Alkami (ALKT) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 revenue of $112.1M, up 36% year-over-year, driven by MANTL acquisition, new clients, and ARPU growth; adjusted EBITDA reached $11.9M, outperforming targets.

• Registered users reached 20.9M, a 12% increase from Q2 2024, with 280 digital banking clients live and a healthy sales pipeline.

• MANTL acquisition completed in March 2025, adding 23 new clients in Q2 and enhancing onboarding/account opening capabilities.

• Remaining performance obligation (RPO) grew 30% year-over-year to $1.6B, representing 3.7x live ARR.

• Net loss for Q2 2025 was $13.6M, compared to $12.3M in Q2 2024.

Financial highlights

• Q2 2025 revenue was $112.1M, up 36% year-over-year; organic growth was 28%.

• Adjusted EBITDA improved to $11.9M from $4.6M a year ago; adjusted EBITDA margin was 10.6%.

• Subscription revenue comprised 95% of total revenue; ARR increased 32% to $424M.

• Non-GAAP gross margin expanded to 65.1%, up from 63.2% in Q2 2024; GAAP gross margin was 58.6%.

• RPU rose 17% to $20.28, driven by MANTL and add-on sales.

Outlook and guidance

• Q3 2025 revenue guidance: $112.5M–$114M; adjusted EBITDA: $13M–$14M.

• Full-year 2025 revenue guidance: $443M–$447M; adjusted EBITDA: $51.5M–$54M.

• Mantle expected to be dilutive to adjusted EBITDA margin in the near term, with positive contribution in 2026.

• Guidance includes impact of global capability center investment.