Alkami Technology (NASDAQ: ALKT) posts 35% ARR growth and boosts 2026 EBITDA outlook
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Alkami Technology reported strong growth for the fourth quarter and full year 2025 while remaining unprofitable on a GAAP basis. Fourth-quarter revenue was $120.8 million, up 34.7% year over year, with GAAP gross margin of 57.2% and non-GAAP gross margin of 63.4%. GAAP net loss was $11.4 million, but Adjusted EBITDA rose to $19.1 million from $10.2 million.
For 2025, revenue reached $443.6 million, up 32.9%, with GAAP net loss of $47.7 million and Adjusted EBITDA more than doubling to $59.1 million. Annual recurring revenue ended the year at $480.3 million, up 35%, supported by 22.4 million digital banking users and revenue per registered user of $21.44, up 20%.
The company highlighted momentum from its Digital Sales & Service Platform and the MANTL acquisition, with 301 digital banking clients and remaining performance obligation of $1.7 billion. For 2026, Alkami guides to revenue of $525.5–$530.5 million and Adjusted EBITDA of $93.5–$97.5 million, implying continued double-digit growth and margin expansion.
Positive
- Strong top-line and ARR growth: 2025 GAAP revenue grew 32.9% to $443.6M, annual recurring revenue rose 35% to $480.3M, and revenue per registered user increased 20% to $21.44, indicating healthy demand and deeper product penetration.
- Rapid profitability and cash-flow improvement: Adjusted EBITDA more than doubled to $59.1M, free cash flow rose to $34.2M from $10.7M, and 2026 guidance of $93.5–$97.5M Adjusted EBITDA signals continued margin expansion.
- High visibility from long-term contracts: Remaining performance obligation reached $1.7B, about 3.6 times live ARR as described, supporting multi-year revenue visibility from 301 digital banking clients and a largely subscription-based model.
Negative
- Continued GAAP losses despite scale: Alkami reported a 2025 GAAP net loss of $47.7M, wider than 2024’s $40.8M, showing that strong growth and non-GAAP profitability have not yet translated into GAAP profitability.
- Increased leverage from financing and acquisition activity: The balance sheet now carries $336.2M of convertible senior notes and a $15.0M revolving loan, while 2025 investing cash outflows of $397.6M include a $375.5M business acquisition, materially raising financial commitments.
Insights
Alkami is growing fast with improving cash economics but still posts GAAP losses and higher leverage.
Alkami delivered 2025 revenue of
Key SaaS metrics were robust: annual recurring revenue rose 35% to
Management guides 2026 revenue to
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 2026
(Exact Name of Registrant as Specified in its Charter)
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
(Address of Principal Executive Offices) (Zip Code)
(877 ) 725-5264
Registrant’s Telephone Number, Including Area Code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 25, 2026 Alkami Technology, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ending December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.
The information set forth in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, (the Securities Act”), except as shall be expressly set forth by specific reference in such a filing.
Item 7.01. Regulation FD Disclosure.
On February 25, 2026, the Company posted an investor presentation on its website at www.alkami.com (the “Investor Presentation”). A copy of the Investor Presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.
The information set forth in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.2, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD.
Item 9.01. Financial Statements and Exhibits.
| Exhibit Number | Description | |||||||
99.1 | Earnings Press Release, dated February 25, 2026 | |||||||
99.2 | Investor Presentation, dated February 25, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURE
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 hereunto duly authorized.
| Alkami Technology, Inc. | ||||||||||||||
| Date: | February 25, 2026 | By: | /s/ Cassandra Hudson | |||||||||||
| Cassandra Hudson | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
Exhibit 99.1
Alkami Announces Fourth Quarter 2025 Financial Results
PLANO, Texas, February 25, 2026 (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 fourth quarter ending December 31, 2025.
Fourth Quarter 2025 Financial Highlights
•GAAP total revenue of $120.8 million, an increase of 34.7% compared to the year-ago quarter;
•GAAP gross margin of 57.2%, compared to 59.3% in the year-ago quarter;
•Non-GAAP gross margin of 63.4%, compared to 63.1% in the year-ago quarter;
•GAAP net loss of $(11.4) million, compared to $(7.6) million in the year-ago quarter; and
•Adjusted EBITDA of $19.1 million, compared to $10.2 million in the year-ago quarter.
