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Alkami Announces Second Quarter 2025 Financial Results

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Alkami Technology (Nasdaq: ALKT), a cloud-based digital banking solutions provider, reported strong Q2 2025 financial results. The company achieved total revenue of $112.1 million, up 36.4% year-over-year, with a non-GAAP gross margin of 65.1%. Despite posting a GAAP net loss of $(13.6) million, Alkami's Adjusted EBITDA reached $11.9 million, significantly higher than $4.6 million in the year-ago quarter.

The company now serves 20.9 million users on its platform, representing a growth of 2.3 million users year-over-year. Annual recurring revenue reached $424 million, up 32%, with revenue per registered user increasing 17% to $20.28. For Q3 2025, Alkami projects revenue between $112.5-$114.0 million and full-year 2025 revenue of $443.0-$447.0 million.

The company's recent MANTL acquisition showed immediate results, adding 23 new clients in Q2, including three new Alkami digital banking wins.

Alkami Technology (Nasdaq: ALKT), fornitore di soluzioni bancarie digitali basate su cloud, ha riportato solidi risultati finanziari del secondo trimestre 2025. L'azienda ha raggiunto un fatturato totale di 112,1 milioni di dollari, in crescita del 36,4% su base annua, con un margine lordo non-GAAP del 65,1%. Nonostante una perdita netta GAAP di 13,6 milioni di dollari, l'EBITDA rettificato di Alkami ha raggiunto 11,9 milioni di dollari, significativamente superiore ai 4,6 milioni del trimestre dell'anno precedente.

L'azienda serve ora 20,9 milioni di utenti sulla sua piattaforma, con una crescita di 2,3 milioni di utenti rispetto all'anno precedente. Il ricavo ricorrente annuo ha raggiunto 424 milioni di dollari, in aumento del 32%, con un ricavo per utente registrato aumentato del 17% a 20,28 dollari. Per il terzo trimestre 2025, Alkami prevede un fatturato tra 112,5 e 114,0 milioni di dollari e un fatturato annuo 2025 tra 443,0 e 447,0 milioni di dollari.

L'acquisizione recente di MANTL ha mostrato risultati immediati, aggiungendo 23 nuovi clienti nel secondo trimestre, inclusi tre nuovi contratti per la banca digitale Alkami.

Alkami Technology (Nasdaq: ALKT), proveedor de soluciones bancarias digitales basadas en la nube, report贸 s贸lidos resultados financieros del segundo trimestre de 2025. La compa帽铆a alcanz贸 un ingreso total de 112.1 millones de d贸lares, un aumento del 36.4% interanual, con un margen bruto non-GAAP del 65.1%. A pesar de registrar una p茅rdida neta GAAP de 13.6 millones de d贸lares, el EBITDA ajustado de Alkami fue de 11.9 millones de d贸lares, mucho mayor que los 4.6 millones del mismo trimestre del a帽o anterior.

La empresa ahora atiende a 20.9 millones de usuarios en su plataforma, representando un crecimiento de 2.3 millones de usuarios respecto al a帽o anterior. Los ingresos recurrentes anuales alcanzaron 424 millones de d贸lares, un aumento del 32%, con ingresos por usuario registrado increment谩ndose un 17% a 20.28 d贸lares. Para el tercer trimestre de 2025, Alkami proyecta ingresos entre 112.5 y 114.0 millones de d贸lares y para todo el a帽o 2025 ingresos entre 443.0 y 447.0 millones de d贸lares.

La reciente adquisici贸n de MANTL mostr贸 resultados inmediatos, agregando 23 nuevos clientes en el segundo trimestre, incluidos tres nuevos contratos de banca digital Alkami.

Alkami Technology (雮橃姢雼�: ALKT)電� 韥措澕鞖半摐 旮半皹 霐旍韯� 氡呿偣 靻旊(靺� 鞝滉车鞐呾泊搿滌劀 臧曤牓頃� 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氤搓碃頄堨姷雼堧嫟. 須岇偓電� 毳� 旮半頃橂┌ 鞝勲厔 霃欔赴 雽牍� 36.4% 歃濌皜頄堦碃, 牍�-GAAP 旮办 齑濎澊鞚惦鞚 65.1%鞓鞀惦媹雼�. GAAP 旮办 靾滌啇鞁� 1,360毵� 雼煬毳� 旮半頄堨潓鞐愲弰 攵堦惮頃橁碃, Alkami鞚� 臁办爼 EBITDA電� 搿� 鞝勲厔 霃欔赴 460毵� 雼煬氤措嫟 韥矊 歃濌皜頄堨姷雼堧嫟.

