Download PDF

1. Company Snapshot

1.a. 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 support of a proprietary, cloud-based, multi-tenant architecture.


It offers an end- to- end set of software products, which include Alkami Platform, Retail Banking Solutions, Business Banking Solutions, and The Alkami Difference.It serves community, regional, credit unions, and retail and business banking.Alkami Technology, Inc.


was founded in 2009 and is headquartered in Plano, Texas.

Show Full description

1.b. Last Insights on ALKT

Alkami Technology, Inc.'s recent performance has been negatively impacted by Chicago Capital's decision to slash its position by 1.6 million shares. This move may have raised concerns about the company's growth prospects. Additionally, the upcoming Q1 2026 earnings report may pose a challenge, as investors await the results. Despite these challenges, Alkami has made significant strides in its product offerings, including the launch of Alkami Engage and the Digital Sales & Service Platform. However, these developments have not been enough to offset the negative sentiment. (Source: MarketBeat, PRNewswire)

1.c. Company Highlights

2. Alkami Q1 2026: Revenue Surge, EBITDA Beat, EPS Miss

Alkami’s Q1 2026 results delivered a 29% revenue jump to $126.1 million, eclipsing consensus and lifting adjusted EBITDA to $22.3 million—well above the $18.7 million estimate. Net income, however, fell short with an EPS of $0.04 versus the $0.21 forecast, reflecting lingering shareholder‑related expenses and a modest margin expansion to 17.6% of revenue. The company’s valuation currently reflects these mixed signals, with a P/E ratio of –34.52 and an EV/EBITDA of –228.35, underscoring the negative profitability profile amid aggressive growth investments. (Alkami CFO, Q1 earnings call)

Publication Date: May -04

📋 Highlights
  • Q1 2026 Revenue Growth:: Achieved 29% YoY growth to $126.1M, with adjusted EBITDA of $22.3M exceeding expectations.
  • Client & User Expansion:: Closed 6 new digital banking relationships, 307 clients, and 23M registered users, with 2.2M digital users added in 12 months.
  • Full-Year Guidance:: Projects $527.1M–$530.9M revenue (+18.8%–19.7%) and $94.9M–$97.9M adjusted EBITDA, reflecting 300 bps annual margin expansion.
  • MANTL Integration Success:: DSSP clients surged from 11 to 48, with 14 new logos, and MANTL standalone clients reaching 61 post-acquisition.
  • Product Innovation Momentum:: Launched Alkami Engage, DSSP (30% higher ARPU), and Co:lab event with 83 prospects, driving ARR growth to $494M (+22%).

Revenue and Earnings Momentum

ARR climbed 22% to $494 million, and revenue per user rose to $21.46, up 9% YoY. The 307 clients and 23 million registered users underpin a robust pipeline, with $1.7 billion in remaining performance obligations—roughly 3.5× live ARR—indicating strong future cash flow potential. Adjusted EBITDA margins are projected to expand by 300 basis points annually, aligning with the company’s long‑term profitability targets.

Guidance and Growth Outlook

Alkami forecasts Q2 revenue of $128–$129 million, a 14.2%–15.1% YoY rise, and full‑year revenue of $527.1–$530.9 million, an 18.8%–19.7% increase. Adjusted EBITDA is expected to reach $94.9–$97.9 million for the year, reinforcing the Rule of 45 trajectory by 2030. The company anticipates a 14% acceleration in Q3 due to favorable YoY comparison and 2025 timing dynamics, with DSSP and MANTL new logo adds driving the lift.

Product Innovation and Pipeline

Alkami introduced the Digital Sales & Service Platform (DSSP) and the new Alkami Engage product, targeting over 2,000 regional banks and credit unions. DSSP clients rose from 11 to 48, while standalone MANTL added 61 new logos. Alkami Engage’s telemetry and AI prototypes aim to unlock higher ARPU and faster feature rollouts, though the company awaits sufficient evidence to adjust the long‑term model.

Customer Base and ARR Dynamics

The firm’s shift from a system of record to a system of action has yielded a 30% higher ARPU for DSSP compared to traditional deals, with unit economics consistent across implementations. Renewals typically see contract value growth, additional product uptake, and expanding user bases, driving Net Revenue Retention upward without concentration risk.

Financial Metrics and Valuation

With a P/S ratio of 3.66 and a P/B of 4.64, Alkami trades at a premium relative to its book value, reflecting growth expectations. The negative ROIC and ROE highlight current investment intensity, while a free cash flow yield of 2.56% signals limited immediate cash generation. The company’s capital structure remains low, with a Net Debt/EBITDA of –35.45, indicating no debt burden.

Shareholder Returns and Capital Management

Alkami’s board approved a $100 million stock repurchase program, signaling confidence in intrinsic value. Shareholder‑related expenses totaled $2.8 million over two quarters, primarily one‑time items, and the company expects these costs to taper. The repurchase program, coupled with strong ARR growth, positions Alkami to return value to investors while fueling further expansion.

