Riskified Reports Fourth Quarter and Full Year 2025 Results

Riskified Reports Fourth Quarter and Full Year 2025 Results NEW YORK--( BUSINESS WIRE)--Riskified Ltd. (NYSE: RSKD) (the “Company”), a leader in ecommerce fraud and risk intelligence, today announced financial results for the three and twelve months ended December 31, 2025. The Company will host an investor call to discuss these results today at 8:30 a.m. Eastern Time.

“We ended the year with a strong quarter of performance, and we are starting 2026 with momentum. As fraud increases in complexity, the role that Riskified plays in the global ecommerce ecosystem becomes even more essential. I am confident in our artificial intelligence platform, and our ability to deliver value for our shareholders,” said Eido Gal, Co-Founder and Chief Executive Officer of Riskified.

Q4 2025 Business Highlights

Q4 2025 Financial Summary & Highlights

The following table summarizes our consolidated financial results for the three and twelve months ended December 31, 2025 and 2024, in thousands except where indicated:

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

Gross merchandise volume ("GMV") in millions (1)

46,692

39,486

155,102

141,198

Increase in GMV year over year

Revenue

99,329

93,529

344,638

327,516

Increase in revenues year over year

GAAP Gross profit

56,805

48,861

178,072

170,939

GAAP Gross profit margin

Net profit (loss)

5,760

(4,084

)

(27,565

)

(34,922

)

Net profit (loss) margin

(11

Adjusted EBITDA (1)

17,718

11,204

26,724

17,194

Adjusted EBITDA margin (1)

Additional Financial Highlights

“Our fourth quarter revenues of nearly $100 million were a record since inception and contributed to our first ever quarter of GAAP profitability. Furthermore, we achieved an 18% Adjusted EBITDA margin in the fourth quarter, highlighting the scale and potential of our business. These results are the culmination of consistent, high-quality execution across the year and I am confident in our ability to grow the business moving forward,” said Aglika Dotcheva, Chief Financial Officer of Riskified.

Financial Outlook

For the year ending December 31, 2026, we expect:

(1) GMV is a key performance indicator. Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit margin, non-GAAP diluted net profit per share, and free cash flow are non-GAAP measures of financial performance. See “Key Performance Indicators and Non-GAAP Measures” for additional information and “Reconciliation of GAAP to Non-GAAP Measures” for a reconciliation to the most directly comparable GAAP measure.

(2) We refer to certain forward-looking non-GAAP financial measures in this press release and on our quarterly results conference call. We are not able to provide a reconciliation of forward-looking Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP operating expense, or free cash flow for the fiscal year ending December 31, 2025 to net profit (loss), gross profit, total operating expenses, and operating cash flow, respectively, because certain items that are excluded from these non-GAAP metrics but included in the most directly comparable GAAP financial measures, cannot be predicted on a forward-looking basis without unreasonable effort or are not within our control. For example, we are unable to forecast the magnitude of foreign currency transaction gains or losses which are subject to many economic and other factors beyond our control. For the same reasons, we are unable to address the probable significance of the unavailable information, which could have a potentially unpredictable and significant impact on our future GAAP financial results.

Authorization to Repurchase Ordinary Shares

On March 2, 2026, the Company's Board of Directors authorized the repurchase of up to $75 million of the Company’s Class A ordinary shares, subject to the completion of required Israeli regulatory procedures. This authorization is in addition to the Company’s existing $300 million share repurchase authorizations in the aggregate, of which approximately $289.9 million had been utilized as of March 2, 2026. Any share repurchases under the program may be made from time to time in the open market, including through trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), in privately negotiated transactions or by other means in accordance with U.S. federal securities laws. The Company intends to fund repurchases from existing cash and cash equivalents. Following, and subject to, completion of the required Israeli regulatory procedures, the timing, as well as the number and value of any shares repurchased under the program, will be determined by the Company at its discretion under the Board authorized program and will depend on a variety of factors, including management's assessment of the intrinsic value of the Company's Class A ordinary shares, the market price of the Company's Class A ordinary shares, general market and economic conditions, available liquidity, alternative investment opportunities, and applicable legal requirements. The Company is not obligated to acquire any particular amount of Class A ordinary shares under the program, and the program may be suspended, modified or discontinued at any time without prior notice. This press release is neither an offer to purchase nor a solicitation of an offer to buy any securities.

