Riskified's Third Quarter Results Reflect Accelerated Gross Profit Growth and Adjusted EBITDA Expansion

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 nine months ended September 30, 2025. The Company will host an investor call to discuss these results today at 8:30 a.m. Eastern Time.

“We are pleased with our strong third quarter performance. Our revenue and gross profit growth accelerated, and we saw momentum across most of our verticals. With our leading Artificial Intelligence platform and a world-class team focused on executing on our product roadmap through the end of the year, I continue to believe that we are well positioned to capture the large market opportunity ahead,” said Eido Gal, Co-Founder and Chief Executive Officer of Riskified.

Q3 2025 Business Highlights

Q3 2025 Financial Summary & Highlights

The following table summarizes our consolidated financial results for the three and nine months ended September 30, 2025 and 2024, in thousands except where indicated:

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

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

37,805

34,706

108,410

101,712

Increase in GMV year over year

Revenue

81,862

78,849

245,309

233,987

Increase in revenues year over year

GAAP Gross profit

41,063

38,956

121,267

122,078

GAAP Gross profit margin

Net profit (loss)

(7,806

)

(9,699

)

(33,325

)

(30,838

)

Net profit (loss) margin

(10

(12

(14

(13

Adjusted EBITDA (1)

5,553

899

9,006

5,990

Adjusted EBITDA margin (1)

Additional Financial Highlights

“We continue to execute our profitability goals while investing in areas that drive long-term value. We expect a meaningful uplift in our adjusted EBITDA margin in the fourth quarter, in part reflecting the discipline in managing the business over the past few years, and the anticipated step-up in revenues in the holiday season period. Our focus remains on finishing the year strong and entering 2026 with momentum,” said Aglika Dotcheva, Chief Financial Officer of Riskified.

Financial Outlook

For the year ending December 31, 2025, we now 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.

Conference Call and Webcast Details

The Company will host a conference call to discuss its financial results today, November 12, 2025 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 U.S. Securities Exchange Act of 1934, as amended. 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 2025, our anticipated gross profit, non-GAAP gross profit margin, 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, 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 machine learning models; 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 declines in the value of the Israeli shekel against the US dollar as a result of the ongoing conflict in Israel; 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 machine learning models and access to third-party and merchant data; our ability to comply with evolving data protection, privacy and security laws; the development of regulatory frameworks for machine learning technology and artificial intelligence; 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 judgements relating to our critical accounting policies; our business in China; changes in tax laws or regulations; increasing 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, and 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

September 30, 2025

As of

December 31, 2024

(unaudited)

Assets

Current assets:

Cash and cash equivalents

228,845

371,063

Short-term deposits

5,000

Accounts receivable, net

30,849

47,803

Prepaid expenses and other current assets

10,422

9,830

Short-term investments

91,305

—

Total current assets

366,421

433,696

Property and equipment, net

11,339

12,704

Operating lease right-of-use assets

22,251

25,310

Deferred contract acquisition costs

14,318

16,558

Other assets, noncurrent

7,368

7,593

Total assets

421,697

495,861

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

2,115

2,309

Accrued compensation and benefits

20,817

26,365

Guarantee obligations

8,583

13,061

Provision for chargebacks, net

7,415

9,434

Operating lease liabilities, current

5,940

5,590

Accrued expenses and other current liabilities

15,768

13,780

Total current liabilities

60,638

70,539

Operating lease liabilities, noncurrent

19,735

21,940

Other liabilities, noncurrent

25,028

21,078

Total liabilities

105,401

113,557

Shareholders’ equity:

Class A ordinary shares, no par value; 900,000,000 shares authorized as of September 30, 2025 and December 31, 2024; 108,377,243 and 112,306,279 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

—

Class B ordinary shares, no par value; 232,500,000 shares authorized as of September 30, 2025 and December 31, 2024; 45,413,468 and 48,902,840 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively

—

Treasury shares at cost, 44,242,801 and 30,049,351 ordinary shares as of September 30, 2025 and December 31, 2024, respectively

(223,427

)

(154,223

)

