Alkami's Revenue Growth Cools After a Faster First Quarter

The Tip Desk · July 30, 2026 · 3 min read

Annual recurring revenue reached $511.7 million as the company lifted full-year 2026 revenue and Adjusted EBITDA outlooks.

Alkami Technology (ALKT), a digital sales and service platform provider for U.S. financial institutions, reported GAAP total revenue of $129.8 million for the three months ended June 30, 2026, up 15.9% from a year earlier. That year-over-year pace slowed from 28.9% growth in the first quarter. Sequential revenue rose 2.9% from $126.1 million in the prior quarter.

The slowdown in the year-over-year rate is the quarter’s defining turn. ARR growth also eased: annual recurring revenue was $511.7 million at June 30, up 21% from a year earlier, down from 22% growth at the end of the first quarter. ARR rose 3.7% sequentially from $493.6 million at March 31. Revenue per registered user was $21.69, up 7.0% from a year earlier, after 9% growth in the prior quarter. Registered users stood at 23.6 million. The company added 2.7 million registered users in the last 12 months.

Adjusted EBITDA was $19.4 million, compared with $11.9 million a year earlier, and the adjusted EBITDA margin was 14.9%, an expansion of nearly 430 basis points versus the year-ago quarter. Adjusted EBITDA was down from $22.3 million in the first quarter. GAAP net loss narrowed to $(8.9) million from $(13.6) million a year earlier. GAAP gross margin was 56.8%; non-GAAP gross margin was 63.0%.

Chief Executive Officer Alex Shootman said second-quarter results reflected continued client and product expansion, with revenue growth and Adjusted EBITDA ahead of expectations. He said demand for modern digital solutions remained robust, with 37 new digital banking logos over the last 12 months, including 15 banks, and a strong pipeline in the second half of 2026. The company brought five clients live on the Digital Sales and Service Platform in the quarter.

Chief Financial Officer Cassandra Hudson said the second-quarter adjusted EBITDA margin was above expectations. She said the company exited the quarter with ARR of $511.7 million and revenue per registered user of $21.69.

Alkami is providing guidance for the third quarter ending September 30, 2026, of GAAP total revenue in the range of $132.7 million to $134.2 million and Adjusted EBITDA in the range of $23.5 million to $24.3 million. For the fiscal year ending December 31, 2026, the company is providing guidance of GAAP total revenue in the range of $528.0 million to $531.0 million and Adjusted EBITDA in the range of $96.0 million to $98.0 million. Those full-year ranges sit above the $527.1 million to $530.9 million revenue range and the $94.9 million to $97.9 million Adjusted EBITDA range given after the first quarter.

Cash and cash equivalents were $45.5 million at June 30, 2026, and marketable securities were $35.4 million. Convertible senior notes, net, were $337.2 million. The revolving loan balance was zero at quarter-end. In the first quarter, the board authorized a share repurchase program of up to $100 million.