Alarum (NASDAQ: ALAR) delivers 64% Q1 revenue jump and stays profitable
Rhea-AI Filing Summary
Alarum Technologies reported first quarter 2026 revenue of $11.7 million, up 64% year-over-year, driven by strong AI-related demand for its data infrastructure platform. IFRS net profit was $0.6 million and Adjusted EBITDA reached $2.1 million, indicating profitable growth while investing in scale.
Gross profit was $7.2 million with a gross margin of 61.7%, and cash, cash equivalents and debt investments totaled $24.2 million as of March 31, 2026. For second quarter 2026, the company expects revenue of about $12.2 million (±5%) and Adjusted EBITDA of about $1.8 million (±$0.5 million). The board also increased shares reserved under the Global Incentive Plan by 5,000,000, from 9,674,366 to 14,674,366, supporting future equity-based compensation.
Positive
- Revenue growth and profitability: Q1 2026 revenue rose 64% year-over-year to $11.7 million, with positive IFRS net income of $0.6 million and Adjusted EBITDA of $2.1 million, indicating strong AI-driven expansion while remaining profitable.
Negative
- None.
Insights
Strong AI-driven growth with maintained profitability and rising equity incentives.
Alarum delivered Q1 2026 revenue of $11.7M, a 64% year-over-year increase, while remaining profitable with IFRS net income of $0.6M and Adjusted EBITDA of $2.1M. This pairs high growth with positive earnings, uncommon for many infrastructure-intensive AI players.
Gross margin of 61.7% suggests healthy unit economics despite heavier infrastructure spending. Cash, cash equivalents and debt investments of $24.2M and shareholders’ equity of $33.4M as of March 31, 2026 provide balance sheet support for continued investment.
The Q2 2026 outlook of about $12.2M revenue (±5%) and Adjusted EBITDA of about $1.8M (±$0.5M) implies ongoing growth, though with some EBITDA moderation as spending continues. The additional 5,000,000 shares reserved for the incentive plan introduces incremental potential dilution tied to employee equity compensation.
Key Figures
Key Terms
Adjusted EBITDA financial
non-IFRS financial measures financial
AI data infrastructure technical
Net profit financial
Global Incentive Plan financial
Form 6-K regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of: May 2026
Commission file number: 001-38610
ALARUM TECHNOLOGIES LTD.
(Translation of registrant’s name into English)
8 Yitzhak Sadeh Street
Tel-Aviv, 6777508 Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
CONTENTS
On May 28, 2026, Alarum Technologies Ltd. (the “Registrant”) issued a press release titled “Alarum Technologies Reports 64% Revenue Growth to $11.7 Million in First Quarter 2026, Driven by Strong AI Demand”, announcing the Registrant’s financial results for the three-month period ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K (this “Report”).
On May 28, 2026, the Board of Directors of the Registrant approved an increase in the number of ordinary shares, no par value per share, of the Registrant reserved for issuance under the Registrant’s Amended and Restated Global Incentive Plan by 5,000,000 ordinary shares, from 9,674,366 to 14,674,366.
On May 28, 2026, the Registrant made available an updated corporate presentation on its website. A copy of the corporate presentation is attached hereto as Exhibit 99.2 to this Report.
The information contained in the corporate presentation does not constitute a prospectus or other offering document, nor does it constitute or form part of any invitation or offer to sell, or any solicitation of any invitation or offer to purchase or subscribe for, any securities of the Registrant or any other entity, nor shall the information or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any action, contract, commitment or relating thereto or to the securities of the Registrant.
The second paragraph of this Report, and the paragraphs titled “Selected First Quarter 2026 Operating Trends”, “Selected Recent Business Highlights”, “First Quarter 2026 Financial Analysis”, “Forward-Looking Statements”, “Other Metrics” and the IFRS financial statements in the press release attached as Exhibit 99.1 are incorporated by reference into the registration statements on Form S-8 (File Nos. 333-233510, 333-239249, 333-250138, 333-258744, 333-267586, 333-274585 and 333-285941) and Form F-3 (File Nos. 333-267580, 333-274604 and 333-283429) of the Registrant, filed with the Securities and Exchange Commission, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
| Exhibit No. | Description | |
| 99.1 | Press release issued by Alarum Technologies Ltd. on May 28, 2026, titled “Alarum Technologies Reports 64% Revenue Growth to $11.7 Million in First Quarter 2026, Driven by Strong AI Demand.” | |
| 99.2 | Corporate Presentation of Alarum Technologies Ltd., dated May 2026. |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Alarum Technologies Ltd. (Registrant) | ||
| Date: May 28, 2026 | By | /s/ Omer Weiss |
| Name: | Omer Weiss | |
| Title: | Corporate Legal Counsel | |
2
Exhibit 99.1
Alarum Technologies Reports 64% Revenue Growth to $11.7 Million in First Quarter 2026, Driven by Strong AI Demand
Positive IFRS net income of $0.6 million and Adjusted EBITDA of $2.1 million
TEL AVIV, Israel, May 28, 2026 (GLOBE NEWSWIRE) — Alarum Technologies Ltd. (Nasdaq: ALAR, TASE: ALAR) (“Alarum” or the “Company”), a global provider of Artificial Intelligence (“AI”) data infrastructure and web data collection solutions, today announced its financial results for the three-month period ended March 31, 2026.
Financial Highlights – First Quarter 2026
| ● | Revenues of $11.7 million, up 64% year-over-year, and a slight 0.9% decline from the prior quarter. |
| ● | Gross margin of 61.7%, compared to 53.8% in the prior quarter and 67.5% in the first quarter of 2025. |
| ● | IFRS net income of $0.6 million, compared to $0.2 million in the prior quarter and $0.4 million in the first quarter of 2025. |
| ● | Adjusted EBITDA of $2.1 million compared to $1.0 million in the prior quarter and $1.3 million in the first quarter of 2025. |
Management Commentary
“Alarum continued scaling its AI data infrastructure platform during the first quarter of 2026, supported by strong demand from AI and large-scale enterprise workloads,” said Shachar Daniel, Chief Executive Officer of Alarum.
