ALKAMI TECHNOLOGY, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(47,652) | $(40,835) | $(62,913) |
| Adjustments to reconcile net loss to net cash provide by (used in) operating activities: | |||
| Depreciation and amortization expense | 26,912 | 10,508 | 10,631 |
| Accrued interest on marketable securities, net | (854) | (1,075) | (3,231) |
| Stock-based compensation expense | 76,188 | 59,437 | 51,231 |
| Amortization of discount and debt issuance costs | 1,951 | 210 | 138 |
| Gain on financial instruments | — | — | (532) |
| Loss on extinguishment of debt | — | — | 409 |
| Loss on impairment of intangible assets | 1,655 | — | — |
| Gain on lease modification | — | — | (375) |
| Deferred taxes | (11,794) | 109 | (32) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (11,276) | (3,240) | (9,253) |
| Prepaid expenses and other assets | (9,351) | (3,972) | 425 |
| Accounts payable and accrued liabilities | 19,708 | 3,322 | 91 |
| Deferred costs | (12,310) | (8,603) | (7,720) |
| Deferred revenues | 9,729 | 2,736 | 3,629 |
| Net cash provided by (used in) operating activities | 42,906 | 18,597 | (17,502) |
| Cash flows from investing activities: | |||
| Purchase of marketable securities | (45,206) | (40,416) | (140,816) |
| Proceeds from sales, maturities, and redemptions of marketable securities | 31,800 | 71,312 | 181,019 |
| Purchases of property and equipment | (1,542) | (1,195) | (1,058) |
| Capitalized software development costs(1) | (7,147) | (6,660) | (5,234) |
| Acquisition of business, net of cash acquired | (375,499) | — | — |
| Net cash (used in) provided by investing activities | (397,594) | 23,041 | 33,911 |
| Cash flows from financing activities: | |||
| Payments on revolving loan | (45,000) | — | — |
| Principal payments on debt | — | — | (85,000) |
| Payment of holdback funds from acquisition | — | — | (3,600) |
| Debt issuance costs paid | (1,898) | (363) | (341) |
| Proceeds from ESPP issuance | 5,338 | 4,736 | 4,124 |
| Proceeds from issuance of convertible senior notes | 335,513 | — | — |
| Proceeds from borrowing under revolving loan | 60,000 | — | — |
| Purchase of capped calls | (33,879) | — | — |
| Payments for taxes related to net settlement of equity awards | — | (12,820) | (15,985) |
| Proceeds from stock option exercises | 3,712 | 20,241 | 12,983 |
| Net cash provided by (used in) financing activities | 323,786 | 11,794 | (87,819) |
| Net (decrease) increase in cash and cash equivalents | (30,902) | 53,432 | (71,410) |
| Cash and cash equivalents, beginning of period | 94,359 | 40,927 | 112,337 |
| Cash and cash equivalents, end of period | $63,457 | $94,359 | $40,927 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $5,943 | $283 | $7,056 |
| Cash paid for taxes (states)(2) | $475 | $375 | $332 |
| Cash paid for taxes (foreign)(2) | $201 | $— | $— |
(1)See Note 4 for additional information regarding noncash investing activities for the years ended December 31, 2025, 2024, and 2023 related to capitalized software development costs.
(2)In 2025, material jurisdictions that are equal or greater than 5% of the total cash paid for taxes (in thousands) included India ($201), California ($177), Connecticut ($40), Maine ($36), Maryland ($38), New York ($36), and Texas ($86).
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