順勳灛 須岇偓 頂岆灚韽检棎電� 鞚� 靷毄鞛愱皜 鞛堨溂氅�, 鞝勲厔 雽牍� 230毵� 氇呾澊 歃濌皜頄堨姷雼堧嫟. 鞐瓣皠 氚橂车 靾橃澋鞚 搿� 32% 歃濌皜頄堦碃, 霌彪 靷毄鞛愲嫻 靾橃澋鞚 17% 歃濌皜頃� 20.28雼煬毳� 旮半頄堨姷雼堧嫟. 2025雲� 3攵勱赴 毵れ稖鞚 1鞏� 1,250毵寏1鞏� 1,400毵� 雼煬, 2025雲� 鞝勳泊 毵れ稖鞚 4鞏� 4,300毵寏4鞏� 4,700毵� 雼煬搿� 鞓堨儊霅╇媹雼�.

斓滉芳 鞚胳垬頃� MANTL鞚 歃夑皝鞝侅澑 靹标臣毳� 氤挫澊氅� 2攵勱赴鞐� 鞚� 於旉皜頄堨溂氅�, 鞚� 欷� 靹� 瓿踌潃 Alkami 霐旍韯� 氡呿偣 鞁犼窚 瓿犼皾鞛呺媹雼�.

Alkami Technology (Nasdaq : ALKT), fournisseur de solutions bancaires num茅riques bas茅es sur le cloud, a annonc茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025. La soci茅t茅 a r茅alis茅 un chiffre d'affaires total de 112,1 millions de dollars, en hausse de 36,4 % sur un an, avec une marge brute non-GAAP de 65,1 %. Malgr茅 une perte nette GAAP de 13,6 millions de dollars, l'EBITDA ajust茅 d'Alkami a atteint 11,9 millions de dollars, nettement sup茅rieur aux 4,6 millions du trimestre de l'ann茅e pr茅c茅dente.

La soci茅t茅 compte d茅sormais 20,9 millions d'utilisateurs sur sa plateforme, soit une croissance de 2,3 millions d'utilisateurs par rapport 脿 l'ann茅e pr茅c茅dente. Le revenu r茅current annuel a atteint 424 millions de dollars, en hausse de 32 %, avec un revenu par utilisateur inscrit en hausse de 17 % 脿 20,28 dollars. Pour le troisi猫me trimestre 2025, Alkami pr茅voit un chiffre d'affaires compris entre 112,5 et 114,0 millions de dollars et un chiffre d'affaires annuel 2025 entre 443,0 et 447,0 millions de dollars.

La r茅cente acquisition de MANTL a donn茅 des r茅sultats imm茅diats, ajoutant 23 nouveaux clients au deuxi猫me trimestre, dont trois nouveaux contrats de banque digitale Alkami.

Alkami Technology (Nasdaq: ALKT), ein Anbieter cloudbasierter digitaler Bankl枚sungen, meldete starke Finanzergebnisse f眉r das zweite Quartal 2025. Das Unternehmen erzielte einen Gesamtumsatz von 112,1 Millionen US-Dollar, was einem Anstieg von 36,4 % im Jahresvergleich entspricht, mit einer Non-GAAP-Bruttomarge von 65,1 %. Trotz eines GAAP-Nettogesamtverlusts von 13,6 Millionen US-Dollar erreichte Alkamis bereinigtes EBITDA 11,9 Millionen US-Dollar, deutlich h枚her als 4,6 Millionen im Vorjahresquartal.

Das Unternehmen betreut nun 20,9 Millionen Nutzer auf seiner Plattform, was einem Wachstum von 2,3 Millionen Nutzern gegen眉ber dem Vorjahr entspricht. Der j盲hrliche wiederkehrende Umsatz erreichte 424 Millionen US-Dollar, ein Anstieg von 32 %, wobei der Umsatz pro registriertem Nutzer um 17 % auf 20,28 US-Dollar stieg. F眉r das dritte Quartal 2025 prognostiziert Alkami einen Umsatz zwischen 112,5 und 114,0 Millionen US-Dollar und f眉r das Gesamtjahr 2025 einen Umsatz zwischen 443,0 und 447,0 Millionen US-Dollar.