Additional paid-in capital

1,018,750

982,131

Accumulated other comprehensive profit (loss)

789

887

Accumulated deficit

(479,816

)

(446,491

)

Total shareholders’ equity

316,296

382,304

Total liabilities and shareholders’ equity

421,697

495,861

RISKIFIED LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

Revenue

81,862

78,849

245,309

233,987

Cost of revenue

40,799

39,893

124,042

111,909

Gross profit

41,063

38,956

121,267

122,078

Operating expenses:

Research and development

17,006

16,671

52,250

51,522

Sales and marketing

18,565

20,999

62,799

66,681

General and administrative

14,443

15,616

45,233

48,313

Total operating expenses

50,014

53,286

160,282

166,516

Operating profit (loss)

(8,951

)

(14,330

)

(39,015

)

(44,438

)

Interest income (expense), net

3,274

5,050

10,568

16,189

Other income (expense), net

(328

)

220

397

Profit (loss) before income taxes

(6,005

)

(9,060

)

(28,402

)

(27,852

)

Provision for (benefit from) income taxes

1,801

639

4,923

2,986

Net profit (loss)

(7,806

)

(9,699

)

(33,325

)

(30,838

)

Other comprehensive profit (loss), net of tax:

Other comprehensive profit (loss)

(188

)

424

(98

)

Comprehensive profit (loss)

(7,994

)

(9,275

)

(33,423

)

(30,786

)

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

(0.05

)

(0.06

)

(0.21

)

(0.18

)

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

156,793,171

168,649,496

159,151,311

173,113,574

RISKIFIED LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

Cash flows from operating activities:

Net profit (loss)

(7,806

)

(9,699

)

(33,325

)

(30,838

)

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

Unrealized loss (gain) on foreign currency

668

(211

)

1,384

(654

)

Provision for (benefit from) account receivable allowances

325

397

620

762

Depreciation and amortization

601

806

1,869

2,560

Amortization of capitalized internal-use software costs

261

383

824

1,149

Amortization of deferred contract costs

2,808

2,739

8,906

8,087

Impairment of deferred contract costs

—

1,205

—

1,205

Share-based compensation expense

12,945

13,905

40,120

44,462

Non-cash right-of-use asset changes

1,034

1,107

3,059

3,441

Changes in accrued interest

1,540

(471

)

883

473

Ordinary share warrants issued to a customer

—

384

—

1,151

Other

182

201

319

Changes in operating assets and liabilities:

Accounts receivable

2,042

5,469

16,567

11,777

Deferred contract acquisition costs

(713

)

(2,360

)

(4,825

)

(5,492

)

Prepaid expenses and other assets

1,133

(2,341

)

(1,291

)

Accounts payable

673

293

(188

)

(425

)

Accrued compensation and benefits

(1,140

)

586

(6,225

)

(3,559

)

Guarantee obligations

105

1,899

(4,478

)

(980

)

Provision for chargebacks, net

(428

)

(2,256

)

(2,019

)

(3,283

)

Operating lease liabilities

(1,203

)

(361

)

(3,441

)

(2,565

)

Accrued expenses and other liabilities

572

(15

)

5,350

2,706

Net cash provided by (used in) operating activities

13,505

14,012

22,941

29,005

Cash flows from investing activities:

Purchases of investments

(97,956

)

—

(189,971

)

—

Maturities of investments

75,510

—

97,482

—

Purchases of property and equipment

(120

)

(105

)

(580

)

(507

)

Proceeds from sale of fixed assets

Net cash provided by (used in) investing activities

(22,556

)

(22

)

(93,031

)

(424

)

Cash flows from financing activities:

Proceeds from exercise of share options

643

316

3,495

3,444

Taxes paid related to net share settlement of equity awards

(2,470

)

—

(6,996

)

—

Purchases of treasury shares

(25,253

)

(47,015

)

(69,204

)

(116,444

)

Net cash provided by (used in) financing activities

(27,080

)

(46,699

)

(72,705

)

(113,000

)

Effects of exchange rates on cash and cash equivalents

(56

)

413

577

(21

)

