Alkami Technology, Inc.
ALKT Nasdaq Services-Prepackaged Software Financials FY2019–FY2025
Revenue
Total sales reported in the income statement.
$444M
32.9%
vs prior year
Operating margin
Operating income as a share of revenue.
−12.1%
1.3 pts
Net income
Profit after all expenses, interest and tax.
−$47.7M
Free cash flow
Cash from operations minus capital spending.
$41.4M
137.7%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.46 EPS (TTM)
What Alkami Technology, Inc. does
No business description yet.
- Legal name
- ALKAMI TECHNOLOGY, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001529274-26-000009
0001529274
Revenue and margins
Alkami Technology, Inc. had $444M of revenue in fiscal 2025, up 32.9% on the year before.
FY19
Revenue $73.5M
FY20
Revenue $112M
FY21
Revenue $152M
FY22
Revenue $204M
FY23
Revenue $265M
FY24
Revenue $334M
FY25
Revenue $444M
Q2 '23
Revenue $65.8M
Q3 '23
Revenue $67.7M
Q4 '23
Revenue $71.4M
Q1 '24
Revenue $76.1M
Q2 '24
Revenue $82.2M
Q3 '24
Revenue $85.9M
Q4 '24
Revenue $89.7M
Q1 '25
Revenue $97.8M
Q2 '25
Revenue $112M
Q3 '25
Revenue $113M
Q4 '25
Revenue $121M
Q2 '26
Revenue $130M
FY19
Gross 41.4%
Operating −57.8%
Net −56.9%
FCF −58.2%
FY20
Gross 52.8%
Operating −31.3%
Net −45.8%
FCF −35.9%
FY21
Gross 55.1%
Operating −28.2%
Net −30.8%
FCF −19.8%
FY22
Gross 53.0%
Operating −28.2%
Net −28.7%
FCF −19.1%
FY23
Gross 54.4%
Operating −24.1%
Net −23.8%
FCF −7.0%
FY24
Gross 58.9%
Operating −13.4%
Net −12.2%
FCF 5.2%
FY25
Gross 57.8%
Operating −12.1%
Net −10.7%
FCF 9.3%
Gross
Operating
Net
FCF
Q2 '23
Gross 53.9%
Operating −27.2%
Net −27.0%
FCF −9.0%
Q3 '23
Gross 54.0%
Operating −23.3%
Net −22.9%
FCF 4.1%
Q4 '23
Gross 56.0%
Operating −18.4%
Net −17.8%
FCF −7.8%
Q1 '24
Gross 57.8%
Operating −16.2%
Net −15.0%
FCF 0.8%
Q2 '24
Gross 59.4%
Operating −16.1%
Net −15.0%
FCF 0.1%
Q3 '24
Gross 58.9%
Operating −12.1%
Net −11.0%
FCF 12.4%
Q4 '24
Gross 59.3%
Operating −9.6%
Net −8.5%
FCF 6.6%
Q1 '25
Gross 59.0%
Operating −15.7%
Net −8.0%
FCF −6.3%
Q2 '25
Gross 58.6%
Operating −14.2%
Net −12.1%
FCF 0.7%
Q3 '25
Gross 56.8%
Operating −11.4%
Net −13.1%
FCF 27.0%
Q4 '25
Gross 57.2%
Operating −7.9%
Net −9.5%
FCF 13.4%
Q2 '26
Gross 56.8%
Operating −5.9%
Net −6.9%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY19
Net income −$41.9M
FY20
Net income −$51.4M
FY21
Net income −$46.8M
FY22
Net income −$58.6M
FY23
Net income −$62.9M
FY24
Net income −$40.8M
FY25
Net income −$47.7M
Q2 '23
Net income −$17.8M
Q3 '23
Net income −$15.5M
Q4 '23
Net income −$12.7M
Q1 '24
Net income −$11.4M
Q2 '24
Net income −$12.3M
Q3 '24
Net income −$9.4M
Q4 '24
Net income −$7.6M
Q1 '25
Net income −$7.8M
Q2 '25
Net income −$13.6M
Q3 '25
Net income −$14.8M
Q4 '25
Net income −$11.4M
Q2 '26
Net income −$8.9M
FY19
Diluted EPS −$9.91
FY20
Diluted EPS −$11.78
FY21
Diluted EPS −$0.73
FY22
Diluted EPS −$0.64
FY23
