Short answer
ALKAMI TECHNOLOGY, INC. (ALKT) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $444M (+32.9% year over year) and net income of −$48M.
- Top risk flagged: Regulatory risk from data privacy laws affecting processing of personally identifiable information (PI) for end users
FY2025 key financial metrics · XBRL
- Revenue
- $444M
- +32.9% YoY
- Net income
- −$48M
- −16.7% YoY
- Operating margin
- -12.1%
- +1.3 pp YoY
- Gross margin
- 57.8%
- −1.1 pp YoY
- EPS (diluted)
- −$0.46
- −12.2% YoY
- ROE
- -13.2%
- −1.7 pp YoY
- Operating cash flow
- $43M
- +130.7% YoY
Source: XBRL data from the ALKAMI TECHNOLOGY, INC. (ALKT) FY2025 10-K on SEC EDGAR. USD.
ALKAMI TECHNOLOGY, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Cloud-based digital sales and service platform for community, regional, and super-regional financial institutions (FIs)
- New emphasis on MANTL onboarding, account opening, and loan origination solutions acquired in March 2025 to expand into commercial and business customer acquisition
- Client base grew to 301 FIs in 2025 from 236 in 2023, with average product usage per client increasing to 16 from 9 in 2015, highlighting market penetration and product depth expansion
- Live registered users increased to 22.4 million in 2025, a 12.1% growth from 2024, driving 32.9% revenue growth to $443.6 million and annual recurring revenue expansion to 115%
- Established new India subsidiary in 2024 to support future operations, with current operations still immaterial as of Dec 31, 2025
Management Discussion & Analysis
- Revenue $443.6M, up 32.9% YoY (+$109.8M) driven by SaaS subscription growth and $34.9M contribution from MANTL acquisition
- Gross margin 57.8% vs 58.9% in 2024; operating loss $53.6M vs $44.6M; net loss $47.7M vs $40.8M
- Best segment: SaaS subscription services $421.7M (+$102.4M); worst segment: net loss widened despite revenue growth
- Adjusted EBITDA $59.1M vs $26.9M in 2024; capex details not disclosed; acquired MANTL for $375M; issued $345M convertible notes
- Management emphasizes focus on FI client growth, product suite expansion, innovation (R&D 26.7% of revenue), with risks around client renewals and competitive wins
Risk Factors
- Regulatory risk from data privacy laws affecting processing of personally identifiable information (PI) for end users
- Geopolitical exposure via reliance on technology and development resources in India
- Operational vulnerability due to dependence on Amazon Web Services (AWS) for data center hosting and cloud infrastructure
- Competitive threat from longer, costly sales cycles versus competitors also serving financial institutions
- Financial risk from obligations and dilution related to 2030 Convertible Notes and associated credit agreements
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