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Alkami Announces Third Quarter 2025 Financial Results

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Alkami (Nasdaq: ALKT) reported third quarter 2025 results for the period ended September 30, 2025. GAAP total revenue was $113.0 million, up 31.5% YoY. GAAP gross margin was 56.8% and Non-GAAP gross margin was 63.7%. The company posted a GAAP net loss of $14.8 million and Adjusted EBITDA of $16.0 million. Management noted a record launch of 13 new financial institutions in the quarter and reported annual recurring revenue (ARR) of $449 million, up 31% YoY.

Guidance: Q4 2025 revenue of $119.6M–$121.1M and Adjusted EBITDA of $16.1M–$17.1M; FY2025 revenue guidance $442.5M–$444.0M and Adjusted EBITDA $56.0M–$57.0M. A conference call and live webcast were scheduled for Oct 30, 2025.

Alkami (Nasdaq: ALKT) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. GAAP total revenue era $113.0 million, in aumento del 31.5% YoY. GAAP gross margin era del 56.8% e Non-GAAP gross margin era del 63.7%. L'azienda ha registrato una perdita netta GAAP di $14.8 million e un Adjusted EBITDA di $16.0 million. La direzione ha segnalato un lancio record di 13 nuove istituzioni finanziarie nel trimestre e ha riportato annual recurring revenue (ARR) di $449 million, in aumento del 31% YoY.

Guidance: Q4 2025 revenue di $119.6M–$121.1M e Adjusted EBITDA di $16.1M–$17.1M; guidance per FY2025 revenue $442.5M–$444.0M e Adjusted EBITDA $56.0M–$57.0M. Una conference call e una webcast in diretta erano programmate per il 30 ottobre 2025.

Alkami (Nasdaq: ALKT) informó los resultados del tercer trimestre de 2025 para el periodo que terminó el 30 de septiembre de 2025. GAAP total revenue fue $113.0 million, con un aumento del 31.5% interanual. GAAP gross margin fue del 56.8% y Non-GAAP gross margin fue del 63.7%. La empresa registró una GAAP net loss of $14.8 million y un Adjusted EBITDA de $16.0 million. La dirección señaló un lanzamiento récord de 13 new financial institutions en el trimestre y reportó annual recurring revenue (ARR) de $449 million, con un aumento del 31% interanual.

Guidance: ingresos del 4T2025 de $119.6M–$121.1M y Adjusted EBITDA de $16.1M–$17.1M; orientación FY2025 de ingresos $442.5M–$444.0M y Adjusted EBITDA $56.0M–$57.0M. Se programó una conferencia telefónica y webcast en vivo para el 30 de octubre de 2025.

Alkami (Nasdaq: ALKT)는 2025년 9월 30일에 마감된 기간에 대해 2025년 3분기 실적을 발표했다. GAAP 총매출$113.0 million, 전년동기 대비 31.5% 증가했다. GAAP 총이익률56.8%였고 Non-GAAP 총이익률63.7%였다. 회사는 GAAP 순손실 $14.8 millionAdjusted EBITDA$16.0 million으로 공시했다. 경영진은 분기 내 13개 신규 금융기관의 RECORD 론칭을 언급했고 annual recurring revenue (ARR)$449 million으로 증가했고 전년동기 대비 31% 증가했다고 밝혔다.

가이던스: 2025년 4분기 매출 $119.6M–$121.1M 및 Adjusted EBITDA $16.1M–$17.1M; FY2025 매출 가이던스 $442.5M–$444.0M 및 Adjusted EBITDA $56.0M–$57.0M. 2025년 10월 30일에 컨퍼런스 콜과 라이브 웹캐스트가 예정되어 있었다.

Alkami (Nasdaq: ALKT) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. GAAP total revenue était $113.0 million, en hausse de 31.5% YoY. GAAP gross margin était de 56.8% et Non-GAAP gross margin de 63.7%. L'entreprise a enregistré une GAAP net loss of $14.8 million et un Adjusted EBITDA de $16.0 million. La direction a noté un lancement record de 13 new financial institutions au cours du trimestre et a rapporté annual recurring revenue (ARR) de $449 million, en hausse de 31% YoY.

