second quarter 2026
Filed Jul 29, 2026Alkami Announces Second Quarter 2026 Financial Results
GAAP total revenue increased 15.9% year over year, adjusted EBITDA increased to $19.4 million from $11.9 million, and management guided to higher revenue and adjusted EBITDA in the third quarter and fiscal year. GAAP and non-GAAP gross margins were below the year-ago quarter, while the company remained at a GAAP net loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $129.8 million | – | 15.9% |
| Gross marginGAAP | 56.8% | – | – |
| Gross marginnon-GAAP | 63.0% | – | – |
| Net lossGAAP | $(8.9) million | – | – |
| Adjusted EBITDAnon-GAAP | $19.4 million | – | – |
| Adjusted EBITDA marginnon-GAAP | 14.9% | – | nearly 430 basis points of expansion |
| Annual recurring revenueother | $511.7 million | – | 21% |
| Digital banking usersother | 23.6 million digital banking users | – | – |
| Registered users addedother | 2.7 million registered users | – | – |
| Revenue per registered userother | $21.69 | – | 7.0% |
| New digital banking logosother | 37 new digital banking logos | – | – |
| Banks included in new digital banking logosother | 15 banks | – | – |
| Clients brought live on the Digital Sales and Service Platformother | five clients | – | – |
third quarter ending September 30, 2026; fiscal year ending December 31, 2026 outlook
- RevenueThird quarter: GAAP total revenue in the range of $132.7 million to $134.2 million; fiscal year: GAAP total revenue in the range of $528.0 million to $531.0 million
- NoteThird quarter: Adjusted EBITDA in the range of $23.5 million to $24.3 million
- NoteFiscal year: Adjusted EBITDA in the range of $96.0 million to $98.0 million
What drove it
- Continued client and product expansion.
- Demand for modern digital solutions remains robust.
- 37 new digital banking logos over the last 12 months, including 15 banks.
- Five clients were brought live on the Digital Sales and Service Platform in the second quarter.
- The company cited a strong pipeline in the second half of 2026.
Concerns
- GAAP gross margin was 56.8%, compared to 58.6% in the year-ago quarter.
- Non-GAAP gross margin was 63.0%, compared to 65.1% in the year-ago quarter.
- The company reported a GAAP net loss of $(8.9) million.
- Management identified risks including operating losses, client acquisition and retention, unpredictable sales cycles, competition, financial-services technology spending, cybersecurity, acquisition integration, regulatory developments and the need for additional capital.
What to watch
- Third-quarter GAAP total revenue guidance of $132.7 million to $134.2 million.
- Third-quarter adjusted EBITDA guidance of $23.5 million to $24.3 million.
- Fiscal-year GAAP total revenue guidance of $528.0 million to $531.0 million.
- Fiscal-year adjusted EBITDA guidance of $96.0 million to $98.0 million.
- Gross-margin performance following the reported year-over-year declines in GAAP and non-GAAP gross margin.
- Conversion of the stated strong pipeline in the second half of 2026.
- Growth in annual recurring revenue, digital banking users and revenue per registered user.
Analysis
Alkami reported second-quarter GAAP total revenue of $129.8 million, an increase of 15.9% compared with the year-ago quarter. Management attributed the result to continued client and product expansion and said demand for modern digital solutions remained robust. The company reported 37 new digital banking logos over the last 12 months, including 15 banks, and brought live another five clients on its Digital Sales and Service Platform during the quarter.
Recurring and user-based operating metrics also expanded. Annual recurring revenue was $511.7 million, up 21% compared with the year-ago quarter. The company added 2.7 million registered users over the last 12 months and ended the quarter with 23.6 million digital banking users. Revenue per registered user was $21.69, up 7.0% compared with the year-ago quarter.
Profitability showed improvement in adjusted EBITDA but pressure in gross margin. Adjusted EBITDA was $19.4 million, compared with $11.9 million in the year-ago quarter, and adjusted EBITDA margin was 14.9%, reflecting nearly 430 basis points of expansion compared with the year-ago quarter. GAAP net loss was $(8.9) million, compared with $(13.6) million in the year-ago quarter. GAAP gross margin declined to 56.8% from 58.6%, while non-GAAP gross margin declined to 63.0% from 65.1%.
For the third quarter ending September 30, 2026, Alkami guided for GAAP total revenue of $132.7 million to $134.2 million and adjusted EBITDA of $23.5 million to $24.3 million. For the fiscal year ending December 31, 2026, it guided for GAAP total revenue of $528.0 million to $531.0 million and adjusted EBITDA of $96.0 million to $98.0 million. The key reported items to monitor are execution against that outlook, the stated second-half pipeline, recurring-revenue and user growth, and whether gross-margin declines persist alongside adjusted EBITDA expansion.
Management, verbatim
Our second quarter results reflected continued client and product expansion, with revenue growth and Adjusted EBITDA ahead of expectations. Demand for modern digital solutions remains 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. In the second quarter, we brought live another five clients on our Digital Sales and Service Platform, enabling these clients to deepen relationships, deliver modern experiences and drive growth by connecting financial services ecosystems.
Alex Shootman, Chief Executive Officer
In the last 12 months, we added 2.7 million registered users to our digital banking platform, ending the quarter with 23.6 million digital banking users. We exited the second quarter with annual recurring revenue of $511.7 million, up 21% compared to the year-ago quarter and revenue per registered user of $21.69, up 7.0% compared to the year-ago quarter. Our second quarter adjusted EBITDA margin of 14.9% was above expectations, and reflected nearly 430 basis points of expansion compared to the year-ago quarter.
Cassandra Hudson, Chief Financial Officer
Not in the filing
stated, not guessed- GAAP operating income or loss
- Non-GAAP operating income or loss
- GAAP diluted EPS
- Non-GAAP diluted EPS
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Segment revenue and segment comparisons
- Revenue prior-quarter comparison
- Gross-margin year-over-year percentage change
- Net-loss year-over-year percentage change
- Adjusted EBITDA year-over-year percentage change
- Prior-quarter comparisons for reported metrics
- Guidance for gross margin, operating expenses and tax rate
- Previous-release outlook for comparison with actual results
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.