Full Year 2025 Financial Highlights
•GAAP total revenue of $443.6 million, an increase of 32.9% compared to 2024;
•GAAP gross margin of 57.8%, compared to 58.9% in 2024;
•Non-GAAP gross margin of 64.1%, compared to 62.7% in 2024;
•GAAP net loss of $(47.7) million, compared to $(40.8) million in 2024; and
•Adjusted EBITDA of $59.1 million, compared to $26.9 million in 2024.
Comments on the News
Alex Shootman, Chief Executive Officer, said, “In the fourth quarter, we continued to deliver strong growth and enhanced profitability, with revenue growth of 35% and Adjusted EBITDA of $19.1 million. This capped a year that saw revenue growth of 33% and Adjusted EBITDA of more than double that of 2024. We also continued to expand our client portfolio, signing an additional 39 new logos in the year, including 11 banks, and our fourth quarter was our best new logo quarter in four years.”
Shootman added, “We experienced tremendous momentum in the second half of the year as we began to see the impact of our new go-to-market motion, Alkami’s Digital Sales & Service Platform, which includes onboarding and account opening, digital banking and data and marketing. In the second half of the year, over 50% of our new logo online banking deals resulted in customers under our Platform umbrella. In addition, in the second half, our win rates increased materially across digital banking, MANTL and Data & Marketing. This underscores that despite a volatile macro environment throughout most of 2025, the demand for a modern digital banking platform remains strong, and that Alkami is competing more effectively than ever.”
Cassandra Hudson, Chief Financial Officer, said, “In 2025, we added 2.4 million registered users to our digital banking platform, ending the year with 22.4 million digital banking users. We exited 2025 with annual recurring revenue of $480.3 million, up 35% compared to December 31, 2024 and revenue per registered user of $21.44, up 20% compared to the year-ago quarter. Our remaining performance obligation reached $1.7 billion at December 31, 2025, providing substantial visibility into our future operating and financial performance.”
2026 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 first quarter ending March 31, 2026 of:
•GAAP total revenue in the range of $124.7 million to $125.7 million;
•Adjusted EBITDA in the range of $21.1 million to $21.9 million.
Alkami is providing guidance for its fiscal year ending December 31, 2026 of:
•GAAP total revenue in the range of $525.5 million to $530.5 million;
•Adjusted EBITDA in the range of $93.5 million to $97.5 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 44963. 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 (1) stock-based compensation expense, (2) secondary offering related expenses, and (3) stockholder matters related expenses. 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 related expenses, (4) acquisition-related expenses, (5) loss on impairment of intangible assets, and (6) stockholder matters related expenses. 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 related expenses, (6) acquisition-related expenses, (7) loss on impairment of intangible assets, and (8) stockholder matters related expenses. 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.
The company defines “Free Cash Flow” as net cash provided by operating activities less (1) purchase of property and equipment and (2) Capitalized software development costs. The company believes free cash flow provided investors and other users useful information in evaluating the Company's liquidity and it provides an indication of the long-term cash generating ability of the business.
