Alkami Q4 Revenue Up 34.7% to $120.8M, Adjusted EBITDA Jumps to $19.1M
Alkami’s fourth-quarter revenue reached $120.8 million, up 34.7% year-over-year, while adjusted EBITDA surged to $19.1 million from $10.2 million. The company closed 2025 with 22.4 million users, $480.3 million in ARR, and guided Q1 revenue of $124.7M-$125.7M and FY 2026 revenue of $525.5M-$530.5M.
1. Fourth Quarter 2025 Financial Results
Alkami reported GAAP revenue of $120.8 million for Q4 2025, a 34.7% increase from a year earlier. GAAP gross margin was 57.2% (versus 59.3% prior year) and non-GAAP gross margin was 63.4% (up from 63.1%), while GAAP net loss widened to $11.4 million and adjusted EBITDA rose to $19.1 million from $10.2 million.
2. Full Year 2025 Performance
For the full year, Alkami achieved GAAP revenue of $443.6 million, up 32.9% year-over-year, with a GAAP gross margin of 57.8% and non-GAAP gross margin of 64.1%. The company’s GAAP net loss increased to $47.7 million, while adjusted EBITDA more than doubled to $59.1 million from $26.9 million.
3. Registered Users and ARR Growth
Alkami added 2.4 million registered users in 2025, ending the year with 22.4 million digital banking users. Annual recurring revenue climbed 35% to $480.3 million, with revenue per registered user rising 20% to $21.44, and remaining performance obligations reached $1.7 billion.
4. 2026 Financial Guidance
The company projected Q1 2026 GAAP revenue of $124.7 million to $125.7 million and adjusted EBITDA of $21.1 million to $21.9 million. For fiscal 2026, Alkami guided GAAP revenue of $525.5 million to $530.5 million and adjusted EBITDA of $93.5 million to $97.5 million.