Alkami Q1 Revenue Climbs 28.9% to $126.1M, Launches $100M Buyback
Alkami reported first-quarter revenue of $126.1 million, up 28.9% year-over-year, with adjusted EBITDA rising to $22.3 million from $12.1 million. The company added 2.5 million users to reach 23 million, ended with $493.6 million ARR and authorized a $100 million share repurchase program.
1. Q1 Financial Performance
Alkami posted GAAP total revenue of $126.1 million, a 28.9% increase year-over-year, with gross margins of 58.6% (GAAP) and 64.4% (non-GAAP). The company recorded a net loss of $10.0 million versus $7.8 million a year earlier and delivered adjusted EBITDA of $22.3 million compared to $12.1 million, adding 6 new digital banking and 14 MANTL logos.
2. User Growth and ARR
The platform added 2.5 million registered users over the past 12 months, reaching 23.0 million total users. Annual recurring revenue climbed 22% to $493.6 million, while revenue per registered user rose 9% to $21.46 and first-quarter adjusted EBITDA margin reached 17.7%.
3. Share Repurchase Program
Alkami’s board authorized a $100 million share repurchase program to buy common stock in the open market or through private transactions. This move is part of a capital allocation strategy focused on acquisitions, debt reduction, and enhancing shareholder value.
4. 2026 Financial Outlook
For Q2 ending June 30, Alkami forecasts GAAP revenue of $128.0 million to $129.0 million and adjusted EBITDA of $17.9 million to $18.7 million. Full-year guidance for 2026 projects GAAP revenue between $527.1 million and $530.9 million, with adjusted EBITDA of $94.9 million to $97.9 million.