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Form 8-K

sec.gov

8-K — ALKAMI TECHNOLOGY, INC.

Accession: 0001529274-26-000028

Filed: 2026-04-29

Period: 2026-04-23

CIK: 0001529274

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — alk-20260423.htm (Primary)

EX-99.1 (exhibit991-earningsrelease.htm)

EX-99.2 (investorpresentation2026.htm)

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8-K

8-K (Primary)

Filename: alk-20260423.htm · Sequence: 1

alk-20260423

0001529274☐☐☐☐☐00015292742026-04-232026-04-23

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 23, 2026

ALKAMI TECHNOLOGY, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware     001-40321     45-3060776

(State or Other Jurisdiction of Incorporation) (Commission File Number)     (IRS Employer Identification No.)

5601 Granite Parkway, Suite 120, Plano, TX 75024

(Address of Principal Executive Offices) (Zip Code)

(877) 725-5264

Registrant’s Telephone Number, Including Area Code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 par value per share ALKT

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 29, 2026 Alkami Technology, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

The information set forth in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, (the Securities Act”), except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

On April 29, 2026, the Company posted an investor presentation on its website at www.alkami.com (the “Investor Presentation”). A copy of the Investor Presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

The information set forth in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed “filed” for purposes of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.2, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD.

Item 8.01. Other Events.

On April 23, 2026, the Board authorized a share repurchase program to repurchase up to $100 million of the Company’s common stock. Repurchases under the program may be made from time to time, at management’s discretion, using a variety of methods, including open market purchases, privately negotiated transactions, and other means all in accordance with federal securities laws and other applicable legal requirements, including pursuant to one or more Rule 10b5-1 trading plans. The timing and size of any repurchases will be determined by management based on prevailing share prices, general economic and market conditions, the Company’s liquidity and capital needs, and other factors deemed relevant. The share repurchase program does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or terminated at any time at the discretion of the Board of Directors.

A copy of the press release that includes the share repurchase program announcement is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

Exhibit Number Description

99.1

Earnings Press Release, dated April 29, 2026

99.2

Investor Presentation, dated April 29, 2026

104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Alkami Technology, Inc.

Date: April 29, 2026 By: /s/ Cassandra Hudson

Cassandra Hudson

Chief Financial Officer

EX-99.1

EX-99.1

Filename: exhibit991-earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

Alkami Announces First Quarter 2026 Financial Results

Announces $100 Million Share Repurchase Program

PLANO, Texas, April 29, 2026 (PRNewswire) -- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami” or “the Company”), a leading cloud-based digital banking solutions provider for financial institutions (FIs) in the U.S., today announced results for its first quarter ending March 31, 2026.

First Quarter 2026 Financial Highlights

•GAAP total revenue of $126.1, an increase of 28.9% compared to the year-ago quarter;

•GAAP gross margin of 58.6%, compared to 59.0% in the year-ago quarter;

•Non-GAAP gross margin of 64.4%, compared to 64.3% in the year-ago quarter;

•GAAP net loss of $(10.0) million, compared to $(7.8) million in the year-ago quarter; and

•Adjusted EBITDA of $22.3 million, compared to $12.1 million in the year-ago quarter.

Comments on the News

Alex Shootman, Chief Executive Officer, said, "In the first quarter, we delivered strong financial and operating performance, with revenue growth of 29% and Adjusted EBITDA of over $22 million. We also continued to expand our client portfolio, signing 6 new digital banking logos and 14 new MANTL logos."

Shootman added, "We continued our momentum with our Digital Sales & Service Platform offering as financial institutions continue to seek modern solutions that integrate onboarding, digital banking and high-ROI marketing and analytics solutions. Half of our new logos in the first quarter are DSSP clients. We believe Alkami provides the most effective digital sales and service experience in the industry, and we are continuing to deliver innovation that will drive digital transformation for years to come."

Cassandra Hudson, Chief Financial Officer, said, "In the last 12 months, we added 2.5 million registered users to our digital banking platform, ending the quarter with 23.0 million digital banking users. We exited the first quarter with annual recurring revenue of $493.6 million, up 22% compared to the year-ago quarter and revenue per registered user of $21.46, up 9% compared to the year-ago quarter. Our first quarter adjusted EBITDA margin of 17.7% was above expectations, demonstrating the strength and scalability of our financial model."

