# EDGAR Filing Document

**Accession Number:** 0001529274
**File Stem:** 0001529274-25-000147
**Filing Date:** 2025-7
**Character Count:** 59147
**Document Hash:** a403942059797381df26eb1ccaed90e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001529274-25-000147.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001529274-25-000147

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALKAMI TECHNOLOGY, INC.
- **CENTRAL INDEX KEY:** 0001529274
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 453060776
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40321
- **FILM NUMBER:** 251167162

**BUSINESS ADDRESS:**
- **STREET 1:** 5601 GRANITE PARKWAY
- **STREET 2:** SUITE 120
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024
- **BUSINESS PHONE:** 972-200-1937

**MAIL ADDRESS:**
- **STREET 1:** 5601 GRANITE PARKWAY
- **STREET 2:** SUITE 120
- **CITY:** PLANO
- **STATE:** TX
- **ZIP:** 75024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALKAMI TECHNOLOGY, INC,
- **DATE OF NAME CHANGE:** 20110906

?xml version='1.0' encoding='ASCII'? alk-20250730

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): July 30, 2025

**ALKAMI TECHNOLOGY, INC.**

(Exact Name of Registrant as Specified in its Charter)

 **Delaware&nbsp;&nbsp;&nbsp;&nbsp; 001-40321**&nbsp;&nbsp;&nbsp;&nbsp; **45-3060776**

(State or Other Jurisdiction of Incorporation) (Commission File Number)&nbsp;&nbsp;&nbsp;&nbsp; (IRS Employer Identification No.)

**5601 Granite Parkway, Suite 120, Plano, TX 75024**

(Address of Principal Executive Offices) (Zip Code)

 **(877) 725-5264** 

Registrant's Telephone Number, Including Area Code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.001 par value per share | ALKT | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

***<u>Item 2.02. Results of Operations and Financial Condition.</u>***

On July 30, 2025, the Company issued a press release announcing its financial results for the quarter ending June 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein.

The information set forth in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Item 2.02, including Exhibit 99.1, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

***<u>Item 7.01. Regulation FD Disclosure.</u>***

On July 30, 2025, the Company posted an investor presentation to its website at www.alkami.com (the "Investor Presentation"). A copy of the Investor Presentation is furnished herewith as Exhibit 99.2 and is incorporated herein by reference.

The information set forth in this Item 7.01, including Exhibit 99.2, is being furnished and shall not be deemed "filed" for purposes of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.2, shall not be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. By furnishing the information contained in the Investor Presentation, the Company makes no admission as to the materiality of any information in the Investor Presentation that is required to be disclosed solely by reason of Regulation FD.

***<u>Item 9.01. Financial Statements and Exhibits.</u>***

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](exhibit991-earningsrelease.htm)</u> | <u>[Earnings Press Release, dated](exhibit991-earningsrelease.htm)[July 30, 2025](exhibit991-earningsrelease.htm)</u> |
| <u>[99.2](investorpresentationq225.htm)</u> | <u>[Investor Presentation, dated](investorpresentationq225.htm)[Ju](investorpresentationq225.htm)[ly 30, 2025](investorpresentationq225.htm)</u> |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\*Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will furnish supplementally copies of omitted schedules and exhibits to the Securities and Exchange Commission or its staff upon its request.

**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | Alkami Technology, Inc. |
| Date: | July 30, 2025 | By: | /s/ W. Bryan Hill |
|  |  |  | W. Bryan Hill |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Alkami Announces Second Quarter 2025 Financial Results**

PLANO, Texas, July 30, 2025 (PRNewswire) -- Alkami Technology, Inc. (Nasdaq: ALKT) ("Alkami" or "the Company"), a leading cloud-based digital banking solutions provider for financial institutions (FIs) in the U.S., today announced results for its second quarter ending June 30, 2025.

**Second Quarter 2025 Financial Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP total revenue of $112.1 million, an increase of 36.4% compared to the year-ago quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin of 58.6%, compared to 59.4% in the year-ago quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP gross margin of 65.1%, compared to 63.2% in the year-ago quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP net loss of $(13.6) million, compared to $(12.3) million in the year-ago quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA of $11.9 million, compared to $4.6 million in the year-ago quarter.

