Business
Alkami Announces Second Quarter 2023 Financial Results
PLANO, Texas, Aug. 02, 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, Aug. 02, 2023 (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 second quarter ending June 30, 2023. Second Quarter 2023 Financial Highlights GAAP total revenue of $66 million, an increase of 30% compared to the year-ago quarter;GAAP gross margin of 54%, compared to 54% in the year-ago quarter;Non-GAAP gross margin of 59%, compared to 58% in the year-ago quarter;GAAP net loss of $(18) million, compared to $(20) million in the year-ago quarter; andAdjusted EBITDA loss of $(3) million, compared to $(5) million in the year-ago quarter. Comments on the News Alex Shootman, Chief Executive Officer, said, “In the second quarter, we delivered another quarter of strong operating and financial performance. In the first half of the year, we added 16 new digital banking platform clients, including 10 in the second quarter. We also continued our momentum among banks, signing 6 so far in 2023, and add-on sales continues to outperform, reflecting our clients’ ongoing commitment to leverage technology to serve their customers.” Shootman added, “Since our IPO in the second quarter of 2021, the number of registered users on our digital banking platform is up almost 50%, our quarterly revenue is up 79%, and our Annual Recurring Revenue is up 78%. We grew despite significant volatility in the financial and economic markets, and this is a testament to an attractive, robust end market and Alkami’s superior strategy, products and people.” Bryan Hill, Chief Financial Officer, said, “We exited the quarter with 15.8 million digital banking users on the Alkami platform, up 19% from the year-ago quarter. We now have 40 new clients and significant add-on sales orders in implementation, representing a total of $48 million in Annual Recurring Revenue over the next 12 months. We exited the quarter with Annual Recurring Revenue of $257 million, up 26% compared to the year-ago quarter. Our revenue per user continued to expand, ending the quarter at $16.20, driven by add-on sales and the addition of new clients who tend to onboard at a higher average RPU.” 2023 Financial Outlook Alkami’s financial outlook is based on current expectations. The following statements are forward-looking, and actual results could...