Revenue grew from $82.2M to $134.9M over ten quarters while gross margin held near 57% and operating margin improved from -16.1% to -4.6%, though operating losses persisted in every period.
Alkami Technology, Inc. (ALKT) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 511.68M | 443.64M | 333.85M | 264.83M | 204.27M | 152.16M | 112.14M | 73.54M |
| Revenue Growth % | 24.04% | 32.89% | 26.06% | 29.65% | 34.25% | 35.68% | 52.49% | - |
| Cost of Goods Sold | 219.05M | 187.04M | 137.22M | 120.72M | 95.95M | 68.35M | 52.99M | 43.11M |
| COGS % of Revenue | - | 42.16% | 41.1% | 45.58% | 46.97% | 44.92% | 47.25% | 58.61% |
| Gross Profit | 292.63M | 256.6M | 196.63M | 144.11M | 108.32M | 83.81M | 59.16M | 30.43M |
| Gross Margin % | 57.19% | 57.84% | 58.9% | 54.42% | 53.03% | 55.08% | 52.75% | 41.39% |
| Gross Profit Growth % | - | 30.5% | 36.44% | 33.04% | 29.25% | 41.67% | 94.37% | - |
| Operating Expenses | 321.79M | 310.24M | 241.26M | 207.82M | 178.54M | 126.72M | 94.26M | 72.97M |
| OpEx % of Revenue | - | 69.93% | 72.27% | 78.47% | 87.4% | 83.28% | 84.05% | 99.22% |
| Selling, General & Admin | 190.16M | 181.03M | 143.41M | 121.46M | 108.06M | 74.57M | 53.12M | 40.25M |
| SG&A % of Revenue | - | 40.81% | 42.96% | 45.86% | 52.9% | 49.01% | 47.37% | 54.73% |
| Research & Development | 126.19M | 118.4M | 96.21M | 84.66M | 69.33M | 48.8M | 40.21M | 32.72M |
| R&D % of Revenue | - | 26.69% | 28.82% | 31.97% | 33.94% | 32.07% | 35.86% | 44.49% |
| Other Operating Expenses | 3M | 10.81M | 1.63M | 1.7M | 1.16M | 3.35M | 930K | 0 |
| Operating Income | -29.15M | -53.64M | -44.63M | -63.7M | -70.22M | -42.92M | -35.1M | -42.53M |
| Operating Margin % | -5.7% | -12.09% | -13.37% | -24.05% | -34.38% | -28.2% | -31.3% | -57.84% |
| Operating Income Growth % | - | -20.19% | 29.95% | 9.28% | -63.62% | -22.26% | 17.47% | - |
| EBITDA | 3.43M | -26.72M | -34.12M | -53.07M | -62.14M | -39.47M | -32.33M | -40.31M |
| EBITDA Margin % | 0.67% | -6.02% | -10.22% | -20.04% | -30.42% | -25.94% | -28.83% | -54.81% |
| EBITDA Growth % | 110.07% | 21.67% | 35.72% | 14.59% | -57.43% | -22.1% | 19.8% | - |
| D&A (Non-Cash Add-back) | 32.58M | 26.91M | 10.51M | 10.63M | 8.07M | 3.44M | 2.77M | 2.23M |
| EBIT | -26.21M | -49.48M | -40.07M | -55.48M | -55.21M | -45.46M | -50.87M | -41.76M |
| Net Interest Income | -6.02M | -5.33M | 4.1M | 711K | -1.15M | -699K | -434K | 157K |
| Interest Income | 2.95M | 4.16M | 4.56M | 8.1M | 2.7M | 487K | 55K | 267K |
| Interest Expense | 8.97M | 9.49M | 461K | 7.38M | 3.85M | 1.19M | 489K | 110K |
| Other Income/Expense | -6.02M | -5.33M | 4.1M | 836K | 11.16M | -3.73M | -16.25M | 666K |
| Pretax Income | -35.17M | -58.96M | -40.53M | -62.87M | -59.06M | -46.65M | -51.35M | -41.87M |
| Pretax Margin % | -6.87% | -13.29% | -12.14% | -23.74% | -28.91% | -30.66% | -45.79% | -56.93% |
| Income Tax | 1.87M | -11.31M | 308K | 44K | -461K | 172K | 0 | 0 |
| Effective Tax Rate % | -5.33% | 19.18% | -0.76% | -0.07% | 0.78% | -0.37% | 0% | 0% |
| Net Income | -37.05M | -47.65M | -40.84M | -62.91M | -58.6M | -46.82M | -51.35M | -41.87M |
| Net Margin % | -7.24% | -10.74% | -12.23% | -23.76% | -28.69% | -30.77% | -45.79% | -56.93% |
| Net Income Growth % | 15.52% | -16.69% | 35.09% | -7.36% | -25.15% | 8.83% | -22.66% | - |
| Net Income (Continuing) | -37.05M | -47.65M | -40.84M | -62.91M | -58.6M | -46.82M | -51.35M | -41.87M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.35 | -0.46 | -0.41 | -0.67 | -0.64 | -0.52 | -0.67 | -0.50 |
| EPS Growth % | 17.04% | -12.2% | 38.81% | -4.69% | -23.08% | 22.39% | -34% | - |
| EPS (Basic) | - | -0.46 | -0.41 | -0.67 | -0.64 | -0.52 | -0.67 | -0.50 |
| Diluted Shares Outstanding | 106.63M | 103.9M | 98.89M | 94.08M | 90.96M | 89.95M | 84.04M | 84.04M |
| Basic Shares Outstanding | 106.63M | 103.9M | 98.89M | 94.08M | 90.96M | 89.95M | 84.04M | 84.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ALKT stock.
