Riskified Ltd. (NYSE: RSKD), a firm focused on addressing e-commerce fraud and risk intelligence, announced financial results for the three months ended March 31, 2024.
Eido Gal, Co-Founder and Chief Executive Officer of Riskified said:
“Our commitment toward profitable growth has yielded exceptional results, as evidenced by two consecutive quarters of positive Adjusted EBITDA. As we look ahead, we remain encouraged by the vast opportunities in front of us, and our ability to help the world’s largest eCommerce companies unlock their business goals in the face of the ever-expanding threats of fraud and policy abuse.”
Q1 2024 Business Highlights
Further Geographic Diversification with the Addition of New Merchants:
The firm says it continued to “have success landing new merchants on the Riskified network, which in turn deepened their vertical and geographic reach.”
Their refined multi-product platform has allowed them “to unlock multiple additional entry-points into the eCommerce market, which they believe leads to a more continuous selling cycle and increased merchant coverage.”
To that end, their largest Policy Protect and Dispute Resolve wins during the first quarter of 2024 were “both stand-alone product sales to merchants not currently utilizing their core.”
They repurchased 6.4 million ordinary shares “for $30.3 million during the first quarter.”
In addition, their Board of Directors authorized “the repurchase of an additional $75 million of the company’s ordinary shares, subject to the completion of required Israeli regulatory procedures.”
Assuming completion of the required Israeli regulatory procedures, their total “outstanding aggregate repurchase authorization is approximately $92 million, as of May 10th.”
Riskified remain committed to “repurchasing their shares at what they continue to believe are attractive valuation levels.”
Aglika Dotcheva, Chief Financial Officer of Riskified. Financial Outlook said:
“Our improved Adjusted EBITDA guidance underscores our confidence in navigating dynamic market conditions while delivering value to our shareholders. Over the past few years we believe that we have become a more agile and efficient company while positioning ourselves for long-term success.”
As noted by its management, Riskified empowers businesses “to unleash ecommerce growth by taking risk off the table.”
Many of the world’s biggest brands and publicly traded companies selling online rely on Riskified for “guaranteed protection against chargebacks, to fight fraud and policy abuse at scale, and to improve customer retention.”
Developed and managed by the largest team of ecommerce risk analysts, data scientists and researchers, Riskified’s AI-powered fraud and risk intelligence platform “analyzes the individual behind each interaction to provide real-time decisions and robust identity-based insights.”