Alkami Technology, Inc. (ALKT)

Price$19.69Cached quoteAs of 2026-09-05 14:33 UTC

AI: Fair-priced

Price checkThe valuation is reasonable for recurring growth, but continued margin expansion is already required.

Alkami is still loss-making under GAAP, so a price-to-earnings ratio is not meaningful. Recent market data put enterprise value, meaning equity value plus debt minus cash, around $2.34 billion. Against management’s 2026 guidance, that is roughly 4.4 times revenue and 24 times adjusted EBITDA, a cash-profit proxy before interest, taxes, depreciation and amortization. Those multiples are not cheap, but they look reasonable if recurring revenue keeps growing near 20% and margins continue widening.

Big pictureRecurring banking software demand is resilient, though long sales cycles can make growth uneven.

Alkami Technology, Inc., listed on Nasdaq as ALKT, sells cloud-based digital banking software to U.S. banks and credit unions. Second-quarter revenue rose 15.9%, annual recurring revenue increased 21%, and registered users reached 23.6 million. Long subscription contracts support visibility, while typical sales and implementations can each take months, making new-logo growth lumpy. Demand is not highly cyclical like industrial equipment, but bank technology budgets, consolidation, regulation and funding pressures can delay purchases or implementations.

Business strengthCash generation is improving, while convertible debt and stock compensation still deserve attention.

Liquidity is adequate but not debt-free. At June 30, Alkami held $81.0 million of cash and marketable securities, had no revolver borrowings, and retained a $225 million revolving facility. It also carried $345 million principal of 1.5% convertible notes due 2030. First-half operating cash flow improved to $17.2 million from an outflow a year earlier. Stock-based compensation remained large at $34.8 million, helping push weighted-average shares higher year over year despite $15 million of repurchases.

What could change the storyFaster cross-selling and margin gains support upside; slower client wins would pressure the multiple.

Bull case: annual recurring revenue stays near 20% growth, MANTL cross-selling lifts revenue per user, renewal margins approach management’s roughly 70% gross-margin level, and 2026 adjusted EBITDA lands near the $96-$98 million outlook while GAAP losses shrink. Bear case: new bank wins slow, gross margins remain below prior-year levels, integration or sales cycles lengthen, and stock compensation keeps diluting owners. Sustained free-cash-flow growth would make today’s revenue multiple look modest; slower growth with persistent losses would make it expensive.

AI: News

Digital banking studyNew consumer research reinforced the importance of strong digital experiences for bank and credit-union retention.

On September 9, Alkami released a national consumer study with the Center for Generational Kinetics showing that nearly one in three consumers had switched financial providers after a poor digital experience. The study does not directly change earnings, but it reinforces the strategic problem Alkami sells against: banks and credit unions need stronger digital engagement to defend relationships. That backdrop can support demand, although research findings should not be treated as a sales forecast.

Raiz expands platform useA credit-union case study showed broader module adoption and measurable digital-service improvements.

On September 3, Alkami highlighted Raiz Federal Credit Union’s expansion onto the full Digital Sales & Service Platform. Raiz is live on digital banking and MANTL account opening and is implementing data and marketing tools. The case study reported much faster account-opening and funding times, higher digital engagement and more than $286,000 of prevented reported fraud in the first year. This is a concrete example of cross-selling multiple Alkami modules into one client relationship.

Market position strengthensThird-party industry data supported Alkami’s credit-union leadership and faster growth among bank clients.

On August 25, Alkami said FI Navigator data ranked it the leading digital banking solution for credit unions by retail mobile banking enrolled users and the fastest-growing solution for banks by net client and deposit-account growth. Alkami also cited stronger growth metrics among long-tenured credit-union clients. The data supports a competitive-positioning bull case, but it is market-share evidence rather than booked revenue, so conversion into durable annual recurring revenue matters more for shareholders.

Second-quarter resultsRevenue grew double digits, adjusted profitability improved, and full-year guidance remained strong.

On July 29, Alkami reported second-quarter revenue of $129.8 million, up 15.9%, while GAAP net loss narrowed to $8.9 million. Adjusted EBITDA rose to $19.4 million and margin reached 14.9%. Management also guided 2026 revenue to $528-$531 million and adjusted EBITDA to $96-$98 million. The combination of double-digit growth and improving adjusted profitability supports the valuation, though GAAP profitability has not yet arrived.