Share Repurchase Program

Today Alkami is announcing its Board of Directors has authorized a share repurchase program in which the Company may purchase up to $100 million of its common stock in the open market or in privately negotiated transactions. The Company’s capital allocation strategy focuses on driving growth through acquisitions, deleveraging the balance sheet and now, enhancing shareholder value through opportunistic share repurchases..

2026 Financial Outlook

The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement Regarding Forward-Looking Statements.”

Alkami is providing guidance for its second quarter ending June 30, 2026 of:

•GAAP total revenue in the range of $128.0 million to $129.0 million;

•Adjusted EBITDA in the range of $17.9 million to $18.7 million.

Alkami is providing guidance for its fiscal year ending December 31, 2026 of:

•GAAP total revenue in the range of $527.1 million to $530.9 million;

•Adjusted EBITDA in the range of $94.9 million to $97.9 million.

Conference Call Information

The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 1-800-836-8184 and internationally at 1-646-357-8785, using passcode 11581. The webcast replay will be available on the Alkami investor relations website.

About Alkami

Alkami provides a digital sales and service platform for U.S. banks and credit unions. Our unified Platform integrates onboarding, digital banking, and data and marketing—each solution can stand alone, but together they deliver more—to help institutions onboard, engage, and grow relationships. As the future shifts toward Anticipatory Banking, we help data-informed bankers meet the moment with technology that drives action.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking” statements relating to Alkami Technology, Inc.’s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients’ use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company’s filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Explanation of Non-GAAP Financial Measures and Key Business Metrics

The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. The company also uses results of operations excluding such items to evaluate the operating performance of Alkami and compare it against prior periods, make operating decisions, determine executive compensation, and serve as a basis for long-term strategic planning. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management’s ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company’s financial and operational performance and comparing this performance to the company’s peers and competitors.

The company defines “Non-GAAP Cost of Revenues” as cost of revenues, excluding (1) amortization and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Non-GAAP Gross Margin” as gross profit, plus (1) amortization and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Non-GAAP Research and Development Expense” as research and development expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to product innovation.

The company defines “Non-GAAP Sales and Marketing Expense” as sales and marketing expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to its sales and marketing strategies.

The company defines “Non-GAAP General and Administrative Expense” as general and administrative expense, excluding (1) stock-based compensation expense (2) acquisition-related expenses (3) loss on impairment of intangible assets and (4) stockholder matters related expenses. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s underlying expense structure to support corporate activities and processes.

The company defines “Non-GAAP Income Before Income Taxes” as loss before income taxes, plus (1) amortization, (2) stock-based compensation expense, (3) acquisition-related expenses, (4) loss on impairment of intangible assets, and (5) stockholder matters related expenses. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.

The company defines “Adjusted EBITDA” as net loss plus (1) provision for (benefit from) income taxes, (2) interest expense (income), net, (3) depreciation and amortization (4) stock-based compensation expense, (5) acquisition-related expenses, (6) loss on impairment of intangible assets, and (7) stockholder matters related expenses. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

The company defines “Free Cash Flow” as net cash used in operating activities less (1) purchase of property and equipment and (2) capitalized software development costs. The company believes free cash flow provided investors and other users useful information in evaluating the Company's liquidity and it provides an indication of the long-term cash generating ability of the business.

In addition, the Company also uses the following important operating metrics to evaluate its business:

The company defines “Annual Recurring Revenue (ARR)” by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.

The company defines “Registered Users” as an individual or business related to an account holder of an FI client on our digital banking platform and has access as of the last day of the reporting period presented. We exclude individuals or businesses that solely use the products and services of our acquisitions. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.

The company defines “Revenue per Registered User (RPU)” by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.

The company does not provide a reconciliation of our adjusted EBITDA outlook to GAAP net loss because certain significant information required for such reconciliation is not available without unreasonable efforts, including provision for (benefit from) income taxes, stock-based compensation expense, acquisition-related expenses, and stockholder matters related expenses, all of which may be significant.

