What is Alkami Technology's operating income?

Alkami Technology's total operating income in 2025 was -$53.64 million, based on the following breakdown: Total Gross Profit: $256.60 million Total Operating Expenses: $310.24 million

Alkami Technology (ALKT) Financials

$20.67 -0.11 (-0.53%)

Closing price 04:00 PM Eastern

Extended Trading

$20.50 -0.17 (-0.82%)

As of 07:34 PM Eastern

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Annual Income Statements for Alkami Technology

This table shows Alkami Technology's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-43	-57	-47	-59	-63	-41	-48
Consolidated Net Income / (Loss)	-42	-51	-47	-59	-63	-41	-48
Net Income / (Loss) Continuing Operations	-42	-51	-47	-59	-63	-41	-48
Total Pre-Tax Income	-42	-51	-47	-59	-63	-41	-59
Total Operating Income	-43	-35	-43	-58	-64	-45	-54
Total Gross Profit	30	59	84	108	144	197	257
Total Revenue	74	112	152	204	265	334	444
Operating Revenue	74	112	152	204	265	334	444
Total Cost of Revenue	43	53	68	96	121	137	187
Operating Cost of Revenue	43	53	68	96	121	137	187
Total Operating Expenses	73	94	127	166	208	241	310
Selling, General & Admin Expense	25	36	50	71	73	84	101
Marketing Expense	15	17	24	37	49	60	80
Research & Development Expense	33	40	49	69	85	96	118
Amortization Expense	-	-	-	-	-	-	5.69
Impairment Charge	-	-	-	-	0.00	0.00	1.66
Restructuring Charge	-	0.84	2.98	-13	0.26	0.20	3.46
Total Other Income / (Expense), net	0.67	-16	-3.73	-1.37	0.84	4.10	-5.33
Interest Expense	0.11	0.49	1.19	3.87	7.79	0.46	9.49
Interest & Investment Income	0.27	0.06	0.49	2.70	8.10	4.56	4.16
Other Income / (Expense), net	0.51	-16	-3.04	-0.20	0.53	0.00	0.00
Income Tax Expense	0.00	0.00	0.17	-0.46	0.04	0.31	-11
Basic Earnings per Share	($9.91)	($11.78)	($0.73)	($0.64)	($0.67)	($0.41)	($0.46)
Weighted Average Basic Shares Outstanding	4.35M	4.81M	64.51M	90.96M	94.08M	98.89M	103.90M
Diluted Earnings per Share	($9.91)	($11.78)	($0.73)	($0.64)	($0.67)	($0.41)	($0.46)
Weighted Average Diluted Shares Outstanding	4.35M	4.81M	64.51M	90.96M	94.08M	98.89M	103.90M
Weighted Average Basic & Diluted Shares Outstanding	-	-	90.22M	92.30M	96.76M	102.23M	106.15M

This table shows Alkami Technology's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-15	-13	-11	-12	-9.44	-7.64	-7.82	-14	-15	-11	-8.90
Consolidated Net Income / (Loss)	-15	-13	-11	-12	-9.44	-7.64	-7.82	-14	-15	-11	-8.90
Net Income / (Loss) Continuing Operations	-15	-13	-11	-12	-9.44	-7.64	-7.82	-14	-15	-11	-8.90
Total Pre-Tax Income	-15	-13	-11	-12	-9.46	-7.69	-15	-18	-15	-11	-9.11
Total Operating Income	-16	-13	-12	-13	-10	-8.63	-15	-16	-13	-9.50	-7.71
Total Gross Profit	37	40	44	49	51	53	58	66	64	69	74
Total Revenue	68	71	76	82	86	90	98	112	113	121	130
Operating Revenue	68	71	76	82	86	90	98	112	113	121	130
Total Cost of Revenue	31	31	32	33	35	36	40	46	49	52	56
Operating Cost of Revenue	31	31	32	33	35	36	40	46	49	52	56
Total Operating Expenses	52	53	56	62	61	62	73	81	77	79	82
Selling, General & Admin Expense	18	19	19	21	22	22	24	27	26	25	26
Marketing Expense	12	12	14	17	14	15	18	23	19	20	23
Research & Development Expense	22	21	23	24	24	25	27	30	30	31	31
Amortization Expense	-	-	-	-	-	-	-	1.71	1.71	-	1.71
Total Other Income / (Expense), net	0.35	0.11	1.12	1.08	0.97	0.94	0.30	-2.02	-1.95	-1.65	-1.41
Interest Expense	1.93	2.28	0.07	0.07	0.18	0.13	0.80	3.19	2.98	2.52	2.09
Interest & Investment Income	2.08	2.27	1.08	1.26	1.15	1.07	1.10	1.16	1.03	0.87	0.68
Income Tax Expense	0.04	-0.28	0.19	0.19	-0.02	-0.05	-7.29	-4.30	-0.03	0.30	-0.21
Basic Earnings per Share	($0.16)	($0.14)	($0.12)	($0.13)	($0.09)	($0.07)	($0.08)	($0.13)	($0.14)	($0.11)	($0.08)
Weighted Average Basic Shares Outstanding	94.68M	94.08M	96.95M	98.10M	99.44M	98.89M	102.43M	103.39M	104.35M	103.90M	106.86M
Diluted Earnings per Share	($0.16)	($0.14)	($0.12)	($0.13)	($0.09)	($0.07)	($0.08)	($0.13)	($0.14)	($0.11)	($0.08)
Weighted Average Diluted Shares Outstanding	94.68M	94.08M	96.95M	98.10M	99.44M	98.89M	102.43M	103.39M	104.35M	103.90M	106.86M
Weighted Average Basic & Diluted Shares Outstanding	95.36M	96.76M	97.52M	98.99M	100.50M	102.23M	103.02M	104.08M	105.00M	106.15M	106.94M

