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Kalray SA
(ALKAL)
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Rating:45Neutral
Price Target:
€5.50
▼(-3.51% Downside)
Action:Reiterated
Date:07/30/26
Overall score is weighed down primarily by weak financial fundamentals (negative gross margin, ongoing net losses, and negative free cash flow) despite improvements in EBITDA and operating cash flow. Technicals add further caution with the stock trading below key short- and mid-term moving averages, while valuation is constrained by loss-making results and no provided dividend support.
Positive Factors
Improving EBITDA and losses
The sharp improvement in EBITDA and the materially narrower net loss indicate progress in operating performance, even though profitability is not yet established. If sustained, this trend could improve cost absorption and provide a stronger foundation for future earnings resilience.
Negative Factors
Material revenue contraction
A revenue decline of this magnitude weakens operating leverage and makes it harder to absorb fixed research, development, and commercial costs. Unless growth recovers, the contraction can delay the path to sustainable profitability and reduce the resources available for product investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving EBITDA and losses
The sharp improvement in EBITDA and the materially narrower net loss indicate progress in operating performance, even though profitability is not yet established. If sustained, this trend could improve cost absorption and provide a stronger foundation for future earnings resilience.
Read all positive factors
Kalray SA (ALKAL) vs. iShares MSCI France ETF (EWQ)
Market Cap
€104.07M
Dividend YieldN/A
Average Volume (3M)172.40K
Price to Earnings (P/E)―
Beta (1Y)1.70
Revenue Growth-33.73%
EPS Growth85.98%
CountryFR
Employees92
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.44
Shares Outstanding18,461,205
10 Day Avg. Volume139,885
30 Day Avg. Volume172,403
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.40
Price to Sales (P/S)0.93
P/FCF Ratio-2.78
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.21
Revenue Forecast (FY)€17.95M
Kalray SA Business Overview & Revenue Model
Company Description
Kalray S.A. operates as a fabless semiconductor enterprise, specializing in the development and provision of high-performance processors and acceleration cards. Its comprehensive product portfolio features the MPPA processor, optimized for various...
How the Company Makes Money
Kalray generates revenue primarily by selling its computing and acceleration solutions to customers that need high-performance, energy-efficient processing for data-intensive workloads. Its main revenue streams typically include: (1) hardware sale...
Kalray SA Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
56
Neutral
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.45M | 24.82M | 25.83M | 16.41M | 1.45M |
| Gross Profit | -13.64M | -33.87M | 29.66M | -17.15M | -18.44M |
| EBITDA | 885.00K | -6.37M | -858.00K | -2.69M | -5.82M |
| Net Income | -4.54M | -23.27M | -11.69M | -15.55M | -15.12M |
Balance Sheet | |||||
| Total Assets | 56.41M | 88.14M | 80.52M | 88.05M | 43.28M |
| Cash, Cash Equivalents and Short-Term Investments | 2.95M | 1.70M | 13.21M | 32.20M | 12.22M |
| Total Debt | 8.31M | 12.98M | 3.27M | 6.67M | 11.61M |
| Total Liabilities | 23.73M | 53.51M | 23.87M | 34.03M | 17.62M |
| Stockholders Equity | 38.01M | 34.63M | 56.65M | 51.27M | 25.63M |
Cash Flow | |||||
| Free Cash Flow | -5.50M | -9.44M | -22.70M | -16.54M | -20.74M |
| Operating Cash Flow | 1.97M | -1.03M | -2.15M | -1.72M | -7.06M |
| Investing Cash Flow | 300.00K | -20.05M | -16.51M | -15.88M | -12.12M |
| Financing Cash Flow | -987.00K | 9.29M | -484.00K | 37.98M | 11.17M |
Kalray SA Technical Analysis
Negative
5.70
Price Trends
7.21
Negative
8.42
Negative
5.56
Positive
Market Momentum
-0.50
Negative
33.11
Neutral
24.79
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALKAL, the sentiment is Negative. The current price of 5.7 is below the 20-day moving average (MA) of 6.15, below the 50-day MA of 7.21, and above the 200-day MA of 5.56, indicating a neutral trend. The MACD of -0.50 indicates Negative momentum. The RSI at 33.11 is Neutral, neither overbought nor oversold. The STOCH value of 24.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALKAL.
Kalray SA Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | €29.10M | -109.43 | ― | ― | 12.69% | 94.39% | |
52 Neutral | €648.82M | 79.69 | 27.89% | 18.78% | ― | ― | |
51 Neutral | €2.22B | 838.51 | 9.20% | ― | 5.84% | -107.83% | |
45 Neutral | €104.07M | -12.84 | -12.75% | ― | -33.73% | 85.98% | |
41 Neutral | €26.15M | ― | ― | ― | 54.12% | -46.16% |
* Technology Sector Average
FR:ALKAL
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6.04
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Kalray SA Corporate Events
Kalray Updates Share Capital and Voting Rights as of August 31, 2026
Sep 3, 2026
Kalray has reported that as of 31 August 2026 its share capital consists of 18,461,204 shares, corresponding to an equal number of theoretical voting rights and 18,446,175 actual voting rights. The company also disclosed that it holds 15,029 treas...
Kalray Updates Share Capital and Voting Rights Structure as of July 31, 2026
Aug 3, 2026
Kalray has reported that as of July 31, 2026, its share capital comprised 15,506,769 shares, corresponding to an equal number of theoretical voting rights and 15,493,260 actual voting rights. The company also disclosed that it held 13,509 treasury...
Kalray strengthens OpenChip partnership as warrants fully exercised
Jul 31, 2026
Kalray announced that OpenChip Software Technologies has fully exercised its share warrants, triggering the issuance of 2,881,577 new Kalray shares. These warrants were granted under a strategic agreement signed in May 2025 and represent around 1...
Kalray and Bull forge strategic alliance on Ultra Ethernet AI networks
Jul 28, 2026
Bull and Kalray have formed a strategic partnership to co-develop next-generation network interconnect technologies for AI and high-performance computing infrastructures, with a focus on Ultra Ethernet compatibility and European technological sove...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.