**Comments on the News**

Alex Shootman, Chief Executive Officer, said, "We are very pleased to report strong financial performance for the second quarter, with revenue growth of 36% and Adjusted EBITDA of $12 million. We exited the second quarter with 20.9 million users on the Alkami platform, up 2.3 million compared to the year-ago quarter."

Shootman added, "We continue to see robust demand for digital transformation among regional and community financial institutions. Most of the 250 million-plus digital users in our target market are still on legacy platforms that do not deliver the functionality and experience today's consumers demand. This is particularly evident with onboarding and account opening, and is what informed our recent acquisition of MANTL. In the second quarter alone, MANTL added 23 new clients, including three that were attached to new Alkami digital banking wins and six that were existing Alkami digital banking clients. Today we believe we deliver the best digital sales and service platform in the industry, with fully-integrated digital banking, data and marketing, and onboarding and account opening."

Bryan Hill, Chief Financial Officer, said, "We exited the second quarter with annual recurring revenue of $424 million, up 32%, and revenue per registered user of $20.28, up 17% compared to the year-ago quarter. We also outperformed our Adjusted EBITDA target by over 25%, demonstrating the significant progress we have made in scaling the business."

**2025 Financial Outlook**

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."

Alkami is providing guidance for its third quarter ending September 30, 2025 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP total revenue in the range of $112.5 million to $114.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA in the range of 13.0 million to 14.0 million.

Alkami is providing guidance for its fiscal year ending December 31, 2025 of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP total revenue in the range of $443.0 million to $447.0 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA in the range of 51.5 million to 54.0 million.

**Conference Call Information**

The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 1-800-836-8184 and internationally at 1-646-357-8785, using passcode 07594. The webcast replay will be available on the Alkami investor relations website.

**About Alkami**

Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, onboarding and account opening opening, payment security, and data and marketing solutions. To learn more, visit www.alkami.com.

------

**Cautionary Statement Regarding Forward-Looking Statements**

This press release contains "forward-looking" statements relating to Alkami Technology, Inc.'s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "expects," "believes," "plans," or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients' use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company's filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

**Explanation of Non-GAAP Financial Measures and Key Business Metrics**

The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. The company also uses results of operations excluding such items to evaluate the operating performance of Alkami and compare it against prior periods, make operating decisions, determine executive compensation, and serve as a basis for long-term strategic planning. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management's ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company's financial and operational performance and comparing this performance to the company's peers and competitors.

The company defines "Non-GAAP Cost of Revenues" as cost of revenues, excluding (1) amortization and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.

The company defines "Non-GAAP Gross Margin" as gross profit, plus (1) amortization and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.

The company defines "Non-GAAP Research and Development Expense" as research and development expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ongoing expenditures related to product innovation.

The company defines "Non-GAAP Sales and Marketing Expense" as sales and marketing expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ongoing expenditures related to its sales and marketing strategies.

------

The company defines "Non-GAAP General and Administrative Expense" as general and administrative expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's underlying expense structure to support corporate activities and processes.

The company defines "Non-GAAP Income Before Income Taxes" as loss before income taxes, plus (1) loss on financial instruments, (2) amortization, (3) stock-based compensation expense, (4) acquisition-related expenses, and (5) loss on impairment of intangible assets. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company's financial and operational performance, comparing this performance to the company's peers and competitors, and understanding the company's ability to generate income from ongoing business operations.

The company defines "Adjusted EBITDA" as net loss plus (1) (benefit from) provision for income taxes, (2) loss on financial instruments, (3) interest expense (income), net, (4) depreciation and amortization (5) stock-based compensation expense, (6) acquisition-related expenses, and (7) loss on impairment of intangible assets. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.

In addition, the Company also uses the following important operating metrics to evaluate its business:

The company defines "Annual Recurring Revenue (ARR)" by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.

The company defines "Registered Users" as an individual or business related to an account holder of an FI client on our digital banking platform and has access as of the last day of the reporting period presented. We exclude individuals or businesses that solely use the products and services of our acquisitions. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.

The company defines "Revenue per Registered User (RPU)" by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.

