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Alkami Announces Fourth Quarter 2024 Financial Results
Alkami Today Also Announced Its Intent to Acquire MANTL PLANO, Texas, Feb. 27, 2025 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami"), a
About this update from Alkami Technology, Inc.
[{"type":"text","content":"Alkami Today Also Announced Its Intent to Acquire MANTL\nPLANO, Texas, Feb. 27, 2025 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) (\"Alkami\"), a leading cloud-based digital banking solutions provider for financial institutions (FIs) in the U.S., today announced results for its fourth quarter ending December 31, 2024.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2024 Financial Highlights\nGAAP total revenue of $89.7 million, an increase of 25.6% compared to the year-ago quarter;GAAP gross margin of 59.3%, compared to 56.0% in the year-ago quarter;Non-GAAP gross margin of 63.1%, compared to 60.3% in the year-ago quarter;GAAP net loss of $(7.6) million, compared to $(12.7) million in the year-ago quarter; andAdjusted EBITDA of $10.2 million, compared to $3.1 million in the year-ago quarter.Full Year 2024 Financial Highlights\nGAAP total revenue of $333.8 million, an increase of 26.1% compared to 2023;GAAP gross margin of 58.9%, compared to 54.4% in 2023;Non-GAAP gross margin of 62.7%, compared to 59.0% in 2023;GAAP net loss of $(40.8) million, compared to $(62.9) million in 2023; andAdjusted EBITDA of $26.9 million compared to $(1.6) million in 2023.Alkami also announced today the signing of a definitive agreement to acquire Fin Technologies, Inc. (\"MANTL\") for an enterprise value of $400 million, on a debt free, cash free basis and subject to customary purchase price adjustments, expected to be $7 million. Alkami plans to fund the acquisition with cash of approximately $380 million and restricted stock units issued to continuing MANTL employees with an estimated value of $13 million at transaction closing in replacement for unvested compensatory stock options. MANTL is the premier onboarding and account opening solution that allows financial institutions to acquire commercial, business and retail customers through any channel for virtually any deposit account type. MANTL combined with Alkami's digital banking platform and marketing and analytic capabilities creates the industry leading digital sales and service platform for financial institutions.\nComments on the News\nAlex Shootman, Chief Executive Officer, said, \"In the fourth quarter, we continued to deliver strong growth and enhanced profitability, with revenue growth of over 25% and Adjusted EBITDA of $10.2 million. This capped a year that saw revenue growth of 26%...