Start here if you're new
what it is
Alkami sells cloud software that helps banks and credit unions run digital banking, onboard users, and fight fraud.
how it gets paid
FY2025 GAAP total revenue was $443.6 million, up 32.9% year over year. The company reports one GAAP revenue line — segment splits belong in the 10-K.
why it's growing
Revenue grew 32.9% in 2025. Q4 GAAP revenue was $120.8 million, up 34.7% versus Q4 2024.
what just happened
Q4 2025: $120.8M revenue; GAAP net loss $(11.4)M; adjusted EBITDA $19.1M.
At a glance
B+ balance sheet — decent shape, but not bulletproof
$(47.7)M FY2025 GAAP net loss
$443.6M FY2025 GAAP revenue
$480.3M ARR at Dec 31, 2025 (+35% YoY)
1.6 beta
xvary composite: 45/100 — below average
What they do
Alkami sells cloud software that helps banks and credit unions run digital banking, onboard users, and fight fraud.
Alkami sells a cloud digital-banking stack to U.S. banks and credit unions — switching means retooling channels, fraud, and onboarding together, so churn is painful when it works. FY2025 GAAP gross margin was 57.8%; Q4 GAAP gross margin was 57.2%.
How they make money
$443.6M
FY2025 GAAP total revenue · +32.9% vs. 2024 (company release)
GAAP total revenue (FY2025)
$443.6M
+32.9%
GAAP total revenue (Q4 2025)
$120.8M
+34.7%
The products that matter
cloud banking software suite
Digital Banking Platform
$120.8M in Q4 2025
Q4 GAAP revenue grew 34.7% year over year. The debate is when operating leverage turns GAAP net income positive — adjusted EBITDA was $19.1M in Q4.
core revenue
developer implementation tool
SDK Wizard
15 min setup
management says the tool cuts developer setup time to 15 minutes from hours. if that speeds customer launches, it helps sales efficiency. if it does not, it is just a nice demo.
execution bet
Key numbers
32.9%
revenue growth
This is the gap between a software story and a dead stock story.
$1.7B
remaining performance obligation
RPO at Dec 31, 2025 per release — backlog visibility, not cash in hand.
57.8%
FY2025 GAAP gross margin
Q4 GAAP gross margin was 57.2% vs. 59.3% prior-year quarter.
$59.1M
FY2025 adjusted EBITDA
More than double 2024’s $26.9M — profitability story is EBITDA-first while GAAP net loss persists.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 15 / 100
- long-term debt debt — see latest 10-Q / 10-K
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ALKT right now.
source: institutional data · return history unavailable
What just happened
growth + profitability path
Q4 2025 GAAP revenue $120.8M · adjusted EBITDA $19.1M
Up 34.7% vs. Q4 2024. GAAP net loss $(11.4)M for the quarter; FY2025 GAAP net loss $(47.7)M. Non-GAAP gross margin 63.4% in Q4 vs. 63.1% year-ago quarter.
$120.8M
Q4 revenue
$(11.4)M
Q4 GAAP net loss
$480.3M
ARR (exit 2025)
the number that mattered
ARR +35% and RPO ~$1.7B frame demand; GAAP losses remind you the model is still scaling into profit.
source: Alkami Q4 & FY2025 release (Feb 25, 2026)
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What could go wrong
the top risk for ALKT is growth deceleration before operating leverage shows up.
med
profitability keeps getting pushed out
Q4 2025 produced a $0.11 per-share loss when investors were looking for a $0.14 profit. Net margin sits at -10.7%.
At a roughly $2B market cap, the stock is not priced like a distressed asset. If losses persist, the market can stop paying for the dream.
med
digital banking software stays crowded
Management is selling into a market where features matter, but differentiation is still proving itself. The company added 16 new clients last quarter, yet there is no clear evidence of durable pricing power on this page.
If winning new logos gets more expensive, margin expansion gets delayed and your multiple has less to stand on.
med
guidance was the quiet warning
2026 revenue guidance of $525.5M–$530.5M came in below prior expectations after a quarter where revenue still grew and the core platform grew 35%.
That gap matters. It tells you the market may have been underwriting a cleaner path than management was willing to promise.
A slowdown in revenue growth would pressure the valuation immediately because the business is still asking investors to wait for profits.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
Estimated for April 29, 2026. You want to see whether the company can close the gap between growth and profit.
guidance
2026 revenue range
The current guide is $525.5M–$530.5M. Any cut from here would hit the part of the story investors are still paying for.
margin
gross margin and eps together
GAAP gross margin in the high-50s looks fine, but GAAP net losses continue — watch margin and opex together.
execution
SDK Wizard adoption
The pitch is 15-minute setup instead of hours. If customers actually implement faster, it helps. If not, it is marketing copy with a timestamp.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
bottom 5%
momentum rank 5 — the lowest rating — significant underperformance expected.
source: institutional data
Institutional activity
institutional ownership data for ALKT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$23
current price
n/a
target midpoint · n/a from current
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