This table details how cash moves in and out of Alkami Technology's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-13	160	141	-201	-71	53	-31
Net Cash From Operating Activities	-39	-38	-29	-38	-18	19	43
Net Cash From Continuing Operating Activities	-39	-38	-29	-38	-18	19	43
Net Income / (Loss) Continuing Operations	-42	-51	-47	-59	-63	-41	-48
Consolidated Net Income / (Loss)	-42	-51	-47	-59	-63	-41	-48
Depreciation Expense	2.23	2.78	3.44	8.08	11	11	27
Amortization Expense	0.04	0.06	0.05	0.13	0.14	0.21	1.95
Non-Cash Adjustments To Reconcile Net Income	1.25	18	18	44	48	58	77
Changes in Operating Assets and Liabilities, net	-0.74	-7.40	-3.20	-32	-13	-9.65	-15
Net Cash From Investing Activities	-3.69	-27	-22	-224	34	23	-398
Net Cash From Continuing Investing Activities	-3.69	-27	-22	-224	34	23	-398
Purchase of Property, Plant & Equipment	-3.69	-2.15	-3.70	-4.45	-6.29	-7.86	-8.69
Acquisitions	0.00	-25	-18	-132	0.00	0.00	-375
Purchase of Investments	-	0.00	0.00	-187	-141	-40	-45
Sale and/or Maturity of Investments	-	0.00	0.00	100	181	71	32
Net Cash From Financing Activities	30	225	192	61	-88	12	324
Net Cash From Continuing Financing Activities	30	225	192	61	-88	12	324
Repayment of Debt	-0.11	-13	-0.31	-25	-85	-0.36	-47
Issuance of Debt	0.00	38	0.00	85	0.00	0.00	396
Issuance of Common Equity	0.00	0.00	196	2.91	4.12	4.74	5.34
Other Financing Activities, net	0.31	1.99	9.76	-1.27	-6.60	7.42	-30
Cash Interest Paid	0.06	0.35	1.10	3.61	7.06	0.28	5.94
Cash Income Taxes Paid	0.08	0.07	0.03	0.25	0.33	0.38	0.68

This table details how cash moves in and out of Alkami Technology's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	-25	-14	-38	3.25	17	20	13	-33	-9.23	4.89	6.14
Net Cash From Operating Activities	-5.71	3.13	-5.31	0.95	0.55	11	6.11	-5.66	1.16	31	17
Net Cash From Continuing Operating Activities	-5.71	3.13	-5.31	0.95	0.55	11	6.11	-5.66	1.16	31	17
Net Income / (Loss) Continuing Operations	-18	-15	-13	-11	-12	-9.44	-7.64	-7.82	-14	-15	-11
Consolidated Net Income / (Loss)	-18	-15	-13	-11	-12	-9.44	-7.64	-7.82	-14	-15	-11
Depreciation Expense	2.56	2.70	2.79	2.56	2.61	2.68	2.65	3.43	7.76	7.87	7.86
Amortization Expense	0.04	0.03	0.03	0.03	0.03	0.10	0.05	0.19	0.59	0.58	0.58
Non-Cash Adjustments To Reconcile Net Income	12	12	12	13	15	15	15	17	19	21	20
Changes in Operating Assets and Liabilities, net	-2.76	3.87	-7.86	-3.36	-4.41	2.54	-4.42	-19	-13	17	-0.06
Net Cash From Investing Activities	-16	-16	50	6.81	15	3.77	-3.01	-389	-2.95	-1.10	-4.13
Net Cash From Continuing Investing Activities	-16	-16	50	6.81	15	3.77	-3.01	-389	-2.95	-1.10	-4.13
Purchase of Property, Plant & Equipment	-1.71	-1.54	-1.68	-1.67	-2.08	-2.30	-1.81	-1.93	-2.16	-2.32	-2.28
Purchase of Investments	-42	-47	-31	-7.15	-8.44	-15	-9.70	-22	-8.09	-5.88	-9.35
Sale and/or Maturity of Investments	28	32	83	16	26	21	8.50	9.90	7.30	7.10	7.50
Net Cash From Financing Activities	-3.45	-0.78	-83	-4.51	1.24	4.77	10	362	-7.44	-25	-6.34
Net Cash From Continuing Financing Activities	-3.45	-0.78	-83	-4.51	1.24	4.77	10	362	-7.44	-25	-6.34
Repayment of Debt	-	-1.06	-83	0.00	-	-0.36	-	-0.78	-11	-25	-10
Issuance of Common Equity	-	-	1.72	-	-	-	2.14	-	-	-	2.40
Other Financing Activities, net	-4.46	0.28	-1.86	-4.51	-1.36	5.13	8.16	-32	0.73	0.19	1.27

This table presents Alkami Technology's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	249	437	489	400	437	847
Total Current Assets	193	345	242	149	181	187
Cash & Equivalents	167	309	109	41	94	63
Short-Term Investments	-	0.00	88	51	21	36
Accounts Receivable	14	21	26	35	39	51
Prepaid Expenses	7.60	9.49	12	11	14	21
Other Current Assets	4.75	6.27	7.86	10	13	16
Plant, Property, & Equipment, net	10	12	14	17	22	27
Total Noncurrent Assets	45	80	233	234	234	633
Goodwill	16	48	148	148	148	403
Intangible Assets	8.27	11	43	36	29	159
Other Noncurrent Operating Assets	21	20	43	50	57	71
Total Liabilities & Shareholders' Equity	249	437	489	400	437	847
Total Liabilities	69	92	155	75	80	485
Total Current Liabilities	20	33	42	39	46	90
Accounts Payable	0.36	3.65	4.29	7.48	6.13	5.84
Accrued Expenses	13	19	22	20	25	47
Current Deferred Revenue	6.71	8.90	8.84	11	14	35
Other Current Liabilities	-	0.00	3.66	1.21	1.34	1.58
Total Noncurrent Liabilities	49	59	113	35	35	396
Long-Term Debt	25	23	81	-	0.00	351
Noncurrent Deferred Revenue	20	19	14	15	16	26
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	0.09	1.71	1.71	1.82	2.63
Other Noncurrent Operating Liabilities	4.09	17	16	18	17	16
Total Equity & Noncontrolling Interests	-264	345	334	325	357	362
Total Preferred & Common Equity	-264	345	334	325	357	362
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-264	345	334	325	357	362
Common Stock	0.01	658	706	760	833	886
Retained Earnings	-264	-314	-372	-435	-476	-524