The company does not provide a reconciliation of our adjusted EBITDA outlook to GAAP net loss because certain significant information required for such reconciliation is not available without unreasonable efforts, including benefit from/provision for income taxes, gain/loss on financial instruments, stock-based compensation expense, and acquisition-related expenses, net, all of which may be significant.

------

---

| | | |
|:---|:---|:---|
| **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** |
| **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** | **CONDENSED CONSOLIDATED BALANCE SHEETS** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
| **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $52426 | $94359 |
| &nbsp;&nbsp;&nbsp;Marketable securities | 34686 | 21375 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 47679 | 38739 |
| &nbsp;&nbsp;&nbsp;Deferred costs, current | 14629 | 13207 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 28411 | 13697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 177831 | 181377 |
| Property and equipment, net | 24190 | 22075 |
| Right-of-use assets | 14213 | 14565 |
| Deferred costs, net of current portion | 38516 | 37178 |
| Intangibles, net | 172182 | 29021 |
| Goodwill | 403814 | 148050 |
| Other assets | 9643 | 5011 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $840389 | $437277 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $6704 | $6129 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 30965 | 24520 |
| &nbsp;&nbsp;&nbsp;Deferred revenues, current portion | 27157 | 13578 |
| &nbsp;&nbsp;&nbsp;Lease liabilities, current portion | 1584 | 1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 66410 | 45570 |
| &nbsp;&nbsp;&nbsp;Deferred revenues, net of current portion | 25600 | 15526 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 2413 | 1822 |
| &nbsp;&nbsp;&nbsp;Convertible senior notes, net | 335208 |  |
| &nbsp;&nbsp;&nbsp;Revolving loan | 50000 |  |
| &nbsp;&nbsp;&nbsp;Lease liabilities, net of current portion | 16513 | 17109 |
| &nbsp;&nbsp;&nbsp;Other non-current liabilities | 229 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 496373 | 80247 |
| Stockholders' Equity |  |  |
| &nbsp;&nbsp;Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.001 par value, 500,000,000 shares authorized; and 104,083,138 and 102,088,783 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 104 | 102 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 841520 | 833129 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (497608) | (476201) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 344016 | 357030 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $840389 | $437277 |

---

------

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| | | | | |
|:---|:---|:---|:---|:---|
| **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** | **CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** |
| **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** | **(In thousands, except share and per share data)** |
| **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues | $112059 | $82160 | $209894 | $158287 |
| Cost of revenues<sup>(1)</sup> | 46441 | 33389 | 86516 | 65484 |
| Gross profit | 65618 | 48771 | 123378 | 92803 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 30231 | 23909 | 57116 | 46729 |
| &nbsp;&nbsp;&nbsp;Sales and marketing | 22991 | 16964 | 40890 | 30807 |
| &nbsp;&nbsp;&nbsp;General and administrative | 26039 | 20612 | 49810 | 39927 |
| &nbsp;&nbsp;&nbsp;Acquisition-related expenses | 513 | 135 | 2891 | 195 |
| &nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 1707 | 358 | 2275 | 717 |
| &nbsp;&nbsp;&nbsp;Loss on impairment of intangible assets |  |  | 1655 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 81481 | 61978 | 154637 | 118375 |
| &nbsp;&nbsp;&nbsp;Loss from operations | (15863) | (13207) | (31259) | (25572) |
| Non-operating income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 1164 | 1261 | 2260 | 2343 |
| &nbsp;&nbsp;&nbsp;Interest expense | (3188) | (74) | (3989) | (147) |
| &nbsp;&nbsp;&nbsp;Loss on financial instruments |  | (112) |  |  |
| Loss before income taxes | (17887) | (12132) | (32988) | (23376) |
| &nbsp;&nbsp;&nbsp;(Benefit from) provision for income taxes | (4296) | 185 | (11581) | 374 |
| Net loss | $(13591) | $(12317) | $(21407) | $(23750) |
| Net loss per share attributable to common stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $(0.13) | $(0.13) | $(0.21) | $(0.24) |
| Weighted-average number of shares of common stock outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 103389459 | 98103527 | 102912715 | 97524379 |

---

<sup>(1)</sup> Includes amortization of acquired technology of $4.9 million and $1.4 million for the three months ended June 30, 2025 and 2024, respectively and $6.8 million and $2.7 million for the six months ended June 30, 2025 and 2024, respectively.

