Alkami Technology (ALKT)
NASDAQ:ALKT
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Alkami Technology
(NASDAQ:ALKT)
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Rating:53Neutral
Price Target:
$16.50
▲(2.29% Upside)
Action:ReiteratedDate:04/02/26
The score is driven primarily by improving cash generation and a positive earnings-call outlook (ARR/backlog momentum and guided EBITDA margin expansion). Offsetting this are continued GAAP losses and higher balance-sheet leverage, plus bearish technical signals with the price below major moving averages.
Positive Factors
Recurring revenue mix
A 95% subscription revenue base creates durable, highly predictable cash flows and strong renewal visibility. This supports efficient customer retention, recurring margin contribution, and provides a stable platform for upsells (DSSP/MANTL) and higher ARPU over multiple years.
Negative Factors
Ongoing GAAP losses
Persistent GAAP losses and negative net margins limit retained earnings and constrain return metrics. Continued non-GAAP improvements notwithstanding, ongoing losses reduce resilience to macro shocks, restrict strategic optionality, and mean long-term profitability remains a material execution milestone.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue mix
A 95% subscription revenue base creates durable, highly predictable cash flows and strong renewal visibility. This supports efficient customer retention, recurring margin contribution, and provides a stable platform for upsells (DSSP/MANTL) and higher ARPU over multiple years.
Read all positive factors
Alkami Technology (ALKT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.71B
Dividend YieldN/A
Average Volume (3M)1.80M
Price to Earnings (P/E)―
Beta (1Y)1.23
Revenue Growth30.72%
EPS Growth9.70%
CountryUS
Employees938
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.16
Shares Outstanding106,148,150
10 Day Avg. Volume1,247,151
30 Day Avg. Volume1,796,008
Financial Highlights & Ratios
PEG Ratio-4.12
Price to Book (P/B)6.62
Price to Sales (P/S)5.40
P/FCF Ratio57.95
Enterprise Value/Market Cap1.17
Enterprise Value/Revenue4.51
Enterprise Value/Gross Profit7.80
Enterprise Value/Ebitda-73.76
Forecast
1Y Price Target
$24.00Price Target Upside48.79% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)0.81
Revenue Forecast (FY)$547.55M
Alkami Technology Business Overview & Revenue Model
Company Description
Alkami Technology, Inc. offers a cloud-based digital banking platform in the United States. The company's platform allows financial institutions to onboard and engage new users, accelerate revenues, and enhance operational efficiency, with the sup...
How the Company Makes Money
Alkami makes money primarily by selling access to its cloud-based digital banking platform to financial institutions under recurring, subscription-style arrangements, typically priced based on factors such as the number of users/members served and...
Alkami Technology Key Performance Indicators (KPIs)
Any
Revenue per Registered User
Measures the average revenue generated from each registered user, offering insight into the company's ability to monetize its user base and enhance profitability.
Measures the average revenue generated from each registered user, offering insight into the company's ability to monetize its user base and enhance profitability.
Data provided by:
The Fly
The FlyAlkami Technology Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call highlights strong 2025 operating and financial performance — double-digit revenue growth, materially higher adjusted EBITDA, ARR growth and improved cash flow — plus clear strategic progress from the MANTL acquisition and DSSP cross-sell that drives higher ARPU and contract value. Near-term headwinds are primarily timing and one-time cost related: a projected decline in termination fees, temporary elevated database licensing costs, and longer DSSP implementation cycles that moderate 2026 reported growth and compress near-term margins. Given the substantial positive operating and strategic momentum and management's plans to address temporary cost issues, the positive developments outweigh the near-term challenges.Positive Updates
Strong Revenue Growth
Full-year 2025 total revenue of $443.6M, up 33% year-over-year; Q4 2025 revenue of $120.8M, up 35% year-over-year.
Negative Updates
2026 Revenue Growth Deceleration
Full-year 2026 revenue guidance of $525.5M–$530.5M implies growth of 18.5%–19.6%, a meaningful deceleration versus 33% growth in 2025 (guidance impact from MANTL timing and other factors).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth
Full-year 2025 total revenue of $443.6M, up 33% year-over-year; Q4 2025 revenue of $120.8M, up 35% year-over-year.