Conference Call and Webcast Details

The Company will host a conference call to discuss its financial results today, March 4, 2026 at 8:30 a.m. Eastern Time. A live webcast of the call can be accessed from Riskified’s Investor Relations website at ir.riskified.com. A replay of the webcast will also be available for a limited time at ir.riskified.com. The press release with the financial results, as well as the investor presentation materials will be accessible on the Company’s Investor Relations website prior to the conference call.

Key Performance Indicators and Non-GAAP Measures

This press release and the accompanying tables contain references to Gross Merchandise Volume ("GMV"), which is a key performance indicator, and to certain non-GAAP measures which include non-GAAP measures of financial performance such as Adjusted EBITDA, Adjusted EBITDA margin, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP cost of revenue, non-GAAP operating expenses by line item, non-GAAP net profit (loss), and non-GAAP net profit (loss) per share, and a non-GAAP measure of liquidity, Free Cash Flow. Management and our Board of Directors use key performance indicators and non-GAAP measures as supplemental measures of performance and liquidity because they assist us in comparing our operating performance on a consistent basis, as they remove the impact of items that we believe do not directly reflect our core operations. We also use Adjusted EBITDA for planning purposes, including the preparation of our internal annual operating budget and financial projections, to evaluate the performance and effectiveness of our strategic initiatives, and to evaluate our capacity to expand our business. Free Cash Flow provides useful information to management and investors about the amount of cash generated by the business that can be used for strategic opportunities, including investing in our business and strengthening our balance sheet.

These non-GAAP measures should not be construed as an inference that our future results will be unaffected by unusual or other items. Non-GAAP measures of financial performance have limitations as analytical tools in that these measures do not reflect our cash expenditures, or future requirements for capital expenditures, or contractual commitments; these measures do not reflect changes in, or cash requirements for, our working capital needs; these measures do not reflect our tax expense or the cash requirements to pay our taxes, and assets being depreciated and amortized will often have to be replaced in the future and these measures do not reflect any cash requirements for such replacements. Free Cash Flow is limited because it does not represent the residual cash flow available for discretionary expenditures. Free Cash Flow is not necessarily a measure of our ability to fund our cash needs.

In light of these limitations, management uses these non-GAAP measures to supplement, not replace, our GAAP results. The non-GAAP measures used herein are not necessarily comparable to similarly titled captions of other companies due to different calculation methods. Non-GAAP financial measures should not be considered in isolation, as an alternative to, or superior to information prepared and presented in accordance with GAAP. These measures are frequently used by analysts, investors and other interested parties to evaluate companies in our industry. By providing these non-GAAP measures together with a reconciliation to the most comparable GAAP measure, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

We define GMV as the gross total dollar value of orders reviewed through our AI-powered ecommerce risk intelligence platform during the period indicated, including the value of orders that we did not approve. GMV is an indicator of the success of our merchants and the scale of our platform. GMV does not represent transactions successfully completed on our merchants’ websites or revenue earned by us, however, our revenue is directionally correlated with the level of GMV reviewed through our platform and is an indicator of future revenue opportunities. We generate revenue based on the portion of GMV we approve multiplied by the associated risk-adjusted fee.

We define each of our non-GAAP measures of financial performance, as the respective GAAP balances shown in the below tables, adjusted for, as applicable, depreciation and amortization (including amortization of capitalized internal-use software as presented in our statement of cash flows), share-based compensation expense, payroll taxes related to share-based compensation, legal-related and other expenses, restructuring costs, provision for (benefit from) income taxes, other income (expense) including foreign currency transaction gains and losses and gains and losses on non-designated hedges, and interest income (expense). Adjusted EBITDA margin represents Adjusted EBITDA expressed as a percentage of revenue. Non-GAAP Gross Profit Margin represents Non-GAAP Gross Profit expressed as a percentage of revenue. We define non-GAAP net profit (loss) per share as non-GAAP net profit (loss) divided by non-GAAP weighted-average shares. We define non-GAAP weighted-average shares, as GAAP weighted average shares, adjusted to reflect any dilutive ordinary share equivalents resulting from non-GAAP net profit (loss), if applicable.

