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Item 1. Business

2026-02-26 compared with 2025-02-28 · 104 added, 96 removed, 261 unchanged (43% of the section changed)

Alkami is a cloud-based digital banking solutions provider.

Alkami is a cloud-based digital sales and service platform provider.

We inspire and empower community, regional and super-regional financial institutions (“FIs”) to compete with large, technologically advanced and well-resourced banks in the United States.

Our solution, the Alkami Digital Banking Platform, allows FIs to onboard and engage new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture.

Our solution, the Alkami Digital Sales & Service Platform, consisting of the Alkami Digital Banking Platform (“Platform”), Onboarding & Account Opening, and Data & Marketing, allows FIs to onboard, engage and grow new users, accelerate revenues and meaningfully improve operational efficiency, all with the support of a proprietary, true cloud-based, multi-tenant architecture.

We cultivate deep relationships with our clients through long-term, subscription-based contractual arrangements, aligning our growth with our clients’ success and generating an attractive unit economic model.

We founded Alkami to help level the playing field for FIs.

Since then, our vision has been to create a platform that combines premium technology and fintech solutions in one integrated ecosystem, delivered as a SaaS solution and providing our clients’ customers with a single point of access to all things digital.

Since then, our vision has been to create a platform that combines premium technology and fintech solutions in one integrated ecosystem, delivered as a SaaS solution and providing our clients’ account holders, which include customers for banks and members for credit unions, with a single point of access to all things digital.

We invested significant resources to build a technology stack that prioritized innovation velocity and speed-to-market given the importance of product depth and functionality in winning and retaining clients.

In October 2020, we acquired ACH Alert, LLC (“ACH Alert”) to pursue adjacent product opportunities, such as fraud prevention and to expand our addressable market.

In addition, in September 2021, we acquired MK Decisioning Systems, LLC (“MK”), a technology platform for digital account opening, credit card and loan origination solutions.

In April 2022, we acquired Segmint Inc.

(“Segmint”), a leading cloud-based financial data analytics and transaction data cleansing provider.

In March 2025, we acquired Fin Technologies, Inc.

dba MANTL (“MANTL”), to provide onboarding, account opening, and loan origination solutions that allow FIs to acquire commercial, business and retail customers or members through a variety of channels for deposit account and loan types.

During 2024, we established a new subsidiary in India to support potential future operational needs.

As of December 31, 2024, this entity had immaterial operations and did not have a significant impact on our business operations.

While our presence in India has grown since 2024, these operations remain immaterial to our consolidated financial statements as of December 31, 2025.

Our domain expertise in retail and business banking has enabled us to develop a suite of products tailored to address key challenges faced by FIs.

The key differentiators of the Alkami Digital Banking Platform include:

Due to our architecture, adding products through our single code base is fast, simple and cost-effective.

The key differentiators of the Alkami Digital Sales & Service Platform include:

• User experience :

Personalized and seamless digital experience across user interaction points, including desktop, mobile, chat and SMS, establishing durable connections between FIs and their customers.

Personalized and seamless digital experience across user interaction points, including desktop, mobile, chat and short message service (“SMS”), establishing durable connections between FIs and their account holders.

• Integrations :

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Data synchronized and stored from back-office systems and third-party fintech solutions and synthesized into meaningful insights, targeted content, and other areas of monetization.

The Alkami Digital Banking Platform offers an end-to-end set of digital banking software products.

Our typical relationship with an FI begins with a set of core functional components, which can extend over time to include a rounded suite of products across account opening, marketing, data insights, card experience, money movement, customer service, business banking, financial wellness, security and fraud protection and extensibility.

Due to our architecture, adding products through our single code base is fast, simple and cost-effective, and we expect product penetration to continue to increase as we broaden our product suite.

The Alkami Digital Banking Platform allows us to offer an end-to-end set of software solutions.