This table presents Alkami Technology's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q2 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	6/30/2026
Total Assets	485	482	473	482	398	404	422	837	840	835	831
Total Current Assets	255	237	226	233	146	152	169	174	178	175	177
Cash & Equivalents	97	114	90	76	44	61	81	62	52	57	46
Short-Term Investments	112	71	86	102	43	26	20	34	35	34	35
Accounts Receivable	26	28	28	31	36	39	42	47	48	51	57
Prepaid Expenses	13	14	13	14	12	14	14	19	28	18	22
Other Current Assets	7.05	8.44	8.92	9.50	11	11	12	14	15	15	17
Plant, Property, & Equipment, net	13	14	15	16	18	20	21	23	24	25	29
Total Noncurrent Assets	217	231	231	233	234	232	232	640	638	635	625
Goodwill	146	148	148	148	148	148	148	400	404	403	403
Intangible Assets	44	41	39	38	34	32	31	179	172	166	146
Other Noncurrent Operating Assets	26	42	44	48	52	52	53	61	62	66	76
Total Liabilities & Shareholders' Equity	485	482	473	482	398	404	422	837	840	835	831
Total Liabilities	157	154	150	161	75	77	84	503	496	485	468
Total Current Liabilities	40	42	42	49	37	41	48	63	66	81	83
Accounts Payable	3.21	3.16	1.05	5.69	6.53	5.79	5.59	5.18	6.70	7.26	12
Accrued Expenses	25	22	23	26	17	21	28	27	31	41	35
Current Deferred Revenue	9.42	9.85	8.81	9.31	12	13	13	29	27	31	34
Other Current Liabilities	-	3.12	3.17	1.49	1.24	1.28	1.31	1.56	1.58	1.58	2.17
Total Noncurrent Liabilities	117	112	109	111	38	36	36	440	430	404	385
Long-Term Debt	82	80	78	76	-	-	-	395	385	361	337
Noncurrent Deferred Revenue	18	14	14	15	18	16	16	26	26	25	26
Noncurrent Deferred & Payable Income Tax Liabilities	0.34	1.79	1.83	1.86	1.74	1.76	1.77	2.35	2.41	2.45	2.94
Other Noncurrent Operating Liabilities	16	0.35	15	0.38	0.23	18	0.22	0.22	17	0.23	19
Total Equity & Noncontrolling Interests	328	328	323	322	323	327	339	334	344	350	363
Total Preferred & Common Equity	328	328	323	322	323	327	339	334	344	350	363
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	328	328	323	322	323	327	339	334	344	350	363
Common Stock	695	718	730	744	770	786	807	818	842	863	905
Retained Earnings	-368	-389	-407	-423	-447	-459	-469	-484	-498	-512	-543