We define Free Cash Flow as net cash provided by (used in) operating activities, less cash purchases of property and equipment.

Management believes that by excluding certain items from the associated GAAP measure, these non-GAAP measures are useful in assessing our performance and provide meaningful supplemental information due to the following factors:

Depreciation and amortization: We exclude depreciation and amortization (including amortization of capitalized internal-use software) because we believe that these costs are not core to the performance of our business and the utilization of the underlying assets being depreciated and amortized can change without a corresponding impact on the operating performance of our business. Management believes that excluding depreciation and amortization facilitates comparability with other companies in our industry.

Share-based compensation expense: We exclude share-based compensation expense primarily because it is a non-cash expense that does not directly correlate to the current performance of our business. This is partly because the expense is calculated based on the grant date fair value of an award which may vary significantly from the current fair market value of the award based on factors outside of our control. Share-based compensation expense is principally aimed at aligning our employees’ interests with those of our shareholders and at long-term retention, rather than to address operational performance for any particular period.

Payroll taxes related to share-based compensation: We exclude employer payroll tax expense related to share-based compensation in order to see the full effect that excluding that share-based compensation expense had on our operating results. These expenses are tied to the exercise or vesting of underlying equity awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business.

Legal-related and other expenses: We exclude certain costs incurred in connection with corporate initiatives that are non-recurring and not reflective of costs associated with our ongoing business and operating results and are viewed as unusual and infrequent.

Restructuring costs: We exclude costs associated with reductions in force because these costs are related to one-time severance and benefit payments and are not reflective of costs associated with our ongoing business and operating results and are viewed as unusual and infrequent.

See the tables below for reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

Forward Looking Statements

This press release and announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward looking statements contained in Section 27A of the U.S. Securities Act of 1933, as amended and Section 21E of the Exchange Act. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our revenue and Adjusted EBITDA guidance for fiscal year 2026, our anticipated gross profit, non-GAAP gross profit margin and free cash flow, expectations as to continued margin and Adjusted EBITDA expansion, future growth potential in new verticals, new geographies and from new-products, anticipated benefits and impacts of our share repurchase program and management of our dilution, internal modeling assumptions, expectations as to the macroeconomic environment, expectations as to our new merchant pipeline and geographic reach, market share and upsell opportunities, the impact of competition, pricing pressure and churn, the advancement and performance of our AI-powered multi-product platform and its impact on our results and productivity, the benefits of our partnerships and collaborations with third-parties, our forecasted operating expenses and our business plans and strategy are forward looking statements, which reflect our current views with respect to future events and are not a guarantee of future performance. The words “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “forecasts,” “aims,” “plan,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: our ability to manage our growth effectively; continued use of credit cards and other payment methods that expose merchants to the risk of payment fraud, and other changes in laws and regulations, including card scheme rules, related to the use of these payment methods, and the emergence of new alternative payments products; our ability to attract new merchants and retain existing merchants and increase sales of our products to existing merchants; our history of net losses and ability to achieve profitability; the impact of macroeconomic and geopolitical conditions on us and on the performance of our merchants; the accuracy of our estimates of market opportunity and forecasts of market growth; competition; our ability to continue to improve our artificial intelligence, machine learning models and automated decision making technologies (collectively, "AI Technologies"); fluctuations in our CTB Ratio and gross profit margin, including as a result of large-scale merchant fraud attacks or other security incidents; our ability to protect the information of our merchants and consumers; our ability to predict future revenue due to lengthy sales cycles; seasonal fluctuations in revenue; our merchant concentration and loss of a significant merchant; the financial condition of our merchants, particularly in challenging macroeconomic environments, and the impact of pricing pressure; our ability to increase the adoption of our products, develop and introduce new products and effectively manage the impact of new product introductions on our existing product portfolio; our ability to mitigate the risks involved with selling our products to large enterprises; changes to our pricing and pricing structures; our ability to retain the services of our executive officers, and other key personnel, including our co-founders; our ability to attract and retain highly qualified personnel, including software engineers and data scientists, particularly in Israel; our ability to manage periodic realignments of our organization, including expansion or reductions in force; our exposure to existing and potential future litigation claims; our exposure to fluctuations in currency exchange rates, including recent strength in the value of the Israeli shekel against the US dollar; our ability to obtain additional capital; our reliance on third-party providers of cloud-based infrastructure; our ability to protect our intellectual property rights; technology and infrastructure interruptions or performance problems; the efficiency and accuracy of our AI Technologies and access to third-party and merchant data; consumer adoption of agentic commerce; our ability to comply with evolving data protection, privacy and security laws; any actual or perceived failure to comply with evolving regulatory frameworks around the development and use of artificial intelligence; our ability to successfully implement and use AI Technologies; our use of open-source software; our ability to enhance and maintain our brand; our ability to execute potential acquisitions, strategic investments, partnerships, or alliances; potential claims related to the violation of the intellectual property rights of third parties; our failure to comply with anti-corruption, trade compliance, and economic sanctions laws and regulations; disruption, instability and volatility in global markets and industries; our ability to enforce non-compete agreements entered into with our employees; our ability to maintain effective systems of disclosure controls and financial reporting; our ability to accurately estimate or make judgments relating to our critical accounting policies; our business in China; changes in tax laws or regulations; scrutiny of, and expectations for, environmental, social and governance initiatives; potential future requirements to collect sales or other taxes; potential future changes in the taxation of international business and corporate tax reform; changes in and application of insurance laws or regulations; conditions in Israel that may affect our operations; the impact of the dual class structure of our ordinary shares; risks associated with our share repurchase program, including the risk that the program could increase volatility and fail to enhance shareholder value; our status as a foreign private issuer; and other risk factors set forth in Item 3.D - “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, as filed with the SEC on March 6, 2025, as may be updated in other documents filed with or furnished to the SEC. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

