# ALKAMI TECHNOLOGY, INC. (ALKT)

Informational only - not investment advice.

CIK: 0001529274
SIC: 7372 Services-Prepackaged Software
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7372 Services-Prepackaged Software](/industry/7372/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1529274
Filing source: https://www.sec.gov/Archives/edgar/data/1529274/000152927426000009/alk-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001529274-26-000009 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001529274.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 443,639,000 USD | 2025 | verified |
| Net income | -47,652,000 USD | 2025 | verified |
| Assets | 847,227,000 USD | 2025 | verified |
| Free cash flow | 41,364,000 USD | 2025 | computed |
| Net margin | -10.74% | 2025 | computed |
| Operating margin | -12.09% | 2025 | computed |
| Revenue YoY | +32.89% | 2025 | computed |
| ROE | -13.16% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ALKT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -10.7% | 1.5% | 22 | 122 |
| Operating margin | -12.1% | 1.3% | 22 | 121 |
| Revenue growth | 32.9% | 13.5% | 93 | 124 |
| FCF margin | 9.3% | 19.3% | 26 | 120 |
| ROE | -13.2% | 2.0% | 23 | 112 |
| ROA | -5.6% | 0.9% | 25 | 124 |
| Liabilities / equity | 1.34 | 0.91 | 62 | 113 |
| Current ratio | 2.09 | 1.57 | 71 | 124 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7372 Services-Prepackaged Software, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 443639000 | USD | 2025 | 2026-02-26 |
| Net income | -47652000 | USD | 2025 | 2026-02-26 |
| Assets | 847227000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001529274.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 73,541,000 | 112,142,000 | 152,159,000 | 204,270,000 | 264,831,000 | 333,849,000 | 443,639,000 |
| Net income |  | -41,869,000 | -51,355,000 | -46,822,000 | -58,600,000 | -62,913,000 | -40,835,000 | -47,652,000 |
| Operating income |  | -42,535,000 | -35,103,000 | -42,916,000 | -57,689,000 | -63,705,000 | -44,626,000 | -53,636,000 |
| Gross profit |  | 30,435,000 | 59,156,000 | 83,807,000 | 108,324,000 | 144,111,000 | 196,630,000 | 256,599,000 |
| Diluted EPS |  | -9.91 | -11.78 | -0.73 | -0.64 | -0.67 | -0.41 | -0.46 |
| Operating cash flow |  | -39,085,000 | -38,145,000 | -28,959,000 | -38,045,000 | -17,502,000 | 18,597,000 | 42,906,000 |
| Capital expenditures |  | 3,689,000 | 2,147,000 | 1,120,000 | 1,057,000 | 1,058,000 | 1,195,000 | 1,542,000 |
| Assets |  |  | 249,166,000 | 436,510,000 | 488,885,000 | 399,825,000 | 437,277,000 | 847,227,000 |
| Liabilities |  |  | 69,426,000 | 91,899,000 | 154,839,000 | 74,884,000 | 80,247,000 | 485,178,000 |
| Stockholders' equity | -153,857,000 | -195,390,000 | -263,523,000 | 344,611,000 | 334,046,000 | 324,941,000 | 357,030,000 | 362,049,000 |
| Cash and cash equivalents |  |  | 166,790,000 | 308,581,000 | 108,720,000 | 40,927,000 | 94,359,000 | 63,457,000 |
| Free cash flow |  | -42,774,000 | -40,292,000 | -30,079,000 | -39,102,000 | -18,560,000 | 17,402,000 | 41,364,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | -56.93% | -45.79% | -30.77% | -28.69% | -23.76% | -12.23% | -10.74% |
| Operating margin |  | -57.84% | -31.30% | -28.20% | -28.24% | -24.05% | -13.37% | -12.09% |
| Return on equity |  |  |  | -13.59% | -17.54% | -19.36% | -11.44% | -13.16% |
| Return on assets |  |  | -20.61% | -10.73% | -11.99% | -15.74% | -9.34% | -5.62% |
| Liabilities / equity |  |  |  | 0.27 | 0.46 | 0.23 | 0.22 | 1.34 |
| Current ratio |  |  | 9.43 | 10.40 | 5.82 | 3.77 | 3.98 | 2.09 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-30. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001529274.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | -0.22 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | -0.22 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.18 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 65,763,000 | -17,761,000 | -0.19 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 67,703,000 | -15,476,000 | -0.16 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 71,369,000 | -12,713,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 76,127,000 | -11,433,000 | -0.12 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 82,160,000 | -12,317,000 | -0.13 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 85,906,000 | -9,442,000 | -0.09 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 89,656,000 | -7,643,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 97,835,000 | -7,816,000 | -0.08 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 112,059,000 | -13,591,000 | -0.13 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 112,954,000 | -14,804,000 | -0.14 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 120,791,000 | -11,441,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q2 | 2026-06-30 | 129,844,000 | -8,900,000 | -0.08 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ALKT's latest 10-K: [/company/ALKT/business/](/company/ALKT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ALKT's latest 10-K: [/company/ALKT/risk-factors/](/company/ALKT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1529274/000152927426000052/alk-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-30
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Condensed Consolidated Financial Statements and related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and in our other filings with the Securities and Exchange Commission (“SEC”), including the audited consolidated financial statements and the accompanying notes for the fiscal year ended December 31, 2025, which are included in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026.

