Riskified Ltd.

Good day and thank you for standing by. Welcome to the Riskified Second Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. To ask a question, please press star 1-1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1-1 again. I would now like to hand the conference over to your speaker today, Stephan Shulstein, Head of Investor Relations.

Good morning, and thank you for joining us today. We are hosting today's call to discuss Riskified's financial results for the second quarter of 2026. Participating on today's call are Eido Gal, Riskified's co-founder and chief executive officer, and Agi Dotcheva, Riskified's chief financial officer. We released our results for the second 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.riskofbuy.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, gross margin, pipeline generation, pipeline conversion, Timing of New Merchants Go Live, Adjusted EBITDA Profitability, Adjusted EBITDA Margins, Non-GAAP Operating Expenses, Free Cash Flow, and Expectations as the Category and Regional Growth Trends, 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 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 20-F for the year ended December 31, 2025 and subsequent reports we file or furnish with the SEC for more information on the specific factors that cause actual results to differ materially from our expectations. Additionally, we will discuss certain non-GAAP financial measures with key performance indicators on the call. Reconciliations for the most directly comparable GAAP financial measures are available in our earnings release issued earlier today and also furnished with the SEC on Form 6-K 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 Eido to begin.

Thanks, Stefan, and hello, everyone. Before I begin, let me welcome and introduce Stefan Schulstein as our new Head of Investor Relations. Stefan is an experienced investor relations executive and his primary focus will be on fostering strong relationships across the investment community as we continue to drive shareholder value. I am very pleased with our Q2 results where we delivered the strongest revenue growth in over four years. Revenue grew 22% year-over-year to $98.7 million. Non-GAAP gross profit grew 13% to $45.4 million and adjusted EBITDA increased 84% to $3.9 million. Given this momentum, we're once again raising our full-year outlook for revenue and adjusted EBITDA. I want to thank our team for driving these results for our clients and shareholders. We believe this accelerated growth is a result of an increasingly complex fraud environment driving more demand to our expanded platform. Allow me to elaborate. Fraud risk for our merchants continues to grow. It's getting more sophisticated and moving faster. And we believe agentic tools are part of what's accelerating that. Bad actors are creating fake identities that sign up, hijacking real accounts, and driving fraudulent activity across digital wallets, cards, ACH, peer-to-peer transactions, tokenized transactions, and 3D secure flows. And it's not limited to checkout. as the same activity shows up in refund and return abuse, chargeback disputes, and friendly fraud. Across that large and increasingly complex surface, we're seeing loss rates rise industry-wide. These complexities are leading merchants to increasingly look for more effective ways to manage fraud while maintaining a leading customer experience. At the same time, merchants are increasingly frustrated stitching together multiple point solutions. Know Your Customer Screening, Identity Resolution, Account Security, Transactional Fraud Screening, Shipping and Returns Abuse Detection, and Dispute Representment are all part of the stack merchants need to manage. And we hear a clear preference for a single platform, and a platform approach isn't just simple. We believe it performs better because the signal from one part of the transaction lifecycle strengthens the defense in every other part. That's the flywheel we've talked about before. Turning to our platform. Our risk intelligence platform applies insights from our global merchant network, identity graph, and AI capabilities across the e-commerce journey, from account creation and login through checkout to post-purchase refunds, returns, and disputes. The platform brings together account, checkout, policy, and dispute intelligence, all powered by a shared network intelligence and identity layer. We believe that the recent improvements that have been driving the most demand are expanded checkout fraud coverage. As non-card payment methods continue to grow and proliferate, merchants are increasingly looking to us to create the underlying trust mechanism that is missing in them. It is a large undertaking, but once done successfully, we believe meaningfully addresses a fundamental trust issue that hurts adoption of these alternative payment methods. For example, with ACH, We have built a risk layer that enables instant payouts, closing self-to-gaps with credit cards, allowing merchants to leverage a low-cost funding instrument with substantially reduced risk. Enhanced merchants continue to offer alternate ways to pay. Our platform allows them to meet customers where they are. We believe we are well-positioned to build and replicate this trust layer for non-card payments in a way that creates value for both our merchants and risk-affiliates. The dollar value of ACH transactions we processed in the quarter was approximately 19 times the value of transactions processed in the second quarter of the prior year. Furthermore, merchants are increasingly using Riskify's identity intelligence beyond checkout to improve the customer experience across the transaction lifecycle. We had shared last quarter that we are enabling real-time risk scoring inside customer service workflows especially as customer service evolves toward the mix of human and conversational AI agents. Additionally, we have now helped one of our newer merchants create a dynamic customer risk profile which allows safer customers to transact faster and at higher dollar amounts. We believe we are well positioned to deliver additional value to our merchants as our identity database has billions of nodes across the transaction lifecycle. Our AI assistant, Aria, continues to gain traction this quarter. We have embedded Aria across our wider platform, giving fraud and risk teams a highly effective tool that helps them investigate activity, understand emerging trends, and take action more quickly. This helps our merchants optimize workload and gain additional insights into their customers. Feedback from our merchants has been overwhelmingly positive. These results are enabled by using our differentiated data assets which we believe makes it more powerful than other solutions that don't have access to our underlying data. Our multi-product merchant base, we're approximately 50% year over year. That consistency is the clearest evidence that this platform strategy is working. Merchants aren't buying one tool, they're expanding into more of the network which allows for additional upsell opportunities and drives retention. On to new business momentum. The two trends I just discussed, More complex fraud and continued improvement in our platform drove a significant acceleration of new business this quarter. This new business was diversified across geographies and across both new and existing merchant categories. New logo acquisition was a significant contributor this quarter. We added new logos across all four regions with five of our top ten headquartered outside the United States spanning five categories. were encouraged by the pace at which we continue to add merchants to the platform, which builds towards future expansion opportunities. Off-sale activity within our existing merchant base was also healthy this quarter, reinforcing the durability of our platform as merchants continue to expand their use of our products. Our pipeline is robust, with the US still the largest contributor and strong momentum across APAC. From an industry perspective, We saw healthy activity within travel, payments, and fashion, and a particularly strong pace of conversion as many of the opportunities we discussed last quarter converted into new business. Our competitive win rates remained above 75% in the second quarter, further evidence of the differentiation of our platform relative to the alternatives that merchants are valid with. A notable highlight this quarter was live sports. A dense global events calendar, which included the World Cup and the NBA Finals, drove elevated transaction volume across two connected parts of our business. In tickets, our established base benefited directly from this volume, reinforcing what we believe is the vertical's role as a durable growth driver. In our money transfer and payments category, which we have renamed Digital Finance to reflect a broader merchant category, struck strong momentum from this same dynamic. with particular strength in event contracts and gaming. We are particularly pleased with our expansion into newer categories within digital finance enabled by our platform innovation. Putting it all together, this was a quarter that reflects both the strength of the market opportunity in front of us and our team's execution in capturing it. Fraud keeps growing more complex and merchants are converging on the unified platform we've spent years building. That combination is showing up in our results, strong revenue growth, accelerating new business, and a multi-product base that keeps deepening. It's why we're raising our outlook for the second time this year. We enter the second half with the platform, the pipeline, and the momentum to keep delivering for our merchants and our shareholders. I'll now turn it over to Agi for a deeper look at our financial results.