Alkami (ALKT) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $129.8M, up 15.9% year-over-year, driven by new clients, user growth, and ARPU expansion, with ARR up 21% to $512M and adjusted EBITDA rising to $19.4M, reflecting operational scale and efficiency.

• Registered users increased 13% to 23.6M, with 2.7M added year-over-year, and five new digital banking relationships established.

• Bank market presence strengthened with 54 bank clients under contract and 42 live, supported by enhanced treasury management and core integrations.

• DSSP adoption and AI-driven products are accelerating cross-sell and ARPU growth, with new logos onboarding at nearly double overall ARPU.

• Net loss narrowed to $8.9M from $13.6M year-over-year, reflecting improved operational leverage.

Financial highlights

• Q2 2026 revenue was $129.8M, up 15.9% year-over-year; subscription revenue grew 16.2% and represented 95% of total revenue.

• ARR increased 21% to $512M, surpassing the $500M milestone.

• Adjusted EBITDA was $19.4M (14.9% margin), up from $11.9M in Q2 2025, with margin expansion of nearly 430 basis points.

• Operating cash flow improved to $22M from $1.2M a year ago; ended Q2 with $81M in cash and marketable securities.

• Revenue per user rose to $21.69, up 7% year-over-year.

Outlook and guidance

• Q3 2026 revenue expected at $132.7M–$134.2M; adjusted EBITDA of $23.5M–$24.3M.

• Full-year 2026 revenue guidance: $528M–$531M; adjusted EBITDA $96M–$98M.

• Margin expansion of ~500 basis points expected for the year, with back half adjusted EBITDA margin above 19%.

• Long-term model targets Rule of 45 by 2030, with non-GAAP gross margin approaching 70% and annual adjusted EBITDA margin expansion of ~300 basis points.

• Gross margin is expected to remain under pressure from increased third-party and hosting costs.