Alkami Technology, Inc. reported fourth‑quarter 2025 revenue of $120.8 million, up 34.7% year‑over‑year, a figure that slightly exceeds analyst consensus of $122.7 million. The increase was driven by strong demand for its cloud‑based digital banking platform and the continued integration of the MANTL acquisition, which added 39 new client logos in 2025 and contributed to the quarter’s top‑line growth.
Adjusted EBITDA rose to $19.1 million, up from $16.0 million in Q3 2025, reflecting improved operating leverage and a higher mix of high‑margin digital banking contracts. The company’s non‑GAAP gross margin improved to 63.4% from 63.1% in the prior quarter, while GAAP gross margin contracted to 57.2% from 59.3% in Q4 2024, underscoring the widening GAAP net loss.
The company posted a GAAP net loss of $11.4 million, or –$0.11 per share, a miss of $0.25 against the consensus estimate of $0.14. The loss widened from $7.6 million in Q4 2024, largely due to higher database licensing costs and a decline in termination‑fee revenue. "In the fourth quarter, we continued to deliver strong growth and enhanced profitability, with revenue growth of 35% and Adjusted EBITDA of $19.1 million," said CEO Alex Shootman.
Alkami added 39 new client logos in 2025, including 11 banks, and the MANTL integration added 16 new digital banking clients and 33 new MANTL clients in Q4. "When we acquired MANTL, 11 clients -- 11 Alkami clients had all 3 DSSP products," Shootman added, highlighting cross‑selling success across the platform.
For the full year, Alkami reported GAAP revenue of $443.6 million, up 32.9% YoY, and adjusted EBITDA of $59.1 million, more than double the $26.9 million in 2024. The company guided for FY 2026 revenue of $525.5 million–$530.5 million and adjusted EBITDA of $93.5 million–$97.5 million, signaling confidence in continued growth and margin expansion.
Market reaction was negative, with the stock falling over 11% in after‑hours trading. The sharp decline was driven by the significant EPS miss, which investors viewed as a warning sign of widening GAAP losses and potential pressure on future profitability.
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