Read all positive updates
Company Guidance
Alkami guided Q1 2026 revenue of $124.7M–$125.7M (growth 27.5%–28.5% YoY) and adjusted EBITDA of $21.1M–$21.9M (~17.2% margin at midpoint; MANTL timing adds ~8 pts of Q1 YoY growth), and full‑year 2026 revenue of $525.5M–$530.5M (growth 18.5%–19.6%) with adjusted EBITDA $93.5M–$97.5M (≈18.1% margin at midpoint). Management expects full‑year non‑GAAP gross margin ≈65%, back‑half adjusted EBITDA margin north of 19% (weighted to Q4), stock‑based compensation of 14%–15% of revenue, and a ~75% decline in termination fee revenue that modestly reduces reported growth; growth comparability improves in Q2 as MANTL timing effects roll off. Operationally they highlighted exit ARR of $480M (ARR +35%), revenue per user $21.44 (+20% YoY), ~ $71M of ARR backlog (~1.6M digital users) expected to largely launch within 12 months, remaining performance obligations ≈ $1.7B (3.6x live ARR), and Digital Banking churn <1% with four client churns expected in 2026 (<1% ARR). Long‑term targets reiterated include achieving a Rule of 45 by 2030, non‑GAAP gross margin approaching 70%, ~300 bps annual average adjusted EBITDA margin expansion, stock‑based comp declining to ~10% of revenue, dollar churn ~2%–3% per year, and ~90% free cash flow conversion by 2030.Alkami Technology Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
41
Neutral
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 443.64M | 333.85M | 264.83M | 204.27M | 152.16M |
| Gross Profit | 256.60M | 196.63M | 144.11M | 108.32M | 83.81M |
| EBITDA | -22.56M | -29.56M | -44.85M | -47.12M | -42.02M |
| Net Income | -47.65M | -40.84M | -62.91M | -58.60M | -46.82M |
Balance Sheet | |||||
| Total Assets | 847.23M | 437.28M | 399.82M | 488.88M | 436.51M |
| Cash, Cash Equivalents and Short-Term Investments | 99.09M | 115.73M | 92.12M | 196.35M | 308.58M |
| Total Debt | 353.55M | 18.45M | 19.26M | 104.05M | 24.62M |
| Total Liabilities | 485.18M | 80.25M | 74.88M | 154.84M | 91.90M |
| Stockholders Equity | 362.05M | 357.03M | 324.94M | 334.05M | 344.61M |
Cash Flow | |||||
| Free Cash Flow | 41.36M | 17.40M | -23.79M | -38.84M | -32.66M |
| Operating Cash Flow | 42.91M | 18.60M | -17.50M | -37.79M | -28.96M |
| Investing Cash Flow | -397.59M | 23.04M | 33.91M | -224.01M | -22.02M |
| Financing Cash Flow | 323.79M | 11.79M | -87.82M | 61.18M | 192.27M |
Alkami Technology Technical Analysis
Negative
16.13
Price Trends
16.97
Negative
19.37
Negative
22.02
Negative
Market Momentum
-0.32
Negative
45.27
Neutral
39.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALKT, the sentiment is Negative. The current price of 16.13 is below the 20-day moving average (MA) of 16.52, below the 50-day MA of 16.97, and below the 200-day MA of 22.02, indicating a bearish trend. The MACD of -0.32 indicates Negative momentum. The RSI at 45.27 is Neutral, neither overbought nor oversold. The STOCH value of 39.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALKT.
Alkami Technology Risk Analysis
Alkami Technology disclosed 56 risk factors in its most recent earnings report. Alkami Technology reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alkami Technology Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $694.62M | 10.53 | 73.23% | ― | 9.63% | -112.71% | |
63 Neutral | $2.93B | 36.75 | 7.99% | ― | 5.71% | ― | |
63 Neutral | $2.15B | -17.11 | -22.84% | ― | 22.95% | 3.12% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $1.66B | 26.26 | 146.36% | ― | -1.17% | -597.89% | |
53 Neutral | $1.71B | -50.30 | -13.71% | ― | 30.72% | 9.70% | |
47 Neutral | $309.21M | -0.33 | -119.20% | 8.12% | -12.37% | -754.18% |
* Technology Sector Average
ALKT
Alkami Technology
16.13
-8.47
-34.43%
BLKB
Blackbaud
34.27
-26.95
-44.02%
ALIT
Alight
0.58
-4.35
-88.26%
OPFI
OppFi
8.20
-0.07
-0.85%
GBTG
Global Business Travel Group
5.60
-1.11
-16.54%
BRZE
Braze
18.97
-9.36
-33.04%
Alkami Technology Corporate Events
Business Operations and StrategyExecutive/Board Changes
Alkami Technology Expands Board With Two Veteran Executives
Positive
Apr 1, 2026
On March 31, 2026, Alkami Technology, Inc.’s Board of Directors approved the appointment of veteran executives Jeffrey Fox and Judson Linville to its board, effective immediately after the 2026 Annual Meeting of Stockholders, expanding the b...
Business Operations and StrategyFinancial Disclosures
Alkami Technology Posts Strong Q4 Growth Amid Wider Loss
Positive
Feb 25, 2026
On February 25, 2026, Alkami Technology reported fourth-quarter 2025 revenue of $120.8 million, up 34.7% year over year, with GAAP gross margin of 57.2%, a widened GAAP net loss of $11.4 million, and adjusted EBITDA nearly doubling to $19.1 millio...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.