“Revenue increased 64% year-over-year, reflecting continued strong demand for high-quality public web data, particularly for the training, fine-tuning, and updating of foundational large language models. We continue to invest strategically to expand and strengthen our infrastructure to support both current demand and future growth opportunities.”
“Over the past year, Alarum has evolved from a proxy-focused provider into a broader AI data infrastructure platform. This platform, which includes our global Internet Protocol (“IP”) proxy network, Website Unblocker, Search Engine Results Page (“SERP”) solutions, AI-ready datasets, and planned agentic workflow capabilities, significantly expands our addressable market opportunity.”
“Our infrastructure now handles more than 50 petabytes of data traffic per month, supported by over 80 million IPs and a success rate exceeding 85%. We believe this scale, combined with ongoing infrastructure investments, forms the foundation for building a durable competitive advantage in a critical and underserved layer of the AI stack. As web environments become increasingly dynamic, and difficult to access reliably at scale, we believe the technological and operational barriers within the AI data infrastructure market continue rising.”
“At the same time, we continue viewing the current AI infrastructure market as highly dynamic and still in relatively early stages.”
“While the first quarter of 2026 demonstrated improving infrastructure scale efficiencies, we continue prioritizing long-term infrastructure leadership, platform scale, and strategic positioning over short-term profitability optimization,” Mr. Daniel concluded.
Shai Avnit, Alarum’s Chief Financial Officer, added: “We remain focused on balancing operational discipline with continued strategic investments in infrastructure, platform capabilities, and long-term positioning within the evolving AI data infrastructure market.”
Selected First Quarter 2026 Operating Trends
| ● | AI Momentum: AI and Large Language Model (“LLM”) infrastructure-related workloads continued expanding rapidly and remain a major growth driver for the Company. |
| ● | Gross Margin and Profitability Trends: The first quarter of 2026 demonstrated operating leverage and efficiency improvements, supported by infrastructure scale, improved utilization, and operating leverage from recent infrastructure investments. |
| ● | Customer Base: The Company serves a diversified base of more than 850 active customers across AI/LLM training, eCommerce, marketing, people data, sales intelligence, and digital media monitoring. |
| ● | Net Retention Rate (“NRR”): NRR was 0.93 as of March 31, 2026, reflecting the Company’s strategic transition toward larger AI infrastructure accounts and reduced exposure to lower-quality legacy segments. Trends in the AI customer segment are positive. See “Other Metrics” below for more detail on how the Company calculates NRR. |
Selected Recent Business Highlights
| ● | Alarum continues to invest in its products and to evolve into a broader AI data infrastructure platform, with agentic workflow capabilities expected to be launched to customers in the second half of 2026. |
| ● | Expanding workloads from leading foundation model labs and global technology companies, driving increasing monthly traffic above an average of 50 petabytes from a baseline of approximately only 5 petabytes monthly in the beginning of 2025. The Company believes the AI infrastructure market remains in relatively early stages, with demand patterns and customer deployment scales continuing to evolve rapidly. |
| ● | Growing adoption by customers of higher-margin products including Website Unblocker, SERP solutions, and large-scale datasets. |
Financial Outlook
“For the second quarter of 2026, the Company expects revenues to improve to approximately $12.2 million (±5%), representing 39% year-over-year growth, and adjusted EBITDA of approximately $1.8 million (±$0.5 million)”, commented Shai Avnit, CFO of Alarum.
The Company is unable to present a reconciliation of estimated Adjusted EBITDA to net profit as it is unable to predict with reasonable certainty, and without unreasonable effort, the impact and timing of certain expenses on net profit. The financial impact of these expenses is uncertain and is dependent on various factors, including timing, and could be material to consolidated statements of profit or loss and other comprehensive income (loss).
“As the AI infrastructure market continues evolving rapidly, customer demand patterns and deployment timing may continue fluctuating between quarters; we intend to continue investing in infrastructure and platform capabilities to support long-term growth opportunities,” concluded Mr. Avnit.