This table displays calculated financial ratios and metrics derived from Alkami Technology's official financial filings.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	52.49%	35.68%	34.25%	29.65%	26.06%	32.89%
EBITDA Growth	0.00%	-20.95%	11.70%	-17.01%	-5.48%	35.29%	26.94%
EBIT Growth	0.00%	-21.17%	9.76%	-25.98%	-9.12%	29.36%	-20.19%
NOPAT Growth	0.00%	17.47%	-22.26%	-34.42%	-10.43%	29.95%	-20.19%
Net Income Growth	0.00%	-22.66%	8.83%	-25.15%	-7.36%	35.09%	-16.69%
EPS Growth	0.00%	-18.87%	93.80%	12.33%	-4.69%	38.81%	-12.20%
Operating Cash Flow Growth	0.00%	2.41%	24.08%	-31.38%	54.00%	206.26%	130.71%
Free Cash Flow Firm Growth	0.00%	0.00%	15.29%	-282.17%	72.70%	27.97%	-933.42%
Invested Capital Growth	0.00%	0.00%	60.32%	266.51%	4.75%	3.64%	154.54%
Revenue Q/Q Growth	0.00%	0.00%	6.37%	6.85%	6.36%	5.80%	7.55%
EBITDA Q/Q Growth	0.00%	0.00%	-1.31%	15.77%	-16.75%	11.13%	16.42%
EBIT Q/Q Growth	0.00%	0.00%	-1.75%	11.86%	-13.99%	8.90%	-1.65%
NOPAT Q/Q Growth	0.00%	0.00%	-4.37%	11.56%	-13.58%	9.11%	-1.65%
Net Income Q/Q Growth	0.00%	0.00%	-1.88%	12.59%	-14.15%	11.04%	-8.66%
EPS Q/Q Growth	0.00%	0.00%	84.73%	-166.67%	-15.52%	14.58%	-9.52%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	9.01%	-4.59%	32.74%	158.98%	32.38%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-4.56%	31.00%	11.88%	1.83%
Invested Capital Q/Q Growth	0.00%	0.00%	8.23%	9.19%	-4.67%	-5.34%	-3.44%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	41.39%	52.75%	55.08%	53.03%	54.42%	58.90%	57.84%
EBITDA Margin	-54.06%	-42.88%	-27.90%	-24.32%	-19.79%	-10.16%	-5.58%
Operating Margin	-57.84%	-31.30%	-28.20%	-28.24%	-24.06%	-13.37%	-12.09%
EBIT Margin	-57.15%	-45.41%	-30.20%	-28.34%	-23.85%	-13.37%	-12.09%
Profit (Net Income) Margin	-56.93%	-45.79%	-30.77%	-28.69%	-23.76%	-12.23%	-10.74%
Tax Burden Percent	100.00%	100.00%	100.37%	99.22%	100.07%	100.76%	80.82%
Interest Burden Percent	99.63%	100.85%	101.52%	102.02%	99.52%	90.81%	109.93%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-129.91%	-61.01%	-28.55%	-19.60%	-13.18%	-8.78%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-92.17%	-53.13%	-19.34%	-1.63%	-3.94%	-23.60%
Return on Net Nonoperating Assets (RNNOA)	0.00%	72.77%	43.15%	11.28%	0.50%	1.20%	-4.48%
Return on Equity (ROE)	0.00%	-57.14%	-17.86%	-17.27%	-19.09%	-11.98%	-13.25%
Cash Return on Invested Capital (CROIC)	0.00%	-329.91%	-107.35%	-142.80%	-24.23%	-16.75%	-95.95%
Operating Return on Assets (OROA)	0.00%	-20.44%	-13.40%	-12.51%	-14.22%	-10.66%	-8.35%
Return on Assets (ROA)	0.00%	-20.61%	-13.66%	-12.66%	-14.16%	-9.76%	-7.42%
Return on Common Equity (ROCE)	0.00%	83.78%	-2.76%	-17.27%	-19.09%	-11.98%	-13.25%
Return on Equity Simple (ROE_SIMPLE)	0.00%	19.49%	-13.59%	-17.54%	-19.36%	-11.44%	0.00%
Net Operating Profit after Tax (NOPAT)	-30	-25	-30	-40	-45	-31	-38
NOPAT Margin	-40.49%	-21.91%	-19.74%	-19.77%	-16.84%	-9.36%	-8.46%
Net Nonoperating Expense Percent (NNEP)	0.00%	-37.75%	-7.88%	-9.21%	-17.97%	-9.23%	14.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-9.65%	-13.72%	-8.75%	-5.26%
Cost of Revenue to Revenue	58.61%	47.25%	44.92%	46.97%	45.58%	41.10%	42.16%
SG&A Expenses to Revenue	33.89%	32.49%	33.12%	34.88%	27.53%	25.06%	22.74%
R&D to Revenue	44.49%	35.86%	32.07%	33.94%	31.97%	28.82%	26.69%
Operating Expenses to Revenue	99.22%	84.05%	83.28%	81.27%	78.47%	72.27%	69.93%
Earnings before Interest and Taxes (EBIT)	-42	-51	-46	-58	-63	-45	-54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-40	-48	-42	-50	-52	-34	-25
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	5.13	4.00	7.12	10.32	6.69
Price to Tangible Book Value (P/TBV)	0.00	0.00	6.20	9.30	16.39	20.48	0.00
Price to Revenue (P/Rev)	2.45	1.61	11.62	6.53	8.73	11.04	5.46
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	12.72	24.47	5.50	9.54	14.80	4.35
Enterprise Value to Revenue (EV/Rev)	0.00	4.29	9.75	5.99	8.38	10.69	6.03
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	191.99	62.34
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.00	0.14	0.07	0.25	0.00	0.00	0.97
Long-Term Debt to Equity	0.00	0.14	0.07	0.24	0.00	0.00	0.97
Financial Leverage	0.00	-0.79	-0.81	-0.58	-0.31	-0.30	0.19
Leverage Ratio	0.00	1.39	1.31	1.36	1.35	1.23	1.79
Compound Leverage Factor	0.00	1.40	1.33	1.39	1.34	1.11	1.96
Debt to Total Capital	0.00%	12.16%	6.67%	20.20%	0.00%	0.00%	49.24%
Short-Term Debt to Total Capital	0.00%	0.15%	0.42%	0.76%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	12.01%	6.24%	19.44%	0.00%	0.00%	49.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	216.63%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-128.79%	93.33%	79.80%	100.00%	100.00%	50.76%
Debt to EBITDA	0.00	-0.52	-0.58	-1.70	0.00	0.00	-14.18
Net Debt to EBITDA	0.00	2.95	6.69	2.25	0.00	0.00	-10.18
Long-Term Debt to EBITDA	0.00	-0.51	-0.54	-1.64	0.00	0.00	-14.18
Debt to NOPAT	0.00	-1.01	-0.82	-2.09	0.00	0.00	-9.35
Net Debt to NOPAT	0.00	5.78	9.45	2.77	0.00	0.00	-6.72
Long-Term Debt to NOPAT	0.00	-1.00	-0.77	-2.02	0.00	0.00	-9.35
Altman Z-Score	0.00	0.68	11.40	4.62	17.47	26.84	2.58
Noncontrolling Interest Sharing Ratio	0.00%	246.61%	84.54%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	0.00	9.43	10.40	5.82	3.77	3.98	2.09
Quick Ratio	0.00	8.83	9.92	5.35	3.24	3.39	1.68
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-62	-53	-202	-55	-40	-410
Operating Cash Flow to CapEx	-1,059.50%	-1,776.67%	-783.31%	-855.91%	-278.16%	236.75%	493.80%
Free Cash Flow to Firm to Interest Expense	0.00	-127.61	-44.57	-52.23	-7.08	-86.15	-43.27
Operating Cash Flow to Interest Expense	-355.32	-78.01	-24.42	-9.84	-2.25	40.34	4.52
Operating Cash Flow Less CapEx to Interest Expense	-388.85	-82.40	-27.53	-10.99	-3.05	23.30	3.61
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.00	0.45	0.44	0.44	0.60	0.80	0.69
Accounts Receivable Turnover	0.00	7.95	8.71	8.68	8.58	8.99	9.83
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	10.72	13.65	16.09	17.36	17.11	18.21
Accounts Payable Turnover	0.00	147.18	34.10	24.17	20.51	20.17	31.25
Days Sales Outstanding (DSO)	0.00	45.90	41.89	42.05	42.55	40.58	37.12
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	2.48	10.70	15.10	17.79	18.10	11.68
Cash Conversion Cycle (CCC)	0.00	43.42	31.18	26.95	24.76	22.49	25.44
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	0.00	38	61	222	233	241	614
Invested Capital Turnover	0.00	5.93	3.09	1.44	1.16	1.41	1.04
Increase / (Decrease) in Invested Capital	0.00	38	23	162	11	8.48	373
Enterprise Value (EV)	0.00	481	1,484	1,223	2,220	3,570	2,675
Market Capitalization	180	180	1,768	1,335	2,313	3,686	2,422
Book Value per Share	$0.00	($54.79)	$3.91	$3.65	$3.41	$3.55	$3.45
Tangible Book Value per Share	$0.00	($59.88)	$3.24	$1.57	$1.48	$1.79	($1.91)
Total Capital	0.00	205	369	419	325	357	713
Total Debt	0.00	25	25	85	0.00	0.00	351
Total Long-Term Debt	0.00	25	23	81	0.00	0.00	351
Net Debt	0.00	-142	-284	-112	-92	-116	252