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(UNAUDITED)

March 31, December 31,

2026 2025

Assets

Current assets

Cash and cash equivalents $ 40,412  $ 63,457

Marketable securities 37,234  35,635

Accounts receivable, net 51,435  51,494

Deferred costs, current 16,385  15,894

Prepaid expenses and other current assets 24,070  20,736

Total current assets 169,536  187,216

Property and equipment, net 27,888  26,652

Right-of-use assets 17,774  13,462

Deferred costs, net of current portion 48,224  47,430

Intangibles, net 152,323  158,943

Goodwill 403,404  403,404

Other assets 10,190  10,120

Total assets $ 829,339  $ 847,227

Liabilities and Stockholders' Equity

Current liabilities

Accounts payable $ 4,039  $ 5,842

Accrued liabilities 33,539  47,359

Deferred revenues, current portion 34,004  34,770

Lease liabilities, current portion 2,178  1,576

Total current liabilities 73,760  89,547

Deferred revenues, net of current portion 25,815  25,800

Deferred income taxes 2,835  2,625

Convertible senior notes, net 336,706  336,230

Revolving loan —  15,000

Lease liabilities, net of current portion 19,327  15,739

Other non-current liabilities 242  237

Total liabilities 458,685  485,178

Stockholders’ Equity

Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of March 31, 2026 and December 31, 2025

—  —

Common stock, $0.001 par value, 500,000,000 shares authorized; and 107,019,174 and 106,101,875 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively

107  106

Additional paid-in capital 904,363  885,796

Accumulated deficit (533,816) (523,853)

Total stockholders’ equity 370,654  362,049

Total liabilities and stockholders' equity $ 829,339  $ 847,227

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(UNAUDITED)

Three months ended March 31,

2026 2025

Revenues $ 126,138  $ 97,835

Cost of revenues(1)

52,269  40,075

Gross profit 73,869  57,760

Operating expenses:

Research and development 31,000  26,885

Sales and marketing 19,955  17,899

General and administrative 26,912  27,804

Amortization of acquired intangibles 1,707  568

Total operating expenses 79,574  73,156

Loss from operations (5,705) (15,396)

Non-operating income (expense):

Interest income 762  1,096

Interest expense (2,267) (801)

Loss before income taxes (7,210) (15,101)

Provision for (benefit from) income taxes 2,753  (7,285)

Net loss $ (9,963) $ (7,816)

Net loss per share attributable to common stockholders:

Basic and diluted $ (0.09) $ (0.08)

Weighted-average number of shares of common stock outstanding:

Basic and diluted 106,387,125  102,430,673

(1) Includes amortization of acquired technology of $4.9 million and $1.9 million for the three months ended March 31, 2026 and 2025, respectively.

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(UNAUDITED)

Three months ended March 31,

2026 2025

Cash flows from operating activities:

Net loss $ (9,963) $ (7,816)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization expense 8,124  3,430

Accrued interest on marketable securities, net 46  (279)

Stock-based compensation expense 17,310  16,093

Amortization of discount and debt issuance costs 548  192

Loss on impairment of intangible assets —  1,655

Deferred taxes 210  (8,312)

Changes in operating assets and liabilities:

Accounts receivable 59  (6,572)

Prepaid expenses and other assets (3,639) (5,416)

Accounts payable and accrued liabilities (15,740) (2,002)

Deferred costs (1,004) (158)

Deferred revenues (751) 3,521

Net cash used in operating activities (4,800) (5,664)

Cash flows from investing activities:

Purchase of marketable securities (17,595) (21,883)

Proceeds from sales, maturities, and redemptions of marketable securities 15,950  9,900

Purchases of property and equipment (387) (485)

Capitalized software development costs (2,187) (1,446)

Acquisition of business, net of cash acquired —  (375,499)

Net cash used in investing activities (4,219) (389,413)

Cash flows from financing activities:

Payments on revolving loan (15,000) —

Debt issuance costs paid — (779)

Proceeds from issuance of convertible senior notes — 335,513

Proceeds from borrowing under revolving loan —  60,000

Purchase of capped calls —  (33,879)

Proceeds from stock option exercises 974  1,523

Net cash (used in) provided by financing activities (14,026) 362,378

Net decrease in cash and cash equivalents (23,045) (32,699)

