Alkami Technology Inc

Latest Results (22.11.2025):

Alkami Technology, Inc. reported results for the second quarter of 2025 (Q2 2025). GAAP total revenue rose to $112.1 million (up 36.4% year‑over‑year). The company posted a GAAP net loss of $(13.6) million while delivering Adjusted EBITDA of $11.9 million. Alkami exited the quarter with 20.9 million users and $424 million in annual recurring revenue (ARR), and provided guidance for Q3 2025 and full‑year 2025 revenue and Adjusted EBITDA ranges.

Revenue and Growth

GAAP total revenue was $112.1 million in Q2 2025, a 36.4% increase versus Q2 2024, driven by continued demand for digital banking conversions and product adoption.

Margins

GAAP gross margin was 58.6% (vs. 59.4% year‑ago). Non‑GAAP gross margin improved to 65.1% from 63.2% in the year‑ago quarter, reflecting adjustments that exclude amortization and stock‑based compensation.

Profitability Metrics

GAAP net loss widened slightly to $(13.6) million in Q2 2025 (vs. $(12.3) million a year earlier). Adjusted EBITDA rose substantially to $11.9 million (vs. $4.6 million in Q2 2024), indicating stronger underlying operating performance on a non‑GAAP basis.

Users, ARR and ARPU

Alkami ended Q2 2025 with 20.9 million registered users (up 2.3 million YoY). ARR was $424 million (up 32% YoY) and revenue per registered user increased to $20.28 (up 17% YoY).

MANTL Acquisition Impact

The company cited its recent acquisition of MANTL as strategic for onboarding/account opening; MANTL added 23 clients in Q2 2025, including three tied to new Alkami wins and six that were existing Alkami clients.

Guidance

Q3 2025 guidance: GAAP revenue $112.5M–$114.0M and Adjusted EBITDA $13.0M–$14.0M. Full‑year 2025 guidance: GAAP revenue $443.0M–$447.0M and Adjusted EBITDA $51.5M–$54.0M.

Management Commentary

Management highlighted robust demand among regional and community financial institutions, progress in scaling the business (outperforming Adjusted EBITDA targets by over 25%), and confidence in Alkami’s digital sales, service and onboarding capabilities.