Die k眉rzliche 脺bernahme von MANTL zeigte sofortige Ergebnisse und brachte im zweiten Quartal 23 neue Kunden, darunter drei neue digitale Bankkunden von Alkami.

Positive
  • Revenue grew significantly by 36.4% year-over-year to $112.1 million
  • Adjusted EBITDA increased to $11.9 million from $4.6 million year-ago quarter
  • Non-GAAP gross margin improved to 65.1% from 63.2% year-ago quarter
  • User base expanded by 2.3 million to 20.9 million users
  • Annual recurring revenue grew 32% to $424 million
  • Revenue per registered user increased 17% to $20.28
  • MANTL acquisition added 23 new clients in Q2
Negative
  • GAAP net loss increased to $(13.6) million from $(12.3) million year-ago quarter
  • GAAP gross margin declined to 58.6% from 59.4% year-ago quarter

Insights

Alkami posts impressive 36.4% revenue growth with expanding non-GAAP margins, though still operating at a net loss while showing strong ARR growth.

Alkami delivered robust Q2 2025 results with $112.1 million in revenue, representing impressive 36.4% year-over-year growth. The company's platform expansion continues at a healthy pace, now serving 20.9 million users 鈥� an addition of 2.3 million users compared to the year-ago period.

Looking at profitability metrics, Alkami showed mixed results. While GAAP gross margin slightly contracted to 58.6% from 59.4%, the non-GAAP gross margin improved to 65.1% from 63.2%, indicating better underlying operational efficiency when excluding certain costs. The company still operates at a loss with a GAAP net loss of $13.6 million, slightly worse than the $12.3 million loss in Q2 2024.

Particularly noteworthy is the substantial improvement in Adjusted EBITDA, which reached $11.9 million 鈥� more than doubling from $4.6 million in the year-ago quarter and exceeding management's target by over 25%. This suggests significant progress in scaling the business while controlling costs.

The company's annual recurring revenue (ARR) reached $424 million, growing 32% year-over-year. Meanwhile, revenue per registered user increased to $20.28, up 17%, demonstrating improving monetization of the user base.

Alkami's recent acquisition of MANTL appears to be paying dividends, with 23 new clients added in Q2, including cross-selling opportunities with both new and existing Alkami digital banking clients. This integration strengthens Alkami's competitive position in digital onboarding and account opening functionalities.

For Q3 2025, management expects revenue between $112.5-114.0 million with Adjusted EBITDA of $13.0-14.0 million. The full-year 2025 guidance projects revenue of $443.0-447.0 million and Adjusted EBITDA of $51.5-54.0 million, indicating continued strong growth and improving profitability metrics.

PLANO, Texas, July 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 second quarter ending June 30, 2025.

Second Quarter 2025 Financial Highlights

  • GAAP total revenue of $112.1 million, an increase of 36.4% compared to the year-ago quarter;
  • GAAP gross margin of 58.6%, compared to 59.4% in the year-ago quarter;
  • Non-GAAP gross margin of 65.1%, compared to 63.2% in the year-ago quarter;
  • GAAP net loss of $(13.6) million, compared to $(12.3) million in the year-ago quarter; and
  • Adjusted EBITDA of $11.9 million, compared to $4.6 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 second quarter, with revenue growth of 36% and Adjusted EBITDA of $12 million. We exited the second quarter with 20.9 million users on the Alkami platform, up 2.3 million compared to the year-ago quarter."

Shootman added, "We continue to see robust demand for digital transformation among regional and community financial institutions. Most of the 250 million-plus digital users in our target market are still on legacy platforms that do not deliver the functionality and experience today's consumers demand. This is particularly evident with onboarding and account opening, and is what informed our recent acquisition of MANTL. In the second quarter alone, MANTL added 23 new clients, including three that were attached to new Alkami digital banking wins and six that were existing Alkami digital banking clients. Today we believe we deliver the best digital sales and service platform in the industry, with fully-integrated digital banking, data and marketing, and onboarding and account opening."

