ALKT

MKT CAP:$2B

Alkami Technology, Inc.

Market Cap

$2B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$17.50-$5.18 (-22.84%)

Apr 22, 2026

Company Details

Alkami Technology, Inc. offers a cloud-based digital banking platform in the United States. The company's platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with ...

CEO

Alex Shootman

IPO Date

Apr 14, 2021

Website

www.alkami.com

Key Metrics TTM

Revenue

$444M

+32.9% YoY

Net Income

-$48M

EPS (Diluted)

-$0.46

Free Cash Flow

$43M

Revenue / Share

$4.27

Gross Margin

57.8%

Operating Margin

-12.1%

Net Margin

-10.7%

FCF Margin

9.8%

P/S

3.9x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 26, 2026

$444M+32.9%EPS -$0.46

Q4 2025

Feb 26, 2026

$121M+34.7%EPS -$0.11

Q3 2025

Oct 31, 2025

$113M+31.5%EPS -$0.14

Q2 2025

Jul 31, 2025

$112M+36.4%EPS -$0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$45M	$25M	-$13M
Q2 22	$51M	$27M	-$19M
Q3 22	$53M	$28M	-$19M
Q4 22	$56M	$29M	-$18M
Q1 23	$60M	$32M	-$17M
Q2 23	$66M	$35M	-$18M
Q3 23	$68M	$37M	-$16M
Q4 23	$71M	$40M	-$13M
Q1 24	$76M	$44M	-$12M
Q2 24	$82M	$49M	-$13M
Q3 24	$86M	$51M	-$10M
Q4 24	$90M	$53M	-$9M
Q1 25	$98M	$58M	-$15M
Q2 25	$112M	$66M	-$16M
Q3 25	$113M	$64M	-$13M
Q4 25	$121M	$69M	-$9M

Valuation

Quarter	P/S	P/E
Q1 22	10.6x	—
Q2 22	9.8x	—
Q3 22	9.1x	—
Q4 22	8.5x	—
Q1 23	7.9x	—
Q2 23	7.4x	—
Q3 23	7.0x	—
Q4 23	6.5x	—
Q1 24	6.2x	—
Q2 24	5.8x	—
Q3 24	5.5x	—
Q4 24	5.2x	—
Q1 25	4.9x	—
Q2 25	4.5x	—
Q3 25	4.2x	—
Q4 25	3.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$8M	-$9M
Q2 22	-$11M	-$11M
Q3 22	-$5M	-$5M
Q4 22	-$14M	-$14M
Q1 23	-$10M	-$10M
Q2 23	-$6M	-$6M
Q3 23	$3M	$3M
Q4 23	-$5M	-$7M
Q1 24	$951.0K	-$718.0K
Q2 24	$548.0K	-$2M
Q3 24	$11M	$9M
Q4 24	$6M	$4M
Q1 25	-$6M	-$6M
Q2 25	$1M	$760.0K
Q3 25	$31M	$31M
Q4 25	$19M	$18M

