Here are 1-3 brief analogies for Alkami Technology:

• Alkami is like Salesforce for banks and credit unions, providing the cloud-based software infrastructure for their digital customer experience platforms.
• Alkami is like Shopify for financial institutions, helping them build and manage their digital banking services for their customers.

• Alkami Platform: This is a proprietary, cloud-based, multi-tenant digital banking platform designed for financial institutions.
• Retail Banking Solutions: These are specialized software products within the Alkami Platform tailored to meet the digital banking needs of individual retail customers.
• Business Banking Solutions: These are specialized software products within the Alkami Platform designed to address the digital banking requirements of business clients.
• The Alkami Difference: This refers to the unique value proposition and distinguishing features of Alkami's comprehensive platform, including its architecture and service model.

Alkami Technology (ALKT) sells its cloud-based digital banking platform primarily to other companies, specifically financial institutions.

Based on the company's public disclosures (e.g., 10-K filings), Alkami Technology does not have any single major customer that accounts for a significant portion (typically 10% or more) of its revenue. Its revenue is derived from a diversified base of numerous financial institutions, with no one client representing more than 5% of its revenue as of its latest annual filing.

The types of financial institutions Alkami Technology serves include:

• Community Banks
• Regional Banks
• Credit Unions
• Financial institutions engaged in Retail Banking
• Financial institutions engaged in Business Banking

• Amazon Web Services (parent company: Amazon.com, Inc., symbol: AMZN)

Alex Shootman, Chief Executive Officer and President

Alex Shootman joined Alkami Technology as CEO in November 2021, bringing over 20 years of executive leadership experience in scaling enterprise software companies. Prior to Alkami, he served as CEO of Workfront, where he more than doubled the company's revenue over five years, leading to its $1.5 billion acquisition by Adobe in 2020. Following the acquisition, he continued as Adobe VP/GM Workfront until July 2021. Shootman also held the role of President at Apptio and was President of Eloqua, which was acquired by Oracle, and was part of the team that took Eloqua public. His career also includes executive positions at Vignette, TeleTech, BMC Software, and IBM. He currently serves as an Operating Partner at Sumeru Equity Partners, advising portfolio companies on strategy and operational excellence, suggesting a pattern of involvement with private equity-backed companies.

Cassandra Hudson, Chief Financial Officer

Cassandra Hudson was appointed Chief Financial Officer of Alkami Technology, effective November 1, 2025. She brings over 20 years of finance leadership experience to the role. Before joining Alkami, Hudson served as CFO of StackAdapt from July 2024 to July 2025. Prior to that, she was the CFO at EngageSmart, Inc. from November 2020 to July 2024, where she led the company through its successful IPO in 2021. Earlier in her career, she spent 12 years at Carbonite, Inc., holding various finance leadership positions, including Chief Accounting Officer and Vice President of Finance.

Stephen Bohanon, Founder and Chief Strategy & Sales 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, with prior roles at Catalyst Consulting, Metavante, ACI Worldwide, and Advanced Financial Solutions (or FIS). He is recognized for his entrepreneurial optimism and leadership in growing Alkami from its early stages to a leading digital banking provider.

Deep Varma, Chief Technology Officer

Deep Varma was appointed Chief Technology Officer of Alkami Technology, effective January 30, 2023. He possesses over 20 years of Silicon Valley experience in building scalable and reliable distributed systems. Prior to Alkami, Varma served as the CTO of Varo Bank, where he built the technology infrastructure for the neobank. He also held leadership positions within the Zillow Group Technology team, leading engineering for the Trulia business, and at companies such as Yahoo!, ABB, and IBM.

Gagan Kanjlia, Chief Product Officer

Gagan Kanjlia was appointed Chief Product Officer of Alkami Technology in June 2024. He brings more than 25 years of experience in developing and commercializing products for prominent financial institutions and fintechs. Before joining Alkami, Kanjlia was the CPO at Silicon Valley Bank (SVB), where he unified functionality across major product lines. He also led product, design, and channel management at OnDeck and spent 15 years at Capital One, where he co-founded Capital One Garage and launched digital mortgage experiences.