Our typical relationship with an FI begins with a set of core functional components, which can expand over time to include a rounded suite of products across onboarding and account opening, marketing, data insights, account management, payments and receivables, admin, risk and reporting, business and commercial banking, retail banking, financial analytics, and extensibility.

As of December 31, 2025, our client base, on average, used 16 of our 36 offered products.

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We predominantly employ a per-registered-user pricing model, with incremental fees above certain contractual client minimum commitments for each licensed solution.

Our pricing is tiered, with per-registered-user discounts applied as clients achieve higher levels of customer penetration, incentivizing our clients to internally market and promote digital engagement.

Our ability to grow revenues through deeper client customer penetration and cross-sell allowed us to increase annual recurring revenue from existing digital banking clients as of December 31, 2023 to 113% as of December 31, 2024

Our pricing is tiered, with per-registered-user discounts applied as clients achieve higher levels of customer or member penetration, incentivizing our clients to internally market and promote digital engagement.

Our ability to grow revenues through deeper client customer or member penetration and cross-sell allowed us to increase annual recurring revenue from existing digital banking clients as of December 31, 2024 to 115% as of December 31, 2025.

To support our growth and capitalize on our market opportunity, we have increased our operating expenses across all aspects of our business.

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Our total revenues were $443.6 million, $333.8 million, and $264.8 million for 2025, 2024, and 2023, respectively, representing growth rates of 32.9% from 2024 to 2025 and 26.1% from 2023 to 2024.

SaaS subscription services, as further described below, represented 95.6%, 95.3%, and 95.2% of total revenues for 2024, 2023, and 2022, respectively.

SaaS subscription services, as further described below, represented 95.0%, 95.6%, and 95.3% of total revenues for

2025, 2024, and 2023, respectively.

We incurred net losses of $47.7 million, $40.8 million, and $62.9 million for 2025, 2024, and 2023, respectively, largely due to significant continued investment in sales, marketing, product development and post-sales client activities.

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for more information.

The United States banking industry is massive, with almost $26 trillion in assets on the balance sheets of nearly 9,500 FIs as of December 31, 2022, according to call report data published by the Federal Financial Institutions Examinations Council (“FFIEC”) and the National Credit Union Administration (“NCUA”).

These FIs range from megabanks, which collectively held approximately $12 trillion in assets, to significantly smaller local community banks and affinity credit unions.

The United States banking industry generated over $1 trillion in gross income in 2022, according to FFIEC and NCUA call reports, highlighting a significant market opportunity that drives intense competition and a magnitude of economic importance, which requires considerable regulation, both locally and nationally.

The United States banking industry is massive, with almost $26 trillion in assets on the balance sheets of over 9,000 FIs as of December 31, 2023, according to call report data published by the Federal Deposit Insurance Corporation (“FDIC”) and the National Credit Union Administration (“NCUA”).

These FIs range from megabanks to significantly smaller local community banks and affinity credit unions.

These represent a significant market opportunity that drives intense competition and substantial economic importance, which requires considerable regulation, both locally and nationally.

Our addressable market consists of FIs with assets of $100 million to $450 billion representing over 250 million registered users.

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We believe based on third-party estimates that this segment of the market represents an opportunity of more than 200 million registered users and offers the greatest potential lifetime value, considering the cost and resources to acquire and service the relationship.

Historically, the number of registered users in the U.S.

has grown from a combination of a number of factors, including the proliferation of multiple user accounts per person, expansion of digital penetration among existing account holders and population growth.

However, banking is not a static industry, and over the last several decades, technology has emerged as a differentiating factor among FIs, driving market share gains, operational efficiencies and improved regulatory compliance.

While technology is involved in almost every function a bank performs, we typically see FIs’ technology spend increase in response to, or in preparation for, the following trends:

While technology impacts nearly every function within a bank, we typically see FIs’ increase their technology investment in response to, or in anticipation of, the following trends:

• Heightened user expectations:

The digitization of everything from taxis to food delivery to commerce has conditioned consumers and businesses to maintain heightened user experience expectations that extend to financial services, particularly when it relates to everyday financial services, such as banking services.

