Alkami Technology, Inc. (ALKT)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$489.7M

Revenue growth

27.1%

Net income, last twelve months

-$45.1M

Earnings per share

-$0.42

Gross margin

57.4%

Operating margin

-7.3%

Net margin

-9.2%

Free cash flow

$63.2M

Return on equity

-12.4%

Market value

$1.7B

Cash

$45.5M

Debt

$337.2M

Debt to equity

0.93

Shares outstanding

106.9M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 29 July 2026.

• Revenue rose 15.9% to $129.8 million. Second-quarter revenue was $129.8 million, up from $112.1 million. Growth was 15.9% against 28.9% in the first quarter. Six-month revenue was $256.0 million, against $209.9 million.
• Net loss narrowed and Adjusted EBITDA rose. GAAP net loss narrowed to $8.9 million from $13.6 million, and Adjusted EBITDA rose to $19.4 million from $11.9 million a year earlier.
• Adjusted EBITDA margin reached 14.9%. The CFO gave the second-quarter Adjusted EBITDA margin as 14.9%, with nearly 430 basis points of expansion compared with the year-ago quarter.
• 37 digital banking logos in 12 months. Over the last 12 months the company added 37 new digital banking logos, including 15 banks. The first-quarter release reported 6 new digital banking logos and 14 new MANTL logos.
• Five more clients went live. In the second quarter the company brought live five more clients on its Digital Sales and Service Platform, which management said lets clients deepen relationships.
• Half of Q1 new logos were DSSP clients. In the first-quarter release, the company said half of its new logos were Digital Sales and Service Platform clients.
• ARR reached $511.7 million, up 21%. Annual recurring revenue was $511.7 million, up from $423.8 million a year earlier and from $493.6 million at the end of the first quarter.
• Registered users reached 23.6 million. Registered users were 23.6 million, up from 20.9 million a year earlier, after 2.7 million were added over the last 12 months. The first quarter ended at 23.0 million.
• Revenue per registered user up 7.0%. Revenue per registered user was $21.69, up from $20.28. The first-quarter figure was $21.46, up 9% from $19.74 a year earlier.
• Gross margin declined year over year. GAAP gross margin was 56.8% against 58.6%, and non-GAAP gross margin was 63.0% against 65.1%. Amortization of acquired technology was $4.9 million in both periods, within cost of revenues.
• Operating expenses roughly flat year over year. Total operating expenses were $81.5 million, about unchanged from the year-ago quarter. Research and development rose to $31.4 million from $30.2 million, while sales and marketing and general and administrative both fell.
• Non-GAAP R&D and sales spending increased. Non-GAAP research and development rose to $26.3 million from $24.8 million, and non-GAAP sales and marketing rose to $20.5 million from $19.4 million. Non-GAAP general and administrative fell to $16.1 million from $17.2 million.
• Stockholder matters costs in 2026 quarters. Stockholder matters related expenses were $1.1 million in the second quarter and $2.2 million in the first quarter, totaling $3.3 million for the six months.
• Free cash flow positive for six months. Six-month free cash flow was $12.4 million, against negative $8.6 million a year earlier. First-quarter free cash flow was negative $7.4 million, which implies about $19.8 million in the second quarter.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 53 held.

Every filing

The newest filings with the SEC of 124 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

240 funds held it at 30 Jun 2026: 92 added and 67 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Microsoft Corp. (MSFT): revenue $346.4B, market value $3.95T
• Palantir Technologies Inc. (PLTR): revenue $6.2B, market value $473.1B
• Oracle Corp. (ORCL): revenue $71.8B, market value $436.3B
• SAP SE (SAP): revenue $41.6B, market value $276.7B
• CrowdStrike Holdings, Inc. (CRWD): revenue $5.4B, market value $273.1B
• Shopify Inc. (SHOP): revenue $13.3B, market value $218.4B
• Salesforce, Inc. (CRM): revenue $43.9B, market value $199.5B
• ServiceNow, Inc. (NOW): revenue $15.4B, market value $155.6B
• Snowflake Inc. (SNOW): revenue $5.4B, market value $119.8B
• Cloudflare, Inc. (NET): revenue $2.5B, market value $113.0B

What the company does

Alkami is a cloud-based digital sales and service platform provider for community, regional and super-regional financial institutions in the United States. Its main product is the Alkami Digital Sales & Service Platform, which combines the Alkami Digital Banking Platform, Onboarding & Account Opening, and Data & Marketing. As of 31 December 2025, it served 301 financial institutions through the Alkami Digital Banking Platform and over 960 clients when counting those that subscribe only to ACH Alert, Segmint or MANTL products.

What it sells

A typical client starts with a set of core components and adds products over time. On average, clients used 16 of the 36 products as of 31 December 2025, and the 2025 new client cohort contracted for 19 on average.

ACH Alert (October 2020) brought fraud prevention tools. Segmint (April 2022) added financial data analytics and marketing tools. MANTL (March 2025) added onboarding, account opening and loan origination for deposit account and loan types.

How it makes money

SaaS subscription services were 95.0% of total revenues. The platform contracts run for multiple years, with an average contract life of approximately 70 months as of 31 December 2025. Pricing is mostly per registered user. Clients pay contractual minimums for each licensed solution, plus further fees above those minimums. Per-user discounts apply as a client reaches higher levels of customer or member penetration, which gives clients a reason to promote digital banking to their account holders.

The company also charges implementation fees and, on request, provides custom development and other professional services. These are generally one-time and cover non-standard features or integrations. Cross-sell to existing clients contributed 54% of total contract value in 2025.

Who buys from it

Its target clients are the top 2,500 financial institutions by assets, excluding the largest banks, which the company calls megabanks. Clients include credit unions and banks across retail and business banking. No single client represented more than 5% of total revenues in 2025. The company sells mainly through an internal sales force made up of new platform sales representatives, a cross-sell team and client success managers. A sales cycle typically takes approximately three to 12 months, and implementation generally takes six to 12 months.

How the platform is built

The platform runs entirely on Amazon Web Services and averaged over 99.95% uptime in 2025. It is multi-tenant and uses a single code base with continuous delivery, so updates reach all clients together. It maintains more than 300 integrations with core systems and third-party fintech providers, covering areas such as payment cards, mortgages, bill pay and account opening. Clients can extend it using a software development kit and application programming interfaces. The company says the average registered user logged in three to four times per week in 2025. The company also set up a subsidiary in India during 2024, and its operations there are immaterial to the consolidated financial statements.

How it competes

For digital banking, the company competes with core processing vendors that also offer digital banking, and with other digital banking companies. For its other solutions, it competes with point solution vendors, core processors and internally built systems. The filing says many competitors have more financial, technical and marketing resources, larger client bases and longer operating histories. It also partners with some of these vendors and receives referrals from them. The company says it competes favorably on factors such as integration across its solutions, single-platform support for consumer and commercial customers, security, implementation quality and pace of development.

Regulation and people

As a technology provider to regulated financial institutions, the company may be examined by banking regulators. Under the Bank Service Company Act, the OCC, the Federal Reserve and the FDIC can supervise third-party service providers like it. It is registered as a credit union service organization, and the Consumer Financial Protection Bureau can also examine certain service providers. The company says it is not currently under FFIEC examination. Its solutions must help clients meet laws including the Gramm-Leach-Bliley Act, the Electronic Funds Transfer Act and the Bank Secrecy Act.

None of its employees are represented by a labor union. The company lets employees work from anywhere in the United States.

*From Alkami's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1529274/000152927426000009/alk-20251231.htm)*

From the company's 10-K.