Cash and cash equivalents, beginning of period 63,457  94,359

Cash and cash equivalents, end of period $ 40,412  $ 61,660

ALKAMI TECHNOLOGY, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

(In thousands, except per share data)

(UNAUDITED)

Three Months Ended

March 31,

2026 2025

GAAP total revenues $ 126,138  $ 97,835

March 31,

2026 2025

Annual Recurring Revenue (ARR) $ 493,573  $ 403,885

Registered Users 23,001  20,461

Revenue per Registered User (RPU) $ 21.46  $ 19.74

Non-GAAP Cost of Revenues

Set forth below is a presentation of the company’s “Non-GAAP Cost of Revenues.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

GAAP cost of revenues $ 52,269  $ 40,075

Amortization (5,932) (2,498)

Stock-based compensation expense (1,430) (2,636)

Non-GAAP cost of revenues $ 44,907  $ 34,941

Non-GAAP Gross Margin

Set forth below is a presentation of the company’s “Non-GAAP Gross Margin.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

GAAP gross margin 58.6  % 59.0  %

Amortization 4.7  % 2.6  %

Stock-based compensation expense 1.1  % 2.7  %

Non-GAAP gross margin 64.4  % 64.3  %

Non-GAAP Research and Development Expense

Set forth below is a presentation of the company’s “Non-GAAP Research and Development Expense.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

GAAP research and development expense $ 31,000  $ 26,885

Stock-based compensation expense (5,245) (5,434)

Non-GAAP research and development expense $ 25,755  $ 21,451

Non-GAAP Sales and Marketing Expense

Set forth below is a presentation of the company’s “Non-GAAP Sales and Marketing Expense.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

GAAP sales and marketing expense $ 19,955  $ 17,899

Stock-based compensation expense (2,958) (2,847)

Non-GAAP sales and marketing expense $ 16,997  $ 15,052

Non-GAAP General and Administrative Expense

Set forth below is a presentation of the company’s “Non-GAAP General and Administrative Expense.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

GAAP general and administrative expense $ 26,912  $ 27,804

Stock-based compensation expense (7,677) (9,085)

Acquisition-related expenses (390) (2,378)

Loss on impairment of intangible assets —  (1,655)

Stockholder matters related expenses (2,223) —

Non-GAAP general and administrative expense $ 16,622  $ 14,686

Non-GAAP Income Before Income Taxes

Set forth below is a presentation of the company’s “Non-GAAP Income Before Income Taxes.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

GAAP loss before income taxes $ (7,210) $ (15,101)

Amortization 7,698  3,066

Stock-based compensation expense 17,310  20,002

Acquisition-related expenses 390  2,378

Loss on impairment of intangible assets —  1,655

Stockholder matters related expenses 2,223  —

Non-GAAP income before income taxes $ 20,411  $ 12,000

Adjusted EBITDA

Set forth below is a presentation of the company’s “Adjusted EBITDA.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

GAAP net loss $ (9,963) $ (7,816)

Provision for (benefit from) income tax 2,753  (7,285)

Interest expense (income), net 1,505  (295)

Depreciation and amortization 8,124  3,430

Stock-based compensation expense 17,310  20,002

Acquisition-related expenses 390  2,378

Loss on impairment of intangible assets —  1,655

Stockholder matters related expenses 2,223  —

Adjusted EBITDA $ 22,342  $ 12,069

Free Cash Flow

Set forth below is a presentation of the company’s “Free Cash Flow.” Please reference the “Explanation of Non-GAAP Measures” section.

Three Months Ended

March 31,

2026 2025

Net cash used in operating activities $ (4,800) $ (5,664)

Purchases of property and equipment (387) (485)

Capitalized software development costs (2,187) (1,446)

Free cash flow $ (7,374) $ (7,595)

Investor Relations Contact

Steve Calk

ir@alkami.com

Media Relations Contacts

Marla Pieton

marla.pieton@alkami.com

Valerie Kerner

alkami@fullyvested.com

EX-99.2

EX-99.2

Filename: investorpresentation2026.htm · Sequence: 3

investorpresentation2026

Alkami Technology, Inc. Proprietary Information. Alkami Technology First Quarter 2026

