Jana Partners, a well‑known activist investor, publicly urged Alkami Technology, Inc. (ALKT) to consider a sale to a rival or private‑equity firm after acquiring a stake in the cloud‑based digital banking solutions provider. The call was made on Tuesday, December 9, 2025, and was reported by Bloomberg the following day.
The activist’s argument centers on Alkami’s perceived undervaluation. The company’s shares have fallen roughly 40 % in 2025, and Jana Partners’ managing partner, Scott Ostfeld, highlighted the firm’s strong organic top‑line growth of about 20 % and high customer retention as key reasons the stock is trading below intrinsic value. Ostfeld noted that Alkami’s revenue grew 31.5 % year‑over‑year to $113.0 million in Q3 2025, yet the GAAP net loss widened to $14.8 million from $9.4 million a year earlier, reflecting margin compression and higher operating expenses tied to scaling the platform.
Alkami’s Q3 2025 results illustrate the tension between growth and profitability. Revenue rose 31.5 % to $113.0 million, driven by a 31 % increase in annual recurring revenue to $449 million and a 19 % rise in revenue per registered user to $20.83. However, the GAAP gross margin fell to 56.8 % from 58.9 % a year earlier, and the company posted a GAAP net loss of $14.8 million, a widening loss that underscores the cost of expanding infrastructure and sales efforts. Management emphasized that the loss is a short‑term investment in growth, while the adjusted EBITDA doubled to $16.0 million, signaling improving operating leverage.
CEO Alex Shootman, who sold shares on the same day the activist campaign became public, has repeatedly highlighted Alkami’s momentum. In the Q3 earnings release, Shootman said the company was “very pleased” with the record launch of 13 new financial institutions, including six banks, and that the platform’s scalability would continue to drive revenue growth. The activist’s stance, however, suggests that even with strong top‑line performance, the market may not fully recognize the company’s value proposition, prompting a push for a transaction that could unlock a premium for shareholders.
The activist pressure has already influenced market sentiment. Following the announcement, investors reacted positively, with trading volume spiking as analysts and shareholders weighed the potential upside of a sale. The move signals that Alkami’s management may face increased scrutiny and that the company’s strategic options—whether to continue scaling independently or to pursue a sale—are now under active debate.
Implications for Alkami are significant. A sale could provide a valuation premium that reflects the company’s growth trajectory and customer base, while a continued independent path would require the company to address margin compression and demonstrate a path to profitability. The activist’s campaign underscores the importance of aligning shareholder expectations with management’s long‑term strategy, and it may prompt Alkami to reassess its capital structure, investment priorities, and potential exit options.
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