------

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| | | |
|:---|:---|:---|
| **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** |
| **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** | **CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** |
| **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| Net loss | $(21407) | $(23750) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 11186 | 5175 |
| &nbsp;&nbsp;&nbsp;Accrued interest on marketable securities, net | (540) | (787) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation expense | 35608 | 28565 |
| &nbsp;&nbsp;&nbsp;Amortization of discount and debt issuance costs | 785 | 65 |
| &nbsp;&nbsp;&nbsp;Loss on impairment of intangible assets | 1655 |  |
| &nbsp;&nbsp;&nbsp;Deferred taxes | (12006) | 47 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (7461) | (3453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (15752) | (3790) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 4199 | (653) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred costs | (2280) | (2569) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenues | 1506 | 2649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by operating activities | (4507) | 1499 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of marketable securities | (29971) | (15588) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales, maturities and redemptions of marketable securities | 17200 | 41609 |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (882) | (731) |
| &nbsp;&nbsp;&nbsp;Capitalized software development costs | (3208) | (3015) |
| &nbsp;&nbsp;&nbsp;Acquisition of business, net of cash acquired | (375499) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (392360) | 22275 |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payments on revolving loan | (10000) |  |
| &nbsp;&nbsp;&nbsp;Debt issuance costs paid | (1898) |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Employee Stock Purchase Plan issuances | 2943 | 2598 |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible senior notes | 335513 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from borrowing under revolving loan | 60000 |  |
| &nbsp;&nbsp;&nbsp;Purchase of capped call transaction | (33879) |  |
| &nbsp;&nbsp;&nbsp;Payments for taxes related to net settlement of equity awards |  | (12795) |
| &nbsp;&nbsp;&nbsp;Proceeds from stock option exercises | 2255 | 6928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 354934 | (3269) |
| Net (decrease) increase in cash and cash equivalents | (41933) | 20505 |
| Cash and cash equivalents, beginning of period | 94359 | 40927 |
| Cash and cash equivalents, end of period | $52426 | $61432 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** | **ALKAMI TECHNOLOGY, INC.** |
| **RECONCILIATION OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATION OF GAAP TO NON-GAAP MEASURES** |
| **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP total revenues | $112059 | $82160 | $209894 | $158287 |
|  | **June 30,** | **June 30,** |  |  |
|  | **2025** | **2024** |  |  |
| Annual Recurring Revenue (ARR) | $423763 | $321284 |  |  |
| Registered Users | 20891 | 18584 |  |  |
| Revenue per Registered User (RPU) | $20.28 | $17.29 |  |  |
| **<u>Non-GAAP Cost of Revenues</u>** |  |  |  |  |
| Set forth below is a presentation of the company's "Non-GAAP Cost of Revenues." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Cost of Revenues." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Cost of Revenues." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Cost of Revenues." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Cost of Revenues." Please reference the "Explanation of Non-GAAP Measures" section. |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP cost of revenues | $46441 | $33389 | $86516 | $65484 |
| Amortization | (5636) | (1793) | (8134) | (3568) |
| Stock-based compensation expense | (1706) | (1347) | (4342) | (2525) |
| Non-GAAP cost of revenues | $39099 | $30249 | $74040 | $59391 |
| **<u>Non-GAAP Gross Margin</u>** |  |  |  |  |
| Set forth below is a presentation of the company's "Non-GAAP Gross Margin." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Gross Margin." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Gross Margin." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Gross Margin." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Gross Margin." Please reference the "Explanation of Non-GAAP Measures" section. |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP gross margin | 58.6% | 59.4% | 58.8% | 58.6% |