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) | |||||||||||
| December 31, | December 31, | ||||||||||
| 2025 | 2024 | ||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 63,457 | $ | 94,359 | |||||||
| Marketable securities | 35,635 | 21,375 | |||||||||
| Accounts receivable, net | 51,494 | 38,739 | |||||||||
| Deferred costs, current | 15,894 | 13,207 | |||||||||
| Prepaid expenses and other current assets | 20,736 | 13,697 | |||||||||
| Total current assets | 187,216 | 181,377 | |||||||||
| Property and equipment, net | 26,652 | 22,075 | |||||||||
| Right-of-use assets | 13,462 | 14,565 | |||||||||
| Deferred costs, net of current portion | 47,430 | 37,178 | |||||||||
| Intangibles, net | 158,943 | 29,021 | |||||||||
| Goodwill | 403,404 | 148,050 | |||||||||
| Other assets | 10,120 | 5,011 | |||||||||
| Total assets | $ | 847,227 | $ | 437,277 | |||||||
| Liabilities and Stockholders' Equity | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 5,842 | $ | 6,129 | |||||||
| Accrued liabilities | 47,359 | 24,520 | |||||||||
| Deferred revenues, current portion | 34,770 | 13,578 | |||||||||
| Lease liabilities, current portion | 1,576 | 1,343 | |||||||||
| Total current liabilities | 89,547 | 45,570 | |||||||||
| Deferred revenues, net of current portion | 25,800 | 15,526 | |||||||||
| Deferred income taxes | 2,625 | 1,822 | |||||||||
| Convertible senior notes, net | 336,230 | — | |||||||||
| Revolving loan | 15,000 | — | |||||||||
| Lease liabilities, net of current portion | 15,739 | 17,109 | |||||||||
| Other non-current liabilities | 237 | 220 | |||||||||
| Total liabilities | 485,178 | 80,247 | |||||||||
| Stockholders’ Equity | |||||||||||
Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — | |||||||||
Common stock, $0.001 par value, 500,000,000 shares authorized; and 106,101,875 and 102,088,783 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 106 | 102 | |||||||||
| Additional paid-in capital | 885,796 | 833,129 | |||||||||
| Accumulated deficit | (523,853) | (476,201) | |||||||||
| Total stockholders’ equity | 362,049 | 357,030 | |||||||||
| Total liabilities and stockholders' equity | $ | 847,227 | $ | 437,277 | |||||||
| ALKAMI TECHNOLOGY, INC. | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
| (In thousands, except share and per share data) | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
Three months ended December 31, | Year ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenues | $ | 120,791 | $ | 89,656 | $ | 443,639 | $ | 333,849 | |||||||||||||||
Cost of revenues(1) | 51,712 | 36,446 | 187,040 | 137,219 | |||||||||||||||||||
| Gross profit | 69,079 | 53,210 | 256,599 | 196,630 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 31,189 | 25,349 | 118,396 | 96,211 | |||||||||||||||||||
| Sales and marketing | 19,914 | 14,552 | 80,141 | 59,765 | |||||||||||||||||||
| General and administrative | 25,440 | 21,576 | 100,892 | 83,650 | |||||||||||||||||||
| Acquisition-related expenses | 325 | — | 3,463 | 195 | |||||||||||||||||||
| Amortization of acquired intangibles | 1,707 | 359 | 5,688 | 1,435 | |||||||||||||||||||
| Loss on impairment of intangible assets | — | — | 1,655 | — | |||||||||||||||||||
| Total operating expenses | 78,575 | 61,836 | 310,235 | 241,256 | |||||||||||||||||||
| Loss from operations | (9,496) | (8,626) | (53,636) | (44,626) | |||||||||||||||||||
| Non-operating income (expense): | |||||||||||||||||||||||
| Interest income | 874 | 1,070 | 4,160 | 4,560 | |||||||||||||||||||
| Interest expense | (2,519) | (134) | (9,486) | (461) | |||||||||||||||||||
| Loss before income taxes | (11,141) | (7,690) | (58,962) | (40,527) | |||||||||||||||||||
| Provision for (benefit from) income taxes | 300 | (47) | (11,310) | 308 | |||||||||||||||||||
| Net loss | $ | (11,441) | $ | (7,643) | $ | (47,652) | $ | (40,835) | |||||||||||||||
| Net loss per share attributable to common stockholders: | |||||||||||||||||||||||
| Basic and diluted | $ | (0.11) | $ | (0.08) | $ | (0.46) | $ | (0.41) | |||||||||||||||
| Weighted-average number of shares of common stock outstanding: | |||||||||||||||||||||||
| Basic and diluted | 105,377,994 | 101,057,260 | 103,895,195 | 98,892,692 | |||||||||||||||||||
(1) Includes amortization of acquired technology of $4.9 million and $1.3 million for the three months ended December 31, 2025 and 2024, respectively, and $16.6 million and $5.4 million for the years ended December 31, 2025 and 2024, respectively.