2
Summary of Financial Results1
(in millions of U.S. dollars, rounded, except per share amounts and margins)
| For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| (Unaudited) | (Unaudited) | (Audited)** | ||||||||||
| Revenue | 11.7 | 7.1 | 40.7 | |||||||||
| Gross profit | 7.2 | 4.8 | 23.8 | |||||||||
| Gross margin (in percentage) | 61.7 | % | 67.5 | % | 58.5 | % | ||||||
| Non-IFRS gross margin (in percentage) | 66.5 | % | 69.4 | % | 60.4 | % | ||||||
| Total operating expenses | 6.4 | 4.5 | 23.6 | |||||||||
| Financial income (expenses), net | (* | ) | 0.2 | 1.3 | ||||||||
| Tax expense | 0.2 | 0.1 | 0.5 | |||||||||
| Net profit | 0.6 | 0.4 | 1.0 | |||||||||
| Adjusted EBITDA | 2.1 | 1.3 | 4.4 | |||||||||
| Basic earnings per American Depository Share (“ADS”) (in U.S. dollars) | $ | 0.08 | $ | 0.06 | $ | 0.14 | ||||||
| Non-IFRS basic earnings per ADS (in U.S. dollars)2 | $ | 0.24 | $ | 0.16 | $ | 0.65 | ||||||
| Cash, cash equivalents and debt investments (including accrued interest)3 | 24.2 | 24.0 | 22.5 | |||||||||
| Shareholders’ equity3 | 33.4 | 27.6 | 32.1 | |||||||||
| * | Less than $0.1 million |
| ** | except Non-IFRS items |
First Quarter 2026 Financial Analysis
| ● | Revenue in the first quarter of 2026 totalled $11.7 million (a 64.2% increase compared to $7.1 million in the first quarter of 2025). The growth was driven mainly by strong demand for the Company’s proxy solutions, as well as increased sales of new products. |
| ● | Cost of revenue in the first quarter of 2026 was $4.5 million (first quarter of 2025: $2.3 million). This increase was primarily driven by the larger volume of servers as well as a stronger and higher-quality infrastructure, which were required to support the higher customer needs for large-scale reliable and fast data. Additionally, cost of revenue was impacted by our new products sales, which triggered related third-party costs. |
| ● | Gross profit in the first quarter of 2026 amounted to $7.2 million (first quarter of 2025: $4.8 million). |
| ● | Operating expenses in the first quarter of 2026 totalled $6.4 million (first quarter of 2025: $4.5 million). The increase resulted mainly from payroll and other employee related costs, primarily research and development, due to an increased number of employees. This increase is a key part of Alarum’s strategy to invest in innovation and improve the quality of its infrastructure and capacity. |
| 1 | The table below contains certain non-IFRS financial measures. See “Use of Non-IFRS Financial Results” for additional information regarding these measures and reconciliations to the most comparable IFRS measures. |
| 2 | Non-IFRS basic earnings per ADS is calculated by dividing non-IFRS net profit by the same number of ADSs used for the IFRS Basic earnings per ADS calculation. |
| 3 | As of the last day of the period. |
3
| ● | Financial expense, net, in the first quarter of 2026, was $0.03 million (first quarter of 2025: financial income of $0.2 million). The shift was primarily driven by fair value adjustments of financial instruments resulting in an expense, compared to the first quarter of 2025, when a change in fair value resulted in income. The current quarter financial expense was partially offset by interest income from cash and debt investments. |
| ● | Net profit in the first quarter of 2026 was $0.6 million (first quarter of 2025: $0.4 million). |
| ● | As of March 31, 2026, shareholders’ equity increased to $33.4 million, up from $32.1 million as of December 31, 2025. The increase is mainly due to the Company’s net profit. |
| ● | Cash, cash equivalents and debt investments as of March 31, 2026, was $24.2 million, compared to $22.5 million as of December 31, 2025. |
| ● | Outstanding ordinary share count as of March 31, 2026, was approximately 72.6 million shares, representing 7.3 million Nasdaq-listed ADSs. |
First Quarter 2026 Financial Results Conference Call
Mr. Shachar Daniel, Chief Executive Officer of Alarum, and Mr. Shai Avnit, Chief Financial Officer of Alarum, will host a conference call today, May 28, 2026, at 9:00 a.m. ET, 6:00 a.m. Pacific time, 16:00 p.m. Israel, to discuss the first quarter of 2026 results and financial outlook, followed by a Q&A session.
To attend, log in here: https://viavid.webcasts.com/starthere.jsp?ei=1763452&tp_key=9bcaf209cf
Alternatively, dial one of the following numbers, a few minutes before the call starts:
1-877-407-0789 or 1-201-689-8562.
If you are unable to connect using the toll-free number, please try the international dial-in number. An Israeli toll-free number is: 1 809 406 247. Participants will be required to state their name and company upon dialling in.
A replay of the call will be available a few hours following the call. To access the replay, visit the Company’s website at http://alarum.io/events/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this press release when it discusses continued growth, continued strong demand for high-quality public web data, particularly for the training, fine-tuning, and updating of foundational large language models, strategic investment to expand and strengthen its infrastructure to support both current demand and future growth opportunities, its addressable market opportunity, its belief that the Company’s scale, combined with ongoing infrastructure investments, is building a durable competitive advantage in a critical and underserved layer of the AI stack, that the current AI infrastructure market is highly dynamic and still in relatively early stages, its estimates regarding second quarter 2026 revenues and adjusted EBITDA, the Company’s intention to continue investing in infrastructure and platform capabilities to support long-term growth opportunities. Because such statements deal with future events and are based on Alarum’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Alarum’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 19, 2026, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Alarum is not responsible for the contents of third-party websites.
