Core Insights - Riskified has formed a strategic partnership with Radial to enhance payment fraud and refund/return protection for Radial's merchant clients [1] - The integration of Riskified's AI-powered platform aims to help merchants approve more legitimate orders while minimizing losses from payment fraud [1] - Radial, which will rebrand as Paxon, operates a global ecommerce fulfillment network with over 20 centers in North America [1] Group 1: Partnership Details - The partnership allows Radial to utilize Riskified's advanced fraud decisioning capabilities, enabling merchants to calibrate the checkout experience based on risk without delaying fulfillment [1] - Riskified's platform provides real-time fraud decisions at checkout, approving or declining transactions while assuming full financial liability for fraud chargebacks [1] - The collaboration also includes Riskified's Policy Protect solution, which helps merchants identify abuse patterns and implement effective policies against fraudulent claims [1] Group 2: Operational Benefits - Radial's teams can leverage Riskified's Dispute Resolve platform to streamline chargeback management, centralizing data and reducing manual efforts [1] - This partnership is expected to enhance the efficiency of Radial's operations, allowing brands to protect revenue and improve customer experiences across the ecommerce lifecycle [1] - The integration of Riskified's fraud intelligence is positioned to strengthen Radial's service offerings to sophisticated retailers [1]

Financial Performance - Riskified Ltd. reported an EPS of $0.12 for Q4 2025, exceeding the expected $0.10, marking its first-ever quarter of GAAP profitability with revenues of approximately $100 million [1] - The company achieved an annual dollar retention rate of 100% and a net dollar retention rate of 105%, indicating strong customer loyalty and growth [1] Business Development - Riskified has secured a record volume of new business wins since its IPO, including partnerships with major brands such as Nintendo, Temu, and Ace Hardware [1] - The company's 'Policy Protect' and 'Account Secure' products generated around $10 million in revenue for 2025, showcasing a successful transition into a multi-product platform [3] Future Outlook - For 2026, Riskified has provided revenue guidance of $372 million to $384 million, reflecting an expected growth of 8% to 11%, along with an anticipated generation of approximately $40 million in free cash flow [3] Industry Context - The report highlights the increasing complexity of the fraud landscape, particularly with the rise of AI-driven 'agentic commerce,' which Riskified addresses using its decade-old AI ecosystem [2] - The company has processed over $750 billion in GMV and 1 billion unique interactions, creating a data moat that enables it to provide real-time risk signals [2] Company Overview - Riskified Ltd. develops and offers an e-commerce risk intelligence platform that helps online merchants build trusted relationships with consumers across various regions, including the US, Europe, and Asia-Pacific [4]

Core Viewpoint - Riskified Ltd. has filed its annual report on Form 20-F for the fiscal year ended December 31, 2025, with the SEC, highlighting its role as a leader in eCommerce fraud and risk intelligence [1][1][1] Company Overview - Riskified empowers businesses to enhance eCommerce growth by mitigating risks associated with fraud and chargebacks [1][1] - The company utilizes an AI-powered fraud and risk intelligence platform, supported by a large team of eCommerce risk analysts and data scientists [1][1] Financial Performance - Riskified announced financial results for the three and twelve months ended December 31, 2025, indicating a strong quarter and positive momentum entering 2026 [1][1] - The company will host an investor call to discuss these results, emphasizing its commitment to transparency and communication with stakeholders [1][1] Product Development - Riskified has expanded its AI Agent Intelligence to secure merchants' native AI shopping assistants from fraud and abuse, showcasing its innovation in the industry [1][1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________ FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO ...