| ALKAMI TECHNOLOGY, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (In thousands) | |||||||||||
| (UNAUDITED) | |||||||||||
Year ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (47,652) | $ | (40,835) | |||||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization expense | 26,912 | 10,508 | |||||||||
| Accrued interest on marketable securities, net | (854) | (1,075) | |||||||||
| Stock-based compensation expense | 76,188 | 59,437 | |||||||||
| Amortization of discount and debt issuance costs | 1,951 | 210 | |||||||||
| Loss on impairment of intangible assets | 1,655 | — | |||||||||
| Deferred taxes | (11,794) | 109 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (11,276) | (3,240) | |||||||||
| Prepaid expenses and other assets | (9,351) | (3,972) | |||||||||
| Accounts payable and accrued liabilities | 19,708 | 3,322 | |||||||||
| Deferred costs | (12,310) | (8,603) | |||||||||
| Deferred revenues | 9,729 | 2,736 | |||||||||
| Net cash provided by operating activities | 42,906 | 18,597 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of marketable securities | (45,206) | (40,416) | |||||||||
| Proceeds from sales, maturities and redemptions of marketable securities | 31,800 | 71,312 | |||||||||
| Purchases of property and equipment | (1,542) | (1,195) | |||||||||
| Capitalized software development costs | (7,147) | (6,660) | |||||||||
| Acquisition of business, net of cash acquired | (375,499) | — | |||||||||
| Net cash (used in) provided by investing activities | (397,594) | 23,041 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Payments on revolving loan | (45,000) | — | |||||||||
| Debt issuance costs paid | (1,898) | (363) | |||||||||
| Proceeds from Employee Stock Purchase Plan issuances | 5,338 | 4,736 | |||||||||
| Proceeds from issuance of convertible senior notes | 335,513 | — | |||||||||
| Proceeds from borrowing under revolving loan | 60,000 | — | |||||||||
| Purchase of capped calls | (33,879) | — | |||||||||
| Payments for taxes related to net settlement of equity awards | — | (12,820) | |||||||||
| Proceeds from stock option exercises | 3,712 | 20,241 | |||||||||
| Net cash provided by financing activities | 323,786 | 11,794 | |||||||||
| Net (decrease) increase in cash and cash equivalents | (30,902) | 53,432 | |||||||||
| Cash and cash equivalents, beginning of period | 94,359 | 40,927 | |||||||||
| Cash and cash equivalents, end of period | $ | 63,457 | $ | 94,359 | |||||||
| ALKAMI TECHNOLOGY, INC. | |||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP MEASURES | |||||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||||
| (UNAUDITED) | |||||||||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP total revenues | $ | 120,791 | $ | 89,656 | $ | 443,639 | $ | 333,849 | |||||||||||||||
| December 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Annual Recurring Revenue (ARR) | $ | 480,346 | $ | 355,874 | |||||||||||||||||||
| Registered Users | 22,406 | 19,984 | |||||||||||||||||||||
| Revenue per Registered User (RPU) | $ | 21.44 | $ | 17.81 | |||||||||||||||||||
| 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 | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP cost of revenues | $ | 51,712 | $ | 36,446 | $ | 187,040 | $ | 137,219 | |||||||||||||||
| Amortization | (5,724) | (1,926) | (19,580) | (7,389) | |||||||||||||||||||
| Stock-based compensation expense | (1,815) | (1,434) | (8,260) | (5,366) | |||||||||||||||||||
| Non-GAAP cost of revenues | $ | 44,173 | $ | 33,086 | $ | 159,200 | $ | 124,464 | |||||||||||||||
| 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 | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP gross margin | 57.2 | % | 59.3 | % | 57.8 | % | 58.9 | % | |||||||||||||||
| Amortization | 4.7 | % | 2.2 | % | 4.5 | % | 2.2 | % | |||||||||||||||
| Stock-based compensation expense | 1.5 | % | 1.6 | % | 1.8 | % | 1.6 | % | |||||||||||||||
| Non-GAAP gross margin | 63.4 | % | 63.1 | % | 64.1 | % | 62.7 | % | |||||||||||||||
| 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 | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP research and development expense | $ | 31,189 | $ | 25,349 | $ | 118,396 | $ | 96,211 | |||||||||||||||
| Stock-based compensation expense | (5,926) | (4,533) | (22,510) | (17,279) | |||||||||||||||||||
| Non-GAAP research and development expense | $ | 25,263 | $ | 20,816 | $ | 95,886 | $ | 78,932 | |||||||||||||||
