Alkami Technology Inc

Latest Results (17.05.2026):

Alkami Technology Inc. reported results for the fourth quarter of 2025 (quarter ended December 31, 2025): GAAP total revenue of $120.8 million (up 34.7% year-over-year), a GAAP net loss of $11.4 million, and Adjusted EBITDA of $19.1 million. For full-year 2025 Alkami reported $443.6 million in GAAP revenue (up 32.9%), ARR of $480.3 million, 22.4 million registered users, and provided guidance for Q1 and fiscal 2026.

Revenue and growth

Q4 2025 GAAP total revenue: $120.8M (+34.7% vs. Q4 2024). Full-year 2025 GAAP total revenue: $443.6M (+32.9% vs. 2024).

Profitability and margins

Q4 GAAP gross margin was 57.2% (down from 59.3% a year earlier); non-GAAP gross margin was 63.4% (up from 63.1%). Q4 GAAP net loss: $(11.4)M (vs. $(7.6)M in Q4 2024).

Adjusted EBITDA (non-GAAP)

Adjusted EBITDA for Q4 2025: $19.1M (vs. $10.2M in Q4 2024). Full-year 2025 Adjusted EBITDA: $59.1M (vs. $26.9M in 2024), more than double year‑over‑year.

Users, ARR and monetization

Registered users at Dec. 31, 2025: 22.4 million (added 2.4M in 2025). Annual Recurring Revenue (ARR) at year-end: $480.3M (+35% vs. Dec. 31, 2024). Revenue per registered user (RPU): $21.44 (vs. $17.81 a year earlier).

Balance sheet & cash flow

Total assets rose to $847.2M at Dec. 31, 2025 (from $437.3M), reflecting acquisition-related intangibles and goodwill increases. Cash and cash equivalents: $63.5M (down from $94.4M). Q4 / FY cash highlights: net cash provided by operating activities in 2025 was $42.9M; free cash flow for 2025 was $34.2M. Acquisition of business used $375.5M of cash in investing activities.

Capital structure and notable items

Convertible senior notes, net: $336.2M at year-end 2025. Other financing activity included proceeds from convertible notes and a $60M borrowing under the revolving loan; the company also purchased capped calls ($33.9M).

Sales momentum and client wins

Management reported expansion of the client portfolio with 39 new logos in 2025 (including 11 banks) and said Q4 was the best new-logo quarter in four years; they highlighted traction for the integrated Digital Sales & Service Platform in H2 2025.

Guidance for 2026

Q1 2026 guidance: GAAP revenue $124.7M–$125.7M and Adjusted EBITDA $21.1M–$21.9M. Fiscal 2026 guidance: GAAP revenue $525.5M–$530.5M and Adjusted EBITDA $93.5M–$97.5M. The company noted these are forward-looking estimates subject to risks and uncertainties.

Remaining performance obligation

Remaining performance obligation was $1.7 billion at Dec. 31, 2025, which the company cited as providing substantial visibility into future operating and financial performance.