Alkami Announces Second Quarter 2026 Financial Results

Alkami grows revenue and users, but margins tighten and losses persist.

What the company is saying

Alkami Technology, Inc. frames its second quarter 2026 results as a story of strong growth and operational momentum. The company emphasizes a 15.9% year-over-year revenue increase to $129.8 million and highlights user expansion, with 2.7 million new registered users and 23.6 million total digital banking users. Management underscores recurring revenue growth, up 21% to $511.7 million, and points to an improved adjusted EBITDA margin, now at 14.9% after a 430 basis point expansion. The announcement calls attention to 37 new digital banking logos, including 15 banks, and five clients going live on its Digital Sales and Service Platform. Forward-looking guidance is presented with confidence, projecting Q3 revenue of $132.7–$134.2 million and full-year revenue of $528.0–$531.0 million. The tone is upbeat, focusing on topline and operational gains while downplaying the ongoing GAAP net loss and declining gross margins.

What the data suggests

The reported $129.8 million in GAAP revenue marks a 15.9% increase, confirming robust topline growth. Annual recurring revenue reached $511.7 million, up 21%, and revenue per registered user climbed 7% to $21.69. Adjusted EBITDA improved to $19.4 million, with margin expanding to 14.9%, nearly 430 basis points higher year-over-year. Despite these gains, GAAP gross margin fell to 56.8% from 58.6%, and non-GAAP gross margin dropped to 63.0% from 65.1%, indicating rising costs or pricing pressure. The GAAP net loss narrowed to $(8.9) million from $(13.6) million, but the company remains unprofitable on a GAAP basis. Operationally, user growth is strong, with 2.7 million new users and a total of 23.6 million. The company’s forward guidance implies continued growth, but no explicit path to GAAP profitability is provided. Financial disclosures are detailed and internally consistent, but lack granular cost breakdowns.

Analysis

The announcement is largely factual and supported by realised, measurable results, including GAAP revenue, net loss, adjusted EBITDA, user growth, and recurring revenue. The only forward-looking claims are standard quarterly and annual guidance, which are clearly separated from realised results and do not dominate the narrative. There is no evidence of exaggerated or aspirational language, nor are there claims of transformative future benefits without supporting data. The company discloses both top-line and profitability metrics, allowing investors to assess the quality and sustainability of growth. No large capital outlays or long-dated, uncertain returns are mentioned. The gap between narrative and evidence is minimal, with the tone proportionate to the results.

Risk flags

• ●Profitability risk remains material, as the company continues to report GAAP net losses despite revenue and adjusted EBITDA growth. Sustained losses could limit financial flexibility and investor confidence if not reversed.
• ●Margin compression is evident, with both GAAP and non-GAAP gross margins declining year-over-year. This trend, if persistent, could offset topline gains and signal rising costs or competitive pricing pressure.
• ●Operational leverage is improving at the adjusted EBITDA level, but the lack of detailed cost disclosures prevents a full assessment of underlying expense drivers. Without clarity on cost structure, forecasting future margin trends is challenging.

Bottom line

Alkami’s Q2 2026 results show strong revenue and user growth, with annual recurring revenue up 21% and adjusted EBITDA margin expanding. Despite these positives, the company remains unprofitable on a GAAP basis, and gross margins are slipping. The narrative is credible and backed by realised numbers, but the absence of a clear path to GAAP profitability limits the investment case. Investors should focus on whether margin trends stabilize and losses continue to narrow in coming quarters. The most important takeaway is that while growth is robust, sustainable profitability has yet to be demonstrated.

Announcement summary

(NASDAQ:ALKT) Alkami Technology, Inc. announced its second quarter 2026 results, reporting GAAP total revenue of $129.8 million, an increase of 15.9% compared to the year-ago quarter. The company recorded a GAAP gross margin of 56.8% and a non-GAAP gross margin of 63.0%, both down from 58.6% and 65.1% respectively in the prior year quarter. GAAP net loss was $(8.9) million, improved from $(13.6) million in the year-ago quarter, while adjusted EBITDA reached $19.4 million, up from $11.9 million. Alkami added 2.7 million registered users in the last 12 months, ending the quarter with 23.6 million digital banking users and annual recurring revenue of $511.7 million, up 21% year-over-year. Revenue per registered user was $21.69, a 7.0% increase, and adjusted EBITDA margin was 14.9%, expanding by nearly 430 basis points. The company projects third quarter 2026 GAAP total revenue in the range of $132.7 million to $134.2 million and adjusted EBITDA between $23.5 million and $24.3 million, with full-year 2026 GAAP total revenue guidance of $528.0 million to $531.0 million and adjusted EBITDA of $96.0 million to $98.0 million.

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