| 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 | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP sales and marketing expense | $ | 19,914 | $ | 14,552 | $ | 80,141 | $ | 59,765 | |||||||||||||||
| Stock-based compensation expense | (3,566) | (2,400) | (13,535) | (9,049) | |||||||||||||||||||
| Non-GAAP sales and marketing expense | $ | 16,348 | $ | 12,152 | $ | 66,606 | $ | 50,716 | |||||||||||||||
| 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 | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP general and administrative expense | $ | 25,440 | $ | 21,576 | $ | 100,892 | $ | 83,650 | |||||||||||||||
| Stock-based compensation expense | (8,545) | (7,248) | (35,793) | (27,743) | |||||||||||||||||||
| Secondary offering related expenses | — | (527) | — | (1,337) | |||||||||||||||||||
| Stockholder matters related expenses | (599) | — | (599) | — | |||||||||||||||||||
| Non-GAAP general and administrative expense | $ | 16,296 | $ | 13,801 | $ | 64,500 | $ | 54,570 | |||||||||||||||
| 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 | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP loss before income taxes | $ | (11,141) | $ | (7,690) | $ | (58,962) | $ | (40,527) | |||||||||||||||
| Amortization | 7,435 | 2,285 | 25,339 | 8,824 | |||||||||||||||||||
| Stock-based compensation expense | 19,852 | 15,615 | 80,098 | 59,437 | |||||||||||||||||||
| Secondary offering related expenses | — | 527 | — | 1,337 | |||||||||||||||||||
| Acquisition-related expenses | 325 | — | 3,463 | 195 | |||||||||||||||||||
| Loss on impairment of intangible assets | — | — | 1,655 | — | |||||||||||||||||||
| Stockholder matters related expenses | 599 | — | 599 | — | |||||||||||||||||||
| Non-GAAP income before income taxes | $ | 17,070 | $ | 10,737 | $ | 52,192 | $ | 29,266 | |||||||||||||||
| 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 | Year Ended | ||||||||||||||||||||||
| December 31, | December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| GAAP net loss | $ | (11,441) | $ | (7,643) | $ | (47,652) | $ | (40,835) | |||||||||||||||
| Provision for (benefit from) income tax | 300 | (47) | (11,310) | 308 | |||||||||||||||||||
| Interest expense (income), net | 1,645 | (936) | 5,326 | (4,099) | |||||||||||||||||||
| Depreciation and amortization | 7,857 | 2,654 | 26,912 | 10,508 | |||||||||||||||||||
| Stock-based compensation expense | 19,852 | 15,615 | 80,098 | 59,437 | |||||||||||||||||||
| Secondary offering related expenses | — | 527 | — | 1,337 | |||||||||||||||||||
| Acquisition-related expenses | 325 | — | 3,463 | 195 | |||||||||||||||||||
| Loss on impairment of intangible assets | — | — | 1,655 | — | |||||||||||||||||||
| Stockholder matters related expenses | 599 | — | 599 | — | |||||||||||||||||||
| Adjusted EBITDA | $ | 19,137 | $ | 10,170 | $ | 59,091 | $ | 26,851 | |||||||||||||||
| Free Cash Flow | |||||||||||||||||||||||
| Set forth below is a presentation of the company’s “Free Cash Flow.” Please reference the “Explanation of Non-GAAP Measures” section. | |||||||||||||||||||||||
| Year Ended | |||||||||||||||||||||||
| December 31, | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Net cash provided by operating activities | $ | 42,906 | $ | 18,597 | |||||||||||||||||||
| Purchases of property and equipment | (1,542) | (1,195) | |||||||||||||||||||||
| Capitalized software development costs | (7,147) | (6,660) | |||||||||||||||||||||
| Free cash flow | $ | 34,217 | $ | 10,742 | |||||||||||||||||||
Investor Relations Contact
Steve Calk
ir@alkami.com
Media Relations Contacts
Marla Pieton
marla.pieton@alkami.com
Valerie Kerner
alkami@fullyvested.com
Alkami Technology, Inc. Proprietary Information. Alkami Technology Fourth Quarter 2025
2 © A lk am i T ec h n o lo gy , I n c. This presentation 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. 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. 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. Cautionary Statement Regarding Forward-Looking Statements
3 © A lk am i T ec h n o lo gy , I n c. Who We Are • Cloud-based digital banking platform serving U.S. financial institutions What We Do • Empower FIs to grow, drive user engagement and improve operational efficiency • Leverage broad product set enabling retail and commercial banking How We Do It • Powerful, scalable technology stack • Modern architecture, multi-tenant • Continuous integration, delivery and deployment Who We Serve • Community, regional and super-regional FIs Alkami Technology, Inc. We enable FIs to effectively compete with larger, more technologically advanced and well-resourced competitors Financial Institutions Digital Banking Consumer and Commercial Users FinTech Partners
