Alkami Technology, Inc. (NASDAQ: ALKT)

Alkami Technology, Inc. is a cloud based digital sales and service platform provider that serves community regional and super regional financial institutions in the United States. The company delivers the Alkami Digital Sales and Service Platform which combines the Alkami Digital Banking Platform with onboarding and account opening capabilities and data and marketing tools to help financial institutions onboard engage and grow their account holder base. The company’s vision is to level the playing field for financial institutions by providing a unified platform that combines core banking functions with advanced fintech capabilities. Alkami’s platform is designed to be scalable and secure leveraging Amazon Web Services to deliver high availability and performance.

Alkami generates revenue primarily from multi year subscription contracts for its Alkami Digital Banking Platform offered as a software as a service solution. Revenue is derived mainly from a per registered user pricing model with additional fees when customers exceed contracted minimums and tiered discounts that increase as users adopt more of the platform’s 36 available products. The company also earns revenue from its acquired point solutions such as ACH Alert for fraud prevention, Segmint for data analytics, and MANTL for loan origination which are sold either as add ons or standalone subscriptions. The company reported total revenues of $443.6 million for the fiscal year ended December 31 2025 representing a year over year increase of 32.9%. Subscription services accounted for approximately 95% of total revenue in 2025 reflecting the durability of its SaaS business model.

Alkami holds a competitive position in the fragmented market for digital banking technology where it faces competition from core processing vendors and standalone digital banking providers. Its advantages stem from a true cloud multi tenant architecture a single code base that enables rapid updates and more than 300 real time integrations with third party fintech solutions. The company’s deep data capabilities derived from the combination of banking and transaction data allow it to deliver targeted marketing and predictive insights that many rivals lack. The platform’s single code base enables the company to release updates across all clients simultaneously reducing deployment time and operational complexity. Alkami’s focus on delivering a consistent user experience across desktop, mobile, and SMS channels helps its clients increase engagement and satisfaction among account holders.

Alkami serves a customer base composed of banks and credit unions ranging from small community institutions to larger super regional firms. As of December 31 2025 the company had 301 financial institution clients using its core digital banking platform and over 960 total clients when including those that subscribe only to one of its acquired products. As of December 31 2025 the platform supported 22.4 million live registered users across its client base. The company’s solution addresses both retail banking needs such as personal finance tools and business banking needs including cash management and commercial loan origination. The company does not disclose individual client names but notes that no single customer accounted for more than five percent of total revenue in 2025.