Capital Expenditures (CapEx)	3.69	2.15	3.70	4.45	6.29	7.86	8.69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	6.28	4.95	7.38	17	20	-1.42
Debt-free Net Working Capital (DFNWC)	0.00	173	314	204	109	136	98
Net Working Capital (NWC)	0.00	173	312	201	109	136	98
Net Nonoperating Expense (NNE)	12	27	17	18	18	9.60	10
Net Nonoperating Obligations (NNO)	0.00	-142	-284	-112	-92	-116	252
Total Depreciation and Amortization (D&A)	2.27	2.84	3.49	8.21	11	11	29
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	5.60%	3.25%	3.61%	6.43%	6.01%	-0.32%
Debt-free Net Working Capital to Revenue	0.00%	154.33%	206.05%	99.74%	41.22%	40.68%	22.02%
Net Working Capital to Revenue	0.00%	154.05%	205.02%	98.18%	41.22%	40.68%	22.02%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($0.73)	($0.64)	($0.67)	($0.41)	($0.46)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	64.51M	90.96M	94.08M	98.89M	103.90M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($0.73)	($0.64)	($0.67)	($0.41)	($0.46)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	64.51M	90.96M	94.08M	98.89M	103.90M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	90.22M	92.30M	96.76M	102.23M	106.15M
Normalized Net Operating Profit after Tax (NOPAT)	-30	-24	-28	-49	-44	-31	-34
Normalized NOPAT Margin	-40.49%	-21.39%	-18.37%	-24.06%	-16.77%	-9.32%	-7.66%
Pre Tax Income Margin	-56.93%	-45.79%	-30.66%	-28.91%	-23.74%	-12.14%	-13.29%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	-382.05	-104.13	-38.74	-14.97	-8.11	-96.80	-5.65
NOPAT to Interest Expense	-270.68	-50.25	-25.33	-10.44	-5.72	-67.76	-3.96
EBIT Less CapEx to Interest Expense	-415.59	-108.52	-41.86	-16.12	-8.91	-113.84	-6.57
NOPAT Less CapEx to Interest Expense	-304.21	-54.64	-28.45	-11.59	-6.53	-84.80	-4.87
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-10.61%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-30.55%	-27.73%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Alkami Technology's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	106,941,980.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	106,941,980.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.08
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	26.76%	28.50%	26.89%	24.93%	26.89%	25.62%	28.52%	36.39%	31.49%	34.73%	15.87%
EBITDA Growth	25.75%	-283.84%	31.52%	30.10%	40.49%	41.75%	-21.90%	29.60%	42.11%	82.19%	20.18%
EBIT Growth	21.59%	-148.11%	26.79%	25.44%	33.09%	33.57%	-25.65%	-19.10%	-23.52%	-10.09%	51.43%
NOPAT Growth	20.34%	-139.03%	27.03%	26.11%	33.95%	34.15%	-24.51%	-20.11%	-23.52%	-10.09%	51.43%
Net Income Growth	22.81%	-158.82%	32.60%	30.65%	38.99%	39.88%	31.64%	-10.34%	-56.79%	-49.69%	34.52%
EPS Growth	27.27%	-180.00%	33.33%	31.58%	43.75%	50.00%	33.33%	0.00%	-55.56%	-57.14%	38.46%
Operating Cash Flow Growth	165.91%	61.63%	109.89%	109.60%	251.25%	215.19%	-695.58%	111.13%	180.40%	171.74%	0.00%
Free Cash Flow Firm Growth	67.97%	88.08%	89.69%	45.58%	65.19%	26.37%	-2,004.95%	-2,036.91%	-2,067.81%	-2,514.58%	104.30%
Invested Capital Growth	19.97%	4.75%	4.41%	4.40%	4.38%	3.64%	156.39%	167.78%	149.53%	154.54%	-3.61%
Revenue Q/Q Growth	2.95%	5.41%	6.67%	7.92%	4.56%	4.37%	9.12%	14.54%	0.80%	6.94%	0.00%
EBITDA Q/Q Growth	15.77%	20.94%	5.01%	-10.50%	28.30%	22.61%	-98.78%	36.18%	41.04%	76.19%	0.00%
EBIT Q/Q Growth	12.75%	16.68%	5.64%	-8.70%	21.71%	17.28%	-78.48%	-3.03%	18.80%	26.28%	0.00%
NOPAT Q/Q Growth	11.67%	17.03%	5.60%	-6.81%	21.04%	17.28%	-78.48%	-3.03%	18.80%	26.28%	0.00%
Net Income Q/Q Growth	12.87%	17.85%	10.07%	-7.73%	23.34%	19.05%	-2.26%	-73.89%	-8.93%	22.72%	0.00%
EPS Q/Q Growth	15.79%	12.50%	14.29%	-8.33%	30.77%	22.22%	-14.29%	-62.50%	-7.69%	21.43%	0.00%
Operating Cash Flow Q/Q Growth	154.78%	-269.60%	117.93%	-42.38%	1,904.93%	-44.38%	-192.69%	120.43%	2,562.66%	-46.10%	0.00%
Free Cash Flow Firm Q/Q Growth	-45.41%	61.86%	1.81%	0.06%	6.97%	19.35%	-2,707.11%	-1.46%	5.62%	2.73%	0.00%
Invested Capital Q/Q Growth	6.32%	-4.67%	8.96%	-5.47%	6.31%	-5.34%	169.53%	-1.27%	-0.94%	-3.44%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.99%	55.98%	57.84%	59.36%	58.92%	59.35%	59.04%	58.56%	56.79%	57.19%	56.85%
EBITDA Margin	-19.00%	-14.25%	-12.69%	-12.99%	-8.91%	-6.61%	-12.03%	-6.71%	-3.92%	-0.87%	-4.62%
Operating Margin	-23.32%	-18.35%	-16.24%	-16.07%	-12.14%	-9.62%	-15.74%	-14.16%	-11.40%	-7.86%	-5.93%
EBIT Margin	-23.02%	-18.20%	-16.10%	-16.21%	-12.14%	-9.62%	-15.74%	-14.16%	-11.40%	-7.86%	-5.93%
Profit (Net Income) Margin	-22.86%	-17.81%	-15.02%	-14.99%	-10.99%	-8.52%	-7.99%	-12.13%	-13.11%	-9.47%	-6.85%
Tax Burden Percent	100.25%	97.85%	101.68%	101.52%	99.80%	99.39%	51.76%	75.98%	99.80%	102.69%	97.67%
Interest Burden Percent	99.04%	100.05%	91.77%	91.09%	90.73%	89.15%	98.08%	112.76%	115.15%	117.32%	118.26%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-18.15%	-14.95%	-12.86%	-14.25%	-10.74%	-9.48%	-8.66%	-8.66%	-7.39%	-5.71%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.77%	-11.48%	-9.27%	-10.84%	-8.08%	-7.94%	-6.27%	-11.02%	-13.11%	-12.74%	0.00%
Return on Net Nonoperating Assets (RNNOA)	4.28%	3.55%	2.20%	3.01%	1.97%	2.42%	-2.36%	-3.46%	-3.85%	-2.42%	0.00%
Return on Equity (ROE)	-13.88%	-11.40%	-10.67%	-11.25%	-8.77%	-7.06%	-11.02%	-12.12%	-11.24%	-8.12%	0.00%
Cash Return on Invested Capital (CROIC)	-35.69%	-24.23%	-20.98%	-20.54%	-18.06%	-16.75%	-95.14%	-99.23%	-93.85%	-95.95%	0.00%
Operating Return on Assets (OROA)	-11.85%	-10.84%	-10.28%	-11.00%	-8.47%	-7.67%	-9.06%	-8.77%	-7.48%	-5.43%	0.00%
Return on Assets (ROA)	-11.77%	-10.62%	-9.59%	-10.17%	-7.67%	-6.80%	-4.60%	-7.51%	-8.60%	-6.54%	0.00%
Return on Common Equity (ROCE)	-13.88%	-11.40%	-10.67%	-11.25%	-8.77%	-7.06%	-11.02%	-12.12%	-11.24%	-8.12%	0.00%
Return on Equity Simple (ROE_SIMPLE)	-17.13%	0.00%	-17.77%	-15.87%	-13.56%	0.00%	-11.14%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-11	-9.17	-8.66	-9.24	-7.30	-6.04	-11	-11	-9.02	-6.65	-5.39
NOPAT Margin	-16.32%	-12.85%	-11.37%	-11.25%	-8.50%	-6.73%	-11.02%	-9.91%	-7.98%	-5.50%	-4.15%
Net Nonoperating Expense Percent (NNEP)	-4.39%	-3.48%	-3.60%	-3.41%	-2.66%	-1.54%	-2.40%	2.36%	5.72%	7.03%	1.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.82%	-	-	-	-1.69%	-1.45%	-1.52%	-1.24%	-0.93%	-0.77%
Cost of Revenue to Revenue	46.01%	44.02%	42.16%	40.64%	41.08%	40.65%	40.96%	41.44%	43.21%	42.81%	43.15%
SG&A Expenses to Revenue	27.02%	27.03%	25.37%	25.09%	25.78%	24.07%	24.30%	23.24%	22.70%	21.06%	19.71%
R&D to Revenue	32.13%	30.11%	29.98%	29.10%	28.09%	28.27%	27.48%	26.98%	26.64%	25.82%	24.18%
Operating Expenses to Revenue	77.30%	74.33%	74.08%	75.44%	71.06%	68.97%	74.77%	72.71%	68.19%	65.05%	62.78%
Earnings before Interest and Taxes (EBIT)	-16	-13	-12	-13	-10	-8.63	-15	-16	-13	-9.50	-7.71
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	-10	-9.66	-11	-7.65	-5.92	-12	-7.51	-4.43	-1.06	-6.00
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.34	7.12	7.36	8.49	9.22	10.32	8.03	9.03	7.38	6.69	5.30