Guidance: revenus du 4e trimestre 2025 de $119.6M–$121.1M et Adjusted EBITDA de $16.1M–$17.1M; prévisions annuelles 2025 de $442.5M–$444.0M de revenus et Adjusted EBITDA $56.0M–$57.0M. Une conférence téléphonique et une webdiffusion en direct étaient prévues pour le 30 octobre 2025.

Alkami (Nasdaq: ALKT) berichtete die Ergebnisse des dritten Quartals 2025 für den Zeitraum bis zum 30. September 2025. GAAP total revenue betrug $113.0 million, ein Anstieg von 31.5% YoY. GAAP gross margin lag bei 56.8% und Non-GAAP gross margin bei 63.7%. Das Unternehmen verzeichnete eine GAAP net loss of $14.8 million und Adjusted EBITDA von $16.0 million. Die Geschäftsführung wies auf einen Rekordstart von 13 new financial institutions im Quartal hin und meldete annual recurring revenue (ARR) von $449 million, was einem YoY-Anstieg von 31% entspricht.

Ausblick: Umsatz im Q4 2025 von $119.6M–$121.1M und Adjusted EBITDA von $16.1M–$17.1M; FY2025-Umsatzprognose $442.5M–$444.0M und Adjusted EBITDA $56.0M–$57.0M. Eine Konferenzschaltung und Live-Webcast waren für den 30. Okt 2025 geplant.

Alkami (Nasdaq: ALKT) أبلغت عن نتائج الربع الثالث من 2025 للفترة المنتهية في 30 سبتمبر 2025. GAAP total revenue كانت $113.0 million، بزيادة 31.5% سنوياً. GAAP gross margin بلغت 56.8% و Non-GAAP gross margin بلغت 63.7%. سجلت الشركة GAAP net loss of $14.8 million و Adjusted EBITDA مقداره $16.0 million. أشارت الإدارة إلى إطلاق قياسي لـ 13 new financial institutions خلال الربع وذكرت annual recurring revenue (ARR) بمقدار $449 million، بارتفاع 31% سنوياً.

التوجيه: إيرادات الربع الرابع 2025 من $119.6M–$121.1M و Adjusted EBITDA من $16.1M–$17.1M; توقعات FY2025 للإيرادات من $442.5M–$444.0M و Adjusted EBITDA من $56.0M–$57.0M. كان من المقرر عقد مكالمة مؤتمرات وبث ويب مباشر في 30 أكتوبر 2025.

Positive
  • Total revenue +31.5% YoY to $113.0M
  • ARR $449M, up 31% YoY
  • Adjusted EBITDA $16.0M, nearly double prior year ($8.3M)
  • Record 13 new FI launches in Q3 2025
Negative
  • GAAP net loss widened to $14.8M from $9.4M prior year
  • GAAP gross margin declined to 56.8% from 58.9%

Insights

Strong top-line growth and margin-adjusted profitability expansion, with larger GAAP loss offset by higher Adjusted EBITDA and ARR growth.

GAAP total revenue rose to $113.0 million, up 31.5% year-over-year, while annual recurring revenue reached $449 million, up 31%. Adjusted EBITDA more than doubled to $16.0 million, and management states they outperformed their Adjusted EBITDA target by 18%.

GAAP gross margin tightened to 56.8% from 58.9%, and GAAP net loss widened to $(14.8) million from $(9.4) million, which limits the GAAP profitability narrative. Watch the company’s Q4 guidance for revenue of $119.6 million to $121.1 million and Adjusted EBITDA guidance of $16.1 million to $17.1 million for confirmation of sustained margin leverage over the next quarter.

Customer additions and higher revenue per user support recurring revenue momentum and product-led expansion.

The company launched 13 new financial institutions in the quarter, including six banks, and reports revenue per registered user of $20.83, up 19% year-over-year, supporting the ARR increase to $449 million. Management highlights early momentum for the integrated Digital Sales & Service Platform combining onboarding, digital banking, and data solutions.

These operational metrics suggest cross-sell and pricing gains, but concrete adoption timelines and the durability of recently added customers remain items to monitor; track sequential ARR, revenue per user, and the announced fiscal year 2025 revenue range of $442.5 million to $444.0 million to gauge sustained commercial traction into fiscal 2025.

