Shares of Alkami Technology, Inc. (NASDAQ: ALKT) plummeted 9.05% in after-hours trading on Thursday following the release of its third-quarter earnings report that fell short of analyst expectations.

The digital banking software provider reported quarterly revenue of $112.954 million, missing the analyst consensus estimate of $113.784 million by 0.73%. While this represents a 31.49% increase over the same period last year, the company's growth failed to meet market expectations. Alkami also reported a larger net loss of $14.804 million for the quarter, compared to a loss of $9.4 million in the same quarter last year.

Adding to investor concerns, Alkami provided guidance for the fourth quarter and full year that seemed to disappoint the market. The company forecasts Q4 revenue between $119.6 million and $121.1 million, and full-year revenue between $442.5 million and $444.0 million. While these figures suggest continued growth, they may not be as robust as some investors had hoped for in the competitive fintech sector.

Despite the earnings miss, Alkami highlighted some positive developments, including the successful launch of 13 new financial institutions and early momentum in demand for holistic solutions like their Digital Sales & Service Platform. However, these achievements were not enough to offset the market's reaction to the missed estimates and widening losses.