Alkami has achieved consistent top-line expansion with 28.9% year-over-year revenue growth in 2026Q1, while operating margins have improved significantly from -18.4% in 2023Q4 to -4.5% in the most recent quarter.
| Sales/Revenue | 471.94M | 443.64M | 333.85M | 264.83M | 204.27M | 152.16M | 112.14M | 73.54M |
| Revenue Growth % | 32.73% | 32.89% | 26.06% | 29.65% | 34.25% | 35.68% | 52.49% | - |
| Cost of Goods Sold | 200.94M | 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 | 271M | 256.6M | 196.63M | 144.11M | 108.32M | 83.81M | 59.16M | 30.43M |
| Gross Margin % | 57.42% | 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 | 314.95M | 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 | 186.23M | 181.03M | 143.41M | 121.46M | 108.06M | 77.92M | 53.12M | 40.25M |
| SG&A % of Revenue | - | 40.81% | 42.96% | 45.86% | 52.9% | 51.21% | 47.37% | 54.73% |
| Research & Development | 122.51M | 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 | 0 | 930K | 0 |
| Operating Income | -43.95M | -53.64M | -44.63M | -63.7M | -70.22M | -42.92M | -35.1M | -42.53M |
| Operating Margin % | -9.31% | -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 | -12.39M | -26.72M | -34.12M | -53.07M | -62.14M | -39.47M | -32.33M | -40.31M |
| EBITDA Margin % | -2.63% | -6.02% | -10.22% | -20.04% | -30.42% | -25.94% | -28.83% | -54.81% |
| EBITDA Growth % | 68.37% | 21.67% | 35.72% | 14.59% | -57.43% | -22.1% | 19.8% | - |
| D&A (Non-Cash Add-back) | 31.55M | 26.91M | 10.51M | 10.63M | 8.07M | 3.44M | 2.77M | 2.23M |
| EBIT | -40.88M | -49.48M | -40.07M | -55.48M | -55.21M | -45.46M | -50.87M | -41.76M |
| Net Interest Income | -7.13M | -5.33M | 4.1M | 711K | -1.15M | -699K | -434K | 157K |
| Interest Income | 3.83M | 4.16M | 4.56M | 8.1M | 2.7M | 487K | 55K | 267K |
| Interest Expense | 10.95M | 9.49M | 461K | 7.38M | 3.85M | 1.19M | 489K | 110K |
| Other Income/Expense | -7.13M | -5.33M | 4.1M | 836K | 11.16M | -3.73M | -16.25M | 666K |
| Pretax Income | -51.07M | -58.96M | -40.53M | -62.87M | -59.06M | -46.65M | -51.35M | -41.87M |
| Pretax Margin % | -10.82% | -13.29% | -12.14% | -23.74% | -28.91% | -30.66% | -45.79% | -56.93% |
| Income Tax | -1.27M | -11.31M | 308K | 44K | -461K | 172K | 0 | 0 |
| Effective Tax Rate % | 2.49% | 19.18% | -0.76% | -0.07% | 0.78% | -0.37% | 0% | 0% |
| Net Income | -49.8M | -47.65M | -40.84M | -62.91M | -58.6M | -46.82M | -51.35M | -41.87M |
| Net Margin % | -10.55% | -10.74% | -12.23% | -23.76% | -28.69% | -30.77% | -45.79% | -56.93% |
| Net Income Growth % | -33.8% | -16.69% | 35.09% | -7.36% | -25.15% | 8.83% | -22.66% | - |
| Net Income (Continuing) | -49.8M | -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) | -0.47 | -0.46 | -0.41 | -0.67 | -0.64 | -0.52 | -0.67 | -0.50 |
| EPS Growth % | -25.66% | -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 | 106.39M | 103.9M | 98.89M | 94.08M | 90.96M | 89.95M | 84.04M | 84.04M |
| Basic Shares Outstanding | 106.39M | 103.9M | 98.89M | 94.08M | 90.96M | 89.95M | 84.04M | 84.04M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Persistent GAAP operating losses
According to the latest quarterly financial disclosures, ALKT achieved a 28.9% year-over-year revenue growth rate in 2026Q1, demonstrating consistent top-line momentum as the company continues to scale its digital banking platform across the credit union sector despite broader macroeconomic headwinds impacting financial institution technology spending.
The revenue trajectory appears durable, supported by the company's ability to consistently grow its user base and expand its footprint within existing accounts. Investors should monitor whether this growth remains organic or if future expansion requires increasingly expensive customer acquisition costs that could pressure long-term margins.
As reported in recent income statements, ALKT's operating margin improved to -4.5% in 2026Q1 from -18.4% in 2023Q4, suggesting that the company is successfully scaling its revenue base faster than its fixed operating expenses, particularly as the platform matures and implementation efficiencies begin to take hold.
The narrowing of operating losses indicates that the company's high fixed-cost structure is finally beginning to yield economies of scale. However, the persistence of negative operating income warrants further investigation into whether this trend is sustainable or if it relies on aggressive capitalization of development costs.
Based on the provided financial data, ALKT consistently records significant stock-based compensation expenses, with 2026Q1 figures showing $17.3M in SBC, which effectively offsets a substantial portion of the company's gross profit and complicates the assessment of true underlying cash-generative capacity for equity holders.
The reliance on equity-based incentives suggests that management is prioritizing talent retention in a competitive engineering market, which inherently dilutes existing shareholders. Analysts should treat these non-cash charges as a recurring operational cost rather than an anomaly when evaluating the company's path to GAAP profitability.
Financial filings indicate that ALKT's gross margins have remained range-bound between 56% and 59% over the last ten quarters, reflecting the intensive support and implementation requirements inherent in the company's specialized cloud-based banking software model compared to more automated horizontal SaaS peers.
The inability to significantly expand gross margins suggests that the cost of revenue is heavily tied to personnel-intensive onboarding and maintenance. This structural ceiling implies that meaningful margin expansion will likely require a shift toward higher-margin add-on modules rather than simple user growth.
While revenue growth remains robust, the concentration of the client base within the credit union industry presents a material risk, as market consolidation could lead to contract terminations if surviving entities favor incumbent legacy providers or alternative digital banking platforms over ALKT's current service offering.
The potential for contract churn due to M&A activity among credit unions could create lumpy revenue performance that is not immediately apparent in current growth metrics. Investors should monitor the company's ability to retain clients during institutional mergers as a key indicator of the platform's true stickiness.
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.