Unless the context otherwise requires, all references in this report to the “Company,” “Alkami,” “we,” “us” and “our” refer to Alkami Technology, Inc., a Delaware corporation, and its consolidated subsidiaries taken as a whole.

Cautionary Note Regarding Forward-Looking Statements

Any statements made in this Quarterly Report on Form 10-Q that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “anticipates,” “commits,” “expects,” “suggests,” “plans,” “believes,” “intends,” “estimates,” “targets,” “projects,” “seeks,” “should,” “can,” “could,” “would,” “may,” “will,” “forecasts,” “strategy,” “future,” “likely” or the negative of these terms or other similar expressions. We base these forward-looking statements on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at such time. Forward-looking statements are not guarantees of future performance or results and are subject to and involve risks, uncertainties and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements. The following important factors, along with the factors discussed in “Risk Factors” in the Annual Report on Form 10-K, may materially affect such forward-looking statements:

•managing our rapid growth;

•attracting new clients and retaining and broadening our existing clients’ use of our solutions;

•maintaining, protecting and enhancing our brand;

•predicting the long-term rate of client subscription renewals or adoption of our solutions;

•the unpredictable, time-consuming and costly nature of our sales cycles;

•integration with and reliance on third-party software, content and services;

•integrating our solutions with other systems used by our clients;

•satisfying our clients and meeting their digital banking needs;

•our dependence on the data centers operated by third parties and third-party internet hosting providers;

•defects, errors or other performance problems associated with our solutions;

•retaining our management team and key employees and recruiting and retaining new employees;

•managing the increased complexity of our clients’ integration and functionality requirements;

•shifts in the number of account holders and registered users of our solutions, their use of our solutions and our clients’ implementation and client support needs;

•acquiring or investing in other companies or pursuing business partnerships;

•natural or man-made disasters;

•use and reliance upon technology and development resources in India;

•environmental and social matters;

•cybersecurity breaches or other compromises of our security measures or those of third parties upon which we rely;

•privacy and data security concerns, data collection and transfer restrictions, contractual obligations, laws, regulations and standards and our processing and use of the PI of end users;

•risks and challenges associated with the development and use of AI technologies;

•intense competition in the markets we serve;

•reliance on the financial services industry as the source of our revenue in the event of any downturn, consolidation or decrease in technological spend in such industry;

•evolving technological requirements and changes and additions to our solution offerings;

•reliance on the development of the market for digital banking solutions;

•regulations and laws applicable to us, our clients and our solutions, including the impact of tariffs and trade policies on us and our clients;

•protecting our intellectual property rights and defending ourselves against claims that we are misappropriating the intellectual property rights of others;

•using open-source software in our solutions or risks resulting in the disclosure of our proprietary source code to our clients;

•complying with license or technology agreements with third parties and our ability to enter into additional license or technology agreements on reasonable terms;

•litigation or threats of litigation;

•the fluctuation of our quarterly and annual results of operations relative to our expectations and guidance;

•the way we recognize revenue, beginning from the live use of the service, which causes changes in client subscriptions to not be immediately apparent in our reported operating results;

•our ability to raise sufficient capital in a timely manner and the resulting dilution and the terms of our Amended and Restated Credit Agreement dated as of April 29, 2022 (as amended, the “Amended Credit Agreement”);

•unanticipated changes in tax laws or regulations;

•risks from our indebtedness and liabilities;

•our ability to meet certain operating and financial covenants and restrictions under our Amended Credit Agreement;

•our ability to raise necessary funds to repurchase the 2030 Convertible Notes (as defined below) or to pay any cash amounts due upon their

15

maturity or conversion of the 2030 Convertible Notes and dilution to our common stock upon the conversion of the 2030 Convertible Notes;