Previously inconceivable, account opening, loan origination (and disbursement) and money transfers can now be executed within a matter of minutes, elevating digital user experience beyond branch location as the premier point of differentiation for our clients’ customers’ service and satisfaction.

Previously inconceivable, account opening, loan origination and disbursement, and money transfers can now be executed within a matter of minutes, elevating digital user experience beyond branch location as a premier point of differentiation for our clients’ customers’ or members’ service and satisfaction.

• Increasingly digital competitive landscape:

The competitive landscape within banking in the United States and globally is shifting.

On one hand, the megabanks continue to invest substantially in absolute terms to provide technology services to U.S.

On one hand, the megabanks continue to invest substantially to provide technology services to U.S.

banking customers.

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The heightened focus on technology and security in addressing the evolution of the banking industry has driven massive spend.

While technology spend in banking is distributed across functions, we believe the following technology trends to be most impactful to the industry:

technology spend in banking is distributed across functions, we believe the following technology trends to be most impactful to the

• Shift to mobile:

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Today, a consumer or business can open a bank account almost instantly and take out a loan or transfer money from a mobile device.

These rapid advances are contributing to a substantial decline in bank physical branch traffic and a shift to digital banking platforms like Alkami’s as an FI’s primary channel of customer interaction.

• Shift to the cloud:

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Cloud-based, multi-tenant infrastructures that are securely delivered enable technology providers to broadly distribute capabilities historically reserved only for the best resourced.

Premier technology architectures can also leverage data that can be collected into a warehouse and quickly synthesized for consumption by clients in the service of their customers.

Premier technology architectures can also leverage data that can be collected into a warehouse and quickly synthesized for consumption by clients in the service of their account holders.

Finally, single-, low- and no-code architectures allow near same-day adaptability to evolving consumer needs or economic challenges.

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Integrating user experiences across desktop, mobile and SMS platforms with proliferating point solutions and a myriad of core and back office systems is overly burdensome to most FIs.

Consequently, the industry highly values platforms that mitigate much of this complexity with modern architectures that enable real-time integrations to all constituents of the digital banking ecosystem.

Consequently, the industry highly values platforms that mitigate

much of this complexity with modern architectures that enable real-time integrations to all constituents of the digital banking ecosystem.

• Focus on security:

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This is the essence of our value proposition and market opportunity.

Our Platform and Ecosystem

Our Digital Banking Platform and Ecosystem

The Alkami Digital Banking Platform is a multi-tenant, single code base, continuous delivery platform powered by a true cloud infrastructure.

Our Platform integrates with core system providers and other third-party fintech providers, and acts as the primary interaction point among consumers, businesses and FIs.

The primary benefit of this model is to reduce the inefficiencies of traditional point-to-point integration strategies, instead offering a single point of integration allowing our clients’ customers to navigate seamlessly across channels.

We believe this is critical to FIs as their models shift from physical to digital, enabling the creation of a digital community in the image of their broader brands and aligned with their strategic objectives.

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The Alkami Value Proposition

We have grown rapidly since 2009 by understanding our clients’ objectives and pain points, including adding more than 5 million live registered users from December 31, 2022 to December 31, 2024.

We have designed our solutions to improve our clients’ ability to achieve their core objectives, including new client growth, customer engagement, increasing and holding deposits, making loans, facilitating money movement and lowering overall operating costs.

Importantly, we make our clients more competitive against the megabanks, challenger banks and other technology-enabled competitors.

We have grown rapidly since 2009 by understanding our clients’ objectives and pain points, including adding nearly 5 million live registered users from December 31, 2023 to December 31, 2025.

We have designed our solutions to improve our clients’ ability to achieve their core objectives, including new customer or member growth, account holder engagement, increasing and holding deposits, making loans, facilitating money movement, protecting account holders, and lowering overall operating costs.

Importantly, we make our clients more competitive against megabanks, challenger banks and other technology-enabled competitors.

