Alkami Technology Inc 2025年度报告

FORM 10-K (Mark One)☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGEACT OF 1934For the fiscal year ended December 31, 2025or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934For the transition period from ___________ to ___________ ALKAMI TECHNOLOGY, INC. (Exact Name of Registrant as Specified in its Charter) State or Other Jurisdiction ofIncorporation or OrganizationIRS Employer Identification No. Plano, TX75204 (877) 725-5264Registrant’s Telephone Number, Including Area Code Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was requiredto file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for suchshorter period that the registrant was required to submit such files). Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “acceleratedfiler,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐ Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition periodfor complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the ExchangeAct.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of theeffectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements ofthe registrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis ofincentive-based compensation received by any of the registrant’s executive officers during the relevant recovery periodpursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ The aggregate market value of the common equity held by non-affiliates of the Registrant, based on the closing price of theshares of common stock on The NASDAQ Stock Market as of the last business day of the most recently completed secondfiscal quarter, which was June 30, 2025, was $2.4 billion. The number of shares of registrant’s common stock outstanding as of February 20, 2026 was 106,148,144. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders scheduled to be held onMay 19, 2026, which will be filed with the Securities and Exchange Commission within 120 days after the end of theregistrant’s fiscal year ended December 31, 2025 are incorporated by reference into Part III of this Annual Report on Form10-K to the extent described therein. TABLE OF CONTENTS PART IPageItem 1.Business.4Item 1A.Risk Factors.15Item 1B.Unresolved Staff Comments.43Item 1C.Cybersecurity.43Item 2.Properties.44Item 3.Legal Proceedings.44Item 4.Mine Safety Disclosures44PART IIItem 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities.45Item 6.[Reserved]45Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations.46Item 7A.Quantitative and Qualitative Disclosures About Market Risk.58Item 8.Financial Statements and Supplementary Data.59Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.94Item 9A.Controls and Procedures.94Item 9B.Other Information.95Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.95PART IIIItem 10.Directors, Executive Officers and Corporate Governance.95Item 11