Net increase (decrease) in cash and cash equivalents

(36,187

)

(32,296

)

(142,218

)

(84,440

)

Cash and cash equivalents—beginning of period

265,032

388,694

371,063

440,838

Cash and cash equivalents—end of period

228,845

356,398

228,845

356,398

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 September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

Net profit (loss)

(7,806

)

(9,699

)

(33,325

)

(30,838

)

Provision for (benefit from) income taxes

1,801

639

4,923

2,986

Interest (income) expense, net

(3,274

)

(5,050

)

(10,568

)

(16,189

)

Other (income) expense, net

328

(220

)

(45

)

(397

)

Depreciation and amortization

862

1,189

2,693

3,709

Share-based compensation expense

12,945

13,905

40,120

44,462

Payroll taxes related to share-based compensation

112

135

511

486

Legal-related and other expenses

—

236

Restructuring costs

585

—

4,461

1,770

Adjusted EBITDA

5,553

899

9,006

5,990

Net profit (loss) margin

(10

(12

(14

(13

Adjusted EBITDA Margin

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

GAAP gross profit

41,063

38,956

121,267

122,078

Plus: depreciation and amortization

280

418

888

1,268

Plus: share-based compensation expense

183

554

594

Plus: payroll taxes related to share-based compensation

Plus: restructuring costs

—

265

156

Non-GAAP gross profit

41,531

39,561

122,987

124,111

Gross profit margin

Non-GAAP gross profit margin

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

GAAP cost of revenue

40,799

39,893

124,042

111,909

Less: depreciation and amortization

280

418

888

1,268

Less: share-based compensation expense

183

554

594

Less: payroll taxes related to share-based compensation

Less: restructuring costs

—

265

156

Non-GAAP cost of revenue

40,331

39,288

122,322

109,876

GAAP research and development

17,006

16,671

52,250

51,522

Less: depreciation and amortization

269

354

817

1,127

Less: share-based compensation expense

3,300

3,167

9,891

9,992

Less: payroll taxes related to share-based compensation

Less: restructuring costs

222

—

1,086

555

Non-GAAP research and development

13,213

13,149

40,451

39,844

GAAP sales and marketing

18,565

20,999

62,799

66,681

Less: depreciation and amortization

182

239

554

738

Less: share-based compensation expense

3,965

4,430

12,279

14,370

Less: payroll taxes related to share-based compensation

290

277

Less: restructuring costs

334

—

2,389

563

Non-GAAP sales and marketing

14,017

16,252

47,287

50,733

GAAP general and administrative

14,443

15,616

45,233

48,313

Less: depreciation and amortization

131

178

434

576

Less: share-based compensation expense

5,497

6,125

17,396

19,506

Less: payroll taxes related to share-based compensation

203

190

Less: legal-related and other expenses

—

236

Less: restructuring costs

—

721

496

Non-GAAP general and administrative

8,748

9,261

26,243

27,544

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

Net cash provided by (used in) operating activities

13,505

14,012

22,941

29,005

Purchases of property and equipment

(120

)

(105

)

(580

)

(507

)

Free Cash Flow

13,385

13,907

22,361

28,498

Three Months Ended September 30,

Nine Months Ended September 30,

2025

2024

2025

2024

(unaudited)

Net profit (loss)

(7,806

)

(9,699

)

(33,325

)

(30,838

)

Depreciation and amortization

862

1,189

2,693

3,709

Share-based compensation expense

12,945

13,905

40,120

44,462

Payroll taxes related to share-based compensation

112

135

511

486

Legal-related and other expenses

—

236

Restructuring costs

585

—

4,461

1,770

Non-GAAP net profit (loss)

6,698

5,530

14,696

19,590

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

156,793,171

168,649,496

159,151,311

173,113,574

Add: Dilutive Class A and B ordinary share equivalents

5,428,473

8,893,209

5,645,609

7,740,348

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

162,221,644

177,542,705

164,796,920

180,853,922

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

(0.05

)

(0.06

)

(0.21

)

(0.18

)

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

0.04

0.03

0.09

0.11