The technology that powers our Platform is foundational to our success and ability to deliver a distinct value proposition to our clients, characterized by the following:

• Premier user experience:

The Alkami Digital Banking Platform enables our clients to leverage technology to deliver a premier user experience.

The experience we build, and that our clients deliver, is validated by our clients’ market-leading app ratings, which are, on average, higher than each of our main competitors and reflect the level of customer satisfaction associated with leading technology brands.

• Versatile platform:

Our product breadth, depth of integrations, partner network and configurability enable our clients to more precisely match our products to suit the objectives of their digital offering.

For our clients, this allows a degree of flexibility that is critical to their pursuit of differentiation without the technical burden and higher cost of custom software.

For our business, this approach is tremendously scalable, enabling us to serve larger and smaller institutions alike from a single platform, with a full product suite across both retail and business banking operations.

• Accelerated Lifecycle Growth:

By bringing together best-in-class Onboarding & Account Opening, Digital Banking, and Data & Marketing into one unified Platform, FIs can convert more applicants, increase primacy and expand relationships over time.

Alkami has enhanced its position as a premier digital sales and service platform in the industry, allowing FIs to onboard, engage and grow their account base.

For each critical job to be done, Alkami provides and maintains a best-of-breed solution, each of which can be purchased independently.

• Exclusive Data Advantage That Drives Smarter Growth:

Our Platform is powered by Alkami’s Data & Marketing Solution, built on a superset of core and digital banking data available only to Alkami clients.

This unique data foundation transforms passive insights derived from transaction data into predictive targeting, automated campaigns and behavioral-based engagement across every channel.

The result is smarter outreach, stronger conversions, more relevant product offerings and scalable growth without requiring additional headcount.

• Innovation Built to Scale:

Alkami’s unified Platform is built with security embedded at every layer, an integrated fintech ecosystem, and an open development framework.

This allows FIs to have a flywheel for landing and expanding relationships, rapidly introducing new products, integrating strategic partners, and responding to changing market demands.

The result is faster execution, streamlined integration, and a consistent, secure digital experience that evolves as their strategy evolves.

• Velocity of innovation:

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Our technological infrastructure provides a speed-to-market advantage, which often allows us to remain a step ahead of competitors who operate single-tenant or other legacy architecture.

• Fraud mitigation:

Our clients seek to achieve a balance between convenience and safety that is required in a digital banking solution.

Biometric and multi-factor authentication, combined with machine learning wrapped in a leading user experience, creates a more secure user experience.

Platform security capabilities, such as card management and true real-time alerts, further help to mitigate fraud and develop a relationship of trust between our clients and their customers.

The Alkami Digital Banking Platform delivers tangible results to clients, including increased registered user growth, increased product usage, operational efficiencies and customer retention.

Our Platform, purpose-built for financial institutions, delivers tangible results to clients, including increased registered user growth, increased product usage, operational efficiencies and account holder retention that ultimately provides banks and credit unions a sustainable competitive advantage.

Our Growth Strategies

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We continue to broaden our product set to address the needs of our client base.

We offered nine products in 2015, and as of December 31, 2024, 34 products were available through the Alkami Digital Banking Platform.

We offered nine products in 2015, and as of December 31, 2025, 36 products were available through the Alkami Digital Sales & Service Platform.

During 2025, our clients purchased an average of 16 products from us.

We expect cross-sell to continue to contribute meaningfully to our growth.

◦ Customer penetration:

While we recently achieved more than 20.0 million live registered digital banking users (“registered users”), we estimate this only represents 72% of our clients’ total customers as of December 31, 2024.

◦ Customer or member penetration:

While we recently achieved more than 22 million live registered digital banking users (“registered users”), we estimate this only represents 73% of our clients’ total account holders as of December 31, 2025.

We believe we have a substantial opportunity to grow our registered user base within our existing clients, as we continue to enhance our value proposition and more consumers adopt digital banking solutions.

