Core Insights - Alkami Technology, a cloud-based digital banking platform, has experienced a significant decline in share price since the end of 2024, primarily due to three earnings misses last year [1] - Despite the downturn, there has been notable insider buying, including a $60 million investment from General Atlantic, the largest institutional shareholder, indicating potential confidence in the company's future [2][3] Financial Performance - Alkami's annual recurring revenue (ARR) increased by 35% year over year, reaching $480 million, which may explain the bullish sentiment among insiders [4] - The company's digital banking ARR churn rate for 2025 was less than 1%, showcasing the stickiness of its product offerings [4] Market Position - Alkami differentiates itself from competitors by offering anticipatory banking, utilizing predictive AI and data analytics to meet customer needs, which may enhance its client acquisition [6] - The current market capitalization of Alkami is approximately $1.8 billion, with a gross margin of 56.56% [5][6] Profitability and Risks - The company reported a net loss of $48 million in 2025, indicating that it is not yet profitable [7] - Despite the risks, the combination of insider buying and ARR growth presents Alkami as a potential small-cap stock with growth opportunities [7]

Austin Telco Federal Credit Union Partners with MANTL to Modernize Retail Account Opening Across All Banking Channels Accessibility StatementSkip NavigationThe Austin-based credit union will use MANTL to deliver a faster, more seamless account opening experience for members online and in-branchPLANO, Texas, March 17, 2026 /PRNewswire/ -- MANTL, an Alkamisolution team and leading provider of loan and deposit account opening technology, today announced a new partnership with Austin Telco Federal Credit Union( ...

Core Insights - Insiders are accumulating shares in three companies—Alkami Technology, AdaptHealth, and Tecnoglass—trading near multi-year lows, indicating confidence in their underlying cash generation and demand despite current pressures [2][4]. Alkami Technology (ALKT) - Alkami reported Q4 revenue of $120.79 million, a 34.7% increase year-over-year, with adjusted EBITDA nearly doubling to $19.14 million [7]. - The company has a net dollar retention rate of 115% and an annual recurring revenue (ARR) churn rate below 1% [7]. - General Atlantic purchased 2.8 million shares at prices between $17.35 and $18.41, despite a 28.71% decline in stock price over the past year [6][7]. - Management projects FY2026 revenue between $525.5 million and $530.5 million, with adjusted EBITDA of $93.5 million to $97.5 million [7]. AdaptHealth (AHCO) - AdaptHealth's operating cash flow for the full year reached $601.77 million, an 11.06% increase year-over-year [9]. - Richard Cashin acquired 2 million shares at approximately $9.73, although the stock has seen a 71.5% decline over the past five years [8][9]. - The company faced a significant earnings miss due to a $128 million non-cash goodwill impairment in its Diabetes Health unit [9]. - Management guided FY2026 adjusted EBITDA to be between $680 million and $730 million, with free cash flow projected at $175 million to $225 million [9]. Tecnoglass (TGLS) - Tecnoglass reported record Q4 revenue of $245.30 million, a 16.1% increase year-over-year, and holds a record backlog of $1.30 billion [10]. - The stock has declined 31.17% over the past year, influenced by margin compression from high aluminum costs and currency fluctuations [10]. - Energy Holding has been accumulating shares near 52-week lows, reflecting confidence in the company's future revenue visibility [10]. - The forward P/E ratio is approximately 10x, with an analyst consensus target of $66.25, indicating significant upside potential from the current price of $45.71 [10].

Company Overview - Alkami Technology, Inc. (NASDAQ:ALKT) is a cloud-based provider of digital banking solutions specifically designed for US financial institutions, including community, regional, and super-regional banks and credit unions serving both retail and business clients [4]. Product Upgrade - On March 5, Alkami announced a significant upgrade to its Software Development Kit (SDK) called Automated Stage Match, which aims to enhance the development process for banking applications [1][3]. - The integration of Automated Stage Match allows developers to quickly sync their local testing environments with Alkami's staging setup, thereby reducing lengthy delays in building, testing, and deploying custom features [2]. Customer Feedback - Westmark Credit Union reported that the Automated Stage Match feature enables teams to self-serve in under 15 minutes, test with realistic data early, and ensure that local tests align with live production, which reduces deployment uncertainty and shortens development cycles [3].