Core Insights - Riskified reported record quarterly revenue and its first-ever quarter of GAAP profitability in Q4 2025, driven by improved retention metrics and new business wins [4][3][6] Financial Performance - Fourth-quarter revenue reached $99.3 million, a 6% increase year-over-year, while full-year revenue was $344.6 million, up 5% [2] - Fourth-quarter gross profit was $57.3 million, reflecting a 16% year-over-year increase, with adjusted EBITDA of $17.7 million, representing an 18% margin [3] - The company ended 2025 with approximately $298 million in cash and zero debt, achieving a net profit of $5.8 million in Q4 [7][17] Retention and Growth Metrics - Annual dollar retention (ADR) improved to approximately 100%, and net dollar retention (NDR) rose to 105% [1][6] - Q4 2025 saw the strongest new business wins since the IPO, accounting for about 55% of total new business for the year, with win rates exceeding 75% [6][8] Product and Geographic Expansion - Revenue from payments and money transfer grew 75% year-over-year, with APAC revenue increasing by approximately 53% [5][10] - Non-U.S. merchants contributed 46% of total revenue in 2025, up from 39% in 2024 [12] Future Outlook - For 2026, the company projects revenue between $372 million and $384 million, representing an 8% to 11% year-over-year increase, and adjusted EBITDA of $26 million to $34 million [19] - The company anticipates a 20% increase in free cash flow, targeting approximately $40 million in 2026 [17]

Financial Data and Key Metrics Changes - The company reported a fourth quarter non-GAAP gross profit of $57.3 million, reflecting a year-over-year growth of 16% [5] - Adjusted EBITDA for the fourth quarter was $17.7 million, translating to a margin of 18%, which exceeded the full-year adjusted EBITDA of $17.2 million in 2024 [5][6] - Fourth quarter revenues reached nearly $100 million, marking a record since inception and contributing to the first-ever quarter of GAAP profitability [6] - Annual revenue for 2025 was $344.6 million, up 5% year-over-year, while fourth quarter billings grew 9% year-over-year to $103.3 million [24][25] - Full year gross profit was $180.3 million, representing a year-over-year growth of 4% [29] Business Line Data and Key Metrics Changes - The money transfer and payments category grew 75% year-over-year, driven by new business wins and upsell activity [25] - The fashion, cosmetics, and luxury vertical grew 8% year-over-year, primarily due to new business and upsell activity [25] - The travel subvertical showed strong performance, while the tickets and live events subvertical experienced a decline year-over-year [25] - The company achieved a year-over-year improvement in annual dollar retention (ADR) to approximately 100% and net dollar retention (NDR) to 105% [7] Market Data and Key Metrics Changes - Non-U.S. regions collectively grew 22% year-over-year, with APAC growing approximately 53% and other Americas (Canada and Latin America) growing approximately 13% [8][28] - Revenue derived from merchants headquartered outside of the U.S. increased to 46% in 2025, up from 39% in 2024 [28] Company Strategy and Development Direction - The company aims to deepen its geographic presence and grow faster in newer verticals while identifying additional verticals for market share gains [8] - There is a focus on driving gross profit growth rather than solely optimizing for revenue growth, with expectations of non-GAAP gross profit growth accelerating to double digits in 2026 [12][13] - The company plans to expand its offerings in response to the increasing complexity of fraud schemes and the evolving needs of merchants [10][11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing complexity of fraud schemes and the need for enhanced platform features to address these challenges [10][11] - The company anticipates generating approximately $40 million in free cash flow in 2026, reflecting a free cash flow yield of about 10% relative to its current enterprise value [22] - Management expressed confidence in the company's long-term trajectory and announced an additional $75 million share repurchase program [22][23] Other Important Information - The company ended 2025 with approximately $298 million in cash deposits and investments, maintaining a debt-free balance sheet [34] - Share-based compensation expense declined to $51.6 million from $57.8 million in the prior year, with expectations of continued decline in 2026 [37] Q&A Session Summary Question: Can you quantify any early GMV from agentic commerce scenarios? - Management indicated they are in discussions with over 50 publicly traded companies regarding their agentic commerce strategies, but specific GMV figures were not provided [42][44] Question: Do you see outsized growth continuing in money transfer and payments for 2026? - Management expects continued growth in the money transfer and payments category but anticipates it will normalize compared to the exceptional growth seen in 2025 [47][48] Question: How do you view the potential for rising adoption of agentic commerce impacting fraud levels? - Management noted that the complexity of agentic commerce could lead to increased fraud, particularly in newer channels, but this complexity also benefits the company as it positions them as a key partner for merchants [51][53] Question: Can you provide an update on integrating with the latest agentic protocols? - Management acknowledged the fragmented nature of current protocols but emphasized their commitment to supporting a wide range of protocols to enhance fraud detection capabilities [59][61] Question: What are the FX headwinds impacting margins? - Management quantified the FX headwind as approximately 400 basis points or $14 million to adjusted EBITDA, attributing it to the appreciation of the Israeli shekel against the U.S. dollar [63][64]

