ALKAMI TECHNOLOGY, INC. (ALKT) FY2025 10-K Annual Report
ALKAMI TECHNOLOGY, INC. (ALKT) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ALKAMI TECHNOLOGY, INC. FY2025 10-K Analysis
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
ALKAMI TECHNOLOGY, INC. FY2025 Key Financial MetricsXBRL
Revenue
$444M
▲ +32.9% YoY
Net Income
-$48M
▼ -16.7% YoY
Gross Margin
57.8%
▼ -106bp YoY
Operating Margin
-12.1%
▲ +128bp YoY
Net Margin
-10.7%
▲ +149bp YoY
ROE
-13.2%
▼ -172bp YoY
Total Assets
$847M
▲ +93.8% YoY
EPS (Diluted)
$-0.46
▼ -12.2% YoY
Operating Cash Flow
$43M
▲ +130.7% YoY
Source: XBRL data from ALKAMI TECHNOLOGY, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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