Riskified Clocks 17% Revenue Growth In Q1 On Higher Gross Merchandise Volume

Riskified Ltd. RSKD reported first-quarter FY23 revenue growth of 17.1% year-on-year to $68.91 million, beating the consensus of $68.75 million.

• The e-commerce risk management platform registered a breakeven adjusted EPS of $0.00, beating the consensus of a ($0.06) loss.
• Onboarding of new merchants and soaring gross merchandise volume resulted in street-beating results in Q1.
• The gross merchandise volume grew 20.2% Y/Y to $27.27 billion.
• Gross profit rose 18% Y/Y to $35.84 million, with a 52% flat Y/Y margin.
• Riskified held $269.16 million in cash and equivalents. 
• In Q1, Adjusted EBITDA loss stood at $5.17 million, narrower than the loss of $13.45 million a year ago.
• "We continue to work towards achieving profitability on an adjusted EBITDA basis in the fourth quarter of 2023," said Aglika Dotcheva, Chief Financial Officer of Riskified.
• Consistent with recent quarters, the company will seek to identify additional leverage in its operating expenses.
• Outlook: Riskified reiterates FY23 revenues. The company expects revenues of $297 million and $303 million, versus the consensus of $300.84 million.
• The company expects an Adjusted EBITDA loss of $17 million and $12 million, up 41% from the mid-point of previous guidance of Adjusted EBITDA loss of $27 million and $22 million.

Price Action: RSKD shares traded higher by 0.48% at $35.90 in premarket on Wednesday.

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