Bryan Hill, Chief Financial Officer, said, "We exited the second quarter with annual recurring revenue of $424 million, up 32%, and revenue per registered user of $20.28, up 17% compared to the year-ago quarter. We also outperformed our Adjusted EBITDA target by over 25%, 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 third quarter ending September 30, 2025 of:

  • GAAP total revenue in the range of $112.5 million to $114.0 million;
  • Adjusted EBITDA in the range of 13.0 million to 14.0 million.

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

  • GAAP total revenue in the range of $443.0 million to $447.0 million;
  • Adjusted EBITDA in the range of 51.5 million to 54.0 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 07594. 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 .

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) loss on financial instruments, (2) amortization, (3) stock-based compensation expense, (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) loss on financial instruments, (3) interest expense (income), net, (4) depreciation and amortization (5) stock-based compensation expense, (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)


June 30,


December 31,


2025


2024

Assets




Current assets




Cash and cash equivalents

$听听听听听听听听听听听听听听听听 52,426


$听听听听听听听听听听听听听听听听 94,359

Marketable securities

34,686


21,375

Accounts receivable, net

47,679


38,739

Deferred costs, current

14,629


13,207

Prepaid expenses and other current assets

28,411


13,697

听Total current assets

177,831


181,377

Property and equipment, net

24,190


22,075

Right-of-use assets

14,213


14,565

Deferred costs, net of current portion

38,516


37,178

Intangibles, net

172,182


29,021

Goodwill

403,814


148,050

Other assets

9,643


5,011

听Total assets

$听听听听听听听听听听听听听听 840,389


$听听听听听听听听听听听听听听 437,277

Liabilities and Stockholders' Equity




Current liabilities




Accounts payable

$听听听听听听听听听听听听听听听听听听 6,704


$听听听听听听听听听听听听听听听听听听 6,129

Accrued liabilities

30,965


24,520

Deferred revenues, current portion

27,157


13,578

Lease liabilities, current portion

1,584


1,343

听Total current liabilities

66,410


45,570

Deferred revenues, net of current portion

25,600


15,526

Deferred income taxes

2,413


1,822

Convertible senior notes, net

335,208


鈥�

Revolving loan

50,000


鈥�

Lease liabilities, net of current portion

16,513


17,109

Other non-current liabilities

229


220

听Total liabilities

496,373


80,247

Stockholders' Equity




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

鈥�


鈥�

Common stock, $0.001 par value, 500,000,000 shares authorized; and 104,083,138 and
102,088,783 shares issued and outstanding as of June 30, 2025 and December 31, 2024,
respectively

104


102

Additional paid-in capital

841,520


833,129

Accumulated deficit

(497,608)


(476,201)

听Total stockholders' equity

344,016


357,030

听Total liabilities and stockholders' equity

$听听听听听听听听听听听听听听 840,389


$听听听听听听听听听听听听听听 437,277

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(UNAUDITED)


Three months ended June 30,


Six months ended June 30,


2025


2024


2025


2024

Revenues

$听听听听听听听听听听听听听听 112,059


$听听听听听听听听听听听听听听听听 82,160


$听听听听听听听听听听听听听 209,894


$听听听听听听听听听听听听听听 158,287

Cost of revenues(1)

46,441


33,389


86,516


65,484

Gross profit

65,618


48,771


123,378


92,803

Operating expenses:








Research and development

30,231


23,909


57,116


46,729

Sales and marketing

22,991


16,964


40,890


30,807

General and administrative

26,039


20,612


49,810


39,927

Acquisition-related expenses

513


135


2,891


195

Amortization of acquired intangibles

1,707


358


2,275


717

Loss on impairment of intangible assets

鈥�


鈥�


1,655


鈥�

Total operating expenses

81,481


61,978


154,637


118,375

Loss from operations

(15,863)


(13,207)


(31,259)


(25,572)

Non-operating income (expense):








Interest income

1,164


1,261


2,260


2,343

Interest expense

(3,188)


(74)


(3,989)


(147)

Loss on financial instruments

鈥�


(112)


鈥�


鈥�

Loss before income taxes

(17,887)


(12,132)


(32,988)