4
Condensed Consolidated Statements of Financial Position
(in thousands of U.S. dollars)
| March 31, | December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| (Unaudited) | (Audited) | |||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | 14,060 | 13,952 | 12,267 | |||||||||
| Trade receivables, net | 8,746 | 3,789 | 11,796 | |||||||||
| Other receivables | 2,014 | 698 | 1,271 | |||||||||
| Total current assets | 24,820 | 18,439 | 25,334 | |||||||||
| Non-current assets: | ||||||||||||
| Long-term deposits and restricted deposits | 387 | 122 | 400 | |||||||||
| Other non-current assets | - | 82 | 82 | |||||||||
| Property and equipment, net | 208 | 134 | 190 | |||||||||
| Right-of-use assets | 2,573 | 429 | 2,750 | |||||||||
| Deferred tax assets | 1,101 | 497 | 866 | |||||||||
| Debt investments at fair value through other comprehensive income | 9,370 | 9,331 | 9,496 | |||||||||
| Debt investments at fair value through profit or loss | 588 | 564 | 592 | |||||||||
| Intangible assets, net | 1,682 | 677 | 2,064 | |||||||||
| Goodwill | 4,118 | 4,118 | 4,118 | |||||||||
| Total non-current assets | 20,027 | 15,954 | 20,558 | |||||||||
| Total assets | 44,847 | 34,393 | 45,892 | |||||||||
| Liabilities and equity | ||||||||||||
| Current liabilities: | ||||||||||||
| Trade payables | 819 | 373 | 427 | |||||||||
| Other payables | 5,970 | 2,815 | 7,930 | |||||||||
| Current maturities of long-term loan | - | 965 | - | |||||||||
| Contract liabilities | 1,954 | 2,072 | 2,431 | |||||||||
| Derivative financial instruments | 93 | 1 | - | |||||||||
| Short-term lease liabilities | 786 | 362 | 692 | |||||||||
| Total current liabilities | 9,622 | 6,588 | 11,480 | |||||||||
| Non-current liabilities: | ||||||||||||
| Other non-current liability | 94 | - | 375 | |||||||||
| Long-term lease liabilities | 1,767 | 186 | 1,947 | |||||||||
| Total non-current liabilities | 1,861 | 186 | 2,322 | |||||||||
| Total liabilities | 11,483 | 6,774 | 13,802 | |||||||||
| Equity: | ||||||||||||
| Ordinary shares | - | - | - | |||||||||
| Share premium | 115,636 | 112,059 | 114,792 | |||||||||
| Other equity reserves | 12,725 | 11,705 | 12,888 | |||||||||
| Accumulated deficit | (94,997 | ) | (96,145 | ) | (95,590 | ) | ||||||
| Total equity | 33,364 | 27,619 | 32,090 | |||||||||
| Total liabilities and equity | 44,847 | 34,393 | 45,892 | |||||||||
5
Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income (Loss)
(in thousands of U.S. dollars, except per share amounts)
| For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| (Unaudited) | (Unaudited) | (Audited) | ||||||||||
| Revenue | 11,711 | 7,133 | 40,755 | |||||||||
| Cost of revenue | 4,482 | 2,318 | 16,916 | |||||||||
| Gross profit | 7,229 | 4,815 | 23,839 | |||||||||
| Operating expenses: | ||||||||||||
| Research and development | 2,301 | 1,370 | 7,526 | |||||||||
| Sales and marketing | 2,353 | 1,827 | 9,129 | |||||||||
| General and administrative | 1,766 | 1,285 | 6,977 | |||||||||
| Total operating expenses | 6,420 | 4,482 | 23,632 | |||||||||
| Operating profit | 809 | 333 | 207 | |||||||||
| Financial income (expense), net | (32 | ) | 212 | 1,266 | ||||||||
| Profit from operations before income tax | 777 | 545 | 1,473 | |||||||||
| Tax expense | 184 | 137 | 510 | |||||||||
| Net profit for the period | 593 | 408 | 963 | |||||||||
| Other comprehensive income for the period | ||||||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||||||
| Change in fair value of debt investments, net of tax | (135 | ) | 72 | 206 | ||||||||
| Change in fair value of derivative financial instruments, net of tax | (86 | ) | - | - | ||||||||
| Total comprehensive income for the period | 372 | 480 | 1,169 | |||||||||
| Basic profit per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
| Diluted profit per share | $ | 0.01 | $ | 0.01 | $ | 0.01 | ||||||
| Basic profit per ADS | $ | 0.08 | $ | 0.06 | $ | 0.14 | ||||||
6
Use of Non-IFRS Financial Results
In addition to disclosing financial results calculated in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board, this press release contains non-IFRS financial measures of EBITDA (EBITDA loss), Adjusted EBITDA (Adjusted EBITDA loss), non-IFRS net profit (loss), non-IFRS gross profit, non-IFRS gross margin and non-IFRS basic earnings (loss) per share or ADS for the periods presented. The Company defines EBITDA (EBITDA loss) as net profit (loss) before depreciation, amortization and impairment of intangible assets (if any), financial income (expense) and income tax; defines Adjusted EBITDA (Adjusted EBITDA loss) as EBITDA (EBITDA loss) as further adjusted to remove the impact of (i) impairment of goodwill (if any); and (ii) share-based compensation; defines non-IFRS net profit (loss) as net profit (loss) before depreciation, amortization and impairment of intangible assets (if any), impairment of goodwill (if any), financial income (expense) effects primarily related to derivative financial instruments as well as long-term loans, deferred tax effects and share-based compensation; defines non-IFRS gross profit as gross profit adjusted to remove the impact of depreciation, amortization and impairment of intangible assets and share-based compensation recorded under cost of revenues; defines non-IFRS gross margin as the percentage of the non-IFRS gross profit out of revenues; and defines non-IFRS basic earnings (loss) per share or ADS as non-IFRS net profit (loss) divided by the weighted average number of ordinary shares or ADSs.
The Company believes the non-IFRS financial information provided in this press release is useful to investors’ understanding and assessment of the Company’s ongoing operations. Management also uses both IFRS and non-IFRS information in evaluating and operating its business internally, and as such, deemed it important to provide this information to investors. The Company believes excluding items that neither relate to the ordinary course of business nor reflect its underlying business performance, enables management and its investors to compare its underlying business performance from period-to-period. In addition, the Company also believes these adjustments enhance comparability of its financial performance against those of other technology companies.
For example, the Company excludes amortization charges for its acquisition-related intangible assets for purposes of calculating certain non-IFRS measures, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are inconsistent in size and are significantly impacted by the timing and valuation of its acquisitions. Also, the Company believes that the exclusion of share-based compensation expense is appropriate because it eliminates the impact of non-cash expenses for equity-based compensation costs that are based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly between companies due to factors that are unrelated to their core operating performance and that can be outside of their control. Although the Company excludes share-based compensation expenses from its non-IFRS measures, equity compensation has been, and will continue to be, an important part of its future compensation strategy and a significant component of its future expenses, and may increase in future periods.
The non-IFRS financial measures disclosed by the Company should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with IFRS, and the financial results calculated in accordance with IFRS and reconciliations to those financial statements should be carefully evaluated. Investors are encouraged to review the reconciliations of these non-IFRS measures to their most directly comparable IFRS financial measures provided in the financial statement tables herein.
Other Metrics
NRR is a key indicator of customer base health and revenue expansion. It is based on NRR point in time, which measures the revenue growth of current customers over the past four quarters, compared to the revenue generated from these customers during the same period a year earlier.
