Alkami Technology, Inc. announced strong financial results for its fourth quarter and full year ending December 31, 2024. For Q4 2024, total revenue reached $89.5 million, a 25% increase year-over-year, with Adjusted EBITDA at $10.2 million. The full year 2024 saw revenue grow 26% to $333.8 million, marking Alkami's first full year of positive Adjusted EBITDA.
The company also announced the signing of a definitive agreement to acquire Fin Technologies, Inc. (MANTL) for an enterprise value of $400 million, funded primarily with cash and restricted stock units. MANTL is recognized as a premier solution for onboarding and account opening across commercial, business, and retail customers, and is expected to contribute approximately $30 million in revenue and a $5 million Adjusted EBITDA loss to Alkami's 2025 full-year financial performance, becoming accretive to Adjusted EBITDA in 2026.
This acquisition is set to solidify Alkami's position as the industry-leading digital sales and service platform, combining MANTL's capabilities with Alkami's digital banking and data solutions. The combined entity aims to enhance market share and cross-sell opportunities, with MANTL's annual recurring revenue under contract projected to reach $60 million by the end of 2025, representing over 30% growth.
Alkami ended 2024 with 20 million digital banking users, adding 2.5 million users during the year, and achieved an annual recurring revenue of $356 million, up 22% year-over-year. The company provided Q1 2025 revenue guidance of $96.0 million to $97.0 million and Adjusted EBITDA guidance of $11.0 million to $12.0 million, reflecting continued growth and the initial impact of the MANTL acquisition.
For the full fiscal year 2025, Alkami projects total revenue in the range of $443.0 million to $447.0 million, representing 33% to 34% growth, with organic growth expected between 25% and 26%. Adjusted EBITDA for 2025 is guided between $49.5 million and $52.5 million. These projections underscore management's confidence in the strategic benefits and financial contributions of the MANTL acquisition.
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