| Amortization | 5.0% | 2.2% | 3.9% | 2.3% |
| Stock-based compensation expense | 1.5% | 1.6% | 2.0% | 1.6% |
| Non-GAAP gross margin | 65.1% | 63.2% | 64.7% | 62.5% |
| **<u>Non-GAAP Research and Development Expense</u>** |  |  |  |  |
| Set forth below is a presentation of the company's "Non-GAAP Research and Development Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Research and Development Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Research and Development Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Research and Development Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Research and Development Expense." Please reference the "Explanation of Non-GAAP Measures" section. |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP research and development expense | $30231 | $23909 | $57116 | $46729 |
| Stock-based compensation expense | (5424) | (4256) | (10858) | (8254) |
| Non-GAAP research and development expense | $24807 | $19653 | $46258 | $38475 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Non-GAAP Sales and Marketing Expense</u>** | | | | |
| Set forth below is a presentation of the company's "Non-GAAP Sales and Marketing Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Sales and Marketing Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Sales and Marketing Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Sales and Marketing Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Sales and Marketing Expense." Please reference the "Explanation of Non-GAAP Measures" section. |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP sales and marketing expense | $22991 | $16964 | $40890 | $30807 |
| Stock-based compensation expense | (3550) | (2291) | (6397) | (4322) |
| Non-GAAP sales and marketing expense | $19441 | $14673 | $34493 | $26485 |
| **<u>Non-GAAP General and Administrative Expense</u>** |  |  |  |  |
| Set forth below is a presentation of the company's "Non-GAAP General and Administrative Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP General and Administrative Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP General and Administrative Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP General and Administrative Expense." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP General and Administrative Expense." Please reference the "Explanation of Non-GAAP Measures" section. |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP general and administrative expense | $26039 | $20612 | $49810 | $39927 |
| Stock-based compensation expense | (8835) | (7119) | (17920) | (13464) |
| Non-GAAP general and administrative expense | $17204 | $13493 | $31890 | $26463 |
| **<u>Non-GAAP Income Before Income Taxes</u>** |  |  |  |  |
| Set forth below is a presentation of the company's "Non-GAAP Income Before Income Taxes." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Income Before Income Taxes." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Income Before Income Taxes." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Income Before Income Taxes." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Non-GAAP Income Before Income Taxes." Please reference the "Explanation of Non-GAAP Measures" section. |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP loss before income taxes | $(17887) | $(12132) | $(32988) | $(23376) |
| Loss on financial instruments |  | 112 |  |  |
| Amortization | 7370 | 2151 | 10436 | 4285 |
| Stock-based compensation expense | 19515 | 15013 | 39517 | 28565 |
| Acquisition-related expenses | 513 | 135 | 2891 | 195 |
| Loss on impairment of intangible assets |  |  | 1655 |  |
| Non-GAAP income before income taxes | $9511 | $5279 | $21511 | $9669 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Adjusted EBITDA</u>** | | | | |
| Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP Measures" section. | Set forth below is a presentation of the company's "Adjusted EBITDA." Please reference the "Explanation of Non-GAAP Measures" section. |
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| GAAP net loss | $(13591) | $(12317) | $(21407) | $(23750) |
| (Benefit from) provision for income taxes | (4296) | 185 | (11581) | 374 |
| Loss on financial instruments |  | 112 |  |  |
| Interest expense (income), net | 2024 | (1187) | 1729 | (2196) |
| Depreciation and amortization | 7756 | 2613 | 11186 | 5175 |
| Stock-based compensation expense | 19515 | 15013 | 39517 | 28565 |
| Acquisition-related expenses | 513 | 135 | 2891 | 195 |
| Loss on impairment of intangible assets |  |  | 1655 |  |
| Adjusted EBITDA | $11921 | $4554 | $23990 | $8363 |

