Alkami Technology, Inc. reported significant financial results for the first quarter of 2026, with total revenues reaching $126.1 million, a 28.9% increase from $97.8 million in the same period last year. The growth was primarily driven by an increase in SaaS subscription services, which accounted for 95.8% of total revenues, and a contribution of $14.9 million from the acquisition of MANTL. Despite the revenue growth, the company recorded a net loss of $10.0 million, compared to a loss of $7.8 million in the prior year, largely due to increased investments in sales, marketing, and product development.
In terms of operational metrics, Alkami's registered users grew to 23,001, up 12.4% from 20,461 a year earlier. The company also reported an annual recurring revenue (ARR) of $493.6 million, reflecting a 22.2% increase from $403.9 million in the previous year. The revenue per registered user (RPU) increased to $21.46, an 8.7% rise from $19.74, indicating improved monetization of its user base.
Alkami's operating expenses for the quarter totaled $79.6 million, up 8.8% from $73.2 million in the prior year. Research and development expenses increased by 15.3% to $31.0 million, driven by headcount growth in engineering and product teams. Sales and marketing expenses rose by 11.5% to $20.0 million, reflecting the company's efforts to expand its market presence. General and administrative expenses decreased slightly by 3.2% to $26.9 million, primarily due to lower acquisition-related costs.
The company’s balance sheet as of March 31, 2026, showed total assets of $829.3 million, down from $847.2 million at the end of 2025. Cash and cash equivalents decreased to $40.4 million from $63.5 million, while total liabilities decreased to $458.7 million from $485.2 million. Alkami's stockholders' equity increased to $370.7 million, up from $362.0 million, reflecting the issuance of common stock and additional paid-in capital.
Looking ahead, Alkami remains focused on expanding its client base and enhancing its product offerings. The company has authorized a share repurchase program of up to $100 million, which it may utilize to enhance shareholder value. Alkami's management anticipates continued growth driven by its innovative digital banking solutions and strategic investments in technology and client engagement.
About ALKAMI TECHNOLOGY, INC.
Alkami Technology, Inc. is a cloud-based digital banking solutions provider focused on empowering community and regional financial institutions (FIs) to compete with larger banks. Its Alkami Digital Banking Platform offers a comprehensive suite of products, including account opening, fraud protection, and data analytics. Targeting the top 2,500 FIs, Alkami aims to enhance user experience and operational efficiency while capitalizing on a significant market opportunity in the evolving banking landscape.
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