Riskified (RSKD) Q1 2025 earnings summary

Executive summary

• Achieved 8% year-over-year revenue growth to $82.4M in Q1 2025, driven by new customer wins, upsell activity, and expansion across verticals and geographies.

• Maintained positive adjusted EBITDA for the sixth consecutive quarter, reaching $1.3M in Q1 2025.

• 100% renewal rate across top 20 contracts up for renewal, with nearly half extended as multi-year agreements.

• Multi-product platform revenue (excluding core Chargeback Guarantee) grew ~190% year-over-year, highlighting successful product diversification.

• Repurchased 4.1M shares for $20.7M in Q1 2025, demonstrating commitment to capital return.

Financial highlights

• Q1 2025 revenue: $82.4M, up 8% year-over-year; gross profit: $40.5M; Adjusted EBITDA: $1.3M; GMV: $34.2B, up 7% year-over-year.

• Non-GAAP gross profit margin: 50%, down year-over-year due to ramping new merchants in emerging categories.

• GAAP net loss: $(13.9)M (net margin -17%) in Q1 2025.

• Free cash flow: $3.6M in Q1; $30M positive free cash flow expected for 2025.

• Ended Q1 2025 with $357M in cash, deposits, and investments; zero debt.

Outlook and guidance

• 2025 revenue guidance maintained at $333M–$346M, midpoint $339.5M.

• Adjusted EBITDA guidance unchanged at $18M–$26M, midpoint $22M.

• Non-GAAP gross profit margin targeted at 52%–53.5% for the full year, with quarterly fluctuations expected.