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Kalray SA
(ALKAL)
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Rating:43Neutral
Price Target:
€4.00
▼(-29.82% Downside)
Action:Reiterated
Date:09/29/26
The score is held down mainly by continued unprofitability and negative gross and free-cash-flow performance, despite improved operating momentum and positive operating cash flow. Technical indicators reinforce the cautious view, with the stock trading below all key moving averages and weak momentum readings. Valuation is difficult to justify on earnings due to a negative P/E and no indicated dividend support.
Positive Factors
Specialized technology positioning
Kalray operates in a technically specialized segment where processor, accelerator, and software capabilities address demanding data-center and edge workloads. This focused product architecture can support differentiated positioning and recurring ecosystem relevance as customers require faster, more energy-efficient data processing.
Negative Factors
Material revenue contraction
A sharp revenue decline indicates that commercial traction remains inconsistent and that the current customer and product base has not yet produced dependable growth. Sustained contraction would reduce operating leverage, weaken investment capacity, and make it harder to absorb the fixed costs of technology development.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialized technology positioning
Kalray operates in a technically specialized segment where processor, accelerator, and software capabilities address demanding data-center and edge workloads. This focused product architecture can support differentiated positioning and recurring ecosystem relevance as customers require faster, more energy-efficient data processing.
Read all positive factors
Kalray SA (ALKAL) vs. iShares MSCI France ETF (EWQ)
Market Cap
€85.94M
Dividend YieldN/A
Average Volume (3M)176.67K
Price to Earnings (P/E)―
Beta (1Y)1.57
Revenue Growth-21.71%
EPS Growth91.06%
CountryFR
Employees92
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)-0.14
Shares Outstanding18,522,873
10 Day Avg. Volume266,594
30 Day Avg. Volume176,674
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)-0.23
Revenue Forecast (FY)€18.55M
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 17.06M | 16.45M | 24.82M | 25.83M | 16.41M | 1.45M |
| Gross Profit | -8.32M | -13.64M | -33.87M | 29.66M | -17.15M | -18.44M |
| EBITDA | -1.04M | 885.00K | -6.37M | -1.91M | -2.69M | -5.82M |
| Net Income | -1.65M | -4.54M | -23.27M | -11.69M | -15.55M | -15.12M |
Balance Sheet | ||||||
| Total Assets | 54.65M | 56.41M | 88.14M | 80.52M | 88.05M | 43.28M |
| Cash, Cash Equivalents and Short-Term Investments | 2.18M | 2.95M | 1.70M | 13.21M | 32.20M | 12.22M |
| Total Debt | 7.85M | 8.31M | 12.98M | 3.27M | 6.67M | 11.61M |
| Total Liabilities | 20.97M | 23.73M | 53.51M | 23.87M | 34.03M | 17.62M |
| Stockholders Equity | 33.67M | 38.01M | 34.63M | 56.65M | 51.27M | 25.63M |
Cash Flow | ||||||
| Free Cash Flow | 2.27M | -5.50M | -9.44M | -22.70M | -16.54M | -20.74M |
| Operating Cash Flow | 9.93M | 1.97M | -1.03M | -2.15M | -1.72M | -7.06M |
| Investing Cash Flow | -11.65M | 300.00K | -20.05M | -16.51M | -15.88M | -12.12M |
| Financing Cash Flow | 1.64M | -987.00K | 9.29M | -484.00K | 37.98M | 11.17M |
Kalray SA Technical Analysis
Negative
5.70
Price Trends
5.88
Negative
7.83
Negative
6.04
Negative
Market Momentum
-0.40
Positive
37.87
Neutral
21.96
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 above the 20-day moving average (MA) of 5.08, below the 50-day MA of 5.88, and below the 200-day MA of 6.04, indicating a bearish trend. The MACD of -0.40 indicates Positive momentum. The RSI at 37.87 is Neutral, neither overbought nor oversold. The STOCH value of 21.96 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% | |
55 Neutral | €2.42B | -3,036.54 | -3.31% | ― | 5.84% | -107.83% | |
52 Neutral | €612.73M | 46.29 | 35.98% | 18.78% | ― | ― | |
50 Neutral | €22.20M | -7.67 | ― | ― | -9.14% | -190.06% | |
43 Neutral | €85.94M | -32.05 | -4.60% | ― | -21.71% | 91.06% | |
41 Neutral | €19.36M | -1.69 | ― | ― | 71.65% | -17.08% |
* Technology Sector Average
FR:ALKAL
Kalray SA
4.48
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Kalray SA Corporate Events
Kalray turns profitable in H1 2026 and secures strategic AI chip licences
Sep 24, 2026
Kalray reported strong first‑half 2026 results that underline its shift to a higher‑margin, licence‑driven business model in the AI semiconductor market. Revenue on a comparable basis rose 58% year‑on‑year to €8...
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.