Key Highlights

  • Revenue of USD 134.9 million grew 19.4% year over year and topped the USD 133.54 million consensus estimate.
  • Adjusted EBITDA reached USD 26.3 million, a 19.5% margin that expanded more than 530 basis points from last year.
  • Annual recurring revenue climbed 19% to USD 533 million, with registered users up 13% to 24.4 million.
  • Raised 2026 guidance: revenue USD 530.5 million to USD 532.0 million, adjusted EBITDA USD 98.0 million to USD 99.0 million.

Alkami Technology, Inc. (NASDAQ:ALKT) reported third-quarter 2026 revenue of USD 134.9 million, up 19.4% from USD 113.0 million a year earlier and above a consensus estimate of USD 133.54 million. The GAAP net loss narrowed to USD 6.7 million, or USD 0.06 per share, from USD 14.8 million, or USD 0.14 per share. The release does not present an adjusted per-share figure, so the consensus estimate of USD 0.20 per share cannot be compared on a like-for-like basis.

Gross profit was USD 77.6 million, a GAAP gross margin of 57.5% against 56.8%, while non-GAAP gross margin slipped to 63.1% from 63.7%. Management attributed the margin pressure to higher third-party product costs. The operating loss shrank to USD 6.2 million from USD 12.9 million.

Platform Metrics and Cash Generation

Annual recurring revenue reached USD 533.2 million, and revenue per registered user rose 5% to USD 21.88. Subscription revenue grew 20% and made up 96% of the total. The company ended the quarter with 323 live digital banking clients, and a backlog of roughly USD 56 million of ARR, covering 31 new clients and about 1 million users, is mostly slated to go live over the next 12 months.

Nine-month operating cash flow was USD 39.1 million versus USD 26.3 million, and free cash flow reached USD 32.4 million against USD 19.9 million. Cash and equivalents stood at USD 50.3 million plus USD 34.9 million of marketable securities, with USD 337.7 million of convertible senior notes outstanding and no revolver borrowings. The company repurchased USD 25.0 million of stock year to date.

Guidance and Strategic Context

For the fourth quarter, the company guided to revenue of USD 139.7 million to USD 141.2 million and adjusted EBITDA of USD 30.0 million to USD 31.0 million. Its chief financial officer said the range reflects one-time revenue that lifted the third quarter and slightly higher third-party costs. Full-year revenue guidance of USD 530.5 million to USD 532.0 million implies 19.6% to 19.9% growth, with stock-based compensation under 14% of revenue.

CEO Alex Shootman said new digital banking logos were slower than normal, with 16 year to date versus an average of 21 through the third quarter since the company went public, which he linked to uncertainty during a strategic review. The board concluded that review in September, choosing to execute as an independent public company. The company is also building agentic AI tools, with three agents in beta inside its onboarding platform.

Figures That Frame the Next Report

Four items frame the next report. New digital banking logos are the first, with 16 signed through nine months. Gross margin is the second, with non-GAAP gross margin at 63.1% and a stated aim of approaching 70% under the long-term model. The third is the fourth-quarter revenue and EBITDA ranges above. The fourth is the full 2027 outlook, which the company is scheduled to provide with its fourth-quarter results, alongside a core conversion count that stands at a record seven this year.