Financial Data and Key Metrics Changes - The company reported fourth quarter non-GAAP gross profit of $57.3 million, a year-over-year growth of 16% [5] - Adjusted EBITDA for the fourth quarter was $17.7 million, translating to a margin of 18%, exceeding the full-year Adjusted EBITDA of $17.2 million in 2024 [6] - Fourth quarter revenues reached nearly $100 million, marking a record since inception and contributing to the first-ever quarter of GAAP profitability [6][29] - Annual revenue for 2025 was $344.6 million, up 5% year-over-year, while fourth quarter billings grew 9% year-over-year to $103.3 million [24][25] - The company achieved a net profit of $5.8 million in the fourth quarter, compared to a loss of $4.1 million in the prior year [33] Business Line Data and Key Metrics Changes - The money transfer and payments category grew 75% year-over-year, driven by new business wins and upsell activity [25] - The travel subvertical showed strong performance, while the tickets and live events subvertical experienced a decline year-over-year [25] - The fashion, cosmetics, and luxury vertical grew 8% year-over-year, primarily driven by new business and upsell activity [25] - The company processed approximately $750 billion in GMV since inception, with fourth quarter GMV of $46.7 billion, an 18% increase year-over-year [8][24] Market Data and Key Metrics Changes - Revenue from non-U.S. regions grew 22% year-over-year, with APAC growing approximately 53% and other Americas growing approximately 13% [8][28] - Revenue derived from merchants headquartered outside of the U.S. increased to 46% in 2025, up from 39% in 2024 [28] Company Strategy and Development Direction - The company aims to deepen geographic presence and grow faster in newer verticals while identifying additional verticals for market share gains [8] - Focus on driving gross profit growth rather than solely optimizing for revenue growth in 2026 [12] - Plans to expand further in APAC and LATAM by developing localized products and features [8] Management's Comments on Operating Environment and Future Outlook - Management noted an increase in fraud losses related to online transactions, with expectations that total losses attributed to fraud will more than double over the next five years [9][10] - The company anticipates generating free cash flow of approximately $40 million in 2026, with a free cash flow yield of about 10% relative to current enterprise value [22] - Management expressed confidence in the long-term trajectory of the company, supported by strong fundamentals and a disciplined capital allocation strategy [23] Other Important Information - The company repurchased approximately 22 million shares for a total price of $105.9 million in 2025, contributing to an 8% reduction in shares outstanding [34] - Share-based compensation expense declined from $57.8 million in the prior year to $51.6 million [37] Q&A Session Summary Question: Can you quantify any early GMV from agentic commerce scenarios? - Management indicated they are in discussions with over 50 publicly traded companies regarding their agentic commerce strategies, but specific GMV figures were not disclosed [42][44] Question: Do you see outsized growth continuing in money transfer and payments for 2026? - Management expects continued growth in the money transfer and payments category but anticipates it will normalize compared to the exceptional growth seen in 2025 [47][48] Question: How do you view the potential for rising adoption of agentic commerce impacting fraud levels? - Management noted that the complexity of fraud is increasing, and while agentic channels currently see higher fraud rates, this complexity may benefit Riskified as a fraud prevention partner [51][54] Question: Can you provide an update on mid-market expansion strategy? - Management stated that while targeting enterprises, they are also looking to refine their model for mid-market opportunities, which could present upside to current guidance [55][56] Question: What is the status on integrating into the latest agentic protocols? - Management acknowledged the fragmented nature of current protocols but emphasized their commitment to supporting various protocols to enhance fraud detection capabilities [59][61]