For fiscal year 2025, Alkami Technology, Inc. (ALKT) reported total revenue of $443.6M. This represents a 503.3% increase compared to $73.5M in 2019.
Alkami Technology, Inc. (ALKT) reported a net loss of $47.7M for the fiscal year ending 2025.
Alkami Technology, Inc. (ALKT) reported an operating income of $-53.6M, resulting in an operating profit margin of -12.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Alkami Technology, Inc. (ALKT) generated $256.6M in gross profit for the year, representing a gross profit margin of 57.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses
Metrics are mathematically derived from official filings.
Revenue Growth Holding Near Twenty Percent
Based on reported figures, Alkami's quarterly revenue rose from $82.2M in 2024Q2 to $134.9M in 2026Q3, with year-over-year growth running between roughly 16% and 36% across the period, suggesting sustained but moderating demand momentum.
The most recent quarters show year-over-year growth in the high teens to low twenties, a deceleration from the mid-30s seen in 2025, which may indicate that the expansion driven by new bank and credit union deployments is maturing. Investors should monitor whether growth stabilizes near this level or continues to slow, as the reported figures do not separate volume-driven growth from pricing or acquired revenue.
Gross Margin Steady Near Fifty-Seven Percent
Based on the quarterly income statement, Alkami's gross margin has held in a tight 56.8% to 59.4% band over ten quarters, indicating stable unit economics without evidence of meaningful pricing expansion.
The consistency of gross margin across both growth and loss-making periods suggests cost of revenue scales roughly in line with sales. Relative to the software peer set in the supplied context, a mid-high 50s gross margin is not outsized, so the case for durable pricing power rests on further evidence rather than current data.
Operating Losses Narrowing Only Partially
As reported in the quarterly statements, operating margin improved from -16.1% in 2024Q2 to -4.6% in 2026Q3, but SG&A remains near 36% of revenue, limiting further operating leverage.
The operating margin recovery has come largely from revenue scaling against a relatively fixed overhead base, which is the intended mechanism of software leverage. However, SG&A and R&D together still consume more than the entire gross profit in most quarters, so operating breakeven depends on continued top-line expansion rather than cost discipline alone.
Stock-Based Compensation Shapes Reported Losses
Based on Alkami's reported figures, stock-based compensation of $16M to $21M per quarter is a material share of operating costs, and net losses would be meaningfully narrower without it.
Given that SBC is recurring and sizable relative to operating losses, a meaningful portion of the cost base is being paid in equity, which dilutes shareholders over time even as it flatters cash-based profitability views. The net loss per share has been consistently negative, so investors should weigh the SBC burden when judging the path to GAAP profitability.
Path to Profitability Remains Unproven
Based on reported figures, Alkami has posted operating losses in every quarter of the ten-quarter window, and a net margin of -5.0% in the latest quarter suggests profitability has not yet been demonstrated.
Bears would argue that revenue growth alone has not translated into sustained operating profit, and that decelerating growth combined with flat gross margins could leave the company stuck near breakeven. The case warrants further investigation into whether SG&A growth can be held below revenue growth over multiple periods.