Alkami Technology Inc ( (ALKT) ) has realeased its Q3 earnings. Here is a breakdown of the information Alkami Technology Inc presented to its investors.
Alkami Technology Inc. is a prominent provider of cloud-based digital banking solutions for U.S. financial institutions, focusing on enhancing digital transformation in retail and business banking, payment security, and data solutions.
In its third-quarter 2024 results, Alkami reported a strong financial performance, showcasing substantial revenue growth and a notable increase in registered users on its platform. The company also highlighted new client acquisitions and significant renewals, reinforcing its position in the digital banking sector.
Key financial metrics for the quarter included a GAAP revenue of $85.9 million, reflecting a 26.9% increase from the previous year, and a non-GAAP gross margin improvement to 62.8%. Despite a GAAP net loss of $9.4 million, Alkami’s adjusted EBITDA rose significantly to $8.3 million, indicating a robust operational performance. The company also successfully onboarded nine new clients and renewed contracts with existing ones, adding new product offerings to its portfolio.
Looking forward, Alkami’s management maintains a positive outlook with projected revenue growth for the fourth quarter and the fiscal year 2024, indicating confidence in continuing its upward trajectory in the digital banking space.