(23,376)

(Benefit from) provision for income taxes

(4,296)


185


(11,581)


374

Net loss

$听听听听听听听听听听听听听听 (13,591)


$听听听听听听听听听听听听听听 (12,317)


$听听听听听听听听听听听听听听 (21,407)


$听听听听听听听听听听听听听听 (23,750)

Net loss per share attributable to common stockholders:








Basic and diluted

$听听听听听听听听听听听听听听听听听听听 (0.13)


$听听听听听听听听听听听听听听听听听听听 (0.13)


$听听听听听听听听听听听听听听听听听听 (0.21)


$听听听听听听听听听听听听听听听听听听听 (0.24)

Weighted-average number of shares of common stock outstanding:








Basic and diluted

103,389,459


98,103,527


102,912,715


97,524,379


(1)听Includes amortization of acquired technology of $4.9听million and $1.4听million for the three months ended June 30, 2025 and 2024, respectively and $6.8听million and $2.7听million for the six months ended June 30, 2025 and 2024, respectively.

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(UNAUDITED)


Six months ended June 30,


2025


2024

Cash flows from operating activities:




Net loss

$听听听听听听听听听听听听听听 (21,407)


$听听听听听听听听听听听听听听 (23,750)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:




Depreciation and amortization expense

11,186


5,175

Accrued interest on marketable securities, net

(540)


(787)

Stock-based compensation expense

35,608


28,565

Amortization of discount and debt issuance costs

785


65

Loss on impairment of intangible assets

1,655


鈥�

Deferred taxes

(12,006)


47

Changes in operating assets and liabilities:




Accounts receivable

(7,461)


(3,453)

Prepaid expenses and other assets

(15,752)


(3,790)

Accounts payable and accrued liabilities

4,199


(653)

Deferred costs

(2,280)


(2,569)

Deferred revenues

1,506


2,649

Net cash (used in) provided by operating activities

(4,507)


1,499

Cash flows from investing activities:




Purchase of marketable securities

(29,971)


(15,588)

Proceeds from sales, maturities and redemptions of marketable securities

17,200


41,609

Purchases of property and equipment

(882)


(731)

Capitalized software development costs

(3,208)


(3,015)

Acquisition of business, net of cash acquired

(375,499)


鈥�

Net cash (used in) provided by investing activities

(392,360)


22,275

Cash flows from financing activities:




Payments on revolving loan

(10,000)


鈥�

Debt issuance costs paid

(1,898)


鈥�

Proceeds from Employee Stock Purchase Plan issuances

2,943


2,598

Proceeds from issuance of convertible senior notes

335,513


鈥�

Proceeds from borrowing under revolving loan

60,000


鈥�

Purchase of capped call transaction

(33,879)


鈥�

Payments for taxes related to net settlement of equity awards

鈥�


(12,795)

Proceeds from stock option exercises

2,255


6,928

Net cash provided by (used in) financing activities

354,934


(3,269)

Net (decrease) increase in cash and cash equivalents

(41,933)


20,505

Cash and cash equivalents, beginning of period

94,359


40,927

Cash and cash equivalents, end of period

$听听听听听听听听听听听听听听听听 52,426


$听听听听听听听听听听听听听听听听 61,432

ALKAMI TECHNOLOGY, INC.

RECONCILIATION听 OF GAAP TO NON-GAAP MEASURES

(In thousands, except per share data)

(UNAUDITED)


Three Months Ended


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP total revenues

$听听 112,059


$听听听听 82,160


$听听 209,894


$听听 158,287










June 30,






2025


2024





Annual Recurring Revenue (ARR)

$听听 423,763


$听听 321,284





Registered Users

20,891


18,584





Revenue per Registered User (RPU)

$听听听听听听 20.28


$听听听听听听 17.29













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


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP cost of revenues

$听听听听 46,441


$听听听听 33,389


$听听听听 86,516


$听听听听 65,484

Amortization

(5,636)


(1,793)


(8,134)


(3,568)

Stock-based compensation expense

(1,706)


(1,347)


(4,342)


(2,525)