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Revenue

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2020

2021

2022

2023

2024

2025

Net income

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2022

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2025

Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$443.6M	$333.8M	$264.8M	$204.3M	$152.2M	$112.1M	$73.5M
Gross profit	$256.6M	$196.6M	$144.1M	$108.3M	$83.8M	$59.2M	$30.4M
Gross margin	57.84%	58.90%	54.42%	53.03%	55.08%	52.75%	41.39%
Research & development	$118.4M	$96.2M	$84.7M	$69.3M	$48.8M	$40.2M	$32.7M
Operating expenses	$310.2M	$241.3M	$207.8M	$166.0M	$126.7M	$94.3M	$73.0M
Operating income	−$53.6M	−$44.6M	−$63.7M	−$57.7M	−$42.9M	−$35.1M	−$42.5M
Operating margin	−12.09%	−13.37%	−24.05%	−28.24%	−28.20%	−31.30%	−57.84%
EBITDA	−$26.7M	−$34.1M	−$53.1M	−$49.6M	−$39.5M	−$32.3M	−$40.3M
EBITDA margin	−6.02%	−10.22%	−20.04%	−24.29%	−25.94%	−28.83%	−54.81%
Net income	−$47.7M	−$40.8M	−$62.9M	−$58.6M	−$46.8M	−$51.4M	−$41.9M
Net profit margin	−10.74%	−12.23%	−23.76%	−28.69%	−30.77%	−45.79%	−56.93%
Basic EPSper basic share	-$0.46	-$0.41	-$0.67	-$0.64	-$0.73	-$11.78	-$9.91
Diluted EPSper diluted share	-$0.46	-$0.41	-$0.67	-$0.64	-$0.73	-$11.78	-$9.91

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

18.12%of listed shares

GENERAL ATLANTIC, L.P.19.38M shares · Jun 30, 2026

View holders

Top 20 reported holders of ALKT
Holder	% owned
GENERAL ATLANTIC, L.P.	18.12%19.38M shares
S3 Ventures Fund III, L.P. / S3 VENTURES III, L.L.C. / SMITH BRIAN R / S3 VENTURES GPLP III, L.P.	≈13.82%14.78M shares
North Reef Capital Management LP	8.63%9.23M shares
KAISER GEORGE B	≈7.89%8.44M shares
JANA Partners Management, LP	6.31%6.75M shares
BlackRock, Inc.	5.73%6.13M shares
UBS Group AG	4.08%4.36M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.06%4.34M shares
ALGEBRIS (UK) LTD	3.21%3.43M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.72%2.91M shares
Irenic Capital Management LP	2.50%2.68M shares
Mitchell Steven R	≈2.45%2.62M shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	2.42%2.59M shares
Long Path Partners LP	2.09%2.24M shares
GEODE CAPITAL MANAGEMENT, LLC	1.82%1.94M shares
STATE STREET CORP	1.81%1.93M shares
CITADEL ADVISORS LLC	1.47%1.57M shares
GOLDMAN SACHS GROUP INC	1.45%1.55M shares
CADIAN CAPITAL MANAGEMENT, LP	1.38%1.48M shares
FMR LLC	1.37%1.46M shares

Percentages use 106.94M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys32$314.38M disclosed value

Sells (SEC code S)75$930.50M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 14, 2026Form 4	General Atlantic (AL) SPV, L.P. +8Director,TenPercentOwner	BuyCommon Stock · indirect	675.0K	$16.49	$11.13M	19.42M
May 14, 2026Form 4	General Atlantic Partners (Lux), SCSp +9Director,TenPercentOwner	BuyCommon Stock · indirect	675.0K	$16.49	$11.13M	19.42M
May 13, 2026Form 4	General Atlantic (AL) SPV, L.P. +8Director,TenPercentOwner	BuyCommon Stock · indirect	550.0K	$16.63	$9.15M	18.75M
May 13, 2026Form 4	General Atlantic Partners (Lux), SCSp +9Director,TenPercentOwner	BuyCommon Stock · indirect	550.0K	$16.63	$9.15M	18.75M
May 12, 2026Form 4	General Atlantic (AL) SPV, L.P. +8Director,TenPercentOwner	BuyCommon Stock, par value $0.001 per share ("Common Stock") · indirect	750.0K	$16.87	$12.65M	18.20M