---

**Investor Relations Contact**

Steve Calk

ir@alkami.com

**Media Relations Contacts**

Marla Pieton

marla.pieton@alkami.com

Valerie Kerner

alkami@fullyvested.com

## Exhibit 99.2

![](investorpresentationq225001.jpg)

Alkami Technology, Inc. Proprietary Information. Alkami Technology Second Quarter 2025

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![](investorpresentationq225002.jpg)

2© A lk am i T ec h n o lo gy , I n c. This presentation contains "forward-looking" statements relating to Alkami Technology, Inc.'s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as "expects," "believes," "plans," or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients' use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company's filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management's ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company's financial and operational performance and comparing this performance to the company's peers and competitors. Cautionary Statement Regarding Forward-Looking Statements

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![](investorpresentationq225003.jpg)

3© A lk am i T ec h n o lo gy , I n c. Who We Are • Cloud-based digital banking platform serving U.S. financial institutions What We Do • Empower FIs to grow, drive user engagement and improve operational efficiency • Leverage broad product set enabling retail and commercial banking How We Do It • Powerful, scalable technology stack • Modern architecture, multi-tenant • Continuous integration, delivery and deployment Who We Serve • Community, regional and super-regional FIs Alkami Technology, Inc. We enable FIs to effectively compete with larger, more technologically advanced and well-resourced competitors Financial Institutions Digital Banking Consumer and Commercial Users FinTech Partners

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![](investorpresentationq225004.jpg)

4© A lk am i T ec h n o lo gy , I n c. Alkami's Addressable Market: User Characteristics 250M+ digital users, excluding megabanks Total market digital users growing 5-8% historically, driven by: ● Increasing number of accounts per customer ● Ease of new account opening via digital tools ● Demographics, including post-COVID shift to exurban areas, decline in unbanked and underbanked customers Digital user growth historically uncorrelated with contraction in branches or number of FIs Addressable Market = FIs with assets from $100M to $450B, representing 250M+ digital users Legacy Providers include Fiserv, FIS, JKHY, DI and other small or point solutions; competitor data as of Q1'25 Sources: SEC filings, NCUA, FDIC, FI Navigator, Cornerstone Advisors and Alkami internal research Legacy Providers: 210M+ Historical User Growth: 5-8% Competitor ~27M Alkami ~21M

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![](investorpresentationq225005.jpg)

5© A lk am i T ec h n o lo gy , I n c. Large, Fast-Growing Addressable Market Approximately $14 billion TAM 250M users represent FIs with assets from $100M and $450B Sources: NCUA, FDIC, FI Navigator, Cornerstone Advisors and Alkami internal research, December 2023 250M digital users x $35 RPU Existing client digital penetration of <80% expected to converge to near 100% Core Platform Fraud Prevention - Acquired in 2020 ACH Alert Managed Marketing & AI - Acquired in 2022Segmint Digital Account Opening and Unsecured Loan Origination capabilities expected to accelerate with MANTL acquisition Total Addressable Market • 250M digital users x $58 RPU • Digital users growing 5% to 8% annually • 30+ products today vs. 9 in 2015 MANTL Acquisition Alkami Today MANTL

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![](investorpresentationq225006.jpg)

6© A lk am i T ec h n o lo gy , I n c. Go-To-Market Cadence We focus on the top 2,500 FIs excluding the megabanks Industry average contract length of 5 years, translates to approximately 500 contracts up for renewal annually 500 Annual Renewals 2,500 Target Clients v 9,000+ FIs Over 9,000 FIs in the United States• Sales team drives outbound lead generation, cross selling and account management • Client success team supports retention and deepens the relationships with our clients Highly targeted annual renewal class allows us to focus sales resources Note: Excludes financial institutions with assets greater than $450B

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![](investorpresentationq225007.jpg)

7© A lk am i T ec h n o lo gy , I n c. C o n fi d en ti al Alkami Digital Sales & Service Platform Digital Banking Engage users with an intuitive experience that simplifies self service Data & Marketing Leverage data from digital banking and core to target relevant products and services Onboarding & Account Opening Onboard new account holders and/or additional accounts for existing customers or members 50K demographic & psychographic tags and 12 AI predictive models to acquire customers and cross-sell products Awarded "Best Banking App" by Tearsheet in 2024 and the fastest-growing among all banks and credit unions combined Core-agnostic, omnichannel onboarding and account opening that supports virtually all deposit types, segments and roles

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![](investorpresentationq225008.jpg)

8© A lk am i T ec h n o lo gy , I n c. Multiple Levers Driving Growth ● Clients driven by new logo wins, historically among credit unions with a growing presence among banks ● Registered users grow as we add new logos and as clients add users ● RPU driven by product penetration at initial sale and by add on sales, and is offset by volume discounts as existing clients add users Note: RPU and ARR include subscription and recurring implementation services revenue and MANTL

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![](investorpresentationq225009.jpg)

