Riskified (RSKD), which sells fraud-detection and chargeback-protection tools to online merchants, reported before Wednesday's open and gave the market a growth rate it hadn't seen from the company since its IPO. The stock gapped higher and held most of the move into late morning.

From 22% Growth to 41% in One Quarter

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According to Riskified's third-quarter 2026 release:

| Q3 2026 | Reported | Context | Revenue$115.2 millionup 41% year over year, from 22% growth in Q2 GMV$44.6 billionup 18% Adjusted EBITDA$8.1 millionup 47% Free cash flow$15.2 milliona company record | Cash, deposits and investments | about $235 million | no debt |

The company said billings in its Digital Finance category grew more than 300%, driven mostly by merchants onboarded in the second quarter. Investing.com reported adjusted earnings of $0.07 a share against a $0.03 consensus and revenue against estimates centered near $103 million. On a GAAP basis, the AP reported a net loss of $1.3 million, or 1 cent a share.

A Third Raise This Year

Riskified lifted its 2026 revenue range to $427 million to $433 million, from $400 million to $410 million, and adjusted EBITDA to $39 million to $43 million, from $33 million to $39 million. Management said the new revenue range implies fourth-quarter growth of about 29% at the midpoint, a slowdown from the third quarter's 41% that traders will compare against the next report.

A $2 Gap on an $8 Stock

Benzinga had RSKD up 27.7% at $10.83 mid-morning. Cboe's 15-minute delayed feed later showed the stock at $10.65, up about 25.6% from Tuesday's $8.48 close, after opening at $10.50 and trading between $10.26 and $11.13 on about 4.5 million shares.

What Happened to the Chain After the Gap

Cboe delayed quotes from late morning showed the usual post-report pattern alongside a lopsided tape:

  • 30-day implied volatility: about 65.5%, down about 26.1 points, or roughly 29%, from the prior session.
  • Volume: about 4,639 calls against about 221 puts.
  • Busiest line: the December 18 $9 call, at about 1,882 contracts against open interest of about 3,210. That strike was already in the money, quoted near $1.90 bid and $2.05 ask.
  • November 20 $10 call: about 1,178 contracts against open interest of about 1,251, quoted $0.80 bid and $1.00 ask.
  • December 18 $11 straddle: about $1.80 at the midpoint, or roughly 17% of the share price, for about five weeks.

    • Heavy volume in strikes that already had sizable open interest can mean existing holders are closing or rolling positions, not just new bullish buyers. Exchange volume data alone doesn't show which side opened each trade.

    Reading a Low-Priced Chain

    RSKD's options are cheap in dollar terms, but percentages tell the real story. A $0.20-wide market on a $1.00 option is a 20% gap between bid and ask, and several put quotes were wider still (the November 20 $11 put showed $0.10 bid and $1.85 ask). In educational terms:

  • Long calls after a gap pay less implied volatility than they did on Tuesday, but they need the stock to keep rising, and time decay works against them every day it doesn't.
  • Bull call spreads lower the cost by selling a higher strike, capping both the outlay and the upside.
  • Covered calls on shares bought before the report collect premium, but they cap gains if the rally extends, and the premium shrank with IV.
  • Cash-secured puts collect less premium than before the report and still leave the seller owning shares if the gap fills.

    • Where the Risk Sits Now

  • Gap fills. Stocks that jump sharply on earnings sometimes give back part of the move in the following sessions, and options priced off today's level absorb that directly.
  • A slower Q4 is already in the guide. About 29% implied growth is strong, but it's below 41%, so the next report will be judged against the deceleration.
  • Liquidity. Wide quotes and small sizes can make getting out cost more than getting in, especially in December and later expirations away from the busy strikes.

    • For background on why implied volatility usually drops once a report is out, see our implied volatility explainer. The OCC options disclosure document covers the risks of standardized options.

    Sources

  • Riskified (Business Wire): Third-quarter 2026 results
  • Investing.com: Why is Riskified stock surging today?
  • AP (via WTOP): Riskified Q3 earnings snapshot
  • Benzinga: Riskified, CoreWeave, Micron and other big stocks moving higher on Wednesday
  • Yahoo Finance: RSKD quote
  • Cboe: RSKD delayed quotes

    • *By the OptionsPilot Editorial Team. Published November 11, 2026, 9:20 AM PT. This article is for education only and is not investment advice. Options involve risk and are not suitable for all investors.*