ALKT Filings — Alkami Technology, Inc. - FilingSpy
ALKT
Alkami Technology, Inc.
A cloud-based digital banking platform that helps community and regional banks and credit unions compete with the biggest banks. Its software powers digital banking, account opening, and data and marketing tools, and it integrates with hundreds of back-office systems; acquired brands like MANTL, Segmint, and ACH Alert round out its offerings. Founded in 2009 and headquartered in Plano, Texas, the company's name is a play on "alchemy"—the ancient art of turning base metals into gold—reflecting its mission to transform the ordinary into the extraordinary.
Alkami's gross margin fell to 56.8% as third-party costs rose, even as revenue grew 15.9% and adjusted EBITDA hit a quarterly record.
dropped 1.7 points to 56.8%, the lowest in two years, as third-party partner and hosting costs rose. rose 15.9% to $129.8 million and reached a record $19.4 million, but the shows the cost of growth is rising. The company is now buying back stock while carrying $337.2 million in .
Key takeaways
fell to 56.8% from 58.6% a year ago, driven by a $9.1 million increase in third-party partner and hosting costs, not by the MANTL acquisition that had pressured margins in prior quarters.
rose 15.9% to $129.8 million, with SaaS subscription revenue driving the increase as registered users grew by 2.7 million and rose 7.0% to $21.69.
reached a quarterly record of $19.4 million, up from $11.9 million a year ago, as operating expenses stayed nearly flat at $81.5 million while grew.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 15.9% to $129.8M driven by SaaS user growth and higher RPU; net loss narrowed to $8.9M.
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Total grew 15.9% to $129.8M, primarily from SaaS subscription services driven by 2.7M added registered users and a 7.0% increase in RPU to $21.69.
declined to 56.8% from 58.6% due to higher third-party partner and hosting costs, which rose $9.1M.
reached $511.7 million, up 20.7% , with 39 new client implementations and 1.5 million users added from existing clients.
The company repurchased $15.0 million of common stock under its newly authorized $100 million program and fully repaid its $15.0 million revolving loan, ending the quarter with $81.0 million in cash and marketable securities.
Net loss narrowed to $8.9 million from $13.6 million a year ago, as a $7.2 million improvement in was partially offset by a swing to a $1.2 million income tax provision from a $5.8 million benefit a year ago.
What changed
fell to 56.8%, its lowest since Q3 2022, and the driver shifted: prior quarters blamed MANTL intangible , but this quarter the $9.1 million increase came from third-party partner and hosting costs, a new source of pressure.
growth decelerated to 15.9% , the slowest rate since Q1 2022, as the MANTL acquisition's initial contribution was fully lapped and became the sole driver.
RPU growth slowed to 7.0% from 17.3% a year ago, confirming the reversion toward the 5-7% organic range that earlier filings flagged as a watch item once MANTL's premium was lapped.
The company initiated share repurchases under a new $100 million program, a capital allocation shift that earlier filings did not anticipate, while simultaneously carrying $337.2 million in convertible debt.
was not reported for the quarter, breaking a trend of quarterly disclosure that had been a key metric since the company's first positive free cash flow in Q3 2023.
What to watch
Whether stabilizes near 56.8% or continues to decline as third-party partner and hosting costs rise, now that MANTL is no longer the primary source of pressure.
The trajectory of RPU growth after the 7.0% increase in Q2; a further deceleration below 5% would signal that pricing power is weakening as the MANTL premium fully normalizes.
Whether returns to a reported figure above $10 million per quarter, or if the absence of disclosure this quarter signals a reversal of the benefit that drove the Q3 2025 record.
The pace and impact of the $100 million program on cash reserves, given the $337.2 million in and the $81.0 million cash balance at quarter-end.
Operating expenses were nearly flat at $81.5M as lower G&A and sales costs offset a $1.2M increase in R&D for platform innovation.
improved to $19.4M from $11.9M, reflecting growth and disciplined spending.
The company repurchased $15.0M of common stock and repaid its $15.0M revolving loan, ending with $81.0M in cash and securities.
reached $511.7M, up 20.7%, with 39 new client implementations and 1.5M added users from existing clients.
Quantitative and Qualitative Disclosures About Market Risk
We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in…
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We are exposed to market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates.
Interest Rate Risk
We are subject to interest rate risk in connection with our Amended Credit Agreement. Interest rate changes generally impact the amount of our interest payments and, therefore, our future net income and cash flows, assuming other factors held constant. Assuming the amounts outstanding under our Amended Credit Agreement are fully drawn, a hypothetical 10% change in interest rates would not have a material impact on our consolidated financial statements. Our cash and cash equivalents consist primarily of interest-bearing accounts. Such interest-earning instruments carry a degree of interest rate risk. To minimize interest rate risk in the future, we intend to maintain our portfolio of cash equivalents in a variety of investment-grade securities, which may include commercial paper, money market funds and government and non-government debt securities. Because of the short-term maturities of our cash, cash equivalents, and marketable securities, we do not believe that an increase in market rates would have any significant negative impact on the realized value of our investments.
From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Our management believes that there are no claims or actions pending against us, the ultimate disposition of which would have a material impact on our business, financia…
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From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Our management believes that there are no claims or actions pending against us, the ultimate disposition of which would have a material impact on our business, financial condition, results of operations or cash flows.