Core Insights - Alkami Technology, Inc. has introduced a new feature called Automated Stage Match in its SDK Wizard, aimed at accelerating development timelines for financial institution developers [1] - The new capability allows for faster environment setup and earlier testing, significantly reducing the time required for deployment processes [1] Group 1: Product Enhancement - Automated Stage Match enables developers to align local environments with staging in under 15 minutes, streamlining the development process [1] - The feature eliminates the need for manual requests and coordination, thereby simplifying the development workflow while maintaining high standards for security and compliance [1] Group 2: Customer Feedback - Feedback from customers indicates that the new feature reduces uncertainty in deployment and enhances confidence in testing, allowing teams to focus on building meaningful enhancements [1] - Customers have reported that the ability to test in a more aligned environment significantly shortens delivery cycles and accelerates iteration processes [1] Group 3: Strategic Direction - The update reflects Alkami's commitment to technology innovation by addressing customer pain points and transforming them into tools that facilitate faster development [1] - Alkami aims to support broader adoption of its SDK, making it easier for new developers to get started and helping existing customers to upgrade and implement new capabilities more swiftly [1]

Core Insights - Alkami Technology, Inc. has been recognized as a Nacha Preferred Partner, highlighting its commitment to enhancing ACH solutions for financial institutions and their commercial clients [1] Group 1: Partnership and Recognition - The designation as a Nacha Preferred Partner places Alkami among a select group of technology providers that support the advancement of the ACH Network [1] - This recognition comes as ACH usage is increasing, with the ACH Network processing 35.2 billion payments in 2024, a nearly 5% increase from the previous year, and a total payment value of $93 trillion, up almost 8% [1] Group 2: Product Offerings and Capabilities - Alkami's ACH capabilities are designed to provide a modern, secure, and efficient payment experience, supporting both ACH origination and receipt [1] - The company offers ACH Positive Pay, which allows businesses to review incoming ACH transactions before processing to prevent unauthorized transactions [1] Group 3: Industry Impact and Client Feedback - Financial institutions express confidence in Alkami's understanding of ACH complexities, which aids in supporting their business clients effectively [1] - Alkami's platform provides tools for risk management, fraud prevention, and ensuring accurate payment processing, which are critical for financial institutions [1]

Financial Performance - The company incurred net losses of $47.7 million, $40.8 million, and $62.9 million for the years 2025, 2024, and 2023, respectively, primarily due to significant investments in sales, marketing, and product development[23]. - The average contract life for SaaS subscription contracts was approximately 70 months as of December 31, 2025[57]. - Cross-sell contributed 54% of total contract value (TCV) in 2025, indicating significant growth potential within the existing client base[60]. Market and Client Base - The addressable market consists of financial institutions (FIs) with assets of $100 million to $450 billion, representing over 250 million registered users, with a target on the top 2,500 FIs by assets[25]. - The company added nearly 5 million live registered users from December 31, 2023, to December 31, 2025, achieving over 22 million live registered digital banking users, which represents only 73% of clients' total account holders[31][34]. - As of December 31, 2025, the company served 301 financial institutions (FIs) through its Digital Banking Platform and over 960 clients when including unique clients subscribing to other products[51]. Product Development and Innovation - The company spent 26.7% and 28.8% of revenues on research and development in 2025 and 2024, respectively, to enhance its product suite and maintain innovation[34]. - The company offered 36 products through its Digital Sales & Service Platform as of December 31, 2025, up from nine products in 2015, indicating significant product expansion[34]. - The company’s platform is designed to facilitate onboarding, engagement, and growth of account holders, providing a competitive advantage against megabanks and challenger banks[32][34]. Technology and Infrastructure - The Alkami Digital Banking Platform maintains more than 300 integrations as