Alkami Technology, Inc.
- Open
- 20.25
- Day high
- 20.50
- Day low
- 20.15
- Prev close
- 19.88
- Volume
- 105K
- Mkt cap
- $2.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 6.0
- P/S
- 4.4
- Yield
- —
- Per share
- —
Alkami Technology, Inc. (ALKT) is a Technology company listed on NASDAQ. The stock is down 20% over the past year. Drillr has 1 published research article covering ALKT.
Alkami Technology, Inc. (ALKT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ALKT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $0.15 | $0.12 | -19.8% | $130M | +0.1% |
| Apr 29, 2026 | $0.21 | $0.04 | -81.0% | $126M | +0.5% |
| Feb 25, 2026 | $0.15 | $-0.11 | -172.4% | $121M | +0.7% |
| Oct 30, 2025 | $0.15 | $0.13 | -15.6% | $113M | -5.6% |
| Jul 30, 2025 | $0.09 | $0.13 | +44.4% | $112M | -2.9% |
| Apr 30, 2025 | $0.09 | $0.13 | +44.4% | $98M | +3.6% |
| Feb 27, 2025 | $0.08 | $0.10 | +25.0% | $90M | -0.0% |
| Oct 30, 2024 | $0.06 | $0.09 | +50.0% | $86M | -3.9% |
| Jul 31, 2024 | $0.02 | $0.04 | +74.8% | $82M | +0.7% |
| May 1, 2024 | $0.02 | $0.04 | +80.8% | $76M | +0.6% |
| Feb 28, 2024 | $0.03 | $0.03 | -11.5% | $71M | +0.2% |
| Nov 1, 2023 | $0.00 | $0.01 | +119.8% | $68M | +0.5% |
ALKT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 11, 2026 | HUDSON CASSANDRAofficer: Chief Financial Officer | Grant | 52,116 | — |
| Jul 7, 2026 | Mitchell Steven Rdirector | Grant | 533 | — |
| Jul 7, 2026 | SMITH BRIAN Rdirector, 10 percent owner: | Grant | 1,180 | — |
| Jul 7, 2026 | Alvarez Maria Inesdirector | Grant | 685 | — |
| Jul 7, 2026 | Linville Judson Cdirector | Grant | 457 | — |
| Jul 7, 2026 | FOX JEFFREY Hdirector | Grant | 457 | — |
| Jun 10, 2026 | Shootman Alexdirector, officer: Chief Executive Officer | Tax | 16,188 | $15.85 |
| Jun 3, 2026 | Sachdeva Prernaofficer: Chief Accounting Officer | Tax | 1,370 | $18.95 |
| Jun 3, 2026 | Shootman Alexdirector, officer: Chief Executive Officer | Tax | 5,205 | $18.95 |
| Jun 3, 2026 | Linebarger Douglas A.officer: Chief Legal Officer | Tax | 5,819 | $18.95 |
| Jun 3, 2026 | HUDSON CASSANDRAofficer: Chief Financial Officer | Tax | 6,122 | $18.95 |
| May 21, 2026 | Osnoss Raphaeldirector | Grant | 11,357 | — |
| May 21, 2026 | Yastine Barbara A.director | Grant | 11,357 | — |
| May 21, 2026 | KANE CHARLESdirector | Grant | 11,357 | — |
| May 21, 2026 | FOX JEFFREY Hdirector | Grant | 20,323 | — |
Source: ALKT SEC Form 4 filings, latest Aug 11, 2026. For informational purposes only — not investment advice.
See the full ALKT insider & 13F page →ALKT research & analysis
Alkami Technology, Inc. company profile
Overview
Alkami Technology, Inc. (NASDAQ:ALKT) is a cloud-based digital banking platform provider founded in 2009 and headquartered in Plano, Texas. The company went public in April 2021 and has established itself as a leading provider of digital banking solutions for community banks and credit unions across the United States. Alkami serves over 400 financial institutions with more than 20 million registered users on its platform, positioning itself as a critical technology partner for smaller financial institutions competing against larger national banks in the digital banking space.
Business
Alkami operates in the financial technology sector, specifically providing digital banking platforms to community banks and credit unions. The digital banking industry emerged as traditional financial institutions needed to modernize their customer-facing technology to compete with both large national banks and fintech startups that offer seamless mobile and online banking experiences. The company's core offering is the Alkami Platform, a comprehensive cloud-based software solution that enables smaller financial institutions to provide their customers with modern digital banking services. This includes mobile banking apps, online banking portals, account management tools, money transfer capabilities, and various financial services that customers expect from modern banking experiences. The platform is built on a proprietary, multi-tenant cloud architecture that allows multiple financial institutions to share the same underlying infrastructure while maintaining separate, customized experiences for their customers. Alkami's business consists of several key product areas: 1. Retail Banking Solutions - Digital banking tools for individual consumers, including mobile apps, online banking, account opening, and personal financial management features. This represents the majority of the company's user base and revenue. 2. Business Banking Solutions - Commercial banking tools designed for small and medium-sized businesses, including cash management, business account opening, and commercial lending support. This segment typically generates higher revenue per user. 3. Data and Marketing Solutions - Analytics and marketing tools that help financial institutions better understand their customers and cross-sell additional products. This includes AI-powered insights, customer segmentation, and targeted marketing campaigns. 4. Add-on Products - Various specialized modules including fraud prevention, security tools, payment processing, and customer service capabilities that can be purchased alongside the core platform. The company primarily serves community banks, regional banks, and credit unions - financial institutions that typically have between $100 million and $50 billion in assets and lack the resources to build sophisticated digital banking platforms in-house.
