Business
Alkami Announces Fourth Quarter 2022 Financial Results
PLANO, Texas, Feb. 23, 2023 (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, 2023 (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 fourth quarter and full year ending December 31, 2022. Fourth Quarter 2022 Financial Highlights GAAP total revenue of $55.5 million, an increase of 31% compared to the year-ago quarter;GAAP gross margin of 52%, compared to 55% in the year-ago quarter;Non-GAAP gross margin of 56%, compared to 57% in the year-ago quarter;GAAP net loss of $(4.9) million, compared to $(13.3) million in the year-ago quarter; andAdjusted EBITDA loss of $(4.0) million, compared to $(4.4) million in the year-ago quarter. Full Year 2022 Financial Highlights GAAP total revenue of $204.3 million, an increase of 34% compared to 2021;GAAP gross margin of 53%, compared to 55% in 2021;Non-GAAP gross margin of 57%, compared to 57% in 2021;GAAP net loss of $(58.6) million compared to $(46.8) million in 2021; and,Adjusted EBITDA loss of $(17.6) million compared to $(22.0) million in 2021. Comments on the NewsAlex Shootman, Chief Executive Officer, said, “In the fourth quarter, we continued to drive strong sales performance and business execution, and we continued our record of industry-leading growth. We added 37 new logos to the Alkami digital banking community in 2022. In addition, we successfully renewed 22 client contracts and continued to expand add-on sales as our clients continue to seek digital innovation to deliver to their customers across our modern, multi-tenant cloud based digital banking platform.” Shootman added, “As our financial institution clients face increasing competition, investments in industry-leading digital onboarding, data analytics, and digital banking user experiences for both businesses and consumers, such as Alkami’s, are becoming strategically required.” “We exited the fourth quarter with 14.5 million digital banking users on the Alkami platform, up 18% from the year-ago quarter,” said Bryan Hill, Chief Financial Officer. “In 2022, we added approximately 2.2 million digital banking users to the Alkami platform, including approximately 800,000 in the fourth quarter. We exited the quarter with annual recurring revenue of $226 million, up 34% compared to December 31, 2021. And our revenue per registered user co...