4 © A lk am i T ec h n o lo gy , I n c. Alkami’s Addressable Market: User Characteristics 250M+ digital users, excluding megabanks Total market digital users growing 5-8% historically, driven by: ● Increasing number of accounts per customer ● Ease of new account opening via digital tools ● Demographics, including post-COVID shift to exurban areas, decline in unbanked and underbanked customers Digital user growth historically uncorrelated with contraction in branches or number of FIs Addressable Market = FIs with assets from $100M to $450B, representing 250M+ digital users Legacy Providers include Fiserv, FIS, JKHY, DI and other small or point solutions Sources: SEC filings, NCUA, FDIC, FI Navigator, Cornerstone Advisors and Alkami internal research Legacy Providers: 210M+ Historical User Growth: 5-8% Competitor >27M Alkami >22M
5 © A lk am i T ec h n o lo gy , I n c. Large, Fast-Growing Addressable Market Approximately $14 billion TAM 250M users represent FIs with assets from $100M and $450B Sources: NCUA, FDIC, FI Navigator, Cornerstone Advisors and Alkami internal research, December 2024 250M digital users x $35 RPU Existing client digital penetration of <80% expected to converge to near 100% Core Platform Fraud Prevention - Acquired in 2020ACH Alert Managed Marketing & AI - Acquired in 2022Segmint Digital Account Opening and Unsecured Loan Origination capabilities expected to accelerate with MANTL acquisition Total Addressable Market • 250M digital users x $58 RPU • Digital users growing 5% to 8% annually • 30+ products today vs. 9 in 2015 Alkami Today MANTL
6 © A lk am i T ec h n o lo gy , I n c. Go-To-Market Cadence We focus on the top 2,500 FIs excluding the megabanks Industry average contract length of 5 years translates to approximately 500 contracts up for renewal annually 500 Annual Renewals 2,500 Target Clients v 9,000+ FIs Over 9,000 FIs in the United States• Sales team drives outbound lead generation, cross selling and account management • Client success team supports retention and deepens the relationships with our clients Highly targeted annual renewal class allows us to focus sales resources Note: Excludes financial institutions with assets greater than $450B
7 © A lk am i T ec h n o lo gy , I n c. C o n fi d en ti al Alkami Digital Sales & Service Platform Onboarding & Account Opening Drive consumer and commercial deposits and loans anywhere, anytime with one front door for account origination and onboarding. Digital Banking Unify digital banking by connecting user experience, sales and service on a configurable platform. Data & Marketing Power acquisition and engagement with behavioral analytics, predictive intelligence and marketing automation. Guard
8 © A lk am i T ec h n o lo gy , I n c. Multiple Levers Driving Growth ● Clients driven by new logo wins, historically among credit unions with a growing presence among banks ● Registered users grow as we add new logos and as clients add users ● RPU driven by product penetration at initial sale and add-on sales, and is offset by volume discounts as existing clients add users Note: RPU and ARR include subscription and recurring implementation services revenue and MANTL
9 © A lk am i T ec h n o lo gy , I n c. Alkami’s Digital Sales & Service Platform Onboarding & Account Opening Marketing Data Insights Admin, Risk & Reporting Account Management Business & Commercial Banking Financial Analytics Retail Banking Payments & Receivables Extensibility Sales Service Guard
10 © A lk am i T ec h n o lo gy , I n c. MANTL Acquisition Positions Alkami as Premier Digital Banking Provider Expands Market Position Positions Alkami as a leader with Digital Sales & Service Platform Unlocks and expands TAM Onboard + Engage + Grow strategy drives competitive advantage Proven ability to leverage acquisitions (ACH Alert, Segmint) Stimulates GTM Strategy Minimal overlap with existing Alkami clients Significant Cross-Sell Opportunity Expected to be accretive to Alkami growth Attractive Financial Profile Commitment to empowering regional & community financial institutions Client as North Star Shared Culture of Innovation
