Riskified just posted the fastest revenue growth the platform has shown in more than four years, and the second outlook raise of calendar 2026 turns a long mid-single-digit slog into a live debate about whether the chargeback franchise is compounding again. The Israeli-incorporated, New York-listed fraud decisioning company reviews online orders for large merchants, approves or declines them in real time, and takes financial liability on the orders it lets through. That guarantee is the product merchants actually buy and defend. What changed in the June quarter is not the product definition. It is the mix of who is buying it and how fast new logos are landing. Digital Finance and Tickets and Travel did the heavy lifting, helped by a crowded live-events calendar and a sharp ramp in automated clearing house, or bank-account, flows. Management lifted the full-year revenue and adjusted earnings before interest, taxes, depreciation, and amortization outlook for the second time, citing both the beat and incremental visibility. The latest completed quarter ended June 30, 2026.
Revenue grew twenty two percent to just under $99 million, accelerating from a seven percent first-quarter print. Reviewed gross merchandise volume, the dollar value of orders the models scored including declines, rose thirteen percent to $41 billion. Revenue outrunning volume means the implied take rate, the risk-adjusted fee on approved volume, widened. That is the constructive read. The less friendly read sits in the income statement. GAAP gross margin slipped to forty six percent from forty nine percent a year earlier, and management pointed to ramping new merchants plus a heavier ticketing mix. New cohorts typically start on thinner economics and improve as the models learn each merchant's fraud pattern. If that seasoning story is right, the margin dip is a timing cost of a better growth mix. If the ticketing and Digital Finance books stay structurally cheaper, the company is buying growth with a permanently softer contribution.
The Class A share last changed hands near a mid-six handle on the September publication date, inside a fifty two week range that runs from the high threes to just under seven. Equity value is about $820 million and enterprise value is about $620 million after net cash. That capitalizes the raised midpoint of just over $400 million in revenue at roughly one and a half turns of sales, and the $36 million adjusted earnings midpoint at a high-teens multiple. Cash, deposits, and investments still exceed $220 million with no drawn bank debt, even after a $64 million repurchase in the quarter. The market is no longer paying a distressed software multiple. It is paying for a second-half acceleration that management has already telegraphed at about twenty seven percent revenue growth in the September quarter. The case works if new-merchant margins recover and the event calendar is additive rather than the whole story. It breaks if growth reverts toward last year's mid-single-digit pace while gross margin stays compressed.