NRR is calculated as an average of the NRR points in time for the end of the current period and the three preceding quarters.
NRR > 1 (or 100%): Indicates revenue growth driven by existing customers, where upsells and cross-sells outweigh churn.
NRR < 1 (or 100%): Shows revenue loss due to churn exceeding gains from upsells or cross-sells.
7
Non-IFRS Financial Measures
(in millions of U.S. dollars, unaudited, rounded)
The following tables present the reconciled effect of the above on the Company’s Adjusted EBITDA; non-IFRS net profit; and non-IFRS gross profit for the three months ended March 31, 2026 and 2025, and the year ended December 31, 2025:
Adjusted EBITDA
| For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Net profit | 0.6 | 0.4 | 1.0 | |||||||||
| Adjustments: | ||||||||||||
| Depreciation and amortization | 0.4 | 0.2 | 0.7 | |||||||||
| Financial income, net | * | (0.2 | ) | (1.3 | ) | |||||||
| Tax expense | 0.2 | 0.1 | 0.5 | |||||||||
| EBITDA | 1.2 | 0.5 | 0.9 | |||||||||
| Adjustments: | ||||||||||||
| Share-based compensation | 0.9 | 0.8 | 3.5 | |||||||||
| Adjusted EBITDA for the period | 2.1 | 1.3 | 4.4 | |||||||||
| * | Less than $0.1 million |
Non-IFRS net profit
| For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Net profit | 0.6 | 0.4 | 1.0 | |||||||||
| Adjustments: | ||||||||||||
| Depreciation and amortization | 0.4 | 0.2 | 0.7 | |||||||||
| Financial expense (income), net effects | 0.1 | (0.2 | ) | (0.1 | ) | |||||||
| Deferred tax effects | (0.2 | ) | (0.1 | ) | (0.5 | ) | ||||||
| Share-based compensation | 0.9 | 0.8 | 3.5 | |||||||||
| Non-IFRS net profit for the period | 1.8 | 1.1 | 4.6 | |||||||||
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Non-IFRS gross profit
| For the Three Months Ended March 31, | For the Year Ended December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Gross profit | 7.2 | 4.8 | 23.8 | |||||||||
| Adjustments: | ||||||||||||
| Depreciation and amortization | 0.4 | 0.1 | 0.7 | |||||||||
| Share-based compensation | 0.2 | * | 0.1 | |||||||||
| Non-IFRS gross profit for the period | 7.8 | 4.9 | 24.6 | |||||||||
| * | Less than $0.1 million |
About Alarum Technologies Ltd.
Alarum Technologies Ltd. (Nasdaq: ALAR, TASE: ALAR) is a global provider of AI data infrastructure and web data collection solutions, empowering organizations — from leading foundation model labs and hyperscalers to enterprises and innovators — to gain a competitive edge by streamlining the collection, extraction, and analysis of large-scale structured data from public online sources. Our solutions, by our subsidiary, NetNut, are comprised of both exit points based on our proprietary reflection technology and millions of IPs supported by hundreds of servers located at our ISP partners around the world, handling tens of petabytes of data traffic each month. Pushing the boundaries of innovation in data collection, we are building a robust full-stack AI data infrastructure platform, complemented by the Website Unblocker, SERP and Data Collectors, and AI-ready datasets purpose-built for LLM training and fine-tuning. As the AI revolution accelerates, Alarum, with its robust market-leading offerings, is playing an increasingly meaningful role as the essential data infrastructure layer powering the AI economy.
For more information about Alarum, please visit: http://alarum.io
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9
Exhibit 99.2
Alarum Technologies Investor Presentation First Quarter 2026 NASDAQ; TASE: ALAR May 2026
Safe Harbor Forward-Looking Statements This presentation of Alarum Technologies Ltd. ("Alarum" or the "Company") contains forward-looking statements within the meaning of the "safe harbor" words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Alarum is using forward-looking statements in this presentation when it discusses the benefits and advantages of Alarum's solutions and technology, growing AI data demand, the size of the market, growth of the Company's profit, the Company's goals, platform developments and the timing thereof, and its business model, strategic roadmap, long- term vision and market opportunity. Because such statements deal with future events and are based on Alarum's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Alarum could differ materially from those described in or implied by the statements in this presentation. The forward-looking statements contained or implied in this presentation are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Alarum's annual report on Form 20-F filed with the Securities and Exchange Commission ("SEC") on March 19, 2026, and in any subsequent filings with the SEC. Except as otherwise required by law, Alarum undertakes no obligation to publicly release any revisions to these forward- looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this presentation. Alarum is not responsible for the contents of third- party websites.
The AI Data Infrastructure Layer Essential data infrastructure enabling enterprise AI at scale $41M Revenue FY2025 +28% 2025 YoY Growth 50+ PB Monthly Traffic Scale ALAR NASDAQ; TASE *Monthly traffic measured in petabytes, which is 1024 terabytes *
The Problem Statement The #1 Constraint for Frontier AI Models: High-quality web data at scale Foundation Model Training Large Language Model (LLMs) require massive, fresh, diverse web-scale datasets. Static datasets are insufficient for training competitive models. Autonomous AI Agents Agents need persistent, low-latency structured data for real-world tasks. Enterprise AI Deployment Requires systematic external data procurement for Retrieval-Augmented Generation (RAG) to ensure accuracy. Continuous Retraining Fresh data streams are essential to prevent model degradation (drift) and maintain relevance. Data is oxygen for AI
Market Architecture The Missing Layer in the AI Stack Value F l o w AI Applications ChatGPT, Claude Code, Copilot, Jasper, Midjourney Foundation Models / LLMs OpenAI, Anthropic, Google Gemini, Llama 3 and many others Data Infrastructure Bridge Access, Collection, Structure, Verification Raw Web / Internet Unstructured, dynamic, blocked and noisy data Structurally underserved and underinvested layer of the modern AI stack. The Opportunity
Why Now Surge of AI Data Demand Foundation Models Next-gen LLMs require continuous ingestion of massive up-to-date datasets. AI Agents Automated workflows demand persistent, structured data streams to execute tasks autonomously. Enterprise AI Broad deployment requires systematic external data procurement for internal models and Retrieval-Augmented Generation (RAG) systems. The window to establish infrastructure dominance is now.