Diluted EPS −$0.67
FY24
Diluted EPS −$0.41
FY25
Diluted EPS −$0.46
Q2 '23
Diluted EPS −$0.19
Q3 '23
Diluted EPS −$0.16
Q4 '23
Diluted EPS −$0.14
Q1 '24
Diluted EPS −$0.12
Q2 '24
Diluted EPS −$0.13
Q3 '24
Diluted EPS −$0.09
Q4 '24
Diluted EPS −$0.07
Q1 '25
Diluted EPS −$0.08
Q2 '25
Diluted EPS −$0.13
Q3 '25
Diluted EPS −$0.14
Q4 '25
Diluted EPS −$0.11
Q2 '26
Diluted EPS −$0.08
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY19
Return on capital —
Return on equity —
Return on assets —
FY20
Return on capital —
Return on equity —
Return on assets −20.6%
FY21
Return on capital −55.9%
Return on equity −115.5%
Return on assets −13.7%
FY22
Return on capital −20.5%
Return on equity −17.3%
Return on assets −12.7%
FY23
Return on capital −21.6%
Return on equity −19.1%
Return on assets −14.2%
FY24
Return on capital —
Return on equity −12.0%
Return on assets −9.8%
FY25
Return on capital —
Return on equity −13.3%
Return on assets −7.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $41.4M in fiscal 2025, 9.3% of revenue. Cash from operations minus capital spending.
FY19
Free cash flow −$42.8M
FY20
Free cash flow −$40.3M
FY21
Free cash flow −$30.1M
FY22
Free cash flow −$39.1M
FY23
Free cash flow −$18.6M
FY24
Free cash flow $17.4M
FY25
Free cash flow $41.4M
Q2 '23
Free cash flow −$5.9M
Q3 '23
Free cash flow $2.8M
Q4 '23
Free cash flow −$5.6M
Q1 '24
Free cash flow $0.6M
Q2 '24
Free cash flow $0.1M
Q3 '24
Free cash flow $10.7M
Q4 '24
Free cash flow $6.0M
Q1 '25
Free cash flow −$6.1M
Q2 '25
Free cash flow $0.8M
Q3 '25
Free cash flow $30.5M
Q4 '25
Free cash flow $16.2M
Q2 '26
Free cash flow —
FY19
Cash from operations −$39.1M
Capital spending $3.7M
FY20
Cash from operations −$38.1M
Capital spending $2.1M
FY21
Cash from operations −$29.0M
Capital spending $1.1M
FY22
Cash from operations −$38.0M
Capital spending $1.1M
FY23
Cash from operations −$17.5M
Capital spending $1.1M
FY24
Cash from operations $18.6M
Capital spending $1.2M
FY25
Cash from operations $42.9M
Capital spending $1.5M
Cash from operations
Capital spending
Q2 '23
Cash from operations −$5.7M
Capital spending $0.2M
Q3 '23
Cash from operations $3.1M
Capital spending $0.4M
Q4 '23
Cash from operations −$5.3M
Capital spending $0.3M
Q1 '24
Cash from operations $1.0M
Capital spending $0.3M
Q2 '24
Cash from operations $0.5M
Capital spending $0.4M
Q3 '24
Cash from operations $11.0M
Capital spending $0.3M
Q4 '24
Cash from operations $6.1M
Capital spending $0.2M
Q1 '25
Cash from operations −$5.7M
Capital spending $0.5M
Q2 '25
Cash from operations $1.2M
Capital spending $0.4M
Q3 '25
Cash from operations $30.8M
Capital spending $0.3M
Q4 '25
Cash from operations $16.6M
Capital spending $0.4M
Q2 '26
Cash from operations —
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Alkami Technology, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 5.1%.