of December 31, 2025, enabling FIs to connect with a broad array of third-party service providers[31]. - The company achieved an average uptime of over 99.95% for its cloud infrastructure in the year ended December 31, 2025[46]. - The company’s multi-tenant architecture allows for efficient onboarding and quick delivery of product upgrades, optimizing for speed and reliability[53]. Employee Engagement and Workforce - The company had 1,225 employees as of December 31, 2025, with no employees represented by a labor union[69]. - The company received 19 employee engagement awards in 2025, including recognition as a "Best Place to Work in Financial Technology"[73]. Regulatory Compliance - The company is subject to periodic examination by banking regulators, including the OCC, Federal Reserve, and FDIC, under the Bank Service Company Act[75]. - The company is registered as a credit union service organization (CUSO) and must comply with disclosure and reporting requirements imposed by the NCUA[76]. - Compliance with extensive regulations is essential for the company's solutions, which must enable clients to meet legal and regulatory requirements[78]. Risk Management - The company faces market risks primarily due to fluctuations in interest rates, which could impact financial position and cash flows[340]. - A hypothetical 10% change in interest rates would not materially affect the company's consolidated financial statements[341]. - The company intends to maintain a diversified portfolio of cash equivalents to minimize interest rate risk[342].

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved revenue growth of 35%, reaching $120.8 million, and adjusted EBITDA increased to $19 million, with a full-year adjusted EBITDA of over $59 million, more than double that of 2024 [4][17] - For the full year, total revenue reached $443.6 million, up 33% year-over-year, with subscription revenue growing 32% and representing 95% of total revenue [17][18] - The adjusted EBITDA margin expanded by 530 basis points to 13.3% for the full year, with a fourth-quarter adjusted EBITDA margin of 15.8% [17][22] Business Line Data and Key Metrics Changes - The company added 16 new digital banking clients and 33 new MANTL clients in Q4, with a total of 39 new clients for the year, matching the best year in its history [4][5] - MANTL's origination platform now has 161 clients live, with 436 clients on one of the two strategic platforms [5][6] - The company reported a 35% increase in ARR, exiting the quarter at $480 million, with approximately $71 million of ARR in backlog pending implementation [18] Market Data and Key Metrics Changes - The company noted that 78% of banks on dominant bank cores use legacy online products, compared to 43% of credit unions, indicating a significant opportunity for growth [7] - The company has 50 banks under contract, with 37 live on the Alkami platform, and Q4 was the second-best bank new logo quarter in its history [6][7] Company Strategy and Development Direction - The integration of digital banking, deposit origination, and data and marketing into the Alkami Digital Sales & Service Platform (DSSP) aims to provide capabilities rivaling larger competitors [7][8] - The company is focused on leveraging AI to enhance its offerings and improve operational efficiency, with AI expected to create new revenue opportunities [11][13] - The company anticipates a structural competitive advantage from its integrated platform strategy, which is expected to lead to higher retention and longer contract durations [18][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying demand trends and the company's ability to deliver durable growth and increasing profitability [15][26] - The company expects revenue growth of 27.5%-28.5% for Q1 2026 and full-year revenue of $525.5 million-$530.5 million, representing growth of 18.5%-19.6% [23][24] - Management highlighted the importance of long-term contracts and the mission-critical nature of its platform as key drivers for durable growth [62] Other Important Information - The company ended Q4 with $99.1 million in cash and marketable securities, with operating cash flow of $42.9 million, up from $18.6 million in 2024 [23] - The company expects a 75% decline in termination fee revenue, which will impact reported growth in 2026 [24] Q&A Session Summary Question: 2026 Outlook and Moving Parts - Management discussed the impact of termination fees and DSSP implementation timeframes on the 2026 outlook, noting that termination fees would be lower and DSSP implementations might take longer than standalone products [30][31] Question: Loan Activation and DSSP - Management indicated