•risks from our accounting method of the 2030 Convertible Notes;

•counterparty risk with respect to the Capped Calls (as defined below);

•future strategic initiatives, including acquisitions of businesses and strategic investments;

•future sales of shares of our common stock, our lack of an intention to pay dividends and significant influence of our principal stockholders;

•provisions in the Indenture (as defined below) delaying or preventing beneficial takeover and anti-takeover and exclusive forum provisions in our governing documents;

•risks from our stock repurchase program

•the volatility of the trading price of our common stock;

•risks from actions of activist stockholders or others; and

•significant expenses and administrative burdens as a public company

Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Overview

Alkami is a cloud-based digital sales and service platform provider. We inspire and empower community, regional and super-regional financial institutions (“FIs”) to compete with large, technologically advanced and well-resourced banks in the United States. Our solution, the Alkami Digital Sales & Service Platform, consisting of the Alkami Digital Banking Platform (“Platform”), Onboarding & Account Opening, and Data & Marketing, allows FIs to onboard, engage and grow new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. We cultivate deep relationships with our clients through long-term, subscription-based contractual arrangements, aligning our growth with our clients’ success and generating an attractive unit economic model.

Alkami was founded to help level the playing field for FIs. Since then, our vision has been to create a platform that combines premium technology and fintech solutions in one integrated ecosystem, delivered as a software-as-a-service (“SaaS”) solution and providing our clients’ account holders with a single point of access to all things digital. We have invested significant resources to build a technology stack that prioritized innovation velocity and speed-to-market given the importance of product depth and functionality in winning and retaining clients. In October 2020, we acquired ACH Alert, LLC (“ACH Alert”) to pursue adjacent product opportunities, such as fraud prevention and to expand our addressable market. In April 2022, we acquired Segmint, Inc. (“Segmint”), a leading cloud-based financial data analytics and transaction data cleansing provider. In March 2025, we acquired Fin Technologies, Inc., dba MANTL (“MANTL”), to provide onboarding, account opening, and loan origination solutions that allow FIs to acquire commercial, business and retail customers through a variety of channels for deposit account and loan types.

During 2024, we established a subsidiary in India to support potential future operational needs. While our presence in India has grown since 2024, these operations remain immaterial to our Condensed Consolidated Financial Statements as of June 30, 2026.

Our domain expertise in retail and business banking has enabled us to develop a suite of products tailored to address key challenges faced by FIs. Due to our architecture, adding products through our single code base is fast, simple and cost-effective. The key differentiators of the Alkami Digital Sales & Service Platform include:

•User experience: Personalized and seamless digital experience across user interaction points, including desktop, mobile, chat and SMS, establishing durable connections between FIs and their customers or members.

•Integrations: Scalability and extensibility driven by more than 350 real-time integrations to back-office systems and third-party fintech solutions as of June 30, 2026, including core systems, payment cards, mortgages, bill pay, electronic documents, money movement, personal financial management and account opening.

•Deep data capabilities: Data synchronized and stored from back-office systems and third-party fintech solutions and synthesized into meaningful insights, targeted content, and other areas of monetization.

The Platform allows us to offer an end-to-end set of software solutions. Our typical relationship with an FI begins with a set of core digital banking functional components, which can expand over time to include a rounded suite of products across onboarding and account opening, marketing, data insights, account management, payments and receivables, admin, risk and reporting, business and commercial banking, retail banking, financial analytics, and extensibility.

We primarily go to market through an internal sales force. Given the long-term nature of our Platform contracts, a typical sales cycle can range from approximately three to 12 months, with the subsequent implementation timeframe generally ranging from six to 12 months depending on the depth of integration.

We derive our Platform revenues almost entirely from multi-year contracts that are based on an average contract life of approximately 70 months as of June 30, 2026. We predominantly employ a per-registered-user pricing model, with incremental fees above certain contractual client minimum commitments for each licensed solution. In these cases, our pricing

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1529274/000152927426000009/alk-20251231.htm
Complete FY 2025 MD&A: /company/ALKT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K. In addition to historical consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Refer to “Special Note Regarding Forward-Looking Statements” elsewhere in this Annual Report on Form 10-K.

Unless the context otherwise requires, all references in this report to the “Company,” “Alkami,” “we,” “us” and “our” refer to Alkami Technology, Inc., a Delaware corporation, and its consolidated subsidiaries taken as a whole.

A discussion regarding our financial condition and results of operation for the fiscal year ended December 31, 2025, compared to the fiscal year ended December 31, 2024, is presented below. A discussion regarding our financial condition and results of operations for fiscal year ended December 31, 2024, compared to the fiscal year ended December 31, 2023, can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025.