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $3.2M
FY21
Dividends $5.0M
Buybacks $3.5M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $0.0M
Buybacks $0.0M
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.00B
FY21
Diluted shares 0.06B
FY22
Diluted shares 0.09B
FY23
Diluted shares 0.09B
FY24
Diluted shares 0.10B
FY25
Diluted shares 0.10B
Balance sheet
Cash, debt and the ratios that show how comfortably Alkami Technology, Inc. can carry it.
FY19
Cash $12.0M
Debt —
FY20
Cash $167M
Debt $24.9M
FY21
Cash $309M
Debt $24.6M
FY22
Cash $196M
Debt $84.6M
FY23
Cash $92.1M
Debt $0.0M
FY24
Cash $94.4M
Debt —
FY25
Cash $63.5M
Debt —
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $309M | $196M | $92.1M | $94.4M | $63.5M |
| Debt incl. finance leases | $24.6M | $84.6M | $0.0M | — | — |
| Debt / equity | 0.1x | 0.3x | 0.0x | — | — |
| Interest coverage | −36.2x | −15.0x | −8.6x | −96.8x | −5.7x |
| Current ratio | 10.4x | 5.8x | 3.8x | 4.0x | 2.1x |
| Quick ratio | 10.4x | 5.8x | 3.8x | 4.0x | 2.1x |
| Total assets | $437M | $489M | $400M | $437M | $847M |
| Total liabilities | $91.9M | $155M | $74.9M | $80.2M | $485M |
| Shareholders' equity | $345M | $334M | $325M | $357M | $362M |
| Net debt (− = net cash) | −$284M | −$112M | −$92.1M | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ | ✕ | ✓ | — | — |
| Current ratio rose | — | — | ✓ | ✕ | ✕ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ | ✓ | ✓ | ✓ | ✕ |
| F-score | — / 3 | — / 5 | 5 / 9 | 2 / 9 | 4 / 9 | 6 / 8 | 3 / 8 |
| Accruals ratio | — | −5.3% | −5.2% | −4.4% | −10.2% | −14.2% | −14.1% |
| Altman Z'' | — | −3.83 | 5.62 | 1.68 | 1.73 | 2.47 | −0.90 |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $73.5M | $112M | $152M | $204M | $265M | $334M | $444M |
| Gross profit | $30.4M | $59.2M | $83.8M | $108M | $144M | $197M | $257M |
| Research and development | $32.7M | $40.2M | $48.8M | $69.3M | $84.7M | $96.2M | $118M |
| Operating income | −$42.5M | −$35.1M | −$42.9M | −$57.7M | −$63.7M | −$44.6M | −$53.6M |
| Interest expense | $0.1M | $0.5M | $1.2M | $3.9M | $7.4M | $0.5M | $9.5M |
| Pretax income | — | −$51.4M | −$46.7M | −$59.1M | −$62.9M | −$40.5M | −$59.0M |
| Income tax | $0.0M | $0.0M | $0.2M | −$0.5M | $0.0M | $0.3M | −$11.3M |
| Net income | −$41.9M | −$51.4M | −$46.8M | −$58.6M | −$62.9M | −$40.8M | −$47.7M |
| Net income to common | −$43.1M | −$56.6M | −$47.1M | −$58.6M | −$62.9M | — | — |
| Diluted EPS | −$9.91 | −$11.78 | −$0.73 | −$0.64 | −$0.67 | −$0.41 | −$0.46 |
| Diluted shares | 0.00B | 0.00B | 0.06B | 0.09B | 0.09B | 0.10B | 0.10B |
| Cash flow | |||||||
| Cash from operations | −$39.1M | −$38.1M | −$29.0M | −$38.0M | −$17.5M | $18.6M | $42.9M |
| Capital expenditure | $3.7M | $2.1M | $1.1M | $1.1M | $1.1M | $1.2M | $1.5M |
| Free cash flow | −$42.8M | −$40.3M | −$30.1M | −$39.1M | −$18.6M | $17.4M | $41.4M |
| Depreciation and amortization | $2.2M | $2.8M | $3.4M | $8.1M | $10.6M | $10.5M | $26.9M |