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We are increasingly winning FIs with more sophisticated needs as we grow our market presence and product capabilities.

As compared to the 2023 new client cohort, our 2024 new client cohort, on average, utilizes more products, resulting in a higher annual recurring revenue per new client and higher revenue per user per new client.

In the second half of 2025, over 50% of deals won included new clients purchasing solutions inclusive of our Alkami Sales and Service Platform.

During the same period, our bank and credit union win rates increased, along with the proportion of deals that included the Alkami Sales and Service Platform.

• Broaden and enhance product suite:

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Our acquisition of ACH Alert brought an additional fraud prevention tool to our product suite.

Segmint operates a marketing analytics and messaging delivery platform with patented software that enables FIs and merchants to understand and leverage data, interact with customers, and measure results.

Powered by data scientists and artificial intelligence, Segmint’s innovative product line offers a variety of ways to optimally use customer data to deepen relationships and grow the customer’s business.

The Alkami Digital Banking Platform provides FIs with a complete digital banking solution designed to facilitate and meet the needs of both retail and business users.

Segmint operates a marketing analytics and messaging delivery platform with patented software that enables FIs and merchants to understand and leverage data, interact with account holders, and measure results.

Powered by data scientists and artificial intelligence (“AI”), Segmint’s innovative product line offers a variety of ways to optimally use account holder data to deepen relationships and grow the account holder’s business.

MANTL provides onboarding, account opening, and loan origination solutions that allow FIs to acquire commercial, business, and retail customers through a variety of channels for many deposit account and loan types.

The Alkami Digital Sales & Service Platform provides FIs with a complete digital sales and service solution designed to facilitate and meet the needs of both retail and business users.

We deliver our Platform through a purpose-built, true cloud SaaS solution, enabling our clients to avoid costly and disruptive system-wide maintenance windows as well as testing projects during upgrades, which is typical of single-tenant platform solutions that are currently prevalent in large parts of the industry.

Our clients choose the Alkami Digital Banking Platform to:

Our clients choose the Alkami Digital Sales & Service Platform to:

• Onboard new registered users efficiently.

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• Grow revenues and registered users through new product and service offerings.

• Guard registered user data and interactions to mitigate fraud.

• Guard registered user data and interactions to mitigate fraud across all solutions.

Includes a multi-layered security framework that defends infrastructure, applications, and data.

We deliver this value proposition through the following 10 product categories, encompassing 36 products and more than 300 integrations as of December 31, 2025:

• Digital Account Opening :

Allows our clients’ customers to open new deposit accounts, including checking, savings, CD and Money Market accounts.

This offering enhances many of our clients’ digital platforms and gives them the opportunity to digitize and replace many of the processes that formerly required a physical branch visit.

Enables clients to deliver tailored, relevant and timely content via targeted marketing campaigns and educational outreaches to their customers.

Our acquisition of Segmint added unique data models and customer segmentation tools (Key Lifestyle Indicators or “KLIs”) to our platform's capabilities, enabling our clients to creatively segment and refine their marketing campaigns.

• Onboard & Account Opening :

Offers a unified omnichannel Platform that empowers banks and credit unions to open consumer and business deposit and loan accounts seamlessly across digital and physical channels.

MANTL’s origination and onboarding solution combines intuitive workflows, configurable automation, built-in compliance, and real-time fraud decisioning to reduce manual work while delivering a modern, relationship-first experience.

MANTL powers faster account opening, improved operational efficiency, and scalable growth.

Enables clients to deliver tailored, relevant and timely content via targeted marketing campaigns and educational outreaches to their customers and members.

Our acquisition of Segmint added unique data models and behavioral data tags to our Platform's capabilities, enabling our clients to creatively segment and refine their marketing campaigns.

• Data Insights:

Enables clients to build internal analytical tools.

Our acquisition of Segmint added unique data models and customer segmentation tools (primarily KLIs) to our platform's capabilities, enabling our clients to better understand, model, and predict their customers' preferences, lifestyle, and financial needs.

