Alkami Technology (ALKT) has opened 2026 with Q1 results that put the focus squarely on scaling revenue while working through ongoing losses, reporting total revenue of US$126.1 million alongside a basic EPS loss of US$0.09 and net income loss of US$10.0 million. The company has seen quarterly revenue move from US$97.8 million in Q1 2025 to US$126.1 million in Q1 2026, while quarterly basic EPS has moved from a loss of US$0.08 to a loss of US$0.09. This sets up a story where top line expansion is running ahead of profitability improvements and margins remain under pressure.

See our full analysis for Alkami Technology.

With the latest numbers on the table, the next step is to line them up against the key narratives around growth, profitability, and risk to see which stories hold up and which get questioned.

Revenue Nears US$472 million on a 12 month basis

• Over the trailing 12 months to Q1 2026, Alkami booked US$471.9 million in revenue and a net loss of US$49.8 million, compared with US$333.8 million of revenue and a US$40.8 million loss in the 12 months to Q4 2024.
• Consensus narrative highlights strong demand for digital transformation and integration, and this revenue trend lines up with that view, although the ongoing losses show the business is still paying heavily for growth.
  • Revenue growth is described at about 15.1% per year versus an 11% market figure, which fits the idea that banks and credit unions are actively shifting away from legacy platforms.
  • At the same time, the trailing 12 month loss of US$49.8 million shows that higher revenue has not yet translated into positive earnings, which keeps the consensus focus on margin improvement and recurring revenue quality.

Losses remain, but quarterly EPS trend is easing

• Quarterly basic EPS has moved from a loss of US$0.14 in Q3 2025 to a loss of US$0.11 in Q4 2025 and a loss of US$0.09 in Q1 2026, while quarterly net loss went from US$14.8 million to US$11.4 million and then US$10.0 million over the same stretch.
• Bulls argue that heavy investment today should set up stronger profitability over time, and the recent EPS pattern fits that story but also shows how far the company still is from the bullish earnings targets.
  • The bullish narrative talks about profit margins moving from roughly a 10% loss to a 14.7% profit and earnings of US$111.9 million by around 2028, whereas the most recent trailing 12 month loss sits at US$49.8 million.
  • That gap between current losses and the bullish earnings level is large, so anyone leaning on the bullish case will likely track whether quarterly losses continue to shrink from the recent US$10.0 million mark.

Bulls point to Q1’s smaller per share loss and growing revenue as early proof that their long term earnings story can work, so if that interests you it is worth seeing how they connect today’s numbers to their bigger picture view 🐂 Alkami Technology Bull Case

Valuation gap vs DCF, but bears flag profit risks

• The current share price of US$15.78 sits below the cited DCF fair value of US$29.93 and the referenced P/S of 3.6x is slightly under the 3.7x software industry average and 3.9x peer average.
• Bears focus on the fact that Alkami is still loss making despite this valuation gap, and Q1 results do not remove those concerns.
  • On a trailing 12 month basis, earnings per share are a loss of US$0.47 and net loss is US$49.8 million, which aligns with the bearish point that persistent R&D and integration spending can keep margins under pressure.
  • Bears also highlight that even the more cautious analyst narrative assumes future profit margins improving from around a 10.7% loss to a 12.2% profit, which is a big shift from the current loss position investors are seeing in these numbers.

Skeptics argue that a stock trading below DCF fair value can still disappoint if losses drag on, so it can help to read their full case before leaning too hard on the valuation gap 🐻 Alkami Technology Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Alkami Technology on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

After reading both the bullish and bearish angles, do you feel the story leans more toward opportunity or concern? Are you ready to test that against the numbers yourself by weighing up the 3 key rewards and 1 important warning sign

See What Else Is Out There

Alkami Technology is still working through sizeable losses, with trailing 12 month net loss of US$49.8 million and earnings per share of US$0.47 in the red.

If you want ideas where profitability and balance sheet strength are more central to the story right now, it is worth running your filters through the solid balance sheet and fundamentals stocks screener (44 results)

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.