Riskified (RSKD) Losses Narrow And Test Bullish Profitability Narratives In Q1 2026

Riskified (RSKD) opened Q1 2026 with revenue of US$88.3 million and a basic EPS loss of US$0.03, compared with a basic EPS profit of US$0.04 and revenue of US$99.3 million in Q4 2025 and a basic EPS loss of US$0.09 on revenue of US$82.4 million in Q1 2025. Over the trailing 12 months, revenue came in at US$350.5 million, with a net income loss of US$18.1 million and a basic EPS loss of US$0.12, setting up a quarter where investors are likely to focus on how efficiently each dollar of sales is flowing through to the bottom line.

See our full analysis for Riskified.

With the latest numbers on the table, the next step is to see how this earnings profile lines up with the main narratives around Riskified’s growth potential and path to profitability, and where those stories might need a rethink.

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Losses Narrow On A 12 Month View

• Over the last 12 months, Riskified recorded a net income loss of US$18.1 million and a basic EPS loss of US$0.12, compared with a loss of US$27.6 million and basic EPS loss of US$0.18 on the prior 12 month snapshot.
• Supporters of the bullish narrative point to this multi year loss reduction, around 31.6% per year, as early evidence of a path to the margins they are hoping for. However:
  • EPS is still negative, at a US$0.03 loss in Q1 2026 and a US$0.12 loss over the trailing 12 months, so the business is not at the profitability levels that bullish forecasts anticipate.
  • Revenue over the trailing 12 months sits at US$350.5 million compared with US$333.5 million a year earlier, which lines up with the 9.1% revenue growth cited but is still below the 11.6% growth rate referenced for the wider US market.

Some bulls argue that this combination of smaller losses and steady revenue growth could eventually support the earnings inflection they expect, so it can be useful to see how their full thesis stacks up against the detailed numbers in 🐂 Riskified Bull Case

Revenue Growing, But Behind Market

• Revenue growth over the last year is reported at 9.1% per year against a referenced 11.6% per year for the US market, while quarterly revenue in Q1 2026 of US$88.3 million sits between Q1 2025 at US$82.4 million and Q4 2025 at US$99.3 million.
• Bears focus on this slower revenue pace and the lack of trailing profitability to argue that growth may not be strong enough to comfortably absorb costs over time, highlighting that:
  • The business has not yet posted positive net income on a trailing 12 month basis, with the most recent figure still showing a US$18.1 million loss despite the improvement from the prior US$27.6 million loss.
  • Even though revenue has risen from US$333.5 million to US$350.5 million over the past 12 month snapshots, that growth rate trails the referenced market comparator, which bearish investors see as a constraint on how fast margins can improve.

Skeptics argue that this mix of slower revenue growth and ongoing losses could justify a more cautious stance, and they often point to the detailed bear case to see how those concerns translate into long term expectations in 🐻 Riskified Bear Case

Valuation Signals Versus Fundamentals

• At a share price of US$4.64 and a P/S of about 2x, the stock is referenced as trading below both peer averages around 3.4x to 3.5x and a DCF fair value of US$10.67.
• Consensus style commentary highlights this lower multiple and the gap to DCF fair value as potential support for valuation upside if the business meets the earnings path analysts expect. However:
  • Analysts have a revenue growth expectation of 9.1% per year, which is not far from recent trends but still behind the 11.6% market comparator, so the valuation gap is paired with only moderate growth assumptions.
  • The company remains loss making on a trailing 12 month basis, which means any case for that US$10.67 DCF fair value rests heavily on the forecast that earnings will eventually turn positive rather than on current profits.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Riskified on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Overall, the picture is mixed, so it makes sense to move quickly and weigh the numbers against your own expectations. To see what optimistic investors are focusing on, take a closer look at the 3 key rewards.

See What Else Is Out There

Riskified is still reporting losses and its 9.1% revenue growth trails the referenced 11.6% wider US market figure, which raises questions about momentum and risk.

If you want ideas that line up better with a cautious risk profile, use the 67 resilient stocks with low risk scores to quickly find stocks with more resilient characteristics right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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