Alkami Technology, Inc. reported its third‑quarter 2025 financial results, showing annual recurring revenue of $449 million, up 31% year‑over‑year, and revenue per registered user of $20.83, up 19% from the same quarter a year earlier.
The company added 13 new financial institution clients—six banks and seven credit unions—setting a new record for client launches. Adjusted EBITDA for the quarter was $16.5 million, exceeding the company’s target by 18%.
Despite the revenue growth, the company posted a GAAP net loss of $14.8 million, up from $9.4 million in Q3 2024, and earnings per share of –$0.14, missing analyst expectations of $0.12. Revenue of $113 million also fell short of consensus estimates of $113.58 million.
Management highlighted that margin expansion was driven by higher subscription fees and increased usage from existing clients, while operating expenses rose due to investments in product development and the integration of the MANTL acquisition.
Alkami provided guidance for the fourth quarter and full fiscal year 2025. For Q4, revenue is projected between $119.6 million and $121.1 million, and adjusted EBITDA between $16.1 million and $17.1 million. For the full year, revenue is projected between $442.5 million and $444 million, and adjusted EBITDA between $56 million and $57 million, a near $4 million increase from prior guidance.
The company also announced that Cassandra Hudson will assume the role of chief financial officer effective November 1, 2025, succeeding Bryan Hill who retired on October 31, 2025.
Alkami’s results underscore continued growth in its digital banking platform, though the company remains focused on improving profitability and managing operating costs.
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