Alkami Technology, Inc.

What they do

Alkami provides a SaaS Digital Sales & Service Platform, including digital banking, onboarding and account opening, and data and marketing solutions. The platform integrates with core systems and third-party fintechs via over 300 real-time integrations. Clients are primarily banks and credit unions, contracted under multi-year subscription agreements with an average contract life of about 70 months.

Revenue drivers

• Digital Banking Platform subscriptions — Primary revenue source, priced per registered user with incremental fees above contractual minimums. Platform clients grew from 236 (2023) to 301 (2025).
• Add-on products (Onboarding & Account Opening, Data & Marketing) — Expansion revenue from cross-selling additional modules. Existing clients average 16 of 36 products; 2025 new clients average 19 products.
• Partnerships and integrations — Over 300 integrations to back-office systems and fintechs enhance platform stickiness and create monetization opportunities through data and third-party services.

Recent performance

For Q2 2026, revenue was $129.8M, up 15.9% year-over-year, with a GAAP net loss of $8.9M (improved from $13.6M loss). Adjusted EBITDA was $19.4M, up from $11.9M. Annual recurring revenue reached $511.7M, up 21% year-over-year, and registered users grew to 23.6M. Full-year 2025 revenue was $443.6M with a net loss of $47.7M; operating cash flow was $42.9M.

Strategy

Management emphasizes expanding product depth and cross-selling to existing clients, with new clients contracting for more products on average. Acquisitions (ACH Alert, Segmint, MANTL) expand adjacent capabilities like fraud prevention, data analytics, and account opening. Investment in a new India subsidiary supports future operational needs. The company targets the top 2,500 FIs excluding megabanks, using a direct sales force.

Risks

• Client concentration and renewal risk — Revenue depends on long-term contracts with a limited number of financial institutions; failure to renew or expand could materially impact results.
• Integration complexity — Dependence on integrating with third-party core systems and fintechs; any failure or delay could affect client satisfaction and growth.
• Cybersecurity and data privacy — A breach of Alkami's or third-party systems could expose sensitive financial data, leading to liability and reputational damage.
• Rapid growth and operational scalability — Managing growth, including the new India operations and acquisitions, may strain resources and lead to cost overruns or execution missteps.

Outlook

Management guides Q3 2026 revenue of $132.7M to $134.2M and Adjusted EBITDA of $23.5M to $24.3M. Full-year 2026 revenue is guided at $528.0M to $531.0M, with Adjusted EBITDA of $96.0M to $98.0M. The outlook reflects continued client expansion and strong pipeline.