• Card Experience :

Includes features that allow for cardholder alerts and control preferences, card account maintenance features for self-service, and digital card capabilities.

• Money Movement:

Our acquisition of Segmint added unique data models and behavioral data tags to our Platform's capabilities, enabling our clients to better understand, model, and predict their account holders' preferences, lifestyle, and financial needs.

• Account Management:

Includes features that support the full account experience, from account setup and onboarding through ongoing self-service.

This includes Quick Apply for streamlined account opening for current account holders, Instant Account Verification (IAV), and cardholder alerts and control preferences, card account maintenance features for self-service, and digital card capabilities.

• Payments & Receivables:

Includes fully integrated money movement tools to increase deposits, facilitate payments and transfers, and drive consistent user engagement.

The Alkami Digital Banking Platform seamlessly integrates third-party services into a consistent digital banking experience that is portable across multiple user interfaces.

• Customer Service:

Includes a suite of products digitizing and streamlining communications around largely administrative functions.

Products range from basic SMS and push notification capabilities to digital authentication and chat and conversational tools, both digitally as well as by human interaction.

• Business Banking:

Through real-time insight into cash position and our data capabilities, we equip clients to compete for businesses of all sizes—all while simplifying the back office with a single platform with an industry-leading user experience.

Our business banking solution includes comprehensive payment and receivable solutions, sub-user permissions management, automated billing, payment fraud prevention, and actionable reporting all built into a secure and scalable platform.

• Financial Wellness:

Aggregates and synthesizes information that client customers need in order to make informed financial decisions.

This includes basic account aggregation, credit score monitoring, transaction data enrichment, home value tracking, savings goals, and access to third-party financial management products.

Users are able to make healthier financial decisions, while our FIs gain valuable insights, enabling them to drive targeted marketing and product origination.

• Security & Fraud Protection:

• Admin, Risk, & Reporting:

Includes risk-based multi-factor authentication and suspicious transaction monitoring as well as multi-channel payment fraud prevention and information reporting tools.

Our acquisition of ACH Alert enhanced our Platform’s capabilities in this product category.

• Business & Commercial Banking:

• Retail Banking:

Through intuitive digital experiences and data-driven personalization, we enable FIs to attract, engage, and retain consumers across every stage of the relationship.

Our retail banking solution delivers a modern, unified digital banking experience that

includes account management, money movement, personal financial management tools, alerts and notifications, and configurable security controls.

Built on a secure and scalable platform, our solution empowers institutions to deepen relationships, drive digital adoption, and deliver seamless, consistent experiences across channels.

• Financial Analytics:

Aggregates and synthesizes information that client account holders need to make informed financial decisions, including basic account aggregation, credit score monitoring, transaction data enrichment, home value tracking, savings goals, and access to third-party financial management products, helping users make healthier financial decisions, while providing our FIs insights to support targeted marketing and product origination.

It also includes a suite of products that digitize and streamline largely administrative communications, ranging from SMS and push notifications to digital authentication, chat, and conversational tools, delivered both digitally and through human interaction.

• Extensibility:

Enables clients to embrace and extend the Alkami Digital Banking Platform using our software development kit (“SDK”) and application program interfaces (“APIs”).

This includes the ability to integrate with internal systems and the broader fintech ecosystem, modify and customize workflows, and elevate the look and feel of the Alkami Digital Banking Platform.

Enables clients to embrace and extend the our Platform using our software development kit (“SDK”) and application programming interfaces (“APIs”).

This includes the ability to integrate with internal systems and the broader fintech ecosystem, modify and customize workflows, and elevate the look and feel of our Platform.

Our Technology and Architecture

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The benefits of this infrastructure include resiliency, reliability and increased security;

we achieved an average of 99.9% uptime in the year ended December 31, 2024.

True cloud infrastructure is also remarkably scalable, allowing us to pursue our growth objectives without technological limitation.

we achieved an average of over 99.95% uptime in the year ended December 31, 2025.

