• Salesforce for banks and credit unions
• Shopify for digital banking

• Retail Digital Banking: Provides comprehensive online and mobile banking services for individual consumers.
• Business Digital Banking: Offers tailored online and mobile banking services designed for small to medium-sized businesses.
• Digital Account Opening: A solution that streamlines the process for consumers and businesses to open new accounts online.
• Data & Analytics: Tools that provide financial institutions with insights into customer behavior and platform performance.
• Security & Compliance: Integrated features and services ensuring robust data protection and adherence to regulatory standards.

Alkami Technology (ALKT) primarily sells its cloud-based digital banking platform and related services to other companies, specifically financial institutions. Therefore, it operates on a business-to-business (B2B) model, rather than serving individuals directly.

Alkami's customer base consists of various types of financial institutions, including:

• Community Banks
• Regional and Super-Regional Banks
• Credit Unions

According to Alkami's annual filings with the SEC (e.g., their 10-K), no single customer accounts for 10% or more of their total revenue. This indicates that while they serve numerous financial institutions, there isn't one "major customer" in the sense of a dominant revenue contributor.

However, Alkami's platform is utilized by a wide array of financial institutions. Examples of companies that have adopted Alkami's platform include:

• First Financial Bankshares, Inc. (NASDAQ: FFIN)
• Cadence Bank (NYSE: CADE)
• UMB Financial Corporation (NASDAQ: UMBF)
• Idaho Central Credit Union (a large credit union, not publicly traded)

• Amazon.com, Inc. (AMZN)

Alex Shootman, Chief Executive Officer

Alex Shootman has over 20 years of executive leadership experience in scaling enterprise software companies. He served as CEO of Workfront, where he more than doubled revenue over five years, leading to its $1.5 billion acquisition by Adobe in 2020. Prior to Workfront, he was President of Apptio and President of Eloqua, which he helped bring to a successful public offering before its acquisition by Oracle. Shootman has also held executive positions at Vignette, TeleTech, BMC Software, and IBM. He currently acts as an Operating Partner at Sumeru Equity Partners, advising portfolio companies.

Cassandra Hudson, Chief Financial Officer

Cassandra Hudson joined Alkami as CFO effective November 1, 2025, bringing over 20 years of finance leadership experience. Most recently, she was CFO of StackAdapt. Prior to that, she served as CFO at EngageSmart, where she guided the company through its 2021 IPO. Hudson also spent 12 years at Carbonite in various finance leadership roles, ultimately becoming Chief Accounting Officer and Vice President of Finance.

Stephen Bohanon, Founder, Chief Strategy & Product Officer

Stephen Bohanon co-founded Alkami Technology, Inc. in 2009. He oversees the company's product direction, strategy, and sales efforts. Bohanon has an extensive background in financial services, including roles at Catalyst Consulting, Metavante, ACI Worldwide, and Advanced Financial Solutions.

Deep Varma, Chief Technology Officer

Deep Varma joined Alkami in 2023 with over 20 years of Silicon Valley experience in building scalable and reliable distributed systems. He has deep expertise in artificial intelligence, big data, and leading engineering teams. Previously, Varma was CTO of Varo Bank and SVP of Engineering at Zillow, where he led engineering for Trulia. He has also held leadership roles at Yahoo!, ABB, and IBM.

Allison Cerra, Chief Marketing Officer

Allison Cerra joined Alkami in 2021 as Chief Marketing Officer. She is an award-winning marketing executive with over 20 years of experience leading marketing organizations for major technology companies. Before Alkami, Cerra led Hewlett Packard Enterprise’s global field marketing division, transforming it into a digital-first, data-centric organization. She has also held marketing leadership roles at McAfee, Alcatel-Lucent, Frontier Communications, and Verizon.

• The digital banking platform market in the U.S. is expected to reach $20 billion by 2030.
• Globally, the total addressable market (TAM) for digital banking platforms is projected to be $100 billion by 2030.
• Alkami's addressable market in the U.S. includes over 250 million digital users, excluding megabanks.
• The broader worldwide IT spending in financial services is forecasted to reach $775 billion by 2028.

1. New Client Acquisition: Alkami Technology consistently highlights the acquisition of new financial institutions, including both banks and credit unions, as a primary driver of revenue growth. For example, in Q3 2025, Alkami added 10 new digital banking platform clients. The company also reported onboarding 13 new financial institutions in Q3 2025, including six banks, marking a record achievement. JPMorgan also pointed to Alkami completing a "record number of customers in the third quarter".
2. Growth in Registered Users: The expansion of the user base on the Alkami platform directly contributes to revenue. In Q1 2025, Alkami exited the quarter with 20.5 million registered users, an increase of 2.3 million compared to the prior year quarter. By Q3 2025, registered users grew to 21.6 million, an 11% increase from the prior year. Alkami's "live user backlog of 1.7 million" is considered a key leading indicator for future organic Annual Recurring Revenue (ARR) growth.
3. Expansion of Products and Services (ARPU Expansion & Cross-selling): Increasing the average revenue per registered user (ARPU) through add-on sales and the adoption of additional products is a significant growth strategy. Revenue per registered user increased by 19% to $20.83 in Q3 2025, and 18% to $19.74 in Q1 2025 compared to the prior-year quarter. This reflects successful cross-selling efforts and greater adoption of additional products. Alkami's add-on sales represented just under 50% of new sales for the year as of Q3 2025.
4. Strategic Acquisitions (e.g., MANTL): Acquisitions are expected to be accretive to Alkami's revenue growth. The MANTL acquisition, completed in Q1 2025, is projected to contribute approximately $31.4 million to Alkami's total revenue for the full year 2025, with an expected annual recurring revenue of approximately $60 million by year-end 2025. MANTL is also anticipated to be accretive to Alkami's overall revenue growth and gross margin expansion, and to Adjusted EBITDA in 2026.
5. Migration of Financial Institutions from Legacy Systems: Alkami operates in a substantial addressable market, with over 70% of financial institutions still utilizing legacy software. This presents a significant opportunity for Alkami to drive revenue growth by migrating these institutions to its modern digital banking platform. The company is "better positioned with smaller institutions" in this large addressable market.

Share Issuance

• Alkami Technology's initial public offering (IPO) was priced at $30.00 per share on April 15, 2021.

Inbound Investments

• General Atlantic, along with related entities, purchased shares of Alkami Technology totaling $29.69 million between August 11 and August 13, 2025.

Outbound Investments

• Alkami acquired MANTL in Q1 2025, a key strategic development that expanded its product offerings and addressable market.
• The company has a proven ability to leverage acquisitions, citing ACH Alert and Segmint as examples.

Capital Expenditures

• Alkami Technology's capital expenditures were $2.15 million in 2020, $3.70 million in 2021, $4.45 million in 2022, $6.29 million in 2023, and $7.86 million in 2024.
• The company intends to invest to continue to enhance its product suite.