The combination of a strong beat-and-raise quarter with activist JANA Partners holding a 6.3% stake creates a catalyst-rich setup. Watch for JANA's next moves on profitability targets and capital allocation, and monitor Q4 2026 results against the raised guidance for continued margin expansion.
Price Chart
Executive Summary
Alkami Technology reported Q3 2026 revenue of $134.9M (+19.4% YoY) and GAAP net loss of $(6.7)M, narrowing from $(14.8)M a year ago. Adjusted EBITDA of $26.3M more than doubled from $16.0M, with margin expanding 530+ bps to 19.5%. The company raised its full-year 2026 revenue guidance to $530.5M-$532.0M (from prior $525.5M-$530.5M) and Adjusted EBITDA to $98.0M-$99.0M (from $93.5M-$97.5M). Results and guidance exceeded consensus estimates, and the filing comes 12 days after activist JANA Partners disclosed a 6.3% stake, adding pressure on profitability and capital allocation.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP revenue of $134.9M, up 19.4% YoY from $112.95M
- GAAP net loss narrowed to $(6.7)M from $(14.8)M YoY
- Adjusted EBITDA of $26.3M, up from $16.0M YoY; margin expanded 530+ bps to 19.5%
- Annual Recurring Revenue (ARR) reached $533.2M, up 19% YoY
- Registered users grew 13% YoY to 24.4M; RPU up 5% to $21.88
- Full-year 2026 revenue guidance raised to $530.5M-$532.0M (from $525.5M-$530.5M)
- Full-year 2026 Adjusted EBITDA guidance raised to $98.0M-$99.0M (from $93.5M-$97.5M)
- Q4 2026 revenue guided to $139.7M-$141.2M; Adjusted EBITDA $30.0M-$31.0M
- Activist JANA Partners disclosed 6.3% stake on October 14, 2026, 12 days before this earnings release
- Company repurchased $25M of common stock in the nine months ended September 30, 2026
Financial Impact
Revenue beat consensus by ~$1.4M (1.0%); EPS of $0.06 GAAP loss per share vs consensus $0.04 Street EPS (GAAP loss per share of $0.06 vs consensus $0.04 Street EPS, the Street consensus is for a different metric; see data section). Guidance raised by ~$3.2M at midpoint for revenue and ~$3.0M for Adjusted EBITDA.
Risk Factors
- GAAP net loss persists, though narrowing; accumulated deficit reached $(549.5)M
- Non-GAAP gross margin declined 60 bps YoY to 63.1% due to increased third-party and database costs
- Cash and marketable securities declined to $85.2M from $99.1M at year-end 2025
- Activist engagement could lead to distracting proxy fight or strategic shifts
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001529274-26-000060 |
| Document: alk-20261028.htm | 0001529274-26-000060 |
| Document: investorpresentation2026.htm | 0001529274-26-000060 |
| Document: 0001529274-26-000060-index-headers.html | 0001529274-26-000060 |
| Document: 0001529274-26-000060-index.html | 0001529274-26-000060 |
| Document: 0001529274-26-000060.txt | 0001529274-26-000060 |
| 8-K Data (Synthetic) | 0001529274-26-000060 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 today | Institutional Cluster | $13.75 | awaiting T+60 | awaiting T+60 | $12.69 (−7.69%) |
Oct 28, 2026 1d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 28, 2026 1d ago | Press Release | $15.69 | awaiting T+60 | awaiting T+60 | $12.69 (−19.12%) |
Oct 16, 2026 13d ago | SC 13D/A | $14.01 | awaiting T+60 | awaiting T+60 | $12.69 (−9.42%) |
Oct 7, 2026 22d ago | 8-K | $14.15 | awaiting T+60 | awaiting T+60 | $12.69 (−10.32%) |
Jul 14, 2026 15w ago | Press Release | $17.06 $14.15 | ▼ −17.06% | ▼ −20.43% | $12.69 (−25.62%) |
Jun 11, 2026 20w ago | Institutional Cluster | $15.19 $19.38 | ▲ +27.58% | ▲ +24.32% | $12.69 (−16.46%) |
May 21, 2026 23w ago | 3 | $16.80 $20.14 | ▲ +19.88% | ▲ +16.69% | $12.69 (−24.46%) |
May 21, 2026 23w ago | 3 | $16.80 $20.14 | ▲ +19.88% | ▲ +16.69% | $12.69 (−24.46%) |
May 14, 2026 23w ago | Insider Cluster | $16.61 $19.83 | ▲ +19.39% | ▲ +14.87% | $12.69 (−23.60%) |
US Market Status
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