Alarum Technologies Ltd.

Q1 2026 revenue was $11.7 million versus $7.1 million in Q1 2025, up approximately 64% year over year. Gross margin was 61.7% versus 67.5% a year ago and 53.8% in the prior quarter. IFRS net income was approximately $0.6 million versus $0.4 million last year, and adjusted EBITDA was approximately $2.1 million versus $1.3 million last year. Operating expenses were $6.4 million versus $4.5 million in Q1 2025. Cash, cash equivalents and debt investments were $24.2 million at March 31, 2026, and the company had no financial debt. For Q2 2026, Alarum guided to revenue of approximately $12.2 million, plus or minus 5%, and adjusted EBITDA of approximately $1.8 million, plus or minus $0.5 million.

Shachar Daniel framed the quarter as evidence that Alarum is scaling into a broader AI data infrastructure platform, not just a proxy business. He emphasized strong demand from AI and enterprise workloads, the expanding product set, and early signs of operating leverage from heavy 2025 infrastructure investment. His tone was optimistic but cautious: he repeatedly said the market is still early, volatile, and dynamic, so the company is prioritizing long-term leadership over short-term margin maximization.

Shai Avnit highlighted that revenue grew to $11.7 million, gross margin improved sequentially to 61.7%, and adjusted EBITDA reached $2.1 million, reflecting better infrastructure utilization and efficiency. He noted operating expenses rose to $6.4 million, mainly due to payroll and R&D-related costs tied to innovation and capacity expansion. He also pointed to a strong balance sheet with $24.2 million in cash, cash equivalents and debt investments, no financial debt, and shareholders’ equity of $33.4 million, while guiding Q2 revenue to $12.2 million plus or minus 5% and adjusted EBITDA to $1.8 million plus or minus $0.5 million.

Analysts focused on the upcoming agentic workflow product, the durability of the scraping moat, gross margin trends, and the lumpy nature of net revenue retention. Management said the agentic layer is meant to simplify product selection for customers and create upsell opportunities, but not to be a standalone revenue product. On the moat, Daniel argued that scale, diversified IPs, geographies, and products like Unblocker and SERP API help Alarum keep pace as anti-bot defenses evolve. On NRR, he said the company measures it on a 4-quarter basis, which can look noisy because the customer mix has shifted quickly toward AI, but he said retention in AI logos looks strong even if revenue is volatile quarter to quarter.