| Stock-based compensation | $1.3M | $2.0M | $14.5M | $44.6M | $51.2M | $59.4M | $76.2M |
| Acquisitions | — | $25.1M | $18.3M | $132M | $0.0M | $0.0M | $375M |
| Share buybacks | $0.0M | $3.2M | $3.5M | $0.0M | $0.0M | — | — |
| Dividends paid | $0.0M | $0.0M | $5.0M | $0.0M | $0.0M | — | — |
| Dividends and buybacks | $0.0M | $3.2M | $8.5M | $0.0M | $0.0M | — | — |
| Balance sheet | |||||||
| Cash and short-term investments | $12.0M | $167M | $309M | $196M | $92.1M | $94.4M | $63.5M |
| Total debt | — | $24.9M | $24.6M | $84.6M | $0.0M | — | — |
| Current assets | — | $193M | $345M | $242M | $149M | $181M | $187M |
| Current liabilities | — | $20.5M | $33.2M | $41.6M | $39.4M | $45.6M | $89.5M |
| Property and equipment, net | — | $10.5M | $11.8M | $13.6M | $16.9M | $22.1M | $26.7M |
| Goodwill | — | $16.2M | $48.1M | $148M | $148M | $148M | $403M |
| Intangible assets | — | $8.3M | $11.2M | $42.6M | $35.8M | $29.0M | $159M |
| Total assets | — | $249M | $437M | $489M | $400M | $437M | $847M |
| Total liabilities | — | $69.4M | $91.9M | $155M | $74.9M | $80.2M | $485M |
| Preferred stock | — | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | −$195M | −$264M | $345M | $334M | $325M | $357M | $362M |
| Margins | |||||||
| Gross margin | 41.4% | 52.8% | 55.1% | 53.0% | 54.4% | 58.9% | 57.8% |
| Operating margin | −57.8% | −31.3% | −28.2% | −28.2% | −24.1% | −13.4% | −12.1% |
| EBITDA margin | −54.8% | −28.8% | −25.9% | −24.3% | −20.0% | −10.2% | −6.0% |
| Net margin | −56.9% | −45.8% | −30.8% | −28.7% | −23.8% | −12.2% | −10.7% |
| FCF margin | −58.2% | −35.9% | −19.8% | −19.1% | −7.0% | 5.2% | 9.3% |
| Returns | |||||||
| Return on capital | — | — | −55.9% | −20.5% | −21.6% | — | — |
| Return on capital employed | — | −15.4% | −10.6% | −12.9% | −17.7% | −11.4% | −7.1% |
| Return on equity | — | — | −115.5% | −17.3% | −19.1% | −12.0% | −13.3% |
| Return on assets | — | −20.6% | −13.7% | −12.7% | −14.2% | −9.8% | −7.4% |
| Return on tangible equity | — | — | −16.5% | −40.9% | −44.6% | −22.7% | — |
| Growth | |||||||
| Revenue growth | — | 52.5% | 35.7% | 34.2% | 29.6% | 26.1% | 32.9% |
| FCF growth | — | — | — | — | — | — | 137.7% |
| Share count change | — | 10.6% | 1,241.3% | 41.0% | 3.4% | 5.1% | 5.1% |
| Financial health | |||||||
| Debt / equity | — | — | 0.1x | 0.3x | 0.0x | — | — |
| Interest coverage | −386.7x | −71.8x | −36.2x | −15.0x | −8.6x | −96.8x | −5.7x |
| Current ratio | — | 9.4x | 10.4x | 5.8x | 3.8x | 4.0x | 2.1x |
| Quick ratio | — | 9.4x | 10.4x | 5.8x | 3.8x | 4.0x | 2.1x |
| Capital allocation | |||||||
| Capex / revenue | 5.0% | 1.9% | 0.7% | 0.5% | 0.4% | 0.4% | 0.3% |
| Stock comp / revenue | 1.7% | 1.7% | 9.6% | 21.8% | 19.3% | 17.8% | 17.2% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 5.0 | 2.0 | 4.0 | 6.0 | 3.0 |
| Altman Z'' | — | −3.8 | 5.6 | 1.7 | 1.7 | 2.5 | −0.9 |
| Accruals ratio | — | −5.3% | −5.2% | −4.4% | −10.2% | −14.2% | −14.1% |
Source: SEC EDGAR XBRL filings (CIK 0001529274). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.