PLANO, Texas, Oct. 30, 2025 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami" or "the Company"), a leading cloud-based digital banking solutions provider for financial institutions (FIs) in the U.S., today announced results for its third quarter ending September 30, 2025.

Third Quarter 2025 Financial Highlights

  • GAAP total revenue of $113.0 million, an increase of 31.5% compared to the year-ago quarter;
  • GAAP gross margin of 56.8%, compared to 58.9% in the year-ago quarter;
  • Non-GAAP gross margin of 63.7%, compared to 62.8% in the year-ago quarter;
  • GAAP net loss of $(14.8) million, compared to $(9.4) million in the year-ago quarter; and
  • Adjusted EBITDA of $16.0 million, compared to $8.3 million in the year-ago quarter.

Comments on the News

Alex Shootman, Chief Executive Officer, said, "We are very pleased to report strong financial performance for the third quarter, with solid revenue growth and continued expansion of Adjusted EBITDA. We are particularly excited about the successful launch of 13 new financial institutions - including six banks - in the third quarter, a record for Alkami."

Shootman added, "Demand among regional and community financial institutions continues to drive favorable pipeline and revenue opportunities. We are also seeing early momentum in demand for holistic solutions such as Alkami's Digital Sales & Service Platform, which combines our Onboarding & Account Opening Solution, our Digital Banking Solution, and our Data & Marketing Solution."

Bryan Hill, Chief Financial Officer, said, "We exited the third quarter with annual recurring revenue of $449 million, up 31%, and revenue per registered user of $20.83, up 19% compared to the year-ago quarter. We outperformed our Adjusted EBITDA target by 18%, demonstrating the significant progress we have made in scaling the business."

2025 Financial Outlook

The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under "Cautionary Statement Regarding Forward-Looking Statements."

Alkami is providing guidance for its fourth quarter ending December 31, 2025 of:

  • GAAP total revenue in the range of $119.6 million to $121.1 million;
  • Adjusted EBITDA in the range of 16.1 million to 17.1 million.

Alkami is providing guidance for its fiscal year ending December 31, 2025 of:

  • GAAP total revenue in the range of $442.5 million to $444.0 million;
  • Adjusted EBITDA in the range of 56.0 million to 57.0 million.

Conference Call Information

The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 1-800-836-8184 and internationally at 1-646-357-8785, using passcode 05691. The webcast replay will be available on the Alkami investor relations website.

About Alkami

Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, onboarding and account opening opening, payment security, and data and marketing solutions. To learn more, visit www.alkami.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains "forward-looking" statements relating to Alkami Technology, Inc.'s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "expects," "believes," "plans," or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients' use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company's filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Explanation of Non-GAAP Financial Measures and Key Business Metrics

The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. The company also uses results of operations excluding such items to evaluate the operating performance of Alkami and compare it against prior periods, make operating decisions, determine executive compensation, and serve as a basis for long-term strategic planning. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management's ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company's financial and operational performance and comparing this performance to the company's peers and competitors.

The company defines "Non-GAAP Cost of Revenues" as cost of revenues, excluding (1) amortization and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.

The company defines "Non-GAAP Gross Margin" as gross profit, plus (1) amortization and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.

The company defines "Non-GAAP Research and Development Expense" as research and development expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ongoing expenditures related to product innovation.

The company defines "Non-GAAP Sales and Marketing Expense" as sales and marketing expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ongoing expenditures related to its sales and marketing strategies.

The company defines "Non-GAAP General and Administrative Expense" as general and administrative expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's underlying expense structure to support corporate activities and processes.

The company defines "Non-GAAP Income Before Income Taxes" as loss before income taxes, plus (1) amortization, (2) stock-based compensation expense, (3) secondary offering costs, (4) acquisition-related expenses, and (5) loss on impairment of intangible assets. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.