that DSSP is improving win rates and that loan capabilities are being developed with lighthouse accounts, but the product is not yet fully available for general sales [41][43] Question: Bank Client Pipeline - Management noted a consistent pipeline split between credit unions and banks, with a shift towards more bank clients, and emphasized the importance of treasury management improvements [46][47] Question: ARR Growth and User Adoption - Management refrained from providing specific ARR guidance but indicated expectations for high single-digit growth in ARPU and a close relationship between revenue and ARR growth [53][54] Question: Credit Union Market Dynamics - Management explained that the credit union market is a replacement market, with growth dependent on contract expirations and the confidence of clients in the conversion process [76][80] Question: EBITDA Margin Expectations - Management highlighted increased database technology costs as a temporary factor affecting EBITDA margins, with expectations for continued margin expansion despite these costs [82][83]

Financial Data and Key Metrics Changes - In Q4 2025, Alkami reported a revenue growth of 35% year-over-year, reaching $120.8 million, while full-year revenue was $443.6 million, up 33% year-over-year [5][18] - Adjusted EBITDA for Q4 was $19.1 million, with a margin of 15.8%, and for the full year, it exceeded $59 million, more than double the previous year's figure [5][18] - The company increased its Annual Recurring Revenue (ARR) by 35%, exiting the quarter at $480 million, with a backlog of approximately $71 million pending implementation [19] Business Line Data and Key Metrics Changes - Alkami added 16 new digital banking clients and 33 new MANTL clients in Q4, marking a strong sales quarter [5][6] - The MANTL origination platform now has 161 clients live, with 26 being digital banking clients, contributing to the overall client base of 436 [6] - Subscription revenue grew 34% in Q4, representing 95% of total revenue, indicating strong performance in the subscription model [18] Market Data and Key Metrics Changes - The bank market saw significant progress, with 16 banks going live on the digital banking platform in 2025, totaling 50 banks under contract [7][8] - The company noted that 78% of banks using dominant bank cores rely on legacy online products, presenting a growth opportunity as banks transition to modern solutions [8] - The client base increased to 301 clients and 22.4 million registered users, a 12% year-over-year increase [20] Company Strategy and Development Direction - Alkami's strategy focuses on integrating digital banking, deposit origination, and data and marketing through the Digital Sales & Service Platform (DSSP), enhancing competitive positioning [8][9] - The company aims to leverage AI to improve operational efficiency and client offerings, with ongoing investments in AI-driven products [12][14] - Alkami is positioned to capitalize on the digital transformation of financial institutions, with a strong sales pipeline and a focus on scalability [16][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying demand trends for digital banking transformation, despite potential short-term revenue timing impacts due to DSSP implementation [31][32] - The company anticipates continued growth in ARR and revenue, with expectations for 2026 revenue between $525.5 million and $530.5 million, reflecting an 18.5%-19.6% growth rate [25] - Management highlighted the importance of long-term contracts and the mission-critical nature of their platform, contributing to low churn rates [21][24] Other Important Information - The company ended Q4 with $99.1 million in cash and marketable securities, and operating cash flow for 2025 was $42.9 million, up from $18.6 million in 2024 [24] - Full-year non-GAAP gross margin was 64.1%, with expectations for continued margin expansion despite temporary increases in database technology costs [22][23] Q&A Session Summary Question: Can you elaborate on the 2026 outlook and the factors affecting it? - Management noted that termination fees and DSSP implementation timelines are key factors impacting the 2026 outlook, with a slight moderation in growth expected due to these elements [31][32] Question: What milestones were achieved in 2025, and what are the expectations for 2026? - Management highlighted strong performance in loan activations and the integration of DSSP, which is expected to enhance win rates and client outcomes [41][42] Question: How does the company view the market opportunity among credit unions and banks? - Management indicated that there are still significant opportunities for market