ALKAMI TECHNOLOGY, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data ALKAMI TECHNOLOGY, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	73.5	112	152	204	265	334	444
Cost of revenue	43.1	53	68.4	95.9	121	137	187
Gross profit	30.4	59.2	83.8	108	144	197	257
Research and development	32.7	40.2	48.8	69.3	84.7	96.2	118
Selling and marketing	15.3	16.7	24.2	36.8	48.6	59.8	80.1
General and administrative	24.9	36.4	50.4	71.2	72.9	83.7	101
Operating expenses	73	94.3	127	166	208	241	310
Operating income	-42.5	-35.1	-42.9	-57.7	-63.7	-44.6	-53.6
Interest expense	0.11	0.49	1.19	3.85	7.38	0.46	9.49
Interest income	0.27	0.06	0.49	2.7	8.1	4.56	4.16
Pre-tax income		-51.4	-46.7	-59.1	-62.9	-40.5	-59
Income tax	0	0	0.17	-0.46	0.04	0.31	-11.3
Net income	-41.9	-51.4	-46.8	-58.6	-62.9	-40.8	-47.7
EBITDA	-40.3	-32.3	-39.5	-49.6	-53.1	-34.1	-26.7
EPS, basic	-9.91	-11.78	-0.73	-0.64	-0.67	-0.41	-0.46
EPS, diluted	-9.91	-11.78	-0.73	-0.64	-0.67	-0.41	-0.46
Shares, basic (weighted)	4.35	4.81	64.5	91	94.1	98.9	104
Shares, diluted (weighted)	4.35	4.81	64.5	91	94.1	98.9	104

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12	167	309	109	40.9	94.4	63.5
Short-term investments			0	87.6	51.2
Receivables		14.1	20.8	26.2	35.5	38.7	51.5
Other current assets		7.6	9.49	11.7	10.6	0.79	20.7
Total current assets		193	345	242	149	181	187
Property, plant and equipment		10.5	11.8	13.6	16.9	22.1	26.7
Lease right-of-use assets			0	14.7	15.8	14.6	13.5
Goodwill		16.2	48.1	148	148	148	403
Intangible assets		8.27	11.2	42.6	35.8	29	159
Other non-current assets		6.13	2.28	3.1	3.95	5.01	10.1
Total assets		249	437	489	400	437	847
Accounts payable		0.36	3.65	4.29	7.48	6.13	5.84
Accrued liabilities		13.1	19.1	21.6	19.8	24.5	47.4
Deferred revenue		6.12	8.2	8.84	11	13.6	34.8
Short-term debt		0.31	1.56	3.19	0
Total current liabilities		20.5	33.2	41.6	39.4	45.6	89.5
Long-term debt		24.6	23.1	81.4	0
Lease liabilities			0	15.8	18.1	17.1	15.7
Other non-current liabilities		1.39	16.5	0.4	0.31	0.22	0.24
Total liabilities		69.4	91.9	155	74.9	80.2	485
Total debt		24.9	24.6	84.6	0
Paid-in capital		0	658	706	760	833	886
Retained earnings		-264	-314	-372	-435	-476	-524
Shareholders' equity	-195	-264	345	334	325	357	362
Total equity	-195	-264	345	334	325	357	362
Total liabilities and equity		249	437	489	400	437	847
Shares outstanding		4.91	90	92.1	96.7	102	106

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-41.9	-51.4	-46.8	-58.6	-62.9	-40.8	-47.7
Depreciation and amortization	2.23	2.78	3.44	8.08	10.6	10.5	26.9
Stock-based compensation	1.25	1.95	14.5	44.6	51.2	59.4	76.2
Deferred income tax	0	0	0.09	-0.69	-0.03	0.11	-11.8
Change in receivables	-2.96	-3.38	-6.28	-4.01	-9.25	-3.24	-11.3
Change in payables	4	3.07	6.83	-1.37	0.09	3.32	19.7
Cash from operations	-39.1	-38.1	-29	-38	-17.5	18.6	42.9
Capital expenditures	-3.69	-2.15	-1.12	-1.06	-1.06	-1.2	-1.54
Acquisitions	0	-25.1	-18.3	-132	0	0	-375
Purchases of investments		0	0	-187	-141	-40.4	-45.2
Sales and maturities of investments		0	0	99.8	181	71.3	31.8
Cash from investing	-3.69	-27.2	-22	-224	33.9	23	-398
Debt issued	0	25	0	85	0	0
Debt repaid	0	0	-0.31	-24.7	-85	0	0
Stock issued	0.3	1.99	9.11	2.4	13	20.2	3.71
Share buybacks	0	-3.21	-3.5	0	0
Dividends paid	0	0	-4.97	0	0
Cash from financing	30.2	225	192	61.2	-87.8	11.8	324
Net change in cash	-12.6	160	141	-201	-71.4	53.4	-30.9
Free cash flow	-42.8	-40.3	-30.1	-39.1	-18.6	17.4	41.4
Interest paid	0.06	0.35	1.1	3.61	7.06	0.28	5.94
Income taxes paid	0.08	0.07	0.03	0.25	0.33	0.38

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $13.80 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	57.8%	Gross profit / revenue.
Operating margin	-12.1%	Operating income / revenue.
EBITDA margin	-6.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-13.3%	Pre-tax income / revenue.
Net margin	-10.7%	Net income / revenue.
FCF margin	9.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.7%	Cash from operations / revenue.
Return on equity (ROE)	-13.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-7.4%	Net income / average total assets.
Return on invested capital (ROIC)	-15.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	26.7%	Research and development expense / revenue.
Stock-based pay / revenue	17.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.3%	Capital expenditures / revenue.
D&A / revenue	6.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	32.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	29.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	31.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	30.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	33.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	34.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	130.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	137.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	1.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	93.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	27.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	5.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	84.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.09x	Current assets / current liabilities.
Quick ratio	1.28x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.71x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	57.3%	Total liabilities / total assets.
Interest coverage	-5.65x	Operating income / interest expense.
Working capital	$97.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	66.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$200.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	18.2x	Revenue / average property, plant and equipment.
Receivables turnover	9.83x	Revenue / average receivables.
Days sales outstanding	37 days	365 x average receivables / revenue.
Days payables	12 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	3.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.46	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.46	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.27	Revenue / diluted weighted shares.
FCF per share	$0.40	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.41	Cash from operations / diluted weighted shares.
Book value per share	$3.41	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.89	Tangible book value / shares outstanding.
Cash per share	$0.60	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.48B	Share price x shares outstanding.
Enterprise value	$1.41B	Market cap + total debt - cash - short-term investments.
P/S	3.33x	Market cap / revenue.
P/B	4.08x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	35.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	34.4x	Market cap / cash from operations, when positive.
EV/Sales	3.18x	Enterprise value / revenue.
EV/FCF	34.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	-3.2%	Net income / market cap (the inverse of P/E).

What was ALKAMI TECHNOLOGY, INC.'s revenue in fiscal 2025?

ALKAMI TECHNOLOGY, INC. reported revenue of $443.6M for fiscal 2025, 32.9% higher than the year before.

Was ALKAMI TECHNOLOGY, INC. profitable in fiscal 2025?

No. It reported a net loss of $47.7M.

How much free cash flow did ALKAMI TECHNOLOGY, INC. generate in fiscal 2025?

Cash from operations of $42.9M minus capital expenditures of $1.5M left free cash flow of $41.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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