The key risks to Alkami Technology (ALKT) are primarily linked to its concentrated customer base within the financial services sector, the highly competitive digital banking platform market, and the stringent regulatory and cybersecurity landscape it operates within.

1. Dependence on the Financial Services Industry and the Impact of Consolidation: Alkami Technology derives all its revenue from financial institutions, specifically community and regional banks, and credit unions. This concentration exposes the company to risks associated with the financial health and stability of this sector. Ongoing consolidation within the regional banking sector and among community financial institutions can reduce the total number of potential clients, leading to increased customer concentration risk. If a client institution merges or fails, it could result in diminished revenue growth and a higher impact on Alkami's overall financial performance. Additionally, any adverse trends affecting the profit margins of these financial institutions might lead to reduced IT spending, negatively impacting Alkami's business.
2. Intense Competition: Alkami operates in a highly competitive digital banking platform market, facing numerous established players and innovative startups. Key competitors include Q2, ACI Worldwide, Temenos, Fiserv, Jack Henry, and NCR Voyix, among others. These competitors often possess larger financial and technical resources, or they leverage strategies such as bundling their digital offerings with core banking systems, which can pressure Alkami's market share and pricing. The rapid pace of technological change in the financial technology industry further intensifies this competition, requiring continuous innovation and platform enhancements to remain competitive.
3. Regulatory Risks and Cybersecurity Threats: As a service provider to financial institutions, Alkami is indirectly subject to the complex and evolving regulatory environment governing the financial services industry. Changes in regulations or increased scrutiny on financial institutions could impact the demand for Alkami's solutions or necessitate costly compliance measures. Moreover, cybersecurity threats represent a constant and significant risk. Any major data breach or security incident could severely damage Alkami's reputation, erode client trust, and result in significant financial and legal repercussions. The rise of real-time payment systems also introduces new fraud risks that Alkami and its financial institution clients must continuously address. Investors have also expressed concern regarding a recent investigation into potential securities law violations.

The increasing adoption of composable banking architectures and the maturation of robust open-source digital banking solutions pose an emerging threat. As financial institutions increasingly seek to build highly customized and flexible digital experiences by assembling best-of-breed components from various vendors using open APIs, the demand for comprehensive, end-to-end proprietary platforms like Alkami's could diminish. Furthermore, the growing viability of open-source alternatives could offer financial institutions lower-cost and more adaptable solutions, challenging Alkami's SaaS model by providing compelling alternatives for agility and control.

Alkami Technology, Inc. (ALKT) operates within the digital banking sector, primarily serving financial institutions in the United States with its cloud-based digital banking platform, retail banking solutions, and business banking solutions.

Addressable Markets:

• Digital Banking Platform Market (U.S./North America):
  • The global digital banking platform market was estimated at USD 37.49 billion in 2025 and is projected to reach USD 155.44 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 19.8% from 2026 to 2033. North America accounted for 37.35% of this market size in 2025.
  • Another estimate for the global digital banking platform market projects a value of USD 11.5 billion by 2024, anticipated to reach USD 31.3 billion by 2033 with a CAGR of 11.7%.
  • The U.S. digital banking market, specifically in terms of revenue, generated USD 1,839 million in 2024 and is expected to reach USD 3,859 million by 2032, with a CAGR of 9.9% during the forecast period.
• Retail Banking Solutions Market (U.S.):
  • The United States retail banking market was valued at USD 870 billion in 2025 and is estimated to grow to USD 1,112.2 billion by 2031, at a CAGR of 4.17%.
  • The U.S. retail banking market is forecasted to increase by USD 92.1 billion, accelerating at a CAGR of 4.2% between 2024 and 2029.
• Business Banking Solutions Market (U.S.):
  • The U.S. commercial banking market size stands at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030, reflecting a 4.56% CAGR.
  • The small business banking sector market in the United States was valued at USD 118.45 million in 2024 and is expected to reach USD 165 million by 2033, growing at a CAGR of 4.23%.

