Alkami Technology, Inc.

alkami.com

What Do They Do?

Provides digital banking software, onboarding and account-opening tools, and data-and-marketing services to community, regional and super-regional banks and credit unions.

How Do They Make Money?

Financial institutions pay mainly recurring fees for access to the digital platform, billed monthly based on minimum registered-user counts plus additional users above those minimums. They are also typically charged a one-time upfront implementation fee.

revenue

Segment	Share	How money arrives
SaaS subscription services Recurring	95% FY2022: 95%	Recurring
Implementation services Sold outright	2.8% FY2022: 3.4%	Sold outright
Other services	2.1% FY2022: 1.4%

Who Are Their Customers?

Institutions typically start with a subset of the platform under a subscription contract; an internal sales force handles new sales, cross-selling and ongoing account relationships.

Do Revenues Turn Into Profits?

Not on paper. It lost $47.7M in FY2025, but brought in more cash than it spent: $41.4M of free cash flow.

Operating income, FY2025

−12% of revenue

▲ +20% (Loss) vs FY2024 (−$44.6M, −13%)

Net income, FY2025

−11% of revenue

▲ +17% (Loss) vs FY2024 (−$40.8M, −12%)

Free cash flow, FY2025

9% of revenue

▲ +138% vs FY2024 ($17.4M, 5%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +16%; vs $112.1M in Q2 FY2025
Net income: ▼ −35% (Loss); vs −$13.6M in Q2 FY2025

SaaS subscription services share of revenue vs 94.5% in Q2 FY2025

Jul 29, 2026 Provides full-year revenue and adjusted EBITDA guidance Revenue: $528.0 million to $531.0 million; adjusted EBITDA: $96.0 million to $98.0 million.

Growing. Revenue grew 2.9x in 4 years, from $152.2M in FY2021 to $443.6M in FY2025, about 31% a year.

Revenue over time

SaaS subscription services Implementation services Other services

$500M$250M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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