Overview

Alkami is a cloud-based digital sales and service platform provider. We inspire and empower community, regional and super-regional financial institutions (“FIs”) to compete with large, technologically advanced and well-resourced banks in the United States. Our solution, the Alkami Digital Sales & Service Platform, consisting of the Alkami Digital Banking Platform, Onboarding & Account Opening, and Data & Marketing, allows FIs to onboard, engage and grow new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture. We cultivate deep relationships with our clients through long-term, subscription-based contractual arrangements, aligning our growth with our clients’ success and generating an attractive unit economic model.

Alkami was founded to help level the playing field for FIs. Since then, our vision has been to create a platform that combines premium technology and fintech solutions in one integrated ecosystem, delivered as a software-as-a-service (“SaaS”) solution and providing our clients’ account holders with a single point of access to all things digital. We have invested significant resources to build a technology stack that prioritized innovation velocity and speed-to-market given the importance of product depth and functionality in winning and retaining clients. In October 2020, we acquired ACH Alert, LLC (“ACH Alert”) to pursue adjacent product opportunities, such as fraud prevention and to expand our addressable market. In April 2022, we acquired Segmint, Inc. (“Segmint”), a leading cloud-based financial data analytics and transaction data cleansing provider. In March 2025, we acquired Fin Technologies, Inc., dba MANTL (“MANTL”), to provide onboarding, account opening, and loan origination solutions that allow FIs to acquire commercial, business and retail customers through a variety of channels for deposit account and loan types.

During 2024, we established a new subsidiary in India to support potential future operational needs. While our presence in India has grown since 2024, these operations remain immaterial to our consolidated financial statements as of December 31, 2025.

Our domain expertise in retail and business banking has enabled us to develop a suite of products tailored to address key challenges faced by FIs. Due to our architecture, adding products through our single code base is fast, simple and cost-effective. The key differentiators of the Alkami Digital Sales & Service Platform include:

•User experience: Personalized and seamless digital experience across user interaction points, including desktop, mobile, chat and SMS, establishing durable connections between FIs and their customers or members.

•Integrations: Scalability and extensibility driven by more than 300 real-time integrations to back-office systems and third-party fintech solutions as of December 31, 2025, including core systems, payment cards, mortgages, bill pay, electronic documents, money movement, personal financial management and account opening.

•Deep data capabilities: Data synchronized and stored from back-office systems and third-party fintech solutions and synthesized into meaningful insights, targeted content, and other areas of monetization.

The Alkami Digital Banking Platform allows us to offer an end-to-end set of software solutions. Our typical relationship with an FI begins with a set of core functional components, which can expand over time to include a rounded suite of products across onboarding and account opening, marketing, data insights, account management, payments and receivables, admin, risk and reporting, business and commercial banking, retail banking, financial analytics, and extensibility.

We primarily go to market through an internal sales force. Given the long-term nature of our Alkami Digital Banking Platform contracts, a typical sales cycle can range from approximately three to 12 months, with the subsequent implementation timeframe generally ranging from six to 12 months depending on the depth of integration.

We derive our Alkami Digital Banking Platform revenues almost entirely from multi-year contracts that are based on an average contract life of approximately 70 months as of December 31, 2025. We predominantly employ a per-registered-user pricing model, with incremental fees above certain contractual client minimum commitments for each licensed solution. In these cases, our pricing is tiered, with per-registered-user discounts applied as clients achieve higher levels of customer or member penetration, incentivizing our clients to internally market and promote digital engagement.

To support our growth and capitalize on our market opportunity, we have increased our operating expenses across all aspects of our business. In research and development, we continue to focus on innovation and bringing novel capabilities to our platform, extending our product

39    

Table of Contents

depth. Similarly, we continue to expand our sales and marketing organization focusing on new client wins, cross-selling opportunities and client renewals.

For the years ended December 31, 2025, 2024, and 2023, our total revenues were $443.6 million, $333.8 million, and $264.8 million, respectively, representing a growth rate of 32.9% from 2024 to 2025 and 26.1% from 2023 to 2024. SaaS subscription revenues, as further described below, represented 95.0%, 95.6%, and 95.3% of total revenues for the years ended December 31, 2025, 2024, and 2023, respectively. We incurred net losses of $47.7 million, $40.8 million, and $62.9 million for the years ended December 31, 2025, 2024, and 2023, respectively, largely due to significant continued investment in sales, marketing, product development and post-sales client activities.