Price to Tangible Book Value (P/TBV)	12.61	16.39	16.89	18.93	19.54	20.48	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	6.90	8.73	8.46	9.34	9.89	11.04	7.55	8.06	6.27	5.46	0.00
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.71	9.54	9.10	11.22	11.92	14.80	4.61	5.30	4.51	4.35	3.52
Enterprise Value to Revenue (EV/Rev)	6.58	8.38	8.22	9.05	9.63	10.69	8.44	8.83	6.96	6.03	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	423.12	191.99	250.37	270.28	88.59	62.34	33.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.31	0.00	0.06	0.00	0.05	0.00	1.23	1.12	1.08	0.97	0.93
Long-Term Debt to Equity	0.29	0.00	0.06	0.00	0.05	0.00	1.23	1.12	1.08	0.97	0.93
Financial Leverage	-0.31	-0.31	-0.24	-0.28	-0.24	-0.30	0.38	0.31	0.29	0.19	0.78
Leverage Ratio	1.49	1.35	1.35	1.35	1.37	1.23	1.88	1.85	1.83	1.79	2.37
Compound Leverage Factor	1.48	1.35	1.24	1.23	1.24	1.09	1.84	2.09	2.10	2.10	2.80
Debt to Total Capital	23.86%	0.00%	5.30%	0.00%	4.89%	0.00%	55.20%	52.82%	51.84%	49.24%	48.18%
Short-Term Debt to Total Capital	1.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	22.35%	0.00%	5.30%	0.00%	4.89%	0.00%	55.20%	52.82%	51.84%	49.24%	48.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	76.14%	100.00%	94.70%	100.00%	95.11%	100.00%	44.80%	47.18%	48.16%	50.76%	51.82%
Debt to EBITDA	-2.25	0.00	-0.38	0.00	-0.46	0.00	-11.43	-11.72	-12.71	-14.18	0.00
Net Debt to EBITDA	1.73	0.00	1.44	0.00	2.19	0.00	-8.78	-9.07	-9.65	-10.18	0.00
Long-Term Debt to EBITDA	-2.10	0.00	-0.38	0.00	-0.46	0.00	-11.43	-11.72	-12.71	-14.18	0.00
Debt to NOPAT	-2.57	0.00	-0.44	0.00	-0.51	0.00	-12.34	-10.94	-10.20	-9.35	0.00
Net Debt to NOPAT	1.97	0.00	1.67	0.00	2.43	0.00	-9.48	-8.46	-7.74	-6.72	0.00
Long-Term Debt to NOPAT	-2.41	0.00	-0.44	0.00	-0.51	0.00	-12.34	-10.94	-10.20	-9.35	0.00
Altman Z-Score	6.06	17.89	18.45	21.10	21.84	27.11	2.91	3.48	2.92	2.76	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.73	3.77	3.92	3.75	3.52	3.98	2.75	2.68	2.17	2.09	2.13
Quick Ratio	4.26	3.24	3.31	3.12	2.99	3.39	2.25	2.03	1.76	1.68	1.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-52	-20	-19	-19	-18	-15	-407	-413	-390	-380	18
Operating Cash Flow to CapEx	203.25%	-316.72%	56.98%	26.38%	477.90%	337.62%	-293.32%	53.59%	1,327.32%	728.97%	0.00%
Free Cash Flow to Firm to Interest Expense	-26.77	-8.65	-265.18	-261.44	-99.99	-108.33	-508.72	-129.68	-131.02	-150.67	8.51
Operating Cash Flow to Interest Expense	1.62	-2.33	13.03	7.41	61.04	45.60	-7.07	0.36	10.34	6.59	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.82	-3.06	-9.84	-20.66	48.27	32.10	-9.48	-0.31	9.57	5.69	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.60	0.64	0.68	0.70	0.80	0.58	0.62	0.66	0.69	0.00
Accounts Receivable Turnover	8.65	8.58	8.76	8.86	8.57	8.99	8.62	8.90	8.86	9.83	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	16.76	17.36	17.33	17.07	16.93	17.11	17.26	17.63	17.75	18.21	0.00
Accounts Payable Turnover	26.08	20.51	25.78	37.44	23.43	20.17	24.79	25.32	26.73	31.25	0.00
Days Sales Outstanding (DSO)	42.19	42.55	41.67	41.18	42.61	40.58	42.35	41.02	41.18	37.12	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	13.99	17.79	14.16	9.75	15.58	18.10	14.72	14.41	13.65	11.68	0.00
Cash Conversion Cycle (CCC)	28.20	24.76	27.51	31.44	27.03	22.49	27.63	26.60	27.53	25.44	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	244	233	254	240	255	241	650	642	636	614	619
Invested Capital Turnover	1.11	1.16	1.13	1.27	1.26	1.41	0.79	0.87	0.93	1.04	0.00
Increase / (Decrease) in Invested Capital	41	11	11	10	11	8.48	397	402	381	373	-23
Enterprise Value (EV)	1,639	2,220	2,308	2,690	3,038	3,570	3,000	3,403	2,871	2,675	2,180
Market Capitalization	1,717	2,313	2,377	2,777	3,122	3,686	2,684	3,105	2,585	2,422	1,923
Book Value per Share	$3.41	$3.41	$3.34	$3.36	$3.42	$3.55	$3.27	$3.34	$3.36	$3.45	$3.39
Tangible Book Value per Share	$1.44	$1.48	$1.45	$1.50	$1.61	$1.79	($2.40)	($2.25)	($2.10)	($1.91)	($1.74)
Total Capital	422	325	341	327	356	357	746	729	727	713	700
Total Debt	101	0.00	18	0.00	17	0.00	412	385	377	351	337
Total Long-Term Debt	94	0.00	18	0.00	17	0.00	412	385	377	351	337
Net Debt	-77	-92	-69	-87	-84	-116	316	298	286	252	256
Capital Expenditures (CapEx)	1.54	1.68	1.67	2.08	2.30	1.81	1.93	2.16	2.32	2.28	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	17	21	24	20	20	16	24	3.33	-1.42	13
Debt-free Net Working Capital (DFNWC)	190	109	108	111	121	136	111	111	94	98	94
Net Working Capital (NWC)	183	109	108	111	121	136	111	111	94	98	94
Net Nonoperating Expense (NNE)	4.43	3.54	2.78	3.07	2.14	1.60	-2.96	2.49	5.79	4.79	3.51
Net Nonoperating Obligations (NNO)	-77	-92	-69	-87	-84	-116	316	298	286	252	256
Total Depreciation and Amortization (D&A)	2.73	2.82	2.59	2.65	2.78	2.70	3.62	8.35	8.45	8.44	1.71
Debt-free, Cash-free Net Working Capital to Revenue	4.66%	6.43%	7.53%	8.09%	6.33%	6.01%	4.40%	6.31%	0.81%	-0.32%	0.00%
Debt-free Net Working Capital to Revenue	76.25%	41.22%	38.60%	37.48%	38.33%	40.68%	31.21%	28.91%	22.85%	22.02%	0.00%
Net Working Capital to Revenue	73.69%	41.22%	38.60%	37.48%	38.33%	40.68%	31.21%	28.91%	22.85%	22.02%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.16)	($0.14)	($0.12)	($0.13)	($0.09)	($0.07)	($0.08)	($0.13)	($0.14)	($0.11)	($0.08)
Adjusted Weighted Average Basic Shares Outstanding	94.68M	94.08M	96.95M	98.10M	99.44M	98.89M	102.43M	103.39M	104.35M	103.90M	106.86M
Adjusted Diluted Earnings per Share	($0.16)	($0.14)	($0.12)	($0.13)	($0.09)	($0.07)	($0.08)	($0.13)	($0.14)	($0.11)	($0.08)
Adjusted Weighted Average Diluted Shares Outstanding	94.68M	94.08M	96.95M	98.10M	99.44M	98.89M	102.43M	103.39M	104.35M	103.90M	106.86M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	95.36M	96.76M	97.52M	98.99M	100.50M	102.23M	103.02M	104.08M	105.00M	106.15M	106.94M
Normalized Net Operating Profit after Tax (NOPAT)	-11	-9.14	-8.61	-9.15	-7.30	-6.04	-7.95	-11	-8.84	-6.42	-5.39
Normalized NOPAT Margin	-16.32%	-12.81%	-11.31%	-11.14%	-8.50%	-6.73%	-8.13%	-9.59%	-7.83%	-5.31%	-4.15%
Pre Tax Income Margin	-22.80%	-18.20%	-14.77%	-14.77%	-11.01%	-8.58%	-15.44%	-15.96%	-13.13%	-9.22%	-7.02%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.07	-5.70	-167.85	-179.99	-57.93	-64.37	-19.22	-4.98	-4.33	-3.77	-3.68
NOPAT to Interest Expense	-5.72	-4.02	-118.57	-124.93	-40.55	-45.06	-13.45	-3.48	-3.03	-2.64	-2.58
EBIT Less CapEx to Interest Expense	-8.87	-6.43	-190.71	-208.05	-70.71	-77.88	-21.63	-5.65	-5.10	-4.67	0.00
NOPAT Less CapEx to Interest Expense	-6.52	-4.76	-141.43	-153.00	-53.33	-58.57	-15.87	-4.16	-3.81	-3.54	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Alkami Technology (NASDAQ: ALKT) showed continued revenue growth in 2025, but profitability remains elusive as the company is still posting quarterly net losses. The latest quarter also showed a rebound in operating cash flow, while the balance sheet reflects a large debt load following a major 2025 acquisition.

