Business
Alkami Announces Fourth Quarter 2021 Financial Results
PLANO, Texas, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider
About this update from Alkami Technology, Inc.
[{"type":"text","content":"PLANO, Texas, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for U.S. banks and credit unions, today announced results for its fourth quarter and full year ending December 31, 2021. Fourth Quarter 2021 Financial Highlights GAAP total revenue of $42.4 million, an increase of 27% compared to the year-ago quarter;GAAP gross margin of 55%, compared to 58% in the year-ago quarter;Non-GAAP gross margin of 57%, compared to 58% in the year-ago quarter;GAAP net loss of ($13.3) million, compared to ($12.5) million in the year-ago quarter; and,Adjusted EBITDA loss of ($4.4) million compared to ($3.0) million in the year-ago quarter. Full Year 2021 Financial Highlights GAAP total revenue of $152.2 million, an increase of 36% compared to 2020;GAAP gross margin of 55%, compared to 53% in 2020;Non-GAAP gross margin of 57%, compared to 53% in 2020, an expansion of over 350 basis points;GAAP net loss of ($46.8) million compared to ($51.4) million in 2020; and,Adjusted EBITDA loss of ($22.0) million compared to ($23.4) million in 2020. Comments on the News Alex Shootman, Chief Executive Officer, said, “In the fourth quarter, we closed 22 new logos, renewed five clients and delivered record add-on sales performance, resulting in the most successful sales quarter in our 12-year history. Our performance demonstrates the strength of the Alkami platform and the resilience of market demand for digital transformation.” Shootman added, “I am confident that Alkami has the right strategy. With our sustained focus on talent and technology, we are committed to helping our clients achieve their goals by providing the best digital banking platform the market has to offer. Going forward, we will succeed by enhancing our business banking portfolio, investing in sales and marketing to support add-on sales, building out our platform capabilities, developing our talent, and remaining agile on the M&A front.” “We delivered another strong quarter,” said Bryan Hill, Chief Financial Officer. “In 2021, we added approximately 2.7 million digital banking users to the Alkami platform, including approximately 950,000 in the fourth quarter, ending the year with nearly 12.4 million live registered users. We exited the quarter with annual recurring revenue of $169 million, up 32% com...