Recent Developments

Merger with MANTL. On March 17, 2025, the Company consummated its previously announced merger with MANTL, pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated February 27, 2025, with MANTL surviving as a wholly owned subsidiary of the Company. MANTL provides onboarding and account opening solutions that allow FIs to acquire commercial, business and retail customers through a variety of channels for many deposit account types. The aggregate consideration paid in exchange for all of the outstanding equity interests of MANTL was approximately $375 million, net of cash acquired. Approximately $9.1 million of the consideration was placed into escrow to secure certain post-closing indemnification obligations in the Merger Agreement. See Note 3 to the Notes to the Consolidated Financial Statements for additional details.

Third Amendment to Amended and Restated Credit Agreement. In connection with the acquisition of MANTL, on February 27, 2025, the Company entered into a Third Amendment (the “Third Amendment”) to its Amended and Restated Credit Agreement dated as of April 29, 2022 (as amended, the “Amended Credit Agreement”), which, among other things, extended the maturity date of the Revolving Facility (as defined below), increased the amount of the Revolving Facility commitment, extended the Financial Covenant Trigger Date (as defined therein), reduced the applicable interest rate margins, permitted the acquisition of MANTL pursuant to the terms of the Merger Agreement, permitted certain convertible indebtedness and equity derivative transactions, subject to certain restrictions, and modified certain covenants. See Note 8 to the Notes to the Consolidated Financial Statements for additional information.

Issuance of Convertible Senior Notes. On March 13, 2025, the Company issued $345 million principal amount of its 1.50% Convertible Senior Notes due 2030 (the “2030 Convertible Notes” or “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of March 13, 2025, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Pursuant to the purchase agreement between the Company and the representatives of the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement within a period of 13 days from, and including, the date the Notes are first issued, up to an additional $45 million principal amount of Notes. The Notes issued on March 13, 2025 include $45 million principal amount of Notes issued pursuant to the full exercise by the initial purchasers of such option. See Note 8 to the Notes to the Consolidated Financial Statements.

Factors Affecting our Operating Results

Growing our FI Client Base. A key part of our strategy is to grow our FI client base. As of December 31, 2025, we served 301 FIs through the Alkami Digital Banking Platform and over 960 clients when including unique clients only subscribing to one or a combination of ACH Alert, Segmint, or MANTL products. Each of our digital banking client wins is a competitive takeaway, and as such, our historical ability to grow our client base has been a function of product depth, technological excellence and a sales and marketing function able to match our solutions with the strategic objectives of our clients. Our future success will significantly depend on our ability to continue to grow our FI client base through competitive wins.

Deepening Client Customer or Member Penetration. We primarily generate revenues through a per-registered-user pricing model. Once we onboard a client, our ability to help drive incremental client customer or member digital adoption translates to additional revenues with very limited additional spend. Our FI clients are incentivized to market and encourage digital account sign-up based on identifiable improvement in customer engagement, as well as discounts received based on certain levels of customer or member penetration. We expect to continue to support digital adoption by client customers or members through continued investments in new products and platform enhancements. Our future success will depend on our ability to continue to deepen client customer or member penetration.

Expanding our Product Suite. Product depth is a key determinant in winning new clients. In a replacement market, we win based on our ability to bring a product suite to market that is superior to the incumbent, as well as to our broader competition. Of equal importance is the ability to cohesively deliver a deep product suite with as little friction as possible to the client customer or m

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ALKT/mda/fy2025/
All MD&A years: /company/ALKT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ALKT/mda/fy2024/): filed 2025-02-28; accession 0001529274-25-000031 (https://www.sec.gov/Archives/edgar/data/1529274/000152927425000031/alk-20241231.htm)
- [FY 2023 MD&A](/company/ALKT/mda/fy2023/): filed 2024-02-29; accession 0001529274-24-000029 (https://www.sec.gov/Archives/edgar/data/1529274/000152927424000029/alk-20231231.htm)
- [FY 2022 MD&A](/company/ALKT/mda/fy2022/): filed 2023-02-24; accession 0001529274-23-000037 (https://www.sec.gov/Archives/edgar/data/1529274/000152927423000037/alk-20221231.htm)
- [FY 2021 MD&A](/company/ALKT/mda/fy2021/): filed 2022-02-25; accession 0001529274-22-000034 (https://www.sec.gov/Archives/edgar/data/1529274/000152927422000034/alk-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7372 Services-Prepackaged Software) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ALKT.md · JSON record: /company/ALKT.json · verified financials: /company/ALKT/financials.json / /company/ALKT/financials.csv · machine TOC for the whole site: /llms.txt