Q2 2026 Alkami Technology Inc Earnings Call Transcript
Key Points
- Alkami Technology Inc (ALKT) exceeded Q2 2026 revenue and adjusted EBITDA expectations, demonstrating strong execution.
- Annual Recurring Revenue (ARR) grew 21% year-over-year to $512 million, surpassing the $500 million milestone and indicating strong future momentum.
- The company is successfully expanding into the bank market, with 54 banks under contract and 42 live, supported by improved implementation times and growing awareness.
- Revenue Per User (RPU) increased 7% year-over-year to $21.69, driven by successful cross-selling and higher-value client cohorts, with new logos onboarding at nearly double the average RPU.
- Adjusted EBITDA margin expanded by approximately 430 basis points year-over-year to 14.9%, with full-year guidance implying continued margin expansion to 18.3%.
- The company's gross margin in Q2 was impacted by lower termination fee revenue and timing of direct costs, coming in at 63%.
- The sequential revenue cadence is uneven, with a heavier weighting of one-time revenue in Q4, creating variability between quarters.
- The database migration project, expected to reduce costs, has been pushed into 2027, delaying the realization of full savings.
- While improving, the bank market contribution is still scaling gradually, with no dramatic re-acceleration expected in any single quarter.
- The company faces concentrated competition in the credit union market from established players like Lumin and Q2.
Good afternoon, ladies and gentlemen, and welcome to the Alkami Technology second-quarter 2026 financial results conference call.
At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. (Operator Instructions)
I would now like to turn the call over to Steve Calk. Steve, you may begin.
Thank you, Chloe. With me on todayâs call are Alex Shootman, Chief Executive Officer, and Cassandra Hudson, Chief Financial Officer. During todayâs call, we may make forward-looking statements about guidance and other matters regarding our future performance. These statements are based on managementâs current views and expectations and are subject to various risks and uncertainties. Our actual results may be materially different.
For a summary of risk factors associated with our forward-looking statements, please look at todayâs press release and the sections in our latest 10-K entitled Risk Factors and Forward-Looking Statements
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