share gains among the 900 credit unions and 1,000 banks that have not yet adopted modern technology [58][59] Question: What are the priorities for the new CFO in supporting growth? - The new CFO emphasized focusing on customer activation, launching DSSP, and expediting product releases in treasury management and loan origination [70][71] Question: How does the company plan to achieve its long-term financial goals? - Management outlined a strategy focused on achieving the Rule of 45 by 2030, with expectations for consistent revenue growth and margin expansion [27][64]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved a revenue growth of 35%, reaching $120.8 million, and adjusted EBITDA increased to $19 million, with a full-year adjusted EBITDA of over $59 million, more than double that of 2024 [4][17] - For the full year, total revenue reached $443.6 million, up 33% year-over-year, with subscription revenue growing 32% and representing 95% of total revenue [17][18] - The adjusted EBITDA margin expanded by 530 basis points to 13.3% for the full year, with a fourth-quarter adjusted EBITDA margin of 15.8% [17][21] Business Line Data and Key Metrics Changes - The company added 16 new digital banking clients and 33 new MANTL clients in Q4, with a total of 39 new clients for the year, matching the best year in its history [4][5] - MANTL's origination platform now has 161 clients live, with 436 clients across both strategic platforms [5][6] - The company reported a 35% increase in Annual Recurring Revenue (ARR), exiting the quarter at $480 million, with approximately $71 million of ARR in backlog pending implementation [18][20] Market Data and Key Metrics Changes - The company noted that 78% of banks on dominant bank cores use legacy online products, compared to 43% of credit unions, indicating a significant opportunity for growth in the bank market [7] - The company exited 2025 with 301 clients and 22.4 million registered users, an increase of 2.4 million users or 12% year-over-year [19] Company Strategy and Development Direction - The integration of the Alkami Digital Sales & Service Platform (DSSP) aims to provide capabilities rivaling major competitors, enhancing win rates and contract durations [6][9] - The company is focused on leveraging AI to improve operational efficiency and client offerings, with plans to introduce new AI-driven products [12][14] - The company anticipates a structural competitive advantage from its integrated platform strategy, which is expected to drive long-term growth [18][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying demand trends and the company's ability to navigate the competitive landscape, emphasizing the importance of client relationships and the mission-critical nature of its platform [15][20] - The company expects revenue growth of 27.5%-28.5% for Q1 2026 and full-year revenue of $525.5 million-$530.5 million, reflecting a growth of 18.5%-19.6% [23][24] - Management highlighted the potential for margin expansion and improved profitability, despite temporary increases in database technology costs [21][25] Other Important Information - The company reported a cash and marketable securities balance of $99.1 million at the end of the quarter, with operating cash flow of $42.9 million, up from $18.6 million in 2024 [22] - The company has a remaining performance obligation of approximately $1.7 billion, providing strong visibility into long-term revenue [20] Q&A Session Summary Question: Can you walk through the 2026 outlook and the moving parts? - Management noted that the 2026 guidance includes timing related to termination fees and DSSP implementation cycles, which may extend revenue recognition [29][31] Question: What are the considerations for implementation timing outside of DSSP? - Management indicated that existing client growth is normalizing, which should be factored into revenue guidance [34][35] Question: What milestones were hit in 2025, and what is expected in 2026? - Management highlighted the positive impact of DSSP on win rates and the ongoing development of loan capabilities [40][42] Question: How is the pipeline evolving, particularly with banks? - Management reported a consistent pipeline split between credit unions and banks, with expectations for continued growth in the bank market [46][47] Question: What are the key priorities for the new CFO? - The CFO emphasized supporting growth, activating customers, and focusing on product development, particularly in treasury management and loan origination [70][71] Question: What is the expected free cash flow conversion by 2030? - Management targets a 90% free cash flow conversion by 2030 [73]