Revenue continued to grow year over year. Q4 2025 revenue rose to $120.8 million from $112.1 million in Q2 2025 and $89.7 million in Q4 2024, showing steady top-line expansion.
Gross profit improved in absolute dollars. Q4 2025 gross profit reached $69.1 million, up from $65.6 million in Q2 2025 and $53.2 million in Q4 2024.
Operating cash flow turned positive again in Q4 2025. The company generated $16.6 million in operating cash flow, a meaningful improvement from $1.2 million in Q2 2025 and a loss of $5.7 million in Q1 2025.
Cash and investments remain substantial. As of Q3 2025, Alkami held $57.3 million in cash and equivalents and $33.6 million in short-term investments, providing liquidity support despite debt.
Book equity remains positive. Total equity was $350.1 million at Q3 2025, indicating the company still has a solid equity base on the balance sheet.
Revenue growth has outpaced the prior year. Across 2025 quarters, revenue improved versus 2024 comparable periods, suggesting continued demand for the platform.
Depreciation and amortization add back a meaningful amount of non-cash expense. This helps operating cash flow, but it also reflects a business with significant acquired and capitalized assets.
Shares outstanding remain elevated. Weighted average diluted shares were about 103.9 million in Q4 2025, so dilution remains something investors should watch.
Deferred revenue is still a material liability. Current deferred revenue stood at $31.1 million in Q3 2025, which is a sign of recurring customer commitments, but also a balance sheet obligation to fulfill services.
Recent debt repayment activity has been mixed. The company repaid $10.0 million of debt in Q4 2025, but leverage remains high after the balance sheet changed significantly in 2025.
Alkami is still losing money. Q4 2025 net loss was $11.4 million, and the company posted losses in every quarter shown from 2023 through 2025.
Operating expenses remain heavy. In Q4 2025, operating expenses were $78.6 million versus gross profit of $69.1 million, leading to an operating loss of $9.5 million.
Long-term debt is large. Q3 2025 long-term debt was $360.7 million, a significant obligation for a company still operating at a loss.
Interest expense is a growing drag. Q4 2025 interest expense was $2.5 million, which pressures profitability and cash generation.
Balance sheet leverage increased after acquisition activity. Total liabilities rose to $485.1 million in Q3 2025, far above levels seen in 2024, increasing financial risk.