3. NewsRoom

Card image cap

Alkami to Host Webinar on Advancing Anticipatory Banking Through Connected Digital Experiences

May -06

Source: prnewswire.com

Card image cap

Alkami to Present at the 2026 J.P. Morgan Global Technology, Media and Communications Conference

May -05

Source: prnewswire.com

Card image cap

Alkami Technology, Inc. (ALKT) Q1 2026 Earnings Call Transcript

Apr -30

Source: seekingalpha.com

Card image cap

Alkami Technology (ALKT) Q1 Earnings Miss Estimates

Apr -29

Source: zacks.com

Card image cap

Alkami Announces First Quarter 2026 Financial Results

Apr -29

Source: prnewswire.com

Card image cap

Chicago Capital Slashes Its Alkami Technology Position by 1.6 Million Shares

Apr -25

Source: fool.com

Card image cap

Alkami Releases The 2026 Update to the Business Banking Digital Maturity Model

Apr -22

Source: prnewswire.com

Card image cap

Financial Institutions and Leaders Recognized at Alkami Co:lab 2026 for Driving Innovation & Relationship Banking

Apr -21

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.50%)

6. Segments

Software-as-a-Service Subscription

Expected Growth: 13.47%

Alkami Technology, Inc.'s 13.47% growth in Software-as-a-Service (SaaS) subscriptions is driven by increasing demand for digital banking solutions, expansion into new markets, and strategic partnerships. The company's cloud-based platform provides scalability and flexibility, attracting more financial institutions. Additionally, the shift towards online banking and mobile payments fuels growth, as Alkami's SaaS model offers a cost-effective and efficient solution for clients.

Implementation

Expected Growth: 14.07%

Alkami Technology, Inc.'s 14.07% growth is driven by increasing adoption of its cloud-based digital banking platform, expansion into new markets, and strategic partnerships. The company's focus on innovation, customer experience, and operational efficiency has enabled it to capitalize on the growing demand for digital banking solutions, resulting in accelerated revenue growth.

Other

Expected Growth: 14.07%

Alkami Technology's 14.07% growth is driven by increasing adoption of its cloud-based digital banking platform, expansion into new markets, and strategic partnerships. The company's focus on innovation, customer experience, and operational efficiency has enabled it to capitalize on the growing demand for digital transformation in the financial services industry.

7. Detailed Products

Digital Banking Platform

A cloud-based digital banking platform that provides a seamless and personalized banking experience for customers

Origination Platform

A digital lending platform that streamlines the loan origination process for banks and credit unions

Account Opening Platform

A digital account opening platform that enables customers to open accounts online or through mobile devices

Digital Payment Platform

A digital payment platform that enables person-to-person (P2P) payments, bill pay, and account-to-account (A2A) transfers

Data Analytics and Insights

A data analytics platform that provides insights and data visualization for financial institutions

8. Alkami Technology, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Alkami Technology, Inc. operates in a niche market, providing digital banking solutions to financial institutions. While there are some substitutes available, they are not as comprehensive or tailored to the specific needs of community banks and credit unions. Therefore, the threat of substitutes is moderate.

Bargaining Power Of Customers

Alkami Technology, Inc.'s customers are primarily community banks and credit unions, which have limited bargaining power due to their smaller size and limited resources. This gives Alkami Technology, Inc. an upper hand in negotiations.

Bargaining Power Of Suppliers

Alkami Technology, Inc. relies on a few key suppliers for its technology and infrastructure. While these suppliers have some bargaining power, Alkami Technology, Inc. has diversified its supply chain to mitigate this risk.

Threat Of New Entrants

The digital banking solutions market is rapidly evolving, and new entrants are emerging with innovative solutions. Alkami Technology, Inc. faces a high threat from new entrants, which could potentially disrupt its market share.

Intensity Of Rivalry

The digital banking solutions market is highly competitive, with several established players vying for market share. Alkami Technology, Inc. faces intense competition from rivals, which could lead to pricing pressures and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 5.59%
Debt Cost 5.94%
Equity Weight 94.41%
Equity Cost 5.94%
WACC 5.94%
Leverage 5.93%

11. Quality Control: Alkami Technology, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Zoom Video

A-Score: 5.5/10

Value: 3.6

Growth: 8.1

Quality: 8.8

Yield: 0.0

Momentum: 6.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
PTC

A-Score: 5.1/10

Value: 2.1

Growth: 8.3

Quality: 8.9

Yield: 0.0

Momentum: 4.0

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Alarm.com

A-Score: 4.9/10

Value: 5.3

Growth: 8.2

Quality: 6.2

Yield: 0.0

Momentum: 2.5

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Progress Software

A-Score: 4.2/10

Value: 4.4

Growth: 6.4

Quality: 5.9

Yield: 1.0

Momentum: 0.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Elastic

A-Score: 3.8/10

Value: 3.2

Growth: 8.0

Quality: 4.9

Yield: 0.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
Alkami Technology

A-Score: 3.5/10

Value: 4.6

Growth: 7.1

Quality: 4.1

Yield: 0.0

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

16.75$

Current Price

16.75$

Potential

-0.00%

Expected Cash-Flows