2 © A lk am i T ec h n o lo gy , I n c. This presentation contains “forward-looking” statements relating to Alkami Technology, Inc.’s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients’ use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company’s filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management’s ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company’s financial and operational performance and comparing this performance to the company’s peers and competitors. Cautionary Statement Regarding Forward-Looking Statements

3 © A lk am i T ec h n o lo gy , I n c. Who We Are • Cloud-based digital sales and service platform provider serving U.S. financial institutions What We Do • Empower financial institutions to grow, drive user engagement and improve operational efficiency • Leverage broad product set enabling retail and commercial banking How We Do It • Powerful, scalable technology stack • Modern architecture, multi-tenant • Continuous integration, delivery and deployment Who We Serve • Community, regional and super-regional FIs Alkami Technology, Inc. We enable FIs to effectively compete with larger, more technologically advanced and well-resourced competitors Financial Institutions Digital Banking Consumer and Commercial Users FinTech Partners

4 © A lk am i T ec h n o lo gy , I n c. Alkami’s Addressable Market: User Characteristics 250M+ digital users, excluding megabanks Total market digital users growing 4-6%, driven by: ● Increasing number of accounts per customer ● Ease of new account opening via digital tools ● Demographics, including population shift to exurban areas and declines in unbanked and underbanked customers Digital user growth historically uncorrelated with contraction in branches or number of FIs Addressable Market = FIs with assets from $100M to $450B, representing 250M+ digital users Legacy Providers include Fiserv, FIS, JKHY, Candescent and other small or point solutions Sources: SEC filings, NCUA, FDIC, FI Navigator, Cornerstone Advisors and Alkami internal research Legacy Providers: 200M+ User Growth: 4-6% Competitor ~28M Alkami ~23M

5 © A lk am i T ec h n o lo gy , I n c. Large, Fast-Growing Addressable Market Approximately $14 billion TAM 250M users represent FIs with assets from $100M and $450B Sources: NCUA, FDIC, FI Navigator, Cornerstone Advisors and Alkami internal research, December 2024 250M digital users x $35 RPU Existing client digital penetration of <80% expected to converge to near 100% Core Platform Fraud Prevention - Acquired in 2020ACH Alert Managed Marketing & AI - Acquired in 2022Segmint Digital Account Opening and Unsecured Loan Origination capabilities expected to accelerate with MANTL acquisition Total Addressable Market • 250M digital users x $58 RPU • Digital users growing 5% to 8% annually • 30+ products today vs. 9 in 2015 Alkami Today MANTL

6 © A lk am i T ec h n o lo gy , I n c. Go-To-Market Cadence We focus on the top 2,500 FIs excluding the megabanks Industry average contract length of 5 years translates to approximately 500 contracts up for renewal annually 500 Annual Renewals 2,500 Target Clients v 9,000+ FIs Over 9,000 FIs in the United States• Sales team drives outbound lead generation, cross selling and account management • Client success team supports retention and deepens the relationships with our clients Highly targeted annual renewal class allows us to focus sales resources Note: Excludes financial institutions with assets greater than $450B

7 © A lk am i T ec h n o lo gy , I n c. Alkami’s Digital Sales & Service Platform Digital Banking Data & Marketing Onboarding & Account Opening ● Seamless omnichannel handoff ● Faster onboarding ● One platform for all deposit types ● Award -winning user experience ● Built for both retail and business ● Customizable without custom development ● Predictive targeting ● Built-in campaigns ● Behavioral data, ready to go

8 © A lk am i T ec h n o lo gy , I n c. Alkami’s Digital Sales & Service Platform Onboarding & Account Opening Marketing Data Insights Admin, Risk & Reporting Account Management Business & Commercial Banking Financial Analytics Retail Banking Payments & Receivables Extensibility Sales Service Guard

9 © A lk am i T ec h n o lo gy , I n c. Multiple Levers Driving Growth ● Clients driven by new logo wins, historically among credit unions with a growing presence among banks ● Registered users grow as we add new logos and as clients add users ● RPU driven by product penetration at initial sale and add-on sales, and is offset by volume discounts as existing clients add users Note: RPU and ARR include subscription and recurring implementation services revenue and MANTL

