The accelerating revenue growth and second guidance raise this year signal strong underlying business momentum, which should support the stock near-term. However, monitor the Q3 earnings call for gross margin trajectory and whether GAAP profitability timelines shift, as margin compression and persistent losses remain a key risk. The CTO transition is a minor organizational change with no immediate financial impact.
Price Chart
Executive Summary
Riskified reported Q2 2026 revenue of $98.7M (+22% YoY, accelerating from 7% in Q1), its strongest growth in over four years, and raised full-year revenue guidance to $400-410M (midpoint $405M) from $376-384M. Adjusted EBITDA was $3.9M (+84% YoY) with free cash flow of $12.9M. The company also repurchased 13.7M shares for $63.9M. However, GAAP net loss was $9.1M (flat EPS of -$0.07 YoY), GAAP gross margin contracted to 46% from 49%, and the company announced a CTO transition. The accelerating revenue growth and raised guidance are strong positives, but persistent GAAP losses and margin compression temper the outlook, making this a mixed but notable event.
Key Facts
- Q2 2026 revenue of $98.7M, up 22% YoY from $81.1M, accelerating from 7% growth in Q1 2026.
- Raised full-year 2026 revenue guidance to $400-410M (midpoint $405M) from prior $376-384M.
- Raised full-year 2026 Adjusted EBITDA guidance to $33-39M (midpoint $36M) from prior $28-34M.
- GAAP net loss of $9.1M in Q2 2026, compared to $11.6M loss in Q2 2025; GAAP EPS was -$0.07 in both periods.
- Adjusted EBITDA of $3.9M in Q2 2026, up 84% from $2.1M in Q2 2025; Adjusted EBITDA margin improved to 4% from 3%.
- GAAP gross profit margin contracted to 46% in Q2 2026 from 49% in Q2 2025; Non-GAAP gross margin contracted to 46% from 50%.
- Free cash flow of $12.9M in Q2 2026, up from $5.3M in Q2 2025.
- Repurchased approximately 13.7M shares for $63.9M in Q2 2026; cumulative 26% reduction in shares outstanding since program inception.
- Co-Founder and CTO Assaf Feldman transitioned to Chief Strategy Officer Technology; Avi Shauli appointed CTO effective August 10, 2026.
- Cash, deposits, and investments of $223.6M with zero debt as of June 30, 2026.
Financial Impact
Revenue growth acceleration to 22% YoY and raised guidance by ~$25M at midpoint are material positives. However, GAAP net loss persists at -$9.1M and gross margin contracted 300bps, indicating ongoing investment costs.
Risk Factors
- GAAP gross margin contraction from 49% to 46% YoY, driven by cost of revenue growing faster than revenue.
- Persistent GAAP net losses ($9.1M in Q2) despite improving Adjusted EBITDA, indicating high non-cash costs (SBC of $10.4M).
- Significant share repurchase ($63.9M in Q2) reduces cash balance, which stood at $105.2M as of June 30, 2026, down from $162.2M at year-end 2025.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-055937 |
| Document: a6-krskdxq22026.htm | 0001628280-26-055937 |
| Document: 0001628280-26-055937-index-headers.html | 0001628280-26-055937 |
| Document: 0001628280-26-055937-index.html | 0001628280-26-055937 |
| Document: 0001628280-26-055937.txt | 0001628280-26-055937 |
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Oct 15, 2026 12d ago | SC 13G/A | $8.22 $8.34 | ▲ +1.46% | ▲ +1.04% | $9.22 (+12.17%) |
Oct 15, 2026 12d ago | SC 13G/A | $8.22 $8.34 | ▲ +1.46% | ▲ +1.04% | $9.22 (+12.17%) |
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