The company defines "Adjusted EBITDA" as net loss plus (1) (benefit from) provision for income taxes, (2) interest expense (income), net, (3) depreciation and amortization (4) stock-based compensation expense, (5) secondary offering costs, (6) acquisition-related expenses, and (7) loss on impairment of intangible assets. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

In addition, the Company also uses the following important operating metrics to evaluate its business:

The company defines "Annual Recurring Revenue (ARR)" by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.

The company defines "Registered Users" as an individual or business related to an account holder of an FI client on our digital banking platform and has access as of the last day of the reporting period presented. We exclude individuals or businesses that solely use the products and services of our acquisitions. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.

The company defines "Revenue per Registered User (RPU)" by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.

The company does not provide a reconciliation of our adjusted EBITDA outlook to GAAP net loss because certain significant information required for such reconciliation is not available without unreasonable efforts, including benefit from/provision for income taxes, gain/loss on financial instruments, stock-based compensation expense, and acquisition-related expenses, net, all of which may be significant.

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(UNAUDITED)



September 30,


December 31,


2025


2024

Assets




Current assets




Cash and cash equivalents

$                 57,316


$                 94,359

Marketable securities

33,596


21,375

Accounts receivable, net

50,675


38,739

Deferred costs, current

14,868


13,207

Prepaid expenses and other current assets

18,413


13,697

  Total current assets

174,868


181,377

Property and equipment, net

25,437


22,075

Right-of-use assets

13,856


14,565

Deferred costs, net of current portion

42,581


37,178

Intangibles, net

165,562


29,021

Goodwill

403,404


148,050

Other assets

9,467


5,011

  Total assets

$               835,175


$               437,277

Liabilities and Stockholders' Equity




Current liabilities




Accounts payable

$                   7,261


$                   6,129

Accrued liabilities

40,644


24,520

Deferred revenues, current portion

31,148


13,578

Lease liabilities, current portion

1,578


1,343

  Total current liabilities

80,631


45,570

Deferred revenues, net of current portion

24,882


15,526

Deferred income taxes

2,448


1,822

Convertible senior notes, net

335,717


Revolving loan

25,000


Lease liabilities, net of current portion

16,148


17,109

Other non-current liabilities

233


220

  Total liabilities

485,059


80,247

Stockholders' Equity




Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and
outstanding as of September 30, 2025 and December 31, 2024


Common stock, $0.001 par value, 500,000,000 shares authorized; and 105,004,011 and
102,088,783 shares issued and outstanding as of September 30, 2025 and December 31, 2024,
respectively

105


102

Additional paid-in capital

862,423


833,129

Accumulated deficit

(512,412)


(476,201)

  Total stockholders' equity

350,116


357,030

  Total liabilities and stockholders' equity

$               835,175


$               437,277





 

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(UNAUDITED)



Three months ended September 30,


Nine months ended September 30,


2025


2024


2025


2024

Revenues

$                112,954


$                  85,906


$              322,848


$               244,193

Cost of revenues(1)

48,812


35,289


135,328


100,773

Gross profit

64,142


50,617


187,520


143,420

Operating expenses:








Research and development

30,091


24,133


87,207


70,862

Sales and marketing

19,337


14,406


60,227


45,213

General and administrative

25,642


22,147


75,452


62,074

Acquisition-related expenses

247



3,138


195

Amortization of acquired intangibles

1,706


359


3,981


1,076

Loss on impairment of intangible assets



1,655


  Total operating expenses

77,023


61,045


231,660


179,420

Loss from operations

(12,881)


(10,428)


(44,140)


(36,000)

Non-operating income (expense):








Interest income

1,026


1,147


3,286


3,490

Interest expense

(2,978)


(180)


(6,967)


(327)

Loss before income taxes

(14,833)


(9,461)


(47,821)


(32,837)

(Benefit from) provision for income taxes

(29)


(19)


(11,610)


355

Net loss

$                (14,804)


$                  (9,442)


$               (36,211)


$               (33,192)

Net loss per share attributable to common
stockholders:








Basic and diluted

$                     (0.14)


$                     (0.09)


$                   (0.35)


$                    (0.34)

Weighted-average number of shares of common
stock outstanding:








Basic and diluted

104,345,319


99,435,002


103,395,497


98,165,903


(1) Includes amortization of acquired technology of $4.9 million and $1.3 million for the three months ended September 30, 2025 and 2024, respectively and $11.7 million and $4.0 million for the nine months ended September 30, 2025 and 2024, respectively.