Expected Drivers of Future Revenue Growth for Alkami Technology (ALKT)

Alkami Technology (ALKT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

• New Client Acquisition: Alkami anticipates continued growth through the addition of new digital banking clients and MANTL clients. In Q4 2025 alone, the company signed 16 new digital banking clients and 33 new MANTL clients. Furthermore, Alkami has approximately $71 million in Annual Recurring Revenue (ARR) backlog from 42 new clients, representing about 1.6 million digital users, with the majority expected to launch over the next 12 months. This ongoing expansion of its client base across both its core platform and the acquired MANTL solution will contribute significantly to revenue.
• Increased Revenue Per User (ARPU) and Cross-Selling: The company forecasts high single-digit ARPU growth for 2026. In Q4 2025, revenue per user increased by 20% year-over-year to $21.44, driven by strong cross-sell execution and increased user adoption among existing clients. Management expects continued cross-sell momentum across its platform, with add-on sales representing just under 50% of new sales in Q3 2025, an improvement from the prior year.
• Integration and Expansion of the MANTL Acquisition: The acquisition of MANTL, completed in March 2025, is a significant contributor to Alkami's revenue growth. MANTL is expected to contribute approximately 8 percentage points of year-over-year growth to Q1 2026 revenue. The strategic integration of MANTL and its capabilities is central to Alkami's overall growth plans, enhancing its offerings for financial institutions, particularly in digital account opening and loan origination.
• Expansion into the Banking Market: Alkami is strategically expanding its presence within the banking sector. Management noted a trend of more banks separating online banking from their core providers, which creates a long growth horizon for Alkami. While historically strong with credit unions, Alkami is actively pursuing banks, having signed 6 banks in Q4 2025 as part of its new client additions. This focus on becoming the digital banking provider of choice for banks, similar to its position with credit unions, is a key growth avenue.

Share Issuance

• Alkami Technology's shares outstanding increased from 83.13 million in 2020 to 104.34 million in 2025, indicating a consistent issuance of shares over this period.
• In 2025, 1,488,164 shares of common stock were issued upon restricted stock unit vesting, and 271,880 shares were issued under the Employee Stock Purchase Plan (ESPP).
• Company executives and officers have engaged in "sell-to-cover" transactions to satisfy tax withholding on vested restricted stock units (RSUs).

Inbound Investments

• In March 2026, General Atlantic and affiliated funds purchased Alkami Technology shares totaling $50.56 million across three separate transactions.
• In the third quarter of 2025, General Atlantic L.P. increased its ownership by acquiring an additional 2,346,162 shares, bringing their total holding to 11,991,480 shares valued at $297,868,000.
• During the fourth quarter of 2025, Long Path Partners LP increased its stake in Alkami Technology by 572,292 shares, with the quarter-end position valued at $72.5 million.

Outbound Investments

• In September 2021, Alkami acquired MK Decisioning Systems, LLC for an initial payment of $20 million, with a potential for an additional $25 million based on achieving certain milestones in 2022 and 2023.
• In February 2025, Alkami announced the acquisition of Fin Technologies, Inc. (MANTL) for an enterprise value of $400 million, funded by approximately $380 million in cash and $13 million in restricted stock units to MANTL employees.
• The acquisition of MANTL was strategically aimed at expanding Alkami's account opening capabilities and solidifying its digital sales and service platform.

Capital Expenditures

• For the fiscal year 2025, Alkami Technology reported capital expenditures of $1.54 million.
• Alkami continues to invest significantly in research and development, allocating 26.7% of its revenues in 2025 to enhance its platform's features and functionality.