10 © A lk am i T ec h n o lo gy , I n c. How We Achieve Our Long-term Objectives Market Leadership Maintain Strong Credit Union Position Grow Bank Mindshare and Capabilities Drive Add-On Sales Scale and Continued Cost Discipline Continuous Product and Platform Improvement

Alkami Technology, Inc. Proprietary Information. Financial Overview

12 © A lk am i T ec h n o lo gy , I n c. Q1 2026 Financial Performance $M ● Q1’26 revenue growth of 28.9% driven by MANTL acquisition, new clients, existing client user growth and ARPU growth ● Gross Margin reflects temporary 2026 database costs; full-year expectations remain at approximately 65% ● Adjusted EBITDA expansion driven by continued scale and efficiencies across R&D, S&M and G&A Note: Gross margin % on a non-GAAP basis

13 © A lk am i T ec h n o lo gy , I n c. Operating and Financial Highlights Q1 2026 $494M ARR Subscription Revenue Mix as of 3/31/26 96% Subscription Revenue 12/31/25 115% Net Dollar Retention Digital Banking Q1 2026 $1.7B RPO Digital Banking Clients 307 Q1 2026 278 Q1 2025 Registered Users 23.0M20.5M Q1 2026Q1 2025 Q1 2026 Highlights ● Signed 6 new digital banking platform clients ● Implemented 7 clients in, bringing digital platform client count to 307 ● 40 new clients in implementation backlog, representing 1.4M digital users ● Exited Q1 with 23.0M registered users, up 2.5M or 12%; drivers include implementations and existing client growth ● Increased ARR 22% to $494M ● Remaining performance obligation reached $1.7B representing 3.5 times live ARR ● 2026E Digital Banking ARR churn less than 1% vs long-term expected annual churn modeled at 2-3%

14 © A lk am i T ec h n o lo gy , I n c. Strong Historical Revenue Growth $M

15 © A lk am i T ec h n o lo gy , I n c. Technology Demand and Product Expansion Drive ARR Cohort ARR Expansion Via User Growth and Cross-Sell Success ARR Expansion Drivers ● Long-term contracts ● Escalating contract minimums ● Gross client retention ● Growth in digital user adoption ● Product cross-sell As of 12/31/25

16 © A lk am i T ec h n o lo gy , I n c. Gross Margin Expansion Driven by Scale and Efficiency $M

17 © A lk am i T ec h n o lo gy , I n c. Best-in-Class GTM Efficiency ● Long-term contract structure reduces annual GTM motion ● Alkami models annual client retention of 97% - 98% ● 2026E reflects continued growth in S&M spend related to bank market expansion and DSSP ● Historical high sales team productivity and GTM efficiency among the best in SaaS ● Continued GTM efficiency driven by cross-sale and upsell opportunities, and from existing client user growth

18 © A lk am i T ec h n o lo gy , I n c. Financial Guidance and Long-Term Profile $ millions; 2026E reflects midpoint of management guidance provided April 29, 2026 ● Gross margin approaching 70% in 2030 ● Adjusted EBITDA margin expansion of approximately 300 basis points annually from 2026 to 2030 ● Rule of 45 in 2030 2030 Financial Framework2026 Guidance

19 © A lk am i T ec h n o lo gy , I n c. Selected Historical Data 2023 2024 2025 Q1’25 Q1’26 Digital banking platform clients 236 272 301 278 307 Growth % 19% 15% 11% 14% 10% Digital banking platform users (M) 17.5 20.0 22.4 20.5 23.0 Growth % 20% 14% 12% 13% 12% Live ARR ($M) $ 291.0 $ 355.9 $ 480.3 $ 403.9 $ 493.6 Growth % 29% 22% 35% 33% 22% RPU $ 16.63 $ 17.81 $ 21.44 $ 19.74 $ 21.46 Growth % 7% 7% 20% 18% 9% RPO ($M) $ 1,140 $ 1,366 $ 1,715 $ 1,565 $ 1,750 Growth % 28% 20% 26% 31% 12% Notes: MANTL acquisition completed in Q1’25 driving one-time increases in RPU Growth % reflects year-over-year growth

20 © A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)

21 © A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)

22 © A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)

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