9© A lk am i T ec h n o lo gy , I n c. Alkami's Digital Sales & Service Platform Onboard Engage Grow Guard Sales Service Digital Account Opening Marketing Data Insights Card Experience Customer Service Business Banking Financial Wellness Security & Fraud Protection Money Movement Extensibility Comprehensive digital banking to help FIs manage costs and remain competitive

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![](investorpresentationq225010.jpg)

10© A lk am i T ec h n o lo gy , I n c. Product Strategy ● Lead with UX ● Deepen integrations with cores & third party systems ● Hyperfocus on Commercial Banking & DAO ● Data Integrity ● Integrating Flux, Segmint and Digital Banking further ● Monetizing data ● Streamlined, trackable and performant APIs ● Enhanced SDK to enable easier customization ● Developer Portal MVP Data Services Platform ServicesDigital Banking The Three Product Pillars

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![](investorpresentationq225011.jpg)

11© A lk am i T ec h n o lo gy , I n c. MANTL Acquisition Positions Alkami as Premier Digital Banking Provider Expands Market Position Positions Alkami as a leader in digital sales and service platform Unlocks and expands TAM Onboard + Engage + Grow strategy drives competitive advantage Proven ability to leverage acquisitions (ACH Alert, Segmint) Stimulates GTM Strategy Minimal overlap with existing Alkami clients Significant Cross-Sell Opportunity Expected to be accretive to Alkami growth Attractive Financial Profile Commitment to empowering regional & community financial institutions Client as North Star Shared Culture of Innovation

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![](investorpresentationq225012.jpg)

12© A lk am i T ec h n o lo gy , I n c. Partner Ecosystem Data & Marketing Security & Fraud Billing & Receivables Financial Wellness Card Management Commercial Services MANTL Extends Alkami's Product and Customer Footprint Sales Channel Retail Account Opening Business Account Opening Customer LOS Business LOS Card Experience Money Movement ● The #1 retail banking platform ● Consumer and business ● Omnichannel account opening ● Accelerated entrance into LOS market Marketing Data Insights SHARED Strength ALKAMI Strength MANTL Strength Service Channel ● The best data and market platform ● Land and expand to grow relationships ● Driving higher attach rates, wallet share ● Enhancing customer stickiness Clients Client Type Banks Credit Unions Consumer / Retail Business / Corporate ● Proven playbook in CU market ● Accelerated push into bank market ● Consumer and business banking needs FinTech Partners Branch Manager

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![](investorpresentationq225013.jpg)

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![](investorpresentationq225014.jpg)

14© A lk am i T ec h n o lo gy , I n c. How We Achieve Our Long-term Objectives Market Leadership Maintain Strong Credit Union Position Grow Bank Mindshare and Capabilities Drive Add-On Sales Scale and Continued Cost Discipline Continuous Product and Platform Improvement

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![](investorpresentationq225015.jpg)

Alkami Technology, Inc. Proprietary Information. Financial Overview

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![](investorpresentationq225016.jpg)

16© A lk am i T ec h n o lo gy , I n c. Q2 2025 Financial Performance $M ● Q2'25 revenue growth of 36% driven by MANTL acquisition, new clients, existing client user growth and ARPU growth ● GM expansion consistent with our plan to increase GM 200-300 bps per year through 2026 ● Adjusted EBITDA expansion driven by continued scale and efficiencies in R&D, S&M and G&A Note: Gross margin % on a non-GAAP basis

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![](investorpresentationq225017.jpg)

17© A lk am i T ec h n o lo gy , I n c. Operating and Financial Highlights Q2 2025 $424M ARR Subscription Revenue Mix as of 6/30/25 95% Subscription Revenue 12/31/24 113% Net Dollar Retention Remaining Performance Obligation as of 6/30/25 $1.6B RPO Digital Banking Clients 280 Q2 2025 254 Q2 2024 Registered Users 20.9M18.6M Q2 2025Q2 2024 ● Signed 9 new digital banking platform clients in Q2 ● Implemented 4 clients in Q2, bringing digital platform client count to 280 ● 40 new clients in implementation backlog, representing 1.3M digital users ● Exited Q2 with 20.9M registered users, up 2.3M or 12%. Drivers include implementations and existing client growth ● Increased ARR 32% to $424M ● Remaining performance obligation reached $1.6B representing 3.7 times live ARR and was 30% higher than a year ago ● LTM churn less than 1% vs long-term expected annual churn modeled at 2-3%

