The revenue beat and strong ARR growth, combined with activist pressure from JANA Partners, suggest potential for further operational improvements and margin expansion. Monitor Q4 guidance execution and any activist-driven strategic updates.
Price Chart
Executive Summary
Alkami reported Q3 2026 revenue of $134.9M (up 19.4% YoY, above the $133.5M consensus) and GAAP net loss narrowed to $(6.7)M from $(14.8)M. Adjusted EBITDA of $26.3M beat expectations, and the company guided Q4 revenue to $139.7M-$141.2M and FY2026 revenue to $530.5M-$532.0M, implying continued growth. The filing comes 12 days after JANA Partners disclosed a 6.3% activist stake, adding context around profitability and capital allocation discussions.
Key Financial Metrics
Key Facts
- Q3 2026 GAAP revenue $134.9M, up 19.4% YoY, above consensus of $133.5M
- GAAP net loss narrowed to $(6.7)M from $(14.8)M in the year-ago quarter
- Adjusted EBITDA $26.3M, up from $16.0M YoY, with margin expanding 530 bps to 19.5%
- Annual Recurring Revenue (ARR) reached $533M, up 19% YoY
- Registered users grew to 24.4M, up 2.8M in the last 12 months
- Revenue per registered user $21.88, up 5% YoY
- Q4 2026 revenue guidance $139.7M-$141.2M; FY2026 revenue guidance $530.5M-$532.0M
- JANA Partners disclosed a 6.3% activist stake on October 16, 2026, discussing profitability and capital allocation
Financial Impact
Revenue beat consensus by $1.4M (1.0%); Adjusted EBITDA $26.3M exceeded prior year by $10.3M (64%); ARR growth of 19% supports continued revenue expansion.
Risk Factors
- Non-GAAP gross margin declined slightly to 63.1% from 63.7% YoY
- Accumulated deficit continues to grow, reaching $(549.5)M
- Company remains GAAP net loss-making, though losses are narrowing
- Convertible senior notes of $337.7M and revolving loan repayment indicate leverage
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302922596 |
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 22w ago | 3 | $16.80 $20.14 | ▲ +19.88% | ▲ +16.69% | $12.69 (−24.46%) |
May 21, 2026 22w 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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