Business
Alkami Announces Second Quarter 2024 Financial Results
PLANO, Texas, July 31, 2024 /PRNewswire/ -- 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, July 31, 2024 /PRNewswire/ -- 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 June 30, 2024.\n\nSecond Quarter 2024 Financial Highlights\nGAAP total revenue of $82.2 million, an increase of 24.9% compared to the year-ago quarter;GAAP gross margin of 59.4%, compared to 53.9% in the year-ago quarter;Non-GAAP gross margin of 63.2%, compared to 58.7% in the year-ago quarter;GAAP net loss of $(12.3) million, compared to $(17.8) million in the year-ago quarter; andAdjusted EBITDA of $4.6 million, compared to a loss of $(2.5) million in the year-ago quarter.Comments on the News\nAlex Shootman, Chief Executive Officer, said, \"In the second quarter, we delivered another quarter of tremendous operating and financial results. We ended the second quarter with 18.6 million live registered users, up 2.7 million compared to the prior-year quarter, and delivered excellent performance from new client wins, add-on sales and renewals. Alkami continues to lead the industry in terms of end user satisfaction and gains in market share, underscoring our commitment to deliver the best digital banking solution to regional and community financial institutions.\"\nShootman added, \"In the second quarter we signed eight new digital banking clients, including four credit unions and four banks. One of the wins was a tier one credit union that will be among our top clients in terms of ARR. We also won a large Midwestern bank that possesses a robust commercial banking growth strategy. The bank was an existing ACH Alert client where we cultivated a strong relationship and ultimately cross-sold our digital banking platform.\"\nBryan Hill, Chief Financial Officer, said, \"We achieved total revenue growth of 25% for the quarter, and more importantly, we achieved 28% subscription revenue growth. We exceeded our gross margin and adjusted EBITDA expectations, demonstrating continued progress towards our 2026 objectives of a non-GAAP gross margin of 65% and adjusted EBITDA margin of 20%.\"\n2024 Financial Outlook\nAlkami's financial outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the fa...