 

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(UNAUDITED)


Nine  months ended September 30,


2025


2024

Cash flows from operating activities:




Net loss

$               (36,211)


$               (33,192)

Adjustments to reconcile net loss to net cash provided by operating activities:




Depreciation and amortization expense

19,055


7,854

Accrued interest on marketable securities, net

(667)


(928)

Stock-based compensation expense

56,336


43,822

Amortization of discount and debt issuance costs

1,367


161

Loss on impairment of intangible assets

1,655


Deferred taxes

(11,971)


61

Changes in operating assets and liabilities:




Accounts receivable

(10,457)


(6,909)

Prepaid expenses and other assets

(5,882)


(2,619)

Accounts payable and accrued liabilities

14,424


6,316

Deferred costs

(6,538)


(5,067)

Deferred revenues

5,189


2,987

Net cash provided by operating activities

26,300


12,486

Cash flows from investing activities:




Purchase of marketable securities

(35,854)


(30,721)

Proceeds from sales, maturities and redemptions of marketable securities

24,300


62,812

Purchases of property and equipment

(1,156)


(1,036)

Capitalized software development costs

(5,255)


(5,009)

Acquisition of business, net of cash acquired

(375,499)


Net cash (used in) provided by investing activities

(393,464)


26,046

Cash flows from financing activities:




Payments on revolving loan

(35,000)


Debt issuance costs paid

(1,898)


(363)

Proceeds from Employee Stock Purchase Plan issuances

2,943


2,598

Proceeds from issuance of convertible senior notes

335,513


Proceeds from borrowing under revolving loan

60,000


Purchase of capped call transaction

(33,879)


Payments for taxes related to net settlement of equity awards


(12,820)

Proceeds from stock option exercises

2,442


12,082

Net cash provided by financing activities

330,121


1,497

Net (decrease) increase in cash and cash equivalents

(37,043)


40,029

Cash and cash equivalents, beginning of period

94,359


40,927

Cash and cash equivalents, end of period

$                 57,316


$                 80,956





 

ALKAMI TECHNOLOGY, INC.

RECONCILIATION  OF GAAP TO NON-GAAP MEASURES

(In thousands, except per share data)

(UNAUDITED)



Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP total revenues

$   112,954


$     85,906


$   322,848


$   244,193










September 30,






2025


2024





Annual Recurring Revenue (ARR)

$   449,034


$   342,101





Registered Users

21,552


19,499





Revenue per Registered User (RPU)

$       20.83


$       17.54













Non-GAAP Cost of Revenues






Set forth below is a presentation of the company's "Non-GAAP Cost of Revenues." Please reference the "Explanation of Non-
GAAP Measures" section.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP cost of revenues

$     48,812


$     35,289


$   135,328


$   100,773

Amortization

(5,722)


(1,895)


(13,856)


(5,463)

Stock-based compensation expense

(2,103)


(1,407)


(6,445)


(3,932)

Non-GAAP cost of revenues

$     40,987


$     31,987


$   115,027


$     91,378









Non-GAAP Gross Margin






Set forth below is a presentation of the company's "Non-GAAP Gross Margin." Please reference the "Explanation of Non-
GAAP Measures" section.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP gross margin

56.8 %


58.9 %


58.1 %


58.7 %

Amortization

5.0 %


2.3 %


4.4 %


2.3 %

Stock-based compensation expense

1.9 %


1.6 %


1.9 %


1.6 %

Non-GAAP gross margin

63.7 %


62.8 %


64.4 %


62.6 %









Non-GAAP Research and Development Expense






Set forth below is a presentation of the company's "Non-GAAP Research and Development Expense." Please reference the
"Explanation of Non-GAAP Measures" section.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP research and development expense

$     30,091


$     24,133


$     87,207


$     70,862

Stock-based compensation expense

(5,726)


(4,492)


(16,584)


(12,746)

Non-GAAP research and development expense

$     24,365


$     19,641


$     70,623


$     58,116









Non-GAAP Sales and Marketing Expense






Set forth below is a presentation of the company's "Non-GAAP Sales and Marketing Expense." Please reference the
"Explanation of Non-GAAP Measures" section.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP sales and marketing expense