About Riskified

Riskified (NYSE:RSKD) empowers businesses to unleash ecommerce growth by outsmarting risk. 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. Learn more at Riskified.com.

RISKIFIED LTD.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

As of

December 31, 2025

As of

December 31, 2024

(unaudited)

Assets

Current assets:

Cash and cash equivalents

162,152

371,063

Short-term deposits

5,000

Accounts receivable, net

48,453

47,803

Prepaid expenses and other current assets

9,825

9,830

Short-term investments

130,428

—

Total current assets

355,858

433,696

Property and equipment, net

10,970

12,704

Operating lease right-of-use assets

21,203

25,310

Deferred contract acquisition costs

15,587

16,558

Other assets, noncurrent

6,953

7,593

Total assets

410,571

495,861

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

1,911

2,309

Accrued compensation and benefits

27,532

26,365

Guarantee obligations

12,278

13,061

Provision for chargebacks, net

10,458

9,434

Operating lease liabilities, current

6,075

5,590

Accrued expenses and other current liabilities

12,466

13,780

Total current liabilities

70,720

70,539

Operating lease liabilities, noncurrent

18,947

21,940

Other liabilities, noncurrent

26,145

21,078

Total liabilities

115,812

113,557

Shareholders’ equity:

Class A ordinary shares, no par value; 900,000,000 shares authorized as of December 31, 2025 and December 31, 2024; 104,034,048 and 112,306,279 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

—

Class B ordinary shares, no par value; 232,500,000 shares authorized as of December 31, 2025 and December 31, 2024; 44,118,455 and 48,902,840 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively

—

Treasury shares at cost, 52,025,888 and 30,049,351 ordinary shares as of December 31, 2025 and December 31, 2024, respectively

(260,451

)

(154,223

)

Additional paid-in capital

1,029,328

982,131

Accumulated other comprehensive profit (loss)

(62

)

887

Accumulated deficit

(474,056

)

(446,491

)

Total shareholders’ equity

294,759

382,304

Total liabilities and shareholders’ equity

410,571

495,861

RISKIFIED LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

Revenue

99,329

93,529

344,638

327,516

Cost of revenue

42,524

44,668

166,566

156,577

Gross profit

56,805

48,861

178,072

170,939

Operating expenses:

Research and development

17,163

16,543

69,413

68,065

Sales and marketing

20,301

19,708

83,100

86,389

General and administrative

14,361

16,024

59,594

64,337

Total operating expenses

51,825

52,275

212,107

218,791

Operating profit (loss)