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![](investorpresentationq225018.jpg)

18© A lk am i T ec h n o lo gy , I n c. Client Base Expansion 2020 151 177 199 236 37 57 67 89 2021 2022 2023 ARR growth driven by larger new logos and increased product penetration 272 104 2024 Total Digital Banking Platform Clients Clients with ARR > $1M

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![](investorpresentationq225019.jpg)

19© A lk am i T ec h n o lo gy , I n c. Technology Demand and Product Expansion Drive ARR Cohort ARR Expansion Via User Growth and Cross-Sell Success ARR Expansion Drivers ● Long-term contracts ● Escalating contract minimums ● Gross client retention ● Growth in digital user adoption ● Product cross-sell As of 12/31/24

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![](investorpresentationq225020.jpg)

20© A lk am i T ec h n o lo gy , I n c. Land and Expand Strategy Drives Same-Client Growth ARR $M at go-live and at 12/31/24

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![](investorpresentationq225021.jpg)

21© A lk am i T ec h n o lo gy , I n c. Strong Historical Revenue Growth $M

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![](investorpresentationq225022.jpg)

22© A lk am i T ec h n o lo gy , I n c. Gross Margin Expansion Driven by Scale and Efficiency $M

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![](investorpresentationq225023.jpg)

23© A lk am i T ec h n o lo gy , I n c. Best-in-Class GTM Efficiency ● Long-term contract structure reduces annual GTM motion ● Alkami models annual client retention of 97% - 98% ● 2026E reflects continued growth in S&M spend related to bank market expansion and increased product depth ● Historical high sales team productivity and GTM efficiency; 2024 ARR increase to S&M expense of ~1.3x, among the best in SaaS ● Continued GTM efficiency driven by cross-sale success and upsell opportunities from user growth among our existing client base

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![](investorpresentationq225024.jpg)

24© A lk am i T ec h n o lo gy , I n c. Clear Path to Manage Equity Dilution

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![](investorpresentationq225025.jpg)

25© A lk am i T ec h n o lo gy , I n c. 2025 Financial Guidance ● Full year 2025 revenue guidance of $443 million to $447 million and Adj EBITDA guidance of $51.5 million to $54.0 million ● Third quarter 2025 revenue guidance of $112.5 million to $114.0 million, and adjusted EBITDA guidance of $13.0 million to $14.0 million ● Revenue growth driven by continued new client expansion, existing user growth and ARPU expansion; Adj EBITDA growth driven by continued scale and efficiencies in operating costs ● Third quarter and full-year guidance includes the impact of GCC investment $ millions; 2025E reflects midpoint of management guidance provided July 30, 2025

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![](investorpresentationq225026.jpg)

26© A lk am i T ec h n o lo gy , I n c. Attractive Long-Term Profile Expect margin improvement through scale, product mix and operational efficiency

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![](investorpresentationq225027.jpg)

27© A lk am i T ec h n o lo gy , I n c. Selected Historical Data 2021 2022 2023 2024 Q2'25 Digital banking platform clients 177 199 236 272 280 Growth % 12% 19% 15% 10% Digital banking platform users (M) 12.4 14.5 17.5 20.0 20.9 Growth % 18% 20% 14% 12% Live ARR ($M) $169.0 $226.1 $291.0 $355.9 $423.8 Growth % 34% 29% 22% 32% RPU $13.68 $15.55 $16.63 $17.81 $20.28 Growth % 14% 7% 7% 17% RPO ($M) $652 $893 $1,140 $1,366 $1,579 Growth % 37% 28% 20% 30% Notes: Segmint and MANTL acquisitions completed in Q2'22 and Q1'25, respectively, driving one-time increases in RPU Growth % reflects year-over-year growth

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![](investorpresentationq225028.jpg)

28© A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)

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![](investorpresentationq225029.jpg)

29© A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)

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![](investorpresentationq225030.jpg)

30© A lk am i T ec h n o lo gy , I n c. Non-GAAP Reconciliations ($000s)

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