$     19,337


$     14,406


$     60,227


$     45,213

Stock-based compensation expense

(3,572)


(2,327)


(9,969)


(6,649)

Non-GAAP sales and marketing expense

$     15,765


$     12,079


$     50,258


$     38,564









Non-GAAP General and Administrative Expense






Set forth below is a presentation of the company's "Non-GAAP General and Administrative Expense." Please reference the
"Explanation of Non-GAAP Measures" section.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP general and administrative expense

$     25,642


$     22,147


$     75,452


$     62,074

Stock-based compensation expense

(9,328)


(7,031)


(27,248)


(20,495)

Secondary offering costs


(810)



(810)

Non-GAAP general and administrative expense

$     16,314


$     14,306


$     48,204


$     40,769









Non-GAAP Income Before Income Taxes






Set forth below is a presentation of the company's "Non-GAAP Income Before Income Taxes." Please reference the
"Explanation of Non-GAAP Measures" section.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP loss before income taxes

$    (14,833)


$      (9,461)


$    (47,821)


$    (32,837)

Amortization

7,468


2,254


17,904


6,539

Stock-based compensation expense

20,729


15,257


60,246


43,822

Secondary offering costs


810



810

Acquisition-related expenses

247



3,138


195

Loss on impairment of intangible assets



1,655


Non-GAAP income before income taxes

$     13,611


$       8,860


$     35,122


$     18,529

















Adjusted EBITDA






Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP
Measures" section.


Three Months Ended


Nine Months Ended


September 30,


September 30,


2025


2024


2025


2024

GAAP net loss

$    (14,804)


$      (9,442)


$    (36,211)


$    (33,192)

(Benefit from) provision for income taxes

(29)


(19)


(11,610)


355

Interest expense (income), net

1,952


(967)


3,681


(3,163)

Depreciation and amortization

7,869


2,679


19,055


7,854

Stock-based compensation expense

20,729


15,257


60,246


43,822

Secondary offering costs


810



810

Acquisition-related expenses

247



3,138


195

Loss on impairment of intangible assets



1,655


Adjusted EBITDA

$     15,964


$       8,318


$     39,954


$     16,681

 

Investor Relations Contact
Steve Calk
ir@alkami.com 

Media Relations Contacts
Marla Pieton
marla.pieton@alkami.com 

Valerie Kerner
alkami@fullyvested.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/alkami-announces-third-quarter-2025-financial-results-302600234.html

SOURCE Alkami Technology, Inc.

FAQ

What were Alkami's GAAP total revenue and year-over-year growth for Q3 2025 (ALKT)?

Alkami reported GAAP total revenue of $113.0 million for Q3 2025, a 31.5% increase year-over-year.

What was Alkami's Adjusted EBITDA and how did it compare to Q3 2024 (ALKT)?

Adjusted EBITDA for Q3 2025 was $16.0 million, up from $8.3 million in the year-ago quarter.

How much annual recurring revenue (ARR) did Alkami report at the end of Q3 2025 (ALKT)?

Alkami reported ARR of $449 million at the end of Q3 2025, an increase of 31% YoY.

What guidance did Alkami provide for Q4 2025 revenue and Adjusted EBITDA (ALKT)?

Q4 2025 guidance is GAAP revenue of $119.6M–$121.1M and Adjusted EBITDA of $16.1M–$17.1M.

What is Alkami's full-year 2025 revenue and Adjusted EBITDA guidance (ALKT)?

Full-year 2025 guidance is GAAP revenue of $442.5M–$444.0M and Adjusted EBITDA of $56.0M–$57.0M.

Did Alkami host an investor call for Q3 2025 results and where can investors listen (ALKT)?

Yes; a conference call and live webcast were scheduled for Oct 30, 2025 and accessible via Alkami's investor relations website.
Alkami Technology, Inc.

NASDAQ:ALKT

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ALKT Stock Data

2.29B
66.29M
24.65%
86.56%
9.35%
Software - Application
Services-prepackaged Software
Link
United States
PLANO