Riskified Tops $100 Million in Quarterly Revenue for the First Time and Raises 2026 Guidance Again, Sending Shares Up 29%

Riskified Ltd. (NYSE: RSKD) shares jumped about 29% Wednesday morning after the ecommerce fraud-prevention company reported third-quarter revenue of $115.2 million, up 41% year over year. That beat its own guidance of about 27% growth by a wide margin. Riskified also crossed $100 million in quarterly revenue for the first time, and it raised its full-year outlook for the third time this year. As a result, the stock gave the PRISM Cybersecurity Index its biggest single-name lift of the day.

Key Points

• Q3 revenue grew 41% to a record $115.2 million, speeding up from 22% growth in Q2.
• Adjusted EBITDA rose 47% to $8.1 million. Free cash flow hit a record $15.2 million.
• 2026 revenue guidance rises to $427–$433 million, up from $400–$410 million. Adjusted EBITDA guidance rises to $39–$43 million.
• Gross margin slipped to 43% as newly onboarded, lower-margin merchants made up a bigger share of the business.

Riskified (RSKD) Speeds Up Again

Riskified had grown in the single digits for years. In the second quarter, however, revenue growth jumped to 22%, its fastest pace in more than four years. In the third quarter, growth nearly doubled again to 41%, up from $81.9 million a year earlier. Management said new merchants and upsells to existing customers drove the gains, and the strength spread across regions and product lines.

Gross merchandise volume (GMV), the dollar value of transactions screened on Riskified’s platform, reached $44.6 billion, up 18% year over year. Revenue grew more than twice as fast as GMV, which shows Riskified earned more on each dollar it reviewed.

The bottom line improved as well. Riskified’s net loss narrowed 83% to about $1.3 million. Meanwhile, non-GAAP earnings of $0.07 per share more than doubled the $0.03 analysts expected. Non-GAAP operating expenses fell to 36% of revenue from 44% a year earlier, so more of the added revenue reached profit.

Growth Comes With Thinner Margins

Still, the faster growth has a cost. Gross profit rose 20% to $49.7 million, only about half the pace of revenue. Gross margin fell to 43%, down roughly seven points from a year earlier. Management again blamed the mix: newly signed merchants carry more risk and start out less profitable, then improve as Riskified’s models learn their traffic.

Investors had watched this trade-off closely going into the report. The quarter’s cash generation, however, helped offset the concern. Riskified now expects about $45 million in positive free cash flow for 2026.

RSKD Raises Its Outlook for the Third Time in 2026

For the full year, Riskified now expects:

• Revenue: $427–$433 million, up from $400–$410 million
• Adjusted EBITDA: $39–$43 million, up from $33–$39 million
• Gross profit growth: 14%–16%, up from 11%–14%

The new revenue range implies about 29% growth in the fourth quarter at the midpoint. That would be slower than Q3’s 41%, but still well above anything Riskified posted before this year. Notably, the company raised revenue guidance in May, again in August, and now in November.

What It Means for the PRISM Cybersecurity Index

Riskified’s market value now sits around $1.4 billion, and the stock is up roughly 146% since the PRISM Cybersecurity Index launched on January 2, 2024. The quarter also supports a theme PRISM MarketView has followed this year: as online fraud gets more complex, merchants want one platform that covers chargebacks, policy abuse and payments risk together. Earlier this year, Riskified landed a CNBC spotlight as a top fintech, and this quarter’s results put numbers behind that recognition.

Going forward, investors will watch two things. First, whether new merchant groups grow into better margins. Second, whether the high-growth Digital Finance business, which includes event contracts and gaming, keeps expanding after a busy live-sports calendar.

Follow Riskified and the rest of the PRISM Cybersecurity Index on PRISM MarketView.