Business
Alkami Announces Third Quarter 2024 Financial Results
PLANO, Texas, Oct. 30, 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, Oct. 30, 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 third quarter ending September 30, 2024.\n\n \n \n \n \n \n \n\n \nThird Quarter 2024 Financial Highlights\nGAAP total revenue of $85.9 million, an increase of 26.9% compared to the year-ago quarter;GAAP gross margin of 58.9%, compared to 54.0% in the year-ago quarter;Non-GAAP gross margin of 62.8%, compared to 58.7% in the year-ago quarter;GAAP net loss of $(9.4) million, compared to $(15.5) million in the year-ago quarter; andAdjusted EBITDA of $8.3 million, compared to $0.8 million in the year-ago quarter.Comments on the News\nAlex Shootman, Chief Executive Officer, said, \"In the third quarter, we delivered continued out performance on both our financial and operating metrics. We ended Q3 with 19.5 million live registered users, up 2.6 million compared to the prior-year quarter, and delivered again on new logos, add-on sales and renewals.\"\nShootman added, \"In the third quarter we signed nine new digital banking clients, including six credit unions and three banks. We also renewed 14 clients, with several clients extending to 2031 and adding an additional 7 products to their portfolios. Alkami continues to distinguish itself as the leading digital banking provider as evidenced by several industry awards, including being named the top digital banking provider in credit union market share by FI Navigator and Best Banking App by Tearsheet.\"\nBryan Hill, Chief Financial Officer, said, \"We achieved total revenue growth and subscription revenue growth of 27% for the quarter. We once again 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 factors set forth under \"Cautionary Statement Regarding Forward-Looking Statements.\"\nAlkami is providing guidance for its fourth quarter ending December 31, 2024 of:\nGAAP total revenue in the range of $89.0 million to ...