Operational Challenges The Open Internet Fights Back: Why DIY infrastructure fails at scale Anti-Bot Infrastructure Sophisticated blocking mechanisms now require AI-driven countermeasures to bypass, making simple scraping ineffective. Dynamically Rendered Content Advanced browser emulation is required as simple HTTP requests miss 80% of modern dynamic data. IP Blocking & Rate Limiting Global proxy networks with over 80M residential IPs are essential to avoid detection and bans. Massive Engineering Cost Building in-house requires significant ongoing investment to maintain access against constantly evolving defenses. This is why companies turn to specialized infrastructure providers like Alarum.
Market Segmentation Two Converging Multi-Billion Dollar Markets ALARUM ADVANTAGE: Unified platform combining both markets into one AI data infrastructure platform. Proxy Networks Market $5.8B by 2033 (from $2.5B in 2025) 11% CAGR Dominant Players Bright Data, Smartproxy, Oxylabs, NetNut (Alarum) Web Scraping Market $2.23B by 2031(from $1.03B in 2025) 14% CAGR Dominant Players Bright Data, Zyte, Apify Sources: Mordor Intelligence Web Scraping Market Report (2024); Strategic Revenue Insights (2025) 2025 2031 2025 2033
Source: Company estimates The Alarum Platform Full-Stack AI Data Infrastructure Infrastructure Layer Foundation IP Proxy Network - 80M+ Internet Protocol addresses (Ips) globally, foundational physical layer providing robust connectivity. Access Layer 85%+ Success* Website Unblocker with proprietary anti-bot technology, AI-driven evasion and access. Collection Layer 50 PB/Month Scale Search Engine Results Page (SERP) & Data Collectors - Real-time search data extraction with structured Application Programming Interface (API) output at massive scale. Output Layer AI-Ready AI-Ready Datasets - Purpose-built structured datasets formatted for immediate LLM training pipelines. * Source: Company's data
Operating at Internet Scale* Very few independent infrastructure providers operate at this scale 50+ PB Current Monthly Data Traffic 80M+ IP Addresses >85% Success Rate >850 Active Customers Increased rapidly from 5 PB to * As of May 2026
Revenue & EBITDA: Five-Year Track Record (2021-2025) Total Revenue ($M) ▲CAGR 41%* Adjusted EBITDA ($M) Net Profit ($M) ✓Profitable 2025: Significant investments in infrastructure to meet incoming demand (to support 50+ PB throughput) Proven Growth and Profitability at Scale Disclaimer: Non-IFRS Metrics - All Alarum financial data represents Non-IFRS figures. Please refer to appendices or SEC filings for GAAP reconciliation. -11.1 -9.0 5.2 9.4 4.4 -13.1 -13.2 -5.6 5.8 1.0 2021 2022 2023 2024 2025 Adjusted EBITDA Net profit
Strong Fundamentals & Improving Scale Economics Quarterly Revenue Trajectory: Continued strong momentum into 2026 Disclaimer: Non-IFRS Metrics - All Alarum financial data represents Non-IFRS figures. Please refer to reconciliation slide in the appendix or SEC filings for GAAP reconciliation. $40.8M Total Revenue 28% YoY $23.8M Gross Profit 58.5% Margin $4.4M Adj. EBITDA 10.8% Margin $22.5M Cash & cash Equiv. Debt Free 24% CAGR 2023-2025 Profitable Growth Continued in 2025 $1.0M Net Profit 2.5% Margin
Strategic Journey From Cybersecurity to AI Data Leader 2013-19 Foundation Enterprise security & network infrastructure Alarum established 2019-21 Expansion Acquired NetNut Expansion into proxy services 2023 Pivot Point Strategic pivot to data collection AI vertical emergence Infrastructure investment 2024 Transformation Enterprise partnerships Traffic scaling 5 PB/mo. 2025-26+ The Future Scaling to 50+ PB/month EBITDA margin recovery We have evolved from providing access (Proxy) to providing intelligence (Data) Success Rate* 85%+ Traffic Scale* 50+ PB Customer Base* >1,000 $100M Mid-term revenue target *As of May 2026
Traffic Evolution 2024 Baseline ~5 PB Monthly Traffic Standard proxy scale 2026 Current* 50+ PB Monthly Traffic AI workload scale 80M+ 85%+ 10x Global Residential IPs Success Rate Traffic Expansion Competitive Moat Network Effects More traffic leads to smarter unblocking algorithms, creating a self-reinforcing data advantage. Rising Entry Costs Increasing complexity requires massive R&D investment that raises the barrier for new entrants. Scale Advantage Smaller competitors struggle to maintain performance and reliability at Petabyte scale. This scale creates massive barriers to entry. Competitors would need years and significant funding to replicate. 10x Expansion Creates Massive Moat: AI-Grade Infrastructure Infrastructure at Scale *As of May 2026
Consumption Model Strategy 1 LAND Low Friction Entry API-first low friction entry point Hundreds of trials/month driving adoption Easy onboarding with minimal barriers 2 EXPAND Deep Integration Usage grows 2.5-9x in Year 2-3 High platform stickiness & retention Customers deeply integrate into workflows 3 ENTERPRISE Strategic Partner Top customers scale to $100K-$5M+ Fortune 200 strategic partnerships Mission-critical infrastructure 35% 2025 revenue from customers that continued into 2026 96% Annual Customer Retention POWERFUL UNIT ECONOMICS High Life-Time Value (LTV) to Customer Acquisition Cost (CAC) Ratio Business Model – Land and Expand *as of year-end 2025
CASE STUDIES - POWERING LEADING AI Mission-critical infrastructure for the largest foundation model labs and tech giants Retail Top E-Commerce Platform Use Case: Global price monitoring Scale: 100M+ SKUs/product types Impact: Dynamic pricing optimization Gen AI Leading Generative AI Platform Use Case: Real-time web intelligence for LLM training Scale: 50M+ daily reqs Impact: Powers competitive intelligence engines Social Social Media Giant Use Case: Training data collection for foundation models Scale: Multi-PB monthly Impact: Enables continuous model improvement Search Global Search & Cloud Leader Use Case: SERP data validation for search quality Scale: 50+ countries Impact: Critical infrastructure for global uptime Multiple Large-Scale AI Infrastructure Customers Over half of revenue from AI Sector Top-Tier Enterprise Adoption
Market Context – AI's Thirst for Data Total Public Deal Value: Well in-excess of $500M (2024-2025) Meta + NYTimes Undisclosed Deal FEB 2024 MAR 2024 OpenAI + Condé Nast Undisclosed Deal OpenAI + News Corp Multi-Year License MAY 2024 JUN 2024 OpenAI + WashPost Undisclosed Deal OpenAI + Axios Strategic Partnership AUG 2024 DEC 2024 OpenAI + AP Undisclosed Deal Various Other Deals Market Acceleration JAN & FEB 2025 Market Validation Surge in deals confirms quality web data is critical fuel for AI models. The NetNut Advantage Enables access to the "long-tail" web (99% of data) that cannot be directly licensed.