4,980

(3,414

)

(34,035

)

(47,852

)

Interest income (expense), net

2,897

3,978

13,465

20,167

Other income (expense), net

(682

)

(1,215

)

(637

)

(818

)

Profit (loss) before income taxes

7,195

(651

)

(21,207

)

(28,503

)

Provision for (benefit from) income taxes

1,435

3,433

6,358

6,419

Net profit (loss)

5,760

(4,084

)

(27,565

)

(34,922

)

Other comprehensive profit (loss), net of tax:

Other comprehensive profit (loss)

(851

)

761

(949

)

813

Comprehensive profit (loss)

4,909

(3,323

)

(28,514

)

(34,109

)

Net profit (loss) per share attributable to Class A and B ordinary shareholders, basic

0.04

(0.02

)

(0.18

)

(0.20

)

Net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted

0.04

(0.02

)

(0.18

)

(0.20

)

Weighted-average shares used in computing net profit (loss) per share attributable to Class A and B ordinary shareholders, basic

152,443,993

164,123,620

157,460,699

170,907,159

Weighted-average shares used in computing net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted

157,164,726

164,123,620

157,460,699

170,907,159

RISKIFIED LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

Cash flows from operating activities:

Net profit (loss)

5,760

(4,084

)

(27,565

)

(34,922

)

Adjustments to reconcile net profit (loss) to net cash provided by (used in) operating activities:

Unrealized loss (gain) on foreign currency

740

1,042

2,124

388

Provision for (benefit from) account receivable allowances

375

(136

)

995

626

Depreciation and amortization

593

789

2,462

3,349

Amortization of capitalized internal-use software costs

261

383

1,085

1,532

Amortization of deferred contract costs

3,135

2,697

12,041

10,784

Impairment of deferred contract costs

—

1,205

Share-based compensation expense

11,506

13,369

51,626

57,831

Non-cash right-of-use asset changes

1,048

991

4,107

4,432

Changes in accrued interest

(933

)

883

(50

)

1,356

Ordinary share warrants issued to a customer

—

2,534

—

3,685

Other

106

307

398

Changes in operating assets and liabilities:

Accounts receivable

(17,928

)

(13,626

)

(1,361

)

(1,849

)

Deferred contract acquisition costs

(3,679

)

(5,043

)

(8,504

)

(10,535

)

Prepaid expenses and other assets

(107

)

(1,405

)

(2,448

)

(2,696

)

Accounts payable

(188

)

222

(376

)

(203

)

Accrued compensation and benefits

6,346

6,100

121

2,541

Guarantee obligations

3,695

1,322

(783

)

342

Provision for chargebacks, net

3,043

625

1,024

(2,658

)

Operating lease liabilities

(1,228

)

(1,083

)

(4,669

)

(3,648

)

Accrued expenses and other liabilities

(1,607

)

5,032

3,743

7,738

Net cash provided by (used in) operating activities

10,938

10,691

33,879

39,696

Cash flows from investing activities:

Purchases of investments

(58,040

)

—

(248,011

)

—

Maturities of investments

18,435

28,300

115,917

28,300

Purchases of property and equipment

(230

)

(130

)

(810

)

(637

)

Proceeds from sale of fixed assets

Net cash provided by (used in) investing activities

(39,823

)

28,178

(132,854

)

27,754

Cash flows from financing activities:

Proceeds from exercise of share options

1,573

800

5,068

4,244

Taxes paid related to net share settlement of equity awards

(2,501

)

—

(9,497

)

—

Purchases of treasury shares

(37,024

)

(24,624

)

(106,228

)

(141,068

)

Net cash provided by (used in) financing activities

(37,952

)

(23,824

)

(110,657

)

(136,824

)

Effects of exchange rates on cash and cash equivalents

144

(380

)

721

(401

)

Net increase (decrease) in cash and cash equivalents

(66,693

)

14,665

(208,911

)

(69,775

)

Cash and cash equivalents—beginning of period

228,845

356,398

371,063

440,838

Cash and cash equivalents—end of period

162,152

371,063

162,152

371,063

Reconciliation of GAAP to Non-GAAP Measures

The following tables reconcile non-GAAP measures to the most directly comparable GAAP measure and are presented in thousands except for share and per share amounts.

