contributor. alongside continued momentum in international markets such as Japan and Latam. From an industry perspective, we saw healthy activity, particularly in new emerging categories, in our travel sub-particle. Travel was also supported by our recently announced partnership with Outpace from Amadeus, which deepened our go-to-market reach into airlines globally and contributed to pipeline growth. Our competitive win rates in the first quarter remained above 75%, a testament to the strength and differentiation of our platform. Five of our top 10 new logos won in Q1 were headquartered outside of the United States, with those five wins spanning three verticals, general, home, and tickets and travel. We believe that the momentum built in Q1 reinforces our ability to convert our pipeline into paying merchants at high rates in the quarters to come. Over the course of the first quarter, our committed revenue position for 26 and beyond strengthened, reflecting the durable, long-term relationships we continue to build with our merchants. Moving to product. We have seen strong demand for ACH fraud intelligence for merchants, supporting our thesis that our fraud platform applies across the full spectrum of digital transactions, not just traditional card payments. We positioned ourselves to capture that demand by investing in building ACH-specific models and bespoke features over the past few years. And that investment is now contributing meaningfully to incremental gross profit this quarter. Three of our top 10 deals this quarter were in the ACH space, featuring our largest new logo win. Each new ACH transaction we process deepens our data advantage, sharpening our models, and reinforcing the flywheel effect that compounds performance improvements over time. As non-card payment methods continue to proliferate, we believe we are well positioned to protect merchants. No matter how consumers choose to pay, we expect this to be a growing theme throughout 26, as recently onboarded merchants in this category continue to ramp. We have also seen traction in our non-payment fraud products, demonstrating that our platform is gaining momentum beyond our core chargeback guarantee offerings. The number of merchants who are using more than one product grew approximately 50% year over year, and these accounts now drive over 30% of our revenue base. Multiproduct merchants also generally carry a stronger margin profile. During the quarter, we also released our first standalone identity data product. Allow me to explain. One of our most unique assets is our graph database of hundreds of millions of identities with billions of nodes. This graph is built from the global data of hundreds of the world's largest e-commerce merchants. We cluster, tag, and update this graph in real time and leverage it to power our product suite and AI models. Now, for the first time, we are making this data available to our merchants to leverage in real time across the entire customer journey. Our first use case involves identity intelligence integrated directly into service workflows, including CRM and service consoles. Agents receive a real-time risk score the moment a customer contacts them, enabling them to fast-track loyal members and apply the right frictions of serial abusers. Merchants using this capability have seen an up to a 30% reduction in complaint rates and, in several cases, a seven-figure reduction in refund and return costs. Our recently announced partnership with Rue Gilt Group, where we are integrated directly into their Zendesk Service Console, is the clearest proof point of this inaction. We are still in the early stages, and we look forward to sharing more as this matures, but the pipeline and merchant conversations it has generated so far give us confidence this represents a meaningful expansion of our addressable opportunity. We recently hosted Ascend26 North America, the first stop in our global event series for e-commerce risk management leaders. Among hundreds of large enterprise e-commerce leaders representing more than 1.1 trillion in total processing volume, we introduced Riskified ARIA, our AI risk intelligence analyst. Leveraging ARIA, merchants can use simple conversational language to instantly zoom in on transaction-level explainability, visualize specific performance trends, or isolate specific risk indicators. ARIA serves as an always-on risk analyst that provides risk intelligence and insight across every touchpoint of the buyer journey in plain language and in seconds. On our prior earnings call, we shared that we were seeing general-purpose LLMs being used for discovery purposes and not checkout, while merchants were focusing on native LLMs designed to handle the full shopping journey. One quarter on, that remains the case. While still nascent, we now have merchants leveraging Riskify as the identity and risk intelligence layer that makes those interactions both safe and economically viable. The dialogue with merchants on this topic has continued to deepen, and we see it as a growing driver of pipeline and strategic engagement heading into the rest of 2016. Moving to distribution, we've started expanding our reach through new channels. This quarter, we've launched Dispute Resolve for Shopify, expanding our reach directly into a large and growing merchant ecosystem. We also announced our partnership with Radial, one of North America's largest e-commerce solutions and omni-channel fulfillment providers, embedding our fraud and risk intelligence at the intersection of payment processing and fulfillment. This reflects our broader strategy to make our platform easily accessible for everyone. I'm excited by the increasing velocity of our product releases enabled by Ingentic coding tools. We believe that our deep integrations and network data allow us to provide an expanding set of services and that what we are building across products, channels, payment methods, and geographies is showing up where it matters. In pipeline growth, high win rates, in an addressable market that we believe continues to expand. We enter the rest of 26 with confidence in our growth trajectory. I will now turn it over to Agi for a deeper dive into our financial results.