Alkami Technology (ALKT) Q3 2026 Earnings Report

The call was predominantly positive, with revenue, adjusted EBITDA, ARR, user growth, retention, cash flow and full-year guidance all showing strong performance. Alkami also highlighted progress in DSSP, MANTL, AI, treasury management and bank-market win rates. Offsetting concerns included new-logo activity below the historical average, customer uncertainty during the strategic review, third-party cost and gross-margin pressure, executive departures and uncertainty around future new-logo timing and the database conversion.

For the fourth quarter of 2026, Alkami expects revenue of $139.7 million to $141.2 million, representing growth of 15.6% to 16.9%, and adjusted EBITDA of $30 million to $31 million, or a 21.7% margin at the midpoint; for the full year, it now expects revenue of $530.5 million to $532 million, representing growth of 19.6% to 19.9%, adjusted EBITDA of $98 million to $99 million, or an 18.5% margin at the midpoint, and stock-based compensation of less than 14% of revenue, with over 500 basis points of margin expansion, mid-single-digit ARPU growth, and a path to Rule of 45 by 2030 assuming gross margin approaching 70%, roughly 300 basis points of annual adjusted EBITDA margin expansion, and stock-based compensation falling below 10% of revenue; Alkami will provide its full 2027 outlook with its fourth quarter results, but said its 2027 plan will be built on 19% live ARR growth this quarter, approximately $56 million of ARR backlog expected to mostly go live over the next 12 months, continued ARPU growth, and expected margin expansion.