alk-20260630

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, 2026

☐ 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	75024
(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, 2026 was 106,941,980.


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	15
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	26
Item 4.	Controls and Procedures	26

PART II ‑ OTHER INFORMATION
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28

Signatures		29

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,
	2026		2025
Assets
Current assets
Cash and cash equivalents	$	45,512	$	63,457
Marketable securities	35,443		35,635
Accounts receivable, net	56,718		51,494
Deferred costs, current	17,464		15,894
Prepaid expenses and other current assets	22,318		20,736
Total current assets	177,455		187,216
Property and equipment, net	28,567		26,652
Right-of-use assets	17,208		13,462
Deferred costs, net of current portion	48,651		47,430
Intangibles, net	145,704		158,943
Goodwill	403,404		403,404
Other assets	10,092		10,120
Total assets	$	831,081	$	847,227
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$	12,330	$	5,842
Accrued liabilities	35,176		47,359
Deferred revenues, current portion	33,513		34,770
Lease liabilities, current portion	2,170		1,576
Total current liabilities	83,189		89,547
Deferred revenues, net of current portion	26,041		25,800
Deferred income taxes	2,940		2,625
Convertible senior notes, net	337,204		336,230
Revolving loan	—		15,000
Lease liabilities, net of current portion	18,784		15,739
Other non-current liabilities	246		237
Total liabilities	468,404		485,178
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of June 30, 2026 and December 31, 2025	—		—
Common stock, $0.001 par value, 500,000,000 shares authorized; and 106,941,980 and 106,101,875 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	107		106
Additional paid-in capital	905,286		885,796
Accumulated deficit	(542,716)		(523,853)
Total stockholders’ equity	362,677		362,049
Total liabilities and stockholders' equity	$	831,081	$	847,227

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,
	2026		2025		2026		2025
Revenues	$	129,844	$	112,059	$	255,982	$	209,894
Cost of revenues(1)	56,031		46,441		108,300		86,516
Gross profit	73,813		65,618		147,682		123,378
Operating expenses:
Research and development	31,399		30,231		62,399		57,116
Sales and marketing	22,821		22,991		42,776		40,890
General and administrative	25,591		26,552		52,503		54,356
Amortization of acquired intangibles	1,707		1,707		3,414		2,275
Total operating expenses	81,518		81,481		161,092		154,637
Loss from operations	(7,705)		(15,863)		(13,410)		(31,259)
Non-operating income (expense):
Interest income	684		1,164		1,446		2,260
Interest expense	(2,091)		(3,188)		(4,358)		(3,989)
Loss before income taxes	(9,112)		(17,887)		(16,322)		(32,988)
(Benefit from) provision for income taxes	(212)		(4,296)		2,541		(11,581)
Net loss	$	(8,900)	$	(13,591)	$	(18,863)	$	(21,407)
Net loss per share attributable to common stockholders:
Basic and diluted	$	(0.08)	$	(0.13)	$	(0.18)	$	(0.21)
Weighted-average number of shares of common stock outstanding:
Basic and diluted	106,862,412		103,389,459		106,626,081		102,912,715

(1) Includes amortization of acquired technology of $4.9 million for both the three months ended June 30, 2026 and 2025, and $9.8 million and $6.8 million for the six months ended June 30, 2026 and 2025, 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, 2026
	Common Stock		Additional Paid-in Capital			Accumulated Deficit		Total Stockholders’ Equity
		Shares			Amount
Balance March 31, 2026		107,019,174	$	107		$	904,363	$	(533,816)	$	370,654
Stock-based compensation		—	—			17,492		—		17,492
Issuance of common stock upon restricted stock unit vesting		541,122	1			(1)		—		—
Common stock issued under Employee Stock Purchase Plan (ESPP)		219,125	—			3,094		—		3,094
Exercised stock options		47,134	—			367		—		367
Payments for taxes related to net settlement of equity awards		—	—			(5,030)		—		(5,030)
Repurchases of common stock		(884,575)	(1)			(14,999)		—		(15,000)
Net loss		—	—			—		(8,900)		(8,900)
Balance June 30, 2026		106,941,980	$	107		$	905,286	$	(542,716)	$	362,677


		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 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


		Six months ended June 30, 2026
	Common Stock		Additional Paid-in Capital			Accumulated Deficit		Total Stockholders’ Equity
		Shares			Amount
Balance December 31, 2025		106,101,875	$	106		$	885,796	$	(523,853)	$	362,049
Stock-based compensation		—	—			35,086		—		35,086
Issuance of common stock upon restricted stock unit vesting		1,346,628	2			(2)		—		—
Common stock issued under ESPP		219,125	—			3,094		—		3,094
Exercised stock options		158,927	—			1,341		—		1,341
Payments for taxes related to net settlement of equity awards		—	—			(5,030)		—		(5,030)
Repurchases of common stock		(884,575)	(1)			(14,999)		—		(15,000)
Net loss		—	—			—		(18,863)		(18,863)
Balance June 30, 2026		106,941,980	$	107		$	905,286	$	(542,716)	$	362,677


		Six months ended June 30, 2025
	Common Stock		Additional Paid-in Capital			Accumulated Deficit		Total Stockholders’ Equity
		Shares			Amount
Balance December 31, 2024		102,088,783	$	102		$	833,129	$	(476,201)	$	357,030
Stock-based compensation		—	—			36,253		—		36,253
Issuance of common stock upon restricted stock unit vesting		1,553,338	2			(2)		—		—
Common stock issued under ESPP		126,666	—			2,943		—		2,943
Exercised stock options		314,351	—			2,255		—		2,255
Capped calls		—	—			(33,879)		—		(33,879)
Stock-based compensation replacement awards related to merger consideration and attributable to pre-combination services		—	—			821		—		821
Net loss		—	—			—		(21,407)		(21,407)
Balance June 30, 2025		104,083,138	$	104		$	841,520	$	(497,608)	$	344,016

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 CASH FLOWS

(in thousands)

(UNAUDITED)


	Six months ended June 30,
	2026		2025
Cash flows from operating activities:
Net loss	$	(18,863)	$	(21,407)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense	16,415		11,186
Accrued interest on marketable securities, net	(75)		(540)
Stock-based compensation expense	34,802		35,608
Amortization of discount and debt issuance costs	1,118