Non-GAAP cost of revenues

$听听听听 39,099


$听听听听 30,249


$听听听听 74,040


$听听听听 59,391









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


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP gross margin

58.6听%


59.4听%


58.8听%


58.6听%

Amortization

5.0听%


2.2听%


3.9听%


2.3听%

Stock-based compensation expense

1.5听%


1.6听%


2.0听%


1.6听%

Non-GAAP gross margin

65.1听%


63.2听%


64.7听%


62.5听%









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


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP research and development expense

$听听听听 30,231


$听听听听 23,909


$听听听听 57,116


$听听听听 46,729

Stock-based compensation expense

(5,424)


(4,256)


(10,858)


(8,254)

Non-GAAP research and development expense

$听听听听 24,807


$听听听听 19,653


$听听听听 46,258


$听听听听 38,475









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


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP sales and marketing expense

$听听听听 22,991


$听听听听 16,964


$听听听听 40,890


$听听听听 30,807

Stock-based compensation expense

(3,550)


(2,291)


(6,397)


(4,322)

Non-GAAP sales and marketing expense

$听听听听 19,441


$听听听听 14,673


$听听听听 34,493


$听听听听 26,485









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


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP general and administrative expense

$听听听听 26,039


$听听听听 20,612


$听听听听 49,810


$听听听听 39,927

Stock-based compensation expense

(8,835)


(7,119)


(17,920)


(13,464)

Non-GAAP general and administrative expense

$听听听听 17,204


$听听听听 13,493


$听听听听 31,890


$听听听听 26,463









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听Measures" section.


Three Months Ended


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP loss before income taxes

$听听听 (17,887)


$听听听 (12,132)


$听听听 (32,988)


$听听听 (23,376)

Loss on financial instruments

鈥�


112


鈥�


鈥�

Amortization

7,370


2,151


10,436


4,285

Stock-based compensation expense

19,515


15,013


39,517


28,565

Acquisition-related expenses

513


135


2,891


195

Loss on impairment of intangible assets

鈥�


鈥�


1,655


鈥�

Non-GAAP income before income taxes

$听听听听听听 9,511


$听听听听听听 5,279


$听听听听 21,511


$听听听听听听 9,669

























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


Six Months Ended


June 30,


June 30,


2025


2024


2025


2024

GAAP net loss

$听听听 (13,591)


$听听听 (12,317)


$听听听 (21,407)


$听听听 (23,750)

(Benefit from) provision for income taxes

(4,296)


185


(11,581)


374

Loss on financial instruments

鈥�


112


鈥�


鈥�

Interest expense (income), net

2,024


(1,187)


1,729


(2,196)

Depreciation and amortization

7,756


2,613


11,186


5,175

Stock-based compensation expense

19,515


15,013


39,517


28,565

Acquisition-related expenses

513


135


2,891


195

Loss on impairment of intangible assets

鈥�


鈥�


1,655


鈥�

Adjusted EBITDA

$听听听听 11,921


$听听听听听听 4,554


$听听听听 23,990


$听听听听听听 8,363

Investor Relations Contact
Steve Calk
[email protected]

Media Relations Contacts
Marla Pieton
[email protected]

Valerie听Kerner
[email protected]

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SOURCE Alkami Technology, Inc.

FAQ

What were Alkami's (ALKT) Q2 2025 revenue and growth rate?

Alkami reported Q2 2025 revenue of $112.1 million, representing a 36.4% increase compared to the same quarter last year.

How many users does Alkami (ALKT) have on its platform in Q2 2025?

Alkami had 20.9 million users on its platform by the end of Q2 2025, adding 2.3 million users compared to the year-ago quarter.

What is Alkami's (ALKT) annual recurring revenue for Q2 2025?

Alkami's annual recurring revenue reached $424 million, showing a 32% growth compared to the year-ago quarter.

What is Alkami's (ALKT) revenue guidance for full-year 2025?

Alkami projects full-year 2025 GAAP total revenue in the range of $443.0 million to $447.0 million.

How did MANTL acquisition perform for Alkami (ALKT) in Q2 2025?

MANTL added 23 new clients in Q2, including three new Alkami digital banking wins and six existing Alkami digital banking clients.
Alkami Technology, Inc.

NASDAQ:ALKT

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ALKT Stock Data

2.70B
67.43M
24.55%
71.74%
1.47%
Software - Application
Services-prepackaged Software
United States
PLANO