Achieved first-ever quarter of GAAP profitability in Q4 2025, driven by record revenues and significant expansion in adjusted EBITDA margins to 18%.

Performance was bolstered by a data moat of over 1 billion unique customer interactions, providing a structural competitive advantage in identifying complex fraud patterns.

International markets outpaced domestic growth, with non-U.S. regions growing 22% year-over-year, led by strong performance in APAC and LATAM.

The Money Transfer and Payments vertical emerged as a primary growth engine, expanding 90% in 2025 due to refined models for high-frequency, high-risk transactions.

Management attributed improved retention (NDR increased to 105%) to a successful multi-product strategy, with a 50% increase in merchants using more than one product.

Internal AI adoption acted as a force multiplier for engineering, doubling ticket completion rates and allowing for faster deployment of merchant-specific features.

Strategic focus has shifted toward prioritizing gross profit dollar growth over top-line revenue to better reflect the value of high-margin non-guarantee products.

2026 revenue guidance of $372 million to $384 million assumes a stable macro environment and consistent net dollar retention rates relative to 2025.

Management expects non-GAAP gross profit growth to accelerate to 7% to 12%, reflecting continued model optimization and the scaling of newer merchant cohorts.

Free cash flow is projected to grow at least 20% to approximately $40 million, supporting a new $75 million share repurchase authorization.

The 2026 adjusted EBITDA margin target of 8% includes a significant 400 basis point headwind caused by the appreciation of the Israeli shekel.

Strategic investment will focus on 'agentic commerce' solutions, providing risk intelligence layers for both merchant-native AI assistants and general-purpose LLM checkouts.

Identified an approximate $14 million negative impact to 2026 adjusted EBITDA due to FX headwinds, specifically the strengthening of the Israeli shekel against the U.S. dollar.

Noted continued same-store sales pressure in high-end fashion and sneaker sub-verticals, though some stabilization was observed in the second half of 2025.

Reported that 30% to 40% of essential model features are lost when consumers transact through general-purpose LLMs, necessitating the development of new 'agentic' identity signals.

The 2022 merchant cohort continues to underperform the broader portfolio, though management expects gradual improvement as these models mature.

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Management noted that while agentic traffic is currently low, it carries a higher risk profile and higher take rates due to the lack of historical data and control.

Riskified acts as a 'guardrail' for merchant-native AI agents, preventing them from making unintended financial decisions like improper refunds or exchange approvals.

Growth in this category was described as 'exceptional' in 2025, but management expects growth to 'normalize' in 2026 despite a robust pipeline of new opportunities.

The vertical benefits from high-frequency data which allows for more rapid model calibration compared to traditional retail.

Eido Gal argued that card network tools like Visa Verify or Mastercard's Ekata are 'data features' rather than modern machine-learning decision engines.

Management asserted that competitors lack comparable solutions for policy abuse, dispute resolution, and emerging rails like stablecoins or agentic checkout.

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