True cloud infrastructure is also scalable, allowing us to pursue our growth objectives without technological limitation.

Our technology is predominantly differentiated by the speed-to-market with which we can deliver innovation on the back of a true cloud infrastructure with the combination of the following architectural pillars:

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Importantly, this model also enables us to avoid a growth tax, or additional resource burdens arising from high growth upon a single-tenant platform.

New clients can be efficiently on-boarded, new client customers can be seamlessly added and product upgrades and updates can be delivered quickly.

New clients can be efficiently on-boarded, new client account holders can be seamlessly added and product upgrades and updates can be delivered quickly.

• Single Code Base:

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This speed and execution enables our clients to confidently grow and compete with many of the most technologically advanced FIs in the world.

We synchronize, typically in real-time, the systems and modules into which we integrate while also accumulating a data warehouse that can be synthesized into actionable insights and business intelligence.

We synchronize, typically in real-time, the systems and modules into which we integrate while also accumulating data in the data lake that can be synthesized into actionable insights and business intelligence.

FIs need access to accurate and complete data.

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This granular level of insight allows Alkami clients to digitally and systematically drive growth through smarter marketing and forecasting.

The vast majority of our technology is invisible to our clients’ customers;

The vast majority of our technology is invisible to our clients’ account holders;

however, our premier user experience delivered in partnership with our clients is highly visible.

This includes an ease of use and seamlessness that begins with on-boarding, and extends through general usage, such as balance inquiries, moving money, monitoring credit, managing cards and executing transactions such as deposits, loans and payments.

Across our clients’ customer base, the average registered user logged onto the digital application three times per week, in 2024, providing our clients more opportunities to engage with their customers than a physical branch-based relationship, further highlighting the motivation for our clients to promote client customer digital adoption.

Across our clients’ customer or member base, the average registered user logged onto the digital application three to four times per week, in 2025, providing our clients more opportunities to engage with their account holders than a physical branch-based relationship, further highlighting the motivation for our clients to promote client customer or member digital adoption.

Our security infrastructure combines security and services from AWS with our own security protocols and integrations.

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These are generally one-time in nature and involve unique, non-standard features, functions or integrations that are not as broadly desired across our client base.

As of December 31, 2024, we served 272 FIs through the Alkami Digital Banking Platform and over 750 clients when including unique clients only subscribing to one or a combination of ACH Alert, MK or Segmint products.

As of December 31, 2025, we served 301 FIs through the Alkami Digital Banking Platform and over 960 clients when including unique clients only subscribing to one or a combination of ACH Alert, Segmint, or MANTL products.

Our clients include community, regional and super-regional credit unions and banks across both retail and business banking.

While our original product suite was retail focused, as we enhanced our product suite to include greater depth of functionality for business banking in particular, we significantly expanded our addressable market as FIs increasingly seek a single digital banking platform for all their retail and business banking needs.

increasingly seek a single digital banking platform for all their retail and business banking needs.

Our target client base includes the top 2,500 FIs by assets, with the exception of the megabanks.

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Our typical FI relationship begins with a subset of the Alkami Digital Banking Platform as part of a SaaS subscription contract, with an average contract life for those contracts of approximately 70 months as of December 31, 2025.

Over the course of a client relationship, we seek to expand the number of products our clients embed within their digital experience as well as the digital penetration of the clients’ customer base.

No single client represented more than 5% of our total revenues in the year ended December 31, 2025.

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Cross-sell contributed 54% of total contract value (“TCV”) in 2025, highlighting our significant continued opportunity to grow within our existing client base.

Our client success team is responsible for nurturing relationships holistically throughout the duration of the contract, ensuring that we understand their needs in real time and that our clients are deriving maximum value from the Alkami Digital Banking Platform.

Importantly, this team supports retention and deepens the relationship with the client, providing us with the best opportunity to renew clients upon contract expiration, often coupled with an extension of the relationship to additional products.

