Alkami(US:ALKT)2025-10-30 20:08Financial Performance - GAAP total revenue for Q3 2025 was $113.0 million, an increase of 31.5% compared to the same quarter last year[7] - Annual recurring revenue (ARR) reached $449 million, up 31% year-over-year, with revenue per registered user at $20.83, a 19% increase[4] - Adjusted EBITDA for Q3 2025 was $16.0 million, compared to $8.3 million in the year-ago quarter, exceeding the target by 18%[4] - Revenues for the three months ended September 30, 2025, increased to $112.954 million, up 31.5% from $85.906 million in the same period of 2024[25] - Gross profit for the nine months ended September 30, 2025, was $187.520 million, representing a 30.8% increase compared to $143.420 million in 2024[25] - Annual Recurring Revenue (ARR) reached $449.034 million, a 31.3% increase from $342.101 million in 2024[29] - Adjusted EBITDA for Q3 2025 was $15.964 million, up from $8.318 million in Q3 2024, indicating a 92.5% increase year-over-year[43] Guidance and Projections - The company provided guidance for Q4 2025, expecting GAAP total revenue in the range of $119.6 million to $121.1 million[8] - For the fiscal year 2025, Alkami anticipates GAAP total revenue between $442.5 million and $444.0 million[8] Assets and Equity - The total assets as of September 30, 2025, were $835.175 million, significantly up from $437.277 million at the end of 2024[23] - Total stockholders' equity decreased to $350.116 million as of September 30, 2025, from $357.030 million at the end of 2024[23] Losses and Expenses - The company reported a GAAP net loss of $(14.8) million for Q3 2025, compared to $(9.4) million in the same quarter last year[7] - The company reported a net loss of $14.804 million for the three months ended September 30, 2025, compared to a net loss of $9.442 million in 2024[25] - For the nine months ended September 30, 2025, GAAP net loss totaled $36.211 million, compared to a loss of $33.192 million for the same period in 2024[43] - Stock-based compensation expense increased to $20.729 million in Q3 2025 from $15.257 million in Q3 2024, reflecting a 36.3% rise[43] - Interest expense for Q3 2025 was $1.952 million, compared to an income of $0.967 million in Q3 2024, marking a significant shift in financial costs[43] - Depreciation and amortization expenses rose to $7.869 million in Q3 2025 from $2.679 million in Q3 2024, a substantial increase of 194.5%[43] - Total operating expenses for the nine months ended September 30, 2025, were $231.660 million, up from $179.420 million in 2024[25] User Growth and Market Expansion - The company launched 13 new financial institutions in Q3 2025, including six banks, marking a record for Alkami[4] - Registered users grew to 21,552, up 10.6% from 19,499 in the previous year[29] Cash Flow and Liquidity - Net cash provided by operating activities for the nine months ended September 30, 2025, was $26.300 million, an increase from $12.486 million in 2024[27] - Cash and cash equivalents at the end of the period were $57.316 million, down from $80.956 million in 2024[27] Other Financial Metrics - GAAP gross margin was 56.8%, down from 58.9% in the year-ago quarter, while non-GAAP gross margin improved to 63.7% from 62.8%[7] - Non-GAAP gross margin for the three months ended September 30, 2025, was 63.7%, compared to 62.8% in 2024[33] - The provision for income taxes showed a benefit of $0.029 million in Q3 2025, compared to a benefit of $0.019 million in Q3 2024[43] - Acquisition-related expenses for Q3 2025 were $0.247 million, while for the nine months, they totaled $3.138 million, up from $0.195 million in the same period last year[43] - The company incurred acquisition-related expenses of $3.138 million for the nine months ended September 30, 2025[25] - The company reported a loss on impairment of intangible assets of $1.655 million for the nine months ended September 30, 2025[43] - Secondary offering costs were recorded at $0.810 million in Q3 2024, with no such costs reported in Q3 2025[43]