ALKTHIGH SIGNALFINANCIAL10-K

ALKT shows explosive 505% increase in total liabilities alongside strong revenue growth and operational improvements, indicating a major capital structure transformation or significant acquisition activity.

The dramatic liability increase from $80M to $485M far exceeds the asset growth, suggesting major debt financing, acquisition-related obligations, or other significant financial restructuring that fundamentally alters the company's risk profile. While the strong revenue growth (+36%) and doubled operating cash flow are positive, the magnitude of the liability increase requires immediate investor scrutiny to understand the underlying drivers and long-term implications.

Comparing 2026-02-26 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

ALKT demonstrates strong operational performance with revenue growing 36% to $152M and operating cash flow more than doubling to $43M, indicating improving business fundamentals. However, the company's balance sheet underwent a dramatic transformation with total liabilities exploding 505% to $485M while total assets grew only 94% to $847M, and cash declined 33% to $64M. This combination of strong operations but massive liability growth suggests significant debt-financed expansion or acquisition activity that investors must carefully evaluate for sustainability and strategic rationale.

FINANCIAL STATEMENT CHANGES
Total Liabilities
Balance Sheet
+504.6%
$80.2M$485.2M

Liabilities grew 504.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Operating Cash Flow
Cash Flow
+130.7%
$18.6M$42.9M

Operating cash flow surged 130.7% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+96.5%
$45.6M$89.5M

Current liabilities surged 96.5% — significant near-term obligations; verify ability to meet short-term debt.

Total Assets
Balance Sheet
+93.8%
$437.3M$847.2M

Asset base grew 93.8% — expansion through organic growth, acquisitions, or capital deployment.

Interest Expense
P&L
+90.9%
$3.9M$7.4M

Interest expense surged 90.9% — significant debt increase or rising rates materially impacting earnings.

Revenue
P&L
+35.7%
$112.1M$152.2M

Strong top-line growth of 35.7% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+32.9%
$38.7M$51.5M

Receivables surged 32.9% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Cash & Equivalents
Balance Sheet
-32.7%
$94.4M$63.5M

Cash declined 32.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Gross Profit
P&L
+30.5%
$196.6M$256.6M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Capital Expenditure
Cash Flow
+29%
$1.2M$1.5M

Capex increased 29% — ongoing investment in capacity or infrastructure for future growth.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-28
ADDED
Overview Alkami is a cloud-based digital sales and service platform provider.
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.
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.
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.
While our presence in India has grown since 2024, these operations remain immaterial to our consolidated financial statements as of December 31, 2025.
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REMOVED
Overview Alkami is a cloud-based digital banking solutions provider.
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.
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.
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.
As of December 31, 2024, this entity had immaterial operations and did not have a significant impact on our business operations.
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