Our marketing team oversees all aspects of the Alkami brand, including public relations, digital marketing, social media, product marketing, graphic design, conferences and events.

Our marketing team oversees all aspects of the Alkami and acquired brands, including public relations, digital marketing, social media, our website, product marketing, graphic design, conferences and events.

Our marketing efforts are focused on promoting direct sales, inbound lead generation and brand building.

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Our Competition

The market for digital solutions for financial services providers is highly competitive.

We compete with new and established point solution vendors and core processing vendors, as well as internally developed solutions.

The market for digital banking solutions for financial services providers is highly competitive.

With respect to our Digital Banking Platform, we compete with core processing vendors that also provide digital banking solutions, and with digital banking companies.

With respect to our other solutions, we compete with new and established point solution vendors and core processing vendors, as well as with internally developed solutions.

We believe that the comprehensive integration among our solution offerings and our clients’ internal and third-party systems, combined with our deep industry expertise, including our domain expertise in retail and business banking, reputation for consistent, high-quality client support, pace at which we bring innovation to market, and unified cloud-based digital banking and SaaS solutions distinguish us from the competition.

With respect to our digital banking platform, we compete against a number of companies, including Candescent, Q2 Holdings, Inc.

and Temenos AG in the online, consumer and small business banking space.

We also compete with core processing vendors that also provide digital banking solutions such as Fiserv, Inc., Jack Henry and Associates, Inc.

and Fidelity National Information Services, Inc.

Many of our competitors have significantly more financial, technical, marketing and other resources than we have, may devote greater resources to the promotion, sale and support of their systems than we can, have more extensive client bases and broader client relationships than we have and have longer operating histories and greater name recognition than we have.

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• full-feature functionality across digital channels;

• ability to integrate targeted offers for client customers across digital channels;

• ability to integrate targeted offers for client customers and members across digital channels;

• ability to support FIs in acquiring deposits with open API technologies;

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• ability to support both internal and external developers to quickly integrate with third-party applications and systems utilizing a SDK;

• design of the client customer experience, including modern, intuitive and touch-centric features;

• design of the client account holder experience, including modern, intuitive and touch-centric features;

• configurability and branding capabilities for clients;

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We have received third-party recognition for our employee engagement.

In 2024, for instance, we were recognized as a "Best Place to

Work in Financial Technology," a "Best and Brightest Companies to Work For in Dallas," as well as a "Best Company for Career Growth," a "Best Engineering Team,” and a "Best Product and Design Team" from Comparably.

In 2025, we earned 19 employee engagement awards including recognition as a “Best Place to Work in Financial Technology,” a “Best and Brightest Company to Work For in Dallas,” as well as a “Best Company for Career Growth,” “Best Engineering Team,” and “Best Product and Design Team” from Comparably.

Government Regulation

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• other federal, state and international laws and regulations.

The compliance of our solutions with these requirements depends on a variety of factors, including the functionality and design of our solutions, the classification of our clients, and the manner in which our clients and their customers utilize our solutions.

In order to comply with our obligations under these laws, we are required to implement operating policies and procedures to protect the privacy and security of our clients’ and their customers’ information and to undergo periodic audits and examinations.

In order to comply with our obligations under these laws, we are required to implement operating policies and procedures to protect the privacy and security of our clients’ and their customers’ or members’ information and to undergo periodic audits and examinations.

Privacy and Information Safeguard Laws

In the ordinary course of our business, we and our clients using our solutions access, collect, store, use transmit and otherwise process certain types of data, including personal information (“PI”), which subjects us and our clients to certain privacy and information security laws in the United States and internationally, including, for example, the GLBA, CCPA and other state privacy regulations, and other laws, rules and regulations

designed to regulate consumer information and data privacy, security and protection, and mitigate identity theft.

These laws impose obligations with respect to the collection, processing, storage, disposal, use, transfer, retention and disclosure of PI, and require that financial services providers have in place policies regarding information privacy and security.

14 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business