The AI Economy $1 Trillion+ Projected global AI market value by 2030 Data Ecosystem $200 Billion Data services, storage, and processing market AI Data Infrastructure $35 Billion Projected Total Addressable Market (TAM) for specialized AI data collection and infrastructure expected t grow by a CAGR 30% to 2030 ALARUM'S FOCUS Capturing the critical bottleneck layer required for all AI development. MARKET OPPORTUNITY Converging Markets Creating Massive TAM Source: Company estimates, Grandview Research, AI Infrastructure Market (2024 - 2030)
Moat = Durable Competitive Advantage Four Pillars - Hard to Replicate Infrastructure Moat Global Proxy Network 80M+ IPs providing unmatched global coverage. A massive physical infrastructure barrier impossible to replicate quickly. Integration Moat Full-Stack Automation End-to-end pipeline integration creates high switching costs. We provide the entire workflow, embedding deeply into customer operations. Technology Moat Proprietary AI Unblocker Machine Learning models trained on billions of web interactions. Constantly self- improving to bypass sophisticated anti-bot systems. Product Moat AI-Native Outputs Structured datasets formatted specifically to wire directly into LLM training pipelines, reducing data prep time and accelerating AI development. Only Public Company in AI Data Infrastructure
Revenue Mix by Vertical AI & LLM Training Fastest Growing Rapid multi-quarter growth driven by enterprise AI demand. Premium Enterprise Clients with high expansion rates driven by video training demands. eCommerce Powering dynamic pricing engines with high-volume, steady usage patterns globally. Marketing & Ad Tech Automated data collection for ad verification, Search Engine Optimization (SEO) monitoring, and competitive intelligence. Other Verticals People Data, Sales Intelligence, Digital Media Monitoring, and Financial Services. Market Position & Stability 850+ Active Customers (May 2026) Fortune 200 Enterprise Clients (May 2026) Long-Term Revenue Stream eCommerce and Marketing Stability Digital Media Monitoring Contracts Foundational Cash Flow Reliability CUSTOMER & MARKET POSITION Diversified Customer Base - Revenue Across High-Value Verticals
STRATEGIC ROADMAP Three-Pillar Growth Strategy 01 Deepen Enterprise Relationships Key Initiative Multi-Year Contracts Strategic Target Increase Customer Expansion Rate Existing customers increase spending by >110% annually Mid-Term Vision $100M Annual Run-Rate 02 Scale Global Infrastructure Key Initiative Optimize Efficiency Strategic Target Improve EBITDA Margin Reducing costs while handling 10x traffic growth Long-Term Vision Market Leadership 03 Launch AI-Native Products Key Initiative New Revenue Streams (Scraper APIs, Datasets) Strategic Target Product Diversification Creating innovative solutions for the AI ecosystem Long-Term Vision AI-Native Ecosystem
INVESTMENT SUMMARY The Essential Data Infrastructure Layer for the AI Economy | Only Publicly-Traded Pure-Play $223B Market by 2030 • Massive TAM expansion driven by AI demand • 30% CAGR projected market growth • Structurally underserved market layer Only Public Pure-Play • Unique exposure to AI data infrastructure • Direct market access for public investors • Scarcity value in public markets Full-Stack Platform • End-to-end AI data infrastructure solution • From access to delivery of structured data • Proprietary technology and capabilities Proven Execution • Delivering high growth with profitability • Continued strong year-over-year revenue growth • Positive Net Income & operating leverage Durable Moat • Global IP network & proprietary AI unblocker • PB-scale infrastructure barrier • Extremely difficult to replicate at comparable scale and efficiency AI-Ready Infrastructure • Structured datasets for LLM training • Optimized for enterprise AI workloads • Scalable architecture for growth Source: Grandview Research, AI Infrastructure Market (2024 - 2030)
Leadership Chen Katz Active Chairman Shachar Daniel Co-Founder and CEO Shai Avnit Chief Financial Officer Omer Weiss Corporate Legal Counsel Ezra Muallem Chief Operating Officer Moshe Kramer Chief Strategy & Innovation Officer Tomer Cohen Chief Technology Officer Jeffy Binhas Chief Revenue Officer David Matrikin SVP Product & Strategy Dafna Lipowicz VP Human Resources
