Key Highlights

  • ALKT shares fell about 8% pre-market to $14.34, from $15.53 prior close.
  • Q3 revenue of $134.9 million rose 19% and beat the $133.5 million estimate.
  • Earnings per share of negative $0.06 missed the roughly $0.20 estimate.
  • ARR of $533 million fell short of the roughly $538 million consensus.
  • Five digital banking logos signed in Q3, against a historical annual average of 21.

Mixed Quarter

Alkami Technology, Inc. (NASDAQ:ALKT) shares fell in pre-market trading after a mixed third-quarter report. Revenue of $134.9 million rose 19% and exceeded the high end of guidance, with subscription revenue up 20% and 96% of the total. Adjusted EBITDA of $26.3 million, a 19.5% margin, also topped guidance.

Earnings per share of negative $0.06 missed the roughly $0.20 estimate, annual recurring revenue of $533 million came in below the roughly $538 million consensus, and gross margin slipped to 63.1% on higher third-party product costs.

Alkami, founded in 2009 and based in Plano, Texas, provides a cloud-based digital sales and service platform for U.S. community, regional and super-regional banks and credit unions. Its multi-tenant platform combines digital banking, account opening through its MANTL unit, and data and marketing services, and it supports an Anticipatory Banking strategy. It has about 1,225 employees.

New Logos and Fourth-Quarter Guidance

New logo sales were the weak spot. Alkami signed five digital banking logos in the quarter and 16 so far this year, against a historical annual average of 21. Management blamed uncertainty from a strategic review, which concluded in September with the board choosing to stay independent. It would not forecast new logos, though it said the pipeline matches historical norms and bank win rates met targets. The ARR backlog is about $56 million and mostly expected to go live within 12 months.

Fourth-quarter revenue guidance of $139.7 million to $141.2 million implies growth of 15.6% to 16.9%, a slowdown from the third quarter. Adjusted EBITDA is guided to $30 million to $31 million. Two research firms downgraded the stock to market perform.

Full-Year Outlook and Valuation

Management raised full-year 2026 revenue guidance to $530.5 million to $532 million, or 19.6% to 19.9% growth, and adjusted EBITDA to $98 million to $99 million. Long-term targets include a Rule of 45 by 2030, gross margin approaching 70% and about 300 basis points of annual EBITDA margin expansion. AI products already account for about 10% of revenue. Buybacks totalled $20 million through September 30.

Alkami has a market capitalisation of about $1.66 billion, a forward price-to-earnings ratio near 15 and a 52-week range of $13.21 to $24.47, so the indicated price sits close to the low end of that range.

What Investors Will Weigh Next

Growth and margins are on plan, but the new-logo count and the slowing fourth-quarter guide are drawing attention. Whether bookings recover now that the strategic review is over, and when third-party costs ease, will decide how the shares trade in 2027.