Revenue model
Alkami generates revenue primarily through a Software-as-a-Service (SaaS) subscription model, with subscription revenue representing approximately 95% of total revenue. The company charges financial institutions based on the number of registered users on their platform, creating a recurring revenue stream that grows as client institutions add more customers to their digital banking services. The primary revenue drivers include: 1. Per-User Subscription Fees - Financial institutions pay monthly fees based on their number of registered digital banking users. The current Revenue Per User (RPU) is approximately $19.74, which has been growing at 7-18% annually as clients adopt more features and add-on products. 2. Add-on Product Sales - Additional modules and services that complement the core platform, representing about 45% of new bookings. These include specialized tools for fraud prevention, marketing analytics, business banking, and customer service. 3. Implementation and Professional Services - One-time fees for onboarding new clients, customization, and ongoing support services, though this represents a smaller portion of total revenue. The company's customers are community banks and credit unions that pay these fees to provide competitive digital banking experiences to their own customers. Banks typically generate higher RPU than credit unions due to their commercial banking needs and generally larger transaction volumes. Several factors influence Alkami's profitability margins: Positive margin drivers include the scalable nature of cloud-based software, where additional users can be added with minimal incremental costs; the sticky nature of banking software that creates high switching costs; growing adoption of higher-margin add-on products; and the company's transition to more cost-effective offshore development resources. Negative margin pressures come from intense competition with larger technology providers and core banking system vendors; the need for continuous R&D investment to maintain platform competitiveness; customer acquisition costs for winning new financial institution clients; and regulatory compliance requirements that necessitate ongoing security and feature investments.
Competitive moat
Alkami's competitive moat is moderately strong but faces meaningful challenges from larger, more established players. The company's primary defensive advantages stem from the high switching costs inherent in banking technology and its specialized focus on mid-market financial institutions. The company's switching cost moat is significant once implemented. Financial institutions face substantial operational disruption, customer communication challenges, and regulatory compliance issues when changing digital banking providers. This creates meaningful customer retention - Alkami reported zero client churn in 2023 and maintains strong renewal rates with existing clients often expanding their contracts. Alkami also benefits from domain expertise specialization in serving community banks and credit unions. Unlike larger technology vendors that serve multiple industries, Alkami's deep focus on the unique needs of smaller financial institutions creates product-market fit advantages and specialized integration capabilities with the core banking systems these institutions use. However, the company's moat faces considerable competitive pressure. Large technology vendors like FIS, Fiserv, and Jack Henry & Associates have significantly more resources and established relationships with financial institutions. These companies can bundle digital banking with core processing services, creating competitive pricing pressure. Additionally, emerging fintech companies and cloud-native competitors may offer more modern architectures or specialized solutions that could erode Alkami's market position. The company's moat is also limited by the commoditization risk of digital banking features, as basic online and mobile banking capabilities become increasingly standardized. Alkami must continuously innovate in areas like AI-powered insights, personalization, and specialized commercial banking tools to maintain differentiation. Overall, while Alkami has built meaningful defensive characteristics around customer stickiness and market specialization, the competitive landscape remains challenging and requires continuous investment to maintain market position.
Risks & safety
Alkami presents a moderate margin of safety with reasonable liquidity but ongoing profitability challenges that require monitoring. Liquidity and Solvency: - Strong cash position of $61.7 million with current ratio of 2.75x - Negative free cash flow of $6.1 million in Q1 2025, though improving from prior periods - Total debt-to-equity ratio of 1.24x, primarily due to the MANTL acquisition financing - Expanded credit facility from $125M to $225M provides additional liquidity cushion Profitability Metrics: - Negative EBITDA of $15.4 million in Q1 2025, though adjusted EBITDA was positive $12.1 million - Company targeting Rule of 40 achievement by Q4 2025 and 20% adjusted EBITDA margin by 2026 - Gross margins of 64.3% demonstrate underlying unit economics, with target of 65% by 2026 Valuation Considerations: - Price-to-book ratio of 8.0x appears elevated for a loss-making company - EV/EBITDA not meaningful due to negative EBITDA - Revenue growth of 28.5% suggests growth premium may be justified if profitability targets are met Other Factors: - High customer retention and recurring revenue model provide revenue predictability - Recent MANTL acquisition adds execution risk but expands addressable market - CFO transition announced, requiring management continuity monitoring
Recent development
Over the past few years, Alkami has executed several strategic initiatives to expand its market reach and product capabilities. The most significant recent development was the acquisition of MANTL in late 2024 for $400 million enterprise value. MANTL provides account opening and onboarding solutions for financial institutions, complementing Alkami's existing digital banking platform with multi-channel account opening capabilities that extend beyond digital-only solutions. The company has made substantial investments in data and AI capabilities, developing 12 AI models for revenue generation, customer engagement, and retention. The data platform now contains 29 million deposit accounts and 20 billion historical transactions, enabling financial institutions to leverage predictive analytics for marketing and customer insights. Data and marketing solutions are now included in 60-70% of new client wins, representing a significant expansion from the core digital banking platform. Alkami has also focused on expanding its bank market penetration while maintaining its leadership position in credit unions. The company nearly doubled its bank clients under contract and is targeting banks to represent 50% of new client wins by 2026. This expansion required developing enhanced commercial banking products and integrating with additional core banking systems used by banks. Platform modernization efforts have included converting nearly half of the company's microservices to Linux and Kubernetes, launching centralized certificate management, and developing new API infrastructure to enable easier third-party integrations. The company has also established an offshore development center in India to increase engineering capacity while managing costs. Recent operational improvements include achieving 99.99% platform availability, improving employee retention to 85%, and receiving J.D. Power certification for mobile banking platform experience. The company has also expanded its credit facility from $125 million to $225 million to support growth initiatives and the MANTL acquisition integration.
ALKT company profile · for informational purposes only — not investment advice.
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