Bottom line: Alkami is growing revenue and has shown improvement in operating cash flow, but it is not yet consistently profitable. The biggest positives are top-line growth and renewed cash generation; the biggest concerns are persistent losses, high operating costs, and a sizable debt burden following acquisition-related balance sheet expansion.

08/14/26 11:51 PM ETAI Generated. May Contain Errors.

Alkami Technology Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Alkami Technology's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

In the past 6 years, Alkami Technology's net income has ranged from -$62.91 million in 2023 to -$40.84 million in 2024, and is currently -$47.65 million as of their latest financial filing in 2025. See where experts think Alkami Technology is headed by visiting Alkami Technology's forecast page.

Alkami Technology's total operating income in 2025 was -$53.64 million, based on the following breakdown:

Total Gross Profit: $256.60 million
Total Operating Expenses: $310.24 million

Over the last 6 years, Alkami Technology's total revenue changed from $73.54 million in 2019 to $443.64 million in 2025, a change of 503.3%.

Alkami Technology's total liabilities were at $485.18 million at the end of 2025, a 504.6% increase from 2024, and a 598.8% increase since 2020.

In the past 5 years, Alkami Technology's cash and equivalents has ranged from $40.93 million in 2023 to $308.58 million in 2021, and is currently $63.46 million as of their latest financial filing in 2025.

Over the last 6 years, Alkami Technology's book value per share changed from 0.00 in 2019 to 3.45 in 2025, a change of 344.8%.

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Financial statements for NASDAQ:ALKT last updated on 7/30/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Alkami Technology (ALKT) Financials

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Alkami Technology (ALKT) Financials

Annual Income Statements for Alkami Technology

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Quarterly Metrics And Ratios for Alkami Technology

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Alkami Technology Financials - Frequently Asked Questions

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