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

Net profit (loss)

5,760

(4,084

)

(27,565

)

(34,922

)

Provision for (benefit from) income taxes

1,435

3,433

6,358

6,419

Interest (income) expense, net

(2,897

)

(3,978

)

(13,465

)

(20,167

)

Other (income) expense, net

682

1,215

637

818

Depreciation and amortization

854

1,172

3,547

4,881

Share-based compensation expense

11,506

13,369

51,626

57,831

Payroll taxes related to share-based compensation

601

563

Legal-related and other expenses

—

261

Restructuring costs

263

—

4,724

1,770

Adjusted EBITDA

17,718

11,204

26,724

17,194

Net profit (loss) margin

(11

Adjusted EBITDA Margin

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

GAAP gross profit

56,805

48,861

178,072

170,939

Plus: depreciation and amortization

279

417

1,167

1,685

Plus: share-based compensation expense

184

171

738

765

Plus: payroll taxes related to share-based compensation

Plus: restructuring costs

—

284

156

Non-GAAP gross profit

57,289

49,451

180,276

173,562

Gross profit margin

Non-GAAP gross profit margin

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

GAAP cost of revenue

42,524

44,668

166,566

156,577

Less: depreciation and amortization

279

417

1,167

1,685

Less: share-based compensation expense

184

171

738

765

Less: payroll taxes related to share-based compensation

Less: restructuring costs

—

284

156

Non-GAAP cost of revenue

42,040

44,078

164,362

153,954

GAAP research and development

17,163

16,543

69,413

68,065

Less: depreciation and amortization

258

346

1,075

1,473

Less: share-based compensation expense

2,730

3,069

12,621

13,061

Less: payroll taxes related to share-based compensation

—

Less: restructuring costs

(125

)

—

961

555

Non-GAAP research and development

14,299

13,128

54,750

52,972

GAAP sales and marketing

20,301

19,708

83,100

86,389

Less: depreciation and amortization

185

235

739

973

Less: share-based compensation expense

3,734

4,136

16,013

18,506

Less: payroll taxes related to share-based compensation

337

321

Less: restructuring costs

371

—

2,760

563

Non-GAAP sales and marketing

15,964

15,293

63,251

66,026

GAAP general and administrative

14,361

16,024

59,594

64,337

Less: depreciation and amortization

132

174

566

750

Less: share-based compensation expense

4,858

5,993

22,254

25,499

Less: payroll taxes related to share-based compensation

243

221

Less: legal-related and other expenses

—

261

Less: restructuring costs

)

—

719

496

Non-GAAP general and administrative

9,308

9,826

35,551

37,370

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

Net cash provided by (used in) operating activities

10,938

10,691

33,879

39,696

Purchases of property and equipment

(230

)

(130

)

(810

)

(637

)

Free Cash Flow

10,708

10,561

33,069

39,059

Three Months Ended December 31,

Year Ended December 31,

2025

2024

2025

2024

(unaudited)

Net profit (loss)

5,760

(4,084

)

(27,565

)

(34,922

)

Depreciation and amortization

854

1,172

3,547

4,881

Share-based compensation expense

11,506

13,369

51,626

57,831

Payroll taxes related to share-based compensation

601

563

Legal-related and other expenses

—

261

Restructuring costs

263

—

4,724

1,770

Non-GAAP net profit (loss)

18,498

10,534

33,194

30,124

Weighted-average shares used in computing net profit (loss) and non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, basic

152,443,993

164,123,620

157,460,699

170,907,159

Add: Dilutive Class A and B ordinary share equivalents

4,720,733

5,110,556

5,414,390

6,771,298

Weighted-average shares used in computing GAAP net profit (loss) and non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted

157,164,726

169,234,176

162,875,089

177,678,457

Net profit (loss) per share attributable to Class A and B ordinary shareholders, basic

0.04

(0.02

)

(0.18

)

(0.20

)

Net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted

0.04

(0.02

)

(0.18

)

(0.20

)

Non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, basic

0.12

0.06

0.21

0.18

Non-GAAP net profit (loss) per share attributable to Class A and B ordinary shareholders, diluted

0.12

0.06

0.20

0.17