Key Highlights

  • ALKT shares are trading 18.29% lower at $12.69 on Thursday, October 29, 2026.
  • Third-quarter revenue grew 19.4% to $134.9 million, above the guided range of $132.7 million to $134.2 million.
  • Adjusted EBITDA reached $26.3 million, a 19.5% margin, compared with $16.0 million a year earlier.
  • Annual recurring revenue hit $533.2 million, up 19% from $449.0 million.
  • Fourth-quarter revenue guidance is $139.7 million to $141.2 million.

Alkami Share Price: What Is Behind the 18.29% Drop After a Third-Quarter Beat?

Alkami Technology (NASDAQ:ALKT) shares are trading 18.29% lower at $12.69 on Thursday, October 29, 2026, which implies a prior close near $15.53 (calculated). Third-quarter 2026 results came out on Wednesday, October 28, 2026, and the release offers no reason for the decline.

Alkami supplies a cloud-based digital banking platform to community banks and credit unions, together with account-opening, data and marketing products. Registered users totaled 24.4 million at September 30, 2026, compared with 21.6 million a year before.

Guidance Versus Actuals: Did Alkami Outperform Its Own Targets?

Revenue of $134.9 million rose 19.4% from $113.0 million and cleared the top of the $132.7 million to $134.2 million range set on Wednesday, July 29, 2026. Adjusted EBITDA of $26.3 million also topped the $23.5 million to $24.3 million guidance and compared with $16.0 million a year earlier.

The GAAP net loss shrank to $6.7 million, or $0.06 per share, from $14.8 million, or $0.14. GAAP gross margin improved to 57.5% from 56.8%, but non-GAAP gross margin slipped to 63.1% from 63.7%. Revenue per registered user increased 5% to $21.88.

Recurring Revenue Growth: Is the Cooling From 21% to 19% Weighing on the Stock?

Annual recurring revenue stood at $533.2 million on September 30, 2026, a 19% rise from $449.0 million. At the end of June it was $511.7 million, up 21% year over year, so the pace eased by two points. Revenue growth moved in the opposite direction, from 15.9% in the second quarter to 19.4%.

The company implemented ten more clients during the quarter. The release does not break out subscription revenue, which makes ARR the nearest recurring measure on offer. General and administrative expense included $2.1 million linked to stockholder matters and another $2.1 million linked to a lease assignment.

Higher Outlook and Balance Sheet: What Are the Fourth-Quarter Targets Saying?

The company guides fourth-quarter revenue to $139.7 million to $141.2 million and adjusted EBITDA to $30.0 million to $31.0 million. Full-year revenue guidance moved up to $530.5 million to $532.0 million from $528.0 million to $531.0 million, and adjusted EBITDA to $98.0 million to $99.0 million from $96.0 million to $98.0 million. Alkami does not reconcile its EBITDA outlook to net loss.

Nine-month operating cash flow was $39.1 million against $26.3 million, and free cash flow was $32.4 million against $19.9 million. Alkami bought back $25.0 million of shares and paid off a $15.0 million revolver balance. It held $50.3 million of cash and $34.9 million of marketable securities, versus $337.7 million of convertible senior notes.

The nine-month net loss was $25.6 million, or $0.24 per share, down from $36.2 million. With 107.0 million shares outstanding, equity value at $12.69 comes to roughly $1.36 billion (calculated).

What to Watch Next: Can Fourth-Quarter Results Revive ARR Momentum?

The report for the quarter ending Thursday, December 31, 2026 is the next checkpoint. It will show whether revenue falls within the $139.7 million to $141.2 million range, whether ARR growth steadies near 19%, and how buybacks and the convertible notes affect the balance sheet.