Financial Data and Key Metrics Changes - The company reported fourth quarter revenue of $99.3 million, a 6% year-over-year increase, and full year revenue of $344.6 million, up 5% year-over-year [21] - Fourth quarter non-GAAP gross profit reached $57.3 million, reflecting a 16% year-over-year growth, while full year gross profit was $180.3 million, a 4% increase [25][30] - Adjusted EBITDA for the fourth quarter was $70.7 million, the highest quarterly amount in history, translating to an 18% margin, with full year Adjusted EBITDA at $26.7 million, a 55% year-over-year increase [30][31] - The company achieved GAAP profitability in the fourth quarter with a net profit of $5.8 million, compared to a loss of $4.1 million in the prior year [30] Business Line Data and Key Metrics Changes - The money transfer and payments category grew 75% year-over-year, driven by new business wins and upsell activity [22] - The fashion, cosmetics, and luxury vertical grew 8% year-over-year, supported by new business and upsell activity [22] - The travel subvertical showed strong performance, contributing positively to revenue growth, while the tickets and live events subvertical experienced a decline [22] Market Data and Key Metrics Changes - Revenue from non-U.S. regions grew significantly, with APAC growing approximately 53% year-over-year and other Americas (Canada and Latin America) growing about 13% [24] - EMEA regions grew approximately 18% year-over-year, with strong performance in money transfer and payments, tickets and travel, and fashion and luxury verticals [24] - Revenue derived from merchants headquartered outside of the U.S. increased to 46% in 2025, up from 39% in 2024 [25] Company Strategy and Development Direction - The company aims to deepen its geographic presence and grow faster in newer verticals while identifying additional verticals for market share gains [7] - There is a focus on expanding localized products and features in high-growth regions, particularly APAC and LATAM [7] - The company plans to drive gross profit growth rather than primarily optimizing for revenue growth, with expectations of non-GAAP gross profit growth accelerating to double digits in 2026 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's long-term trajectory, supported by strong free cash flow and a debt-free balance sheet [19] - The company anticipates generating approximately $40 million in free cash flow in 2026, reflecting a 20% increase [31] - Management highlighted the increasing complexity of fraud schemes and the need for robust fraud prevention solutions, positioning the company as a key partner for merchants [9][10] Other Important Information - The company repurchased approximately 22 million shares for a total price of $105.9 million in 2025, contributing to an 8% reduction in shares outstanding [31][32] - Share-based compensation expense declined to $51.6 million from $57.8 million in the prior year, with expectations for further declines in 2026 [33] Q&A Session Summary Question: Can you quantify any early GMV from agentic commerce scenarios? - The company is in discussions with over 50 publicly traded companies regarding their agentic commerce strategies, indicating promise in merchant-native AI agents [40][41] Question: Will the growth in money transfer and payments continue in 2026? - The company expects continued growth in the money transfer and payments category but anticipates a normalization of growth rates [44] Question: How does the adoption of agentic commerce impact fraud levels? - The company noted that the complexity of fraud is increasing, particularly in agentic channels, which may lead to higher fraud levels initially [51] Question: What is the status of integrating with new agentic protocols? - The company is actively supporting various protocols but anticipates a fragmented approach in the market [58] Question: How do Riskified's services compare to those from card networks? - The company believes its offerings are distinct and provide unique value that is not directly comparable to services from card networks [72]

分组1 - Riskified reported quarterly earnings of $0.12 per share, exceeding the Zacks Consensus Estimate of $0.10 per share, and showing an increase from $0.06 per share a year ago, resulting in an earnings surprise of +16.17% [1] - The company achieved revenues of $99.33 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.53% and increasing from $93.53 million year-over-year [2] - Riskified has surpassed consensus EPS estimates three times over the last four quarters and has topped consensus revenue estimates four times in the same period [2] 分组2 - The stock has underperformed the market, losing about 5.2% since the beginning of the year, compared to a decline of 0.4% in the S&P 500 [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is $0.03 on revenues of $88.17 million, and for the current fiscal year, it is $0.29 on revenues of $374.08 million [7] 分组3 - The Zacks Industry Rank indicates that the Internet - Software sector is currently in the bottom 43% of over 250 Zacks industries, suggesting potential challenges for stocks in this category [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors or through tools like the Zacks Rank [5][6]

March 2026 Investor Presentation Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act"). All ...