Business
Alkami Announces First Quarter 2024 Financial Results
PLANO, Texas, May 01, 2024 (GLOBE NEWSWIRE) -- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for
About this update from Alkami Technology, Inc.
[{"type":"text","content":"PLANO, Texas, May 01, 2024 (GLOBE NEWSWIRE) -- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., today announced results for its first quarter ending March 31, 2024. First Quarter 2024 Financial Highlights GAAP total revenue of $76.1 million, an increase of 26.9% compared to the year-ago quarter;GAAP gross margin of 57.8%, compared to 53.6% in the year-ago quarter;Non-GAAP gross margin of 61.7%, compared to 58.1% in the year-ago quarter;GAAP net loss of $(11.4) million, compared to $(17.0) million in the year-ago quarter; andAdjusted EBITDA of $3.8 million, compared to a loss of $(2.9) million in the year-ago quarter. Comments on the News Alex Shootman, Chief Executive Officer, said, “In the first quarter, we delivered another quarter of robust performance. We ended Q1 with 18.1 million live registered users, up 3.0 million compared to the prior-year quarter as we continue to lead the industry in market share gains. In February of 2024, we renewed our largest client, which is a top 10 credit union, more than doubling the original total contract value and extending the relationship for another five years. And we continued our progress on the key initiatives that will position Alkami to be the premier digital banking provider.” Shootman added, “In April, we hosted our largest-ever user conference, with more than 800 in-person attendees representing 220 financial institutions. Feedback from prospects and existing clients was consistent and unequivocal – there is a pronounced and growing need for modernization among regional and community financial institutions, and Alkami is well positioned to continue delivering market-leading solutions and strong growth.” Bryan Hill, Chief Financial Officer, said, “We grew digital banking users on the Alkami platform by 20% compared to the prior-year quarter. We exited the quarter with Annual Recurring Revenue of $303 million, up 26.1% compared to the year-ago quarter. Our revenue per user continued to grow, ending the quarter at $16.71, driven by add-on sales and the addition of new clients who tend to onboard at a higher average RPU. We also expanded non-GAAP gross margin to 61.7%, representing an increase of approximately 360 basis points, demonstrating continued progress towards our 2026 non-GAAP...