11 © A lk am i T ec h n o lo gy , I n c. Partner Ecosystem Data & Marketing Security & Fraud Billing & Receivables Financial Wellness Card Management Commercial Services MANTL Extends Alkami’s Product and Customer Footprint Sales Channel Retail Account Opening Business Account Opening Customer LOS Business LOS Card Experience Money Movement ● The #1 retail banking platform ● Consumer and business ● Omnichannel account opening ● Accelerated entrance into LOS market Marketing Data Insights SHARED Strength ALKAMI Strength MANTL Strength Service Channel ● The best data and marketing platform ● Land and expand to grow relationships ● Driving higher attach rates, wallet share ● Enhancing customer stickiness Clients Client Type Banks Credit Unions Consumer / Retail Business / Corporate ● Proven playbook in CU market ● Accelerated push into bank market ● Consumer and business banking needs FinTech Partners Branch Manager
12 © A lk am i T ec h n o lo gy , I n c. Alkami + MANTL | One System Pain Point 2: Disjointed Customer Experience “Customer/member trust and loyalty suffers from re-entering the same information and navigating different systems when managing accounts.” Pain Point 1: Onboarding Friction “Customer/member drop off high due to poor onboarding experience.” Pain Point 3: Limited Growth “Customers/members want to open additional accounts, but they don't want to start from scratch or leave the app.” Solution 2: Unify the Experience ● One UX: Deliver a neobank-like experience with a fully unified user interface - right down to the CSS - designed to elevate the FI’s brand and build customer trust ● One-time-entry: Eliminate duplicate data entry by syncing PII, documents and accounts ● One risk profile: Super-charge fraud prevention by closing the loop between AO and OMB ● One company, one mission: We’re committed to redefining what’s possible—aligning our platform, strategy and roadmap, and investing consistently to bring this shared vision to life Solution 1: Nail the First Impression ● Frictionless registration: New customers automatically registered and logged into OMB experience ● Instant activation: Immediate account use with digital card issuance and seamless integration into digital wallets ● Trust based access: Use KYC data from AO to personalize onboarding; unlock premium packages (e.g., higher ACH, debit, and ATM limits) for trusted users, and limit functionality for higher-risk users Solution 3: Grow Relationships ● Data-driven offers: Boost cross-sell conversion with more personalized, relevant product offers powered by a unified customer data platform ● Quicker Apply: Take over the entire wallet by by letting customers open new accounts directly within the online banking app — no redirects, no friction ● Multiply ideal customers: Reduce acquisition costs by creating highly qualified look-alike audiences using on-demand data from AO, OMB and core systems SSO Integration One System
13 © A lk am i T ec h n o lo gy , I n c. How We Achieve Our Long-term Objectives Market Leadership Maintain Strong Credit Union Position Grow Bank Mindshare and Capabilities Drive Add-On Sales Scale and Continued Cost Discipline Continuous Product and Platform Improvement
Alkami Technology, Inc. Proprietary Information. Financial Overview
15 © A lk am i T ec h n o lo gy , I n c. Q4 2025 Financial Performance $M ● Q4’25 revenue growth of 34.7% driven by MANTL acquisition, new clients, existing client user growth and ARPU growth ● GM expansion consistent with plan to increase GM 200-300 bps per year through 2026 ● Adjusted EBITDA expansion driven by continued scale and efficiencies in R&D, S&M and G&A Note: Gross margin % on a non-GAAP basis
16 © A lk am i T ec h n o lo gy , I n c. Operating and Financial Highlights Q4 2025 $480M ARR Subscription Revenue Mix as of 12/31/25 95% Subscription Revenue 12/31/25 115% Net Dollar Retention Digital Banking Remaining Performance Obligation as of 12/31/25 $1.7B RPO Digital Banking Clients 301 Q4 2025 272 Q4 2024 Registered Users 22.4M20.0M Q4 2025Q4 2024 ● Signed 16 new digital banking platform clients in Q4 ● Implemented 11 clients in Q4, bringing digital platform client count to 301 ● 42 new clients in implementation backlog, representing 1.6M digital users ● Exited Q4 with 22.4M registered users, up 2.4M or 12%; drivers include implementations and existing client growth ● Increased ARR 35% to $480M ● Remaining performance obligation reached $1.7B representing 3.6 times live ARR ● 2025 Digital Banking ARR churn less than 1% vs long-term expected annual churn modeled at 2-3%
