Alkami is a software company that sells a sales-and-service platform bundling digital banking, onboarding, data, and marketing for U.S. banks and credit unions. This quarter's revenue not only topped the high end of the Q2 guidance ($129 million) the company had issued the prior quarter, but adjusted EBITDA, which management said came in above expectations, jumped from $11.9 million a year ago to $19.4 million.

Annual recurring revenue, registered users, and revenue per user ($21.69, +7.0% YoY) all grew together, expanding the foundation of the subscription business. New customer momentum also continued, with 37 new digital banking logos over the trailing 12 months (including 15 banks) and 5 additional clients going live on the platform during the quarter. First-half free cash flow swung to a positive $12.38 million from a deficit in the year-ago period.

Revenue and adjusted EBITDA beat expectations, but cost pressure was visible, pushing gross margin below the prior-year level. Non-GAAP gross margin also slipped from 65.1% to 63.0%, a disappointment for investors focused on the "quality of earnings" relative to growth.

The magnitude of the full-year guidance raise is also limited — the low and high ends of revenue were lifted by roughly $900,000–$10,000, and adjusted EBITDA by about $1 million. Given a share price that already reflects some of the operational strength, a modest raise may not provide enough ammunition for further upside. In addition, the company did not include the adjusted EPS figure that the market primarily tracks in this press release, making it harder to line up directly against the $0.16 consensus — a source of confusion for newer investors.

CEO Alex Shootman credited continued customer and product expansion for revenue growth and adjusted EBITDA coming in ahead of expectations. He noted that demand for modern digital solutions remains strong and that the second-half 2026 sales pipeline is robust.

CFO Cassandra Hudson emphasized growth in registered users, annual recurring revenue, and revenue per user, and highlighted that adjusted EBITDA margin of 14.9% exceeded expectations. Guidance was provided for both Q3 and the full year, representing a modest lift versus the prior (Q1 earnings) full-year outlook. The overall tone is that "growth continues and operating-leverage upside is better than expected," but per-share earnings guidance was not provided.

After-hours trading following the close leaned sellers' way despite the beat-and-raise. The revenue beat was not large and gross margin weakened, while the full-year raise was limited, so the print appears to have been read as "a good quarter, but already close to expectations." A growth rate that looks more modest than in prior quarters also tends to weigh more heavily on software names that carry valuation premiums.

Looking ahead, Alkami ({{MARKET_CAP}}, {{EMPLOYEES}}) will need to demonstrate that its growth deceleration is temporary and that margin expansion is sustainable to win back investor confidence after the post-earnings pullback.