Data Sources & References Complete Reference Guide Market Data [1] Grandview Research, AI Infrastructure Market (2025) [2]OpenPR - Residential Proxy Market Report (2025) [3]Precedence Research - Data Labeling Market (2025) [4]OpenPR - Synthetic Data Generation Report (2025) [7]ScrapeOps - Web Scraping Market Report 2025 [27]ResearchAndMarkets - AI Training Dataset (2025) [28]Mordor Intelligence - Web Scraping Market (2024) Company Financials [5]Calcalistech - Bright Data Interview & Financials (2025) [10]New York Times - Meta & Scale AI Investment (2025) [11]Yahoo Finance - Alarum Q3 2025 Earnings Report [13]Listcorp/ASX - Appen FY2025 Investor Presentation [14]Yahoo Finance/TELUS - CEO Interview (2025) [20]Proxyway - Proxy Market Research (2025) [34]Investing.com - Alarum Q3 Earnings Transcript Tech & Industry [6]Bright Data - B2B Data Decay Research (2025) [16]Patrick McGuinness - GPT-4 Details (13T tokens) [21]Aventis Advisors - AI Valuation Multiples (2025) [22]KPMG - Venture Pulse Q2 2025 Licensing & M&A [15]Tech.eu - Oxylabs Acquisition Analysis (2025) [17]Digiday - AI Licensing Timeline (Dec 2025) [18]Monda.ai - Data Licensing Deals List (2025) [19]Will Scott - AI Licensing Analysis (2025)
Thank You For Your Time and Attention Company Alarum Technologies Ltd. Stock Ticker NASDAQ & TASE: ALAR Website www.alarum.io Email investors@alarum.io The Data Layer for the AI Future
Appendix 1 – Q1 2026 & FY 2025 Performance Summary Q1 2026 Three Months Ended Mar 31, 2026 Revenue $11.7M +64% YoY Gross Profit $7.2M Gross Margin 61.7% Non-IFRS: 66.5% Operating Expenses $6.4M Net Profit $0.6M Adjusted EBITDA $2.1M Basic EPS (per ADS) $0.08 FY 2025 Year Ended Dec 31, 2025 Revenue $40.8M +28% YoY Gross Profit $23.8M Gross Margin 58.5% Non-IFRS: 60.4% Operating Expenses $23.6M Net Profit $1.0M Adjusted EBITDA $4.4M Basic EPS (per ADS) $0.14 Key Performance Highlights Strong Q1 revenue growth of 64% YoY driven by AI demand Cash & equivalents: $24.2M (debt-free position) as of Q1 2026-end FY 2025 revenue of $40.7M, up 28% YoY Shareholders' equity: $33.4M Strategic investments in infrastructure while maintaining profitability Disclaimer: Non-IFRS Metrics - All Alarum financial data represents Non-IFRS figures. Please refer to reconciliation slide in the appendix or SEC filings for reconciliation.
ANALYSIS & TREND Q4 2025 Q1 2026 METRIC Stable significant growth compare to Q1-2025 $11.8M $11.7M Revenue Growth due to costs efficiency $6.4M $7.2M Gross Profit Higher due to improved costs structure and efficiency 53.8% 61.7% Gross Margin Stable growth-controlled OpEx $6.4M $6.4M Operating Expenses Improved profit due to operational efficiency $0.2M $0.6M Net Profit Key Strategic Insights Stable Revenues: Diversification in customers and new products Infrastructure Investment: Margin improvements reflects deliberate scaling of capabilities and continuous efficiency to meet demand. Maintained Profitability: Increased net profit while continuing aggressive reinvestment in growth. Appendix 2 – Q1 2026 vs Q4 2025 Summary Disclaimer: Non-IFRS Metrics - All Alarum financial data represents Non-IFRS figures. Please refer to reconciliation slide or SEC filings for reconciliation.
FULL YEAR Metric FY 2024 Revenue $31.8M $40.8M +28% Gross Profit $23.9M $23.8M -0% Gross Margin 75.1% 58.5% ▼16.6 Op. Expenses $17.2M $23.6M +37% Net Profit $5.8M $1.0M -83% Adj. EBITDA $9.4M $4.4M -53% Cash & Equiv. $25.0M $22.5M -10% Equity $26.4M $32.1M +22% Strategic Context Revenue CAGR (2021-2025): ~41% over 5 years Strategic investments positioning for future scale Strong balance sheet with debt-free position Margin compression from AI customer infrastructure investments Maintained profitability while aggressively scaling Appendix 3 - Year-over-Year Growth Analysis (YoY) Disclaimer: Non-IFRS Metrics - All Alarum financial data represents Non-IFRS figures. Please refer to reconciliation slide or SEC filings for reconciliation. FY 2025 Change
Appendix 4 – Reconciliation of Net Profit to EBITDA Disclaimer: Non-IFRS Metrics - All Alarum financial data represents Non-IFRS figures. Please refer to SEC filings for reconciliation. 2021 2022 2023 2024 2025 Q1-26 Net profit (13.1) (13.2) (5.6) 5.8 1.0 0.6 Adjustments: Depreciation and amortization 1.5 2.2 3.5 0.6 0.7 0.4 Financial income, net (0.9) 0.1 0.6 (0.4) (1.3) 0.0 Tax expense (benefit) (1.0) (0.3) (0.5) 1.4 0.5 0.2 EBITDA (13.5) (11.2) (2.0) 7.4 0.9 1.2 Adjustments: Share-based compensation 2.4 1.7 0.9 2.0 3.5 0.9 Contingent consideration measurement (0.7) 0.0 0.0 0.0 0.0 0.0 Impairment of goodwill 0.7 0.5 6.3 0.0 0.0 0.0 Adjusted EBITDA (11.1) (9.0) 5.2 9.4 4.4 2.1