Alkami boasts 30% revenue growth, 96% subscription revenue, and 113% net retention, demonstrating strong execution in the SaaS model with exceptional customer retention. The company completed a $375.5 million acquisition (MANTL) in 2025 and ended the year with $336.2 million of convertible debt and total assets of $847.2 million. Activist investor Jana Partners has urged Alkami Technology to explore a sale to a rival or private equity firm, positioning the company as an acquisition target.
Cyborg Score Rationale
Alkami grew 2025 revenue 32.9% to $443.6M and doubled Adjusted EBITDA to $59.1M, demonstrating strong growth and rapid profitability expansion. The company's remaining performance obligation reached $1.7 billion (3.6x ARR), providing substantial visibility into future revenues. However, balance sheet leverage from recent debt issuance and acquisition integration risks temper the outlook.
Top Insights
Strong ARR growth of 35% to $480.3M reflects accelerating adoption among financial institutions with 39 new logos signed in 2025, including 11 banks
MANTL acquisition strategically fills product gap in account opening and loan origination, addressing key customer need and driving ARPU expansion
Remaining performance obligation of $1.7B (3.6x ARR) provides excellent revenue visibility and demonstrates sticky customer base with long-term contracts
Activist involvement and strategic review underway signal high probability of M&A, with 25-30% premium potential on top of strong standalone fundamentals
Named Competitors
Jack Henry Core Banking & Digital Banking Platforms — Legacy core banking provider with extensive branch presence
Q2 Digital Banking Platform — Digital banking and customer engagement platform for financial institutions
Temenos Platform — Cloud banking platform and digital banking solutions
Recent Developments
(February 2026) Reported Q4 2025 results with 33% revenue growth to $443.6M and Adjusted EBITDA doubling to $59.1M
(February 2026) State Bank of Texas and BankCherokee went live on Alkami platform for unified digital banking
(February 2026) MANTL partnership with Amplify Credit Union launched for sub-5 minute retail onboarding and sub-10 minute business account opening
(January 2026) Published proprietary research on 2026 banking trends highlighting digital onboarding, AI-powered relationship management, and API-driven connectivity
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