Capital Expenditures

Quarter	CapEx
Q1 22	$282.0K
Q2 22	$308.0K
Q3 22	$374.0K
Q4 22	$93.0K
Q1 23	$229.0K
Q2 23	$188.0K
Q3 23	$357.0K
Q4 23	$2M
Q1 24	$2M
Q2 24	$2M
Q3 24	$2M
Q4 24	$2M
Q1 25	$485.0K
Q2 25	$397.0K
Q3 25	$274.0K
Q4 25	$386.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+34.7%	+37.0%
Q2 22	+37.7%	+48.6%
Q3 22	+34.3%	+42.4%
Q4 22	+30.9%	+32.9%
Q1 23	+33.9%	+32.8%
Q2 23	+30.1%	+21.0%
Q3 23	+26.8%	+15.2%
Q4 23	+28.5%	+14.6%
Q1 24	+26.9%	+15.3%
Q2 24	+24.9%	+14.0%
Q3 24	+26.9%	+15.4%
Q4 24	+25.6%	+16.4%
Q1 25	+28.5%	+28.0%
Q2 25	+36.4%	+34.1%
Q3 25	+31.5%	+30.6%
Q4 25	+34.7%	+32.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$12M	21.2%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$13M	18.7%
Q1 24	$14M	17.8%
Q2 24	$15M	18.3%
Q3 24	$15M	17.8%
Q4 24	$16M	17.4%
Q1 25	$16M	16.4%
Q2 25	$20M	17.4%
Q3 25	$21M	18.4%
Q4 25	$20M	16.4%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$14M	$16M	$8M
Q2 22	$17M	$19M	$10M
Q3 22	$18M	$18M	$10M
Q4 22	$20M	$17M	$9M
Q1 23	$21M	$17M	$11M
Q2 23	$21M	$18M	$14M
Q3 23	$22M	$18M	$12M
Q4 23	$21M	$19M	$12M
Q1 24	$23M	$19M	$14M
Q2 24	$24M	$21M	$17M
Q3 24	$24M	$22M	$14M
Q4 24	$25M	$22M	$15M
Q1 25	$27M	$24M	$18M
Q2 25	$30M	$26M	$23M
Q3 25	$30M	$26M	$19M
Q4 25	$31M	$25M	$20M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	34.7%	-26.8%	7.8
Q2 22	37.7%	-34.6%	3.1
Q3 22	34.3%	-31.3%	3.0
Q4 22	30.9%	-2.4%	28.4
Q1 23	33.9%	-20.7%	13.3
Q2 23	30.1%	-20.2%	9.9
Q3 23	26.8%	-16.0%	10.8
Q4 23	28.5%	-11.7%	16.8
Q1 24	26.9%	-11.3%	15.6
Q2 24	24.9%	-11.5%	13.4
Q3 24	26.9%	-7.7%	19.2
Q4 24	25.6%	-5.5%	20.2
Q1 25	28.5%	-15.7%	12.8
Q2 25	36.4%	-6.2%	30.1
Q3 25	31.5%	-3.5%	28.0
Q4 25	34.7%	-0.6%	34.1

Rule of 40

Revenue Segments

Quarter	Implementation Services	SaaS Subscription Services	Service, Other
Q1 22	$2M	$43M	$404.0K
Q2 22	$2M	$48M	$745.0K
Q3 22	$2M	$51M	$793.0K
Q4 22	$1M	$53M	$1M
Q1 23	$2M	$58M	$807.0K
Q2 23	$3M	$61M	$1M
Q3 23	$2M	$65M	$868.0K
Q4 23	$2M	$69M	$940.0K
Q1 24	$2M	$73M	$1M
Q2 24	$2M	$78M	$2M
Q3 24	$2M	$82M	$2M
Q4 24	$2M	$86M	$2M
Q1 25	$2M	$93M	$3M
Q2 25	$3M	$106M	$3M
Q3 25	$4M	$108M	$2M
Q4 25	$4M	$115M	$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$187M	$112M	$299M
Q2 22	$89M	$124M	$213M
Q3 22	$97M	$112M	$209M
Q4 22	$109M	$88M	$196M
Q1 23	$114M	$71M	$185M
Q2 23	$90M	$86M	$176M
Q3 23	$76M	$102M	$178M
Q4 23	$41M	$51M	$92M
Q1 24	$44M	$43M	$87M
Q2 24	$61M	$26M	$87M
Q3 24	$81M	$20M	$101M
Q4 24	$94M	$21M	$116M
Q1 25	$62M	$34M	$95M
Q2 25	$52M	$35M	$87M
Q3 25	$57M	$34M	$91M
Q4 25	$63M	$36M	$99M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	90M	+1.6%	+8.5%
Q2 22	91M	+0.6%	+21.2%
Q3 22	91M	+0.5%	+4.0%
Q4 22	92M	+0.6%	+3.3%
Q1 23	92M	+0.8%	+2.4%
Q2 23	93M	+1.0%	+2.9%
Q3 23	95M	+1.4%	+3.8%
Q4 23	96M	+1.3%	+4.5%
Q1 24	97M	+1.1%	+4.9%
Q2 24	98M	+1.2%	+5.1%
Q3 24	99M	+1.4%	+5.0%
Q4 24	101M	+1.6%	+5.4%
Q1 25	102M	+1.4%	+5.7%
Q2 25	103M	+0.9%	+5.4%
Q3 25	104M	+0.9%	+4.9%
Q4 25	104M	-0.4%	+2.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$67.2K	667
Q2 22	$75.8K	667
Q3 22	$80.1K	667
Q4 22	$65.3K	851
Q1 23	$70.5K	851
Q2 23	$77.3K	851
Q3 23	$79.6K	851
Q4 23	$77.8K	917
Q1 24	$83.0K	917
Q2 24	$89.6K	917
Q3 24	$93.7K	917
Q4 24	$95.6K	938
Q1 25	$104.3K	938
Q2 25	$119.5K	938
Q3 25	$120.4K	938
Q4 25	$98.6K	1K

Revenue / Employee