17 © A lk am i T ec h n o lo gy , I n c. Strong Historical Revenue Growth $M
18 © A lk am i T ec h n o lo gy , I n c. Technology Demand and Product Expansion Drive ARR Cohort ARR Expansion Via User Growth and Cross-Sell Success ARR Expansion Drivers ● Long-term contracts ● Escalating contract minimums ● Gross client retention ● Growth in digital user adoption ● Product cross-sell As of 12/31/25
19 © A lk am i T ec h n o lo gy , I n c. Gross Margin Expansion Driven by Scale and Efficiency $M
20 © A lk am i T ec h n o lo gy , I n c. Best-in-Class GTM Efficiency ● Long-term contract structure reduces annual GTM motion ● Alkami models annual client retention of 97% - 98% ● 2026E reflects continued growth in S&M spend related to bank market expansion and increased product depth ● Historical high sales team productivity and GTM efficiency among the best in SaaS ● Continued GTM efficiency driven by cross-sale success and upsell opportunities from user growth among our existing client base
21 © A lk am i T ec h n o lo gy , I n c. Financial Guidance and Long-Term Profile $ millions; 2026E reflects midpoint of management guidance provided February 25, 2026 ● Gross margin approaching 70% in 2030 ● Adjusted EBITDA margin expansion of approximately 300 basis points annually from 2026 to 2030 ● Rule of 45 in 2030 2030 Financial Framework2026 Guidance
22 © A lk am i T ec h n o lo gy , I n c. Selected Historical Data 2022 2023 2024 2025 Digital banking platform clients 199 236 272 301 Growth % 19% 15% 11% Digital banking platform users (M) 14.5 17.5 20.0 22.4 Growth % 20% 14% 12% Live ARR ($M) $ 226.1 $ 291.0 $ 355.9 $ 480.3 Growth % 29% 22% 35% RPU $ 15.55 $ 16.63 $ 17.81 $ 21.44 Growth % 7% 7% 20% RPO ($M) $ 893 $ 1,140 $ 1,366 $ 1,715 Growth % 28% 20% 26% Notes: Segmint and MANTL acquisitions completed in Q2’22 and Q1’25, respectively, driving one-time increases in RPU Growth % reflects year-over-year growth
23 © A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)
24 © A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)
25 © A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)
FAQ
How did Alkami Technology (ALKT) perform financially in full-year 2025?
Alkami generated 2025 GAAP revenue of $443.6 million, up 32.9% from 2024, with GAAP gross margin of 57.8%. The company reported a GAAP net loss of $47.7 million but more than doubled Adjusted EBITDA to $59.1 million, reflecting improving operating leverage.
What were Alkami Technology’s key SaaS metrics like ARR and users at the end of 2025?
At December 31, 2025, Alkami’s annual recurring revenue was $480.3 million, up 35% year over year. The platform served 22.4 million digital banking registered users, and revenue per registered user reached $21.44, a 20% increase compared to the prior-year period.
What guidance did Alkami Technology (ALKT) provide for its 2026 financial performance?
For 2026, Alkami expects GAAP revenue between $525.5 million and $530.5 million. Management also projects Adjusted EBITDA in the range of $93.5 million to $97.5 million, signaling continued double-digit growth and further profitability improvement compared to 2025 levels.
Is Alkami Technology profitable, and how are margins trending?
Alkami is not yet GAAP-profitable, posting a 2025 net loss of $47.7 million. However, margins are improving: non-GAAP gross margin was 64.1% in 2025 and Adjusted EBITDA rose to $59.1 million, with guidance implying further margin expansion in 2026.
How did acquisitions and financing affect Alkami Technology’s 2025 balance sheet?
In 2025, Alkami completed a $375.5 million business acquisition and issued $335.5 million of convertible senior notes, ending the year with $336.2 million of these notes and a $15.0 million revolving loan. Total assets increased to $847.2 million from $437.3 million in 2024.
What does Alkami Technology’s remaining performance obligation indicate about future revenue?
Alkami’s remaining performance obligation reached $1.7 billion at December 31, 2025. This contracted backlog, described as about 3.6 times live annual recurring revenue, provides substantial visibility into future subscription and service revenues from its digital banking clients.
Filing Exhibits & Attachments
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Alkami Technology, Inc.
NASDAQ:ALKT
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Feb 26, 2026
[10-K] ALKAMI TECHNOLOGY, INC. Files Annual Report