alk-20250630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number 001-40321

ALKAMI TECHNOLOGY, INC.

(Exact Name of Registrant as Specified in its Charter)


Delaware		45-3060776
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

5601 Granite Parkway,	Suite 120
Plano,	TX	75204
(Address of Principal Executive Offices)		(Zip Code)

(877) 725-5264

(Registrant’s Telephone Number, Including Area Code)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Smaller reporting company	☐
Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of registrant’s common stock outstanding as of June 30, 2025 was 104,083,138.


TABLE OF CONTENTS


PART I ‑ FINANCIAL INFORMATION
Item 1.	Financial Statements	1
	Unaudited Condensed Consolidated Balance Sheets	1
	Unaudited Condensed Consolidated Statements of Operations	2
	Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity	3
	Unaudited Condensed Consolidated Statements of Cash Flows	4
	Notes to the Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27

PART II ‑ OTHER INFORMATION
Item 1.	Legal Proceedings	28
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	29
Item 4.	Mine Safety Disclosures	29
Item 5.	Other Information	29
Item 6.	Exhibits	30

Signatures		31

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(UNAUDITED)


	June 30,		December 31,
	2025		2024
Assets
Current assets
Cash and cash equivalents	$	52,426	$	94,359
Marketable securities	34,686		21,375
Accounts receivable, net	47,679		38,739
Deferred costs, current	14,629		13,207
Prepaid expenses and other current assets	28,411		13,697
Total current assets	177,831		181,377
Property and equipment, net	24,190		22,075
Right-of-use assets	14,213		14,565
Deferred costs, net of current portion	38,516		37,178
Intangibles, net	172,182		29,021
Goodwill	403,814		148,050
Other assets	9,643		5,011
Total assets	$	840,389	$	437,277
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	6,704	$	6,129
Accrued liabilities	30,965		24,520
Deferred revenues, current portion	27,157		13,578
Lease liabilities, current portion	1,584		1,343
Total current liabilities	66,410		45,570
Deferred revenues, net of current portion	25,600		15,526
Deferred income taxes	2,413		1,822
Convertible senior notes, net	335,208		—
Revolving loan	50,000		—
Lease liabilities, net of current portion	16,513		17,109
Other non-current liabilities	229		220
Total liabilities	496,373		80,247
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024	—		—
Common stock, $0.001 par value, 500,000,000 shares authorized; and 104,083,138 and 102,088,783 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	104		102
Additional paid-in capital	841,520		833,129
Accumulated deficit	(497,608)		(476,201)
Total stockholders’ equity	344,016		357,030
Total liabilities and stockholders' equity	$	840,389	$	437,277

The above financial statements should be read in conjunction with the Notes to the Unaudited Condensed Consolidated Financial Statements.

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(UNAUDITED)


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Revenues	$	112,059	$	82,160	$	209,894	$	158,287
Cost of revenues(1)	46,441		33,389		86,516		65,484
Gross profit	65,618		48,771		123,378		92,803
Operating expenses:
Research and development	30,231		23,909		57,116		46,729
Sales and marketing	22,991		16,964		40,890		30,807
General and administrative	26,039		20,612		49,810		39,927
Acquisition-related expenses	513		135		2,891		195
Amortization of acquired intangibles	1,707		358		2,275		717
Loss on impairment of intangible assets	—		—		1,655		—
Total operating expenses	81,481		61,978		154,637		118,375
Loss from operations	(15,863)		(13,207)		(31,259)		(25,572)
Non-operating income (expense):
Interest income	1,164		1,261		2,260		2,343
Interest expense	(3,188)		(74)		(3,989)		(147)
Loss on financial instruments	—		(112)		—		—
Loss before income taxes	(17,887)		(12,132)		(32,988)		(23,376)
(Benefit from) provision for income taxes	(4,296)		185		(11,581)		374
Net loss	$	(13,591)	$	(12,317)	$	(21,407)	$	(23,750)
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.13)	$	(0.13)	$	(0.21)	$	(0.24)
Weighted-average number of shares of common stock outstanding:
Basic and diluted	103,389,459		98,103,527		102,912,715		97,524,379

(1) Includes amortization of acquired technology of $4.9 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively, and $6.8 million and $2.7 million for the six months ended June 30, 2025 and 2024, respectively.

The above financial statements should be read in conjunction with the Notes to the Unaudited Condensed Consolidated Financial Statements.

ALKAMI TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(in thousands, except share data)

(UNAUDITED)


		Three months ended June 30, 2025
	Common Stock		Additional Paid-in Capital			Accumulated Deficit		Total Stockholders’ Equity
		Shares			Amount
Balance March 31, 2025		103,019,976	$	103		$	817,958	$	(484,017)	$	334,044
Stock-based compensation		—	—			19,888		—		19,888
Issuance of common stock upon restricted stock unit vesting		855,832	1			(1)		—		—
Common stock issued under Employee Stock Purchase Plan (ESPP)		126,666	—			2,943		—		2,943
Exercised stock options		80,664	—			732		—		732
Net loss		—	—			—		(13,591)		(13,591)
Balance June 30, 2025		104,083,138	$	104		$	841,520	$	(497,608)	$	344,016


		Three months ended June 30, 2024
	Common Stock		Additional Paid-in Capital			Accumulated Deficit		Total Stockholders’ Equity
		Shares			Amount
Balance March 31, 2024		97,515,483	$	98		$	769,608	$	(446,799)	$	322,907
Stock-based compensation		—	—