Mitek Systems Inc
NASDAQ:MITK

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Mitek Systems Inc
NASDAQ:MITK
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Price: 9.3 USD 0.11% Market Closed
Market Cap: 424.5m USD

Mitek Systems Inc
Investor Relations

Mitek Systems, Inc. engages in the innovation of mobile capture and digital identity verification solutions. The company is headquartered in San Diego, California and currently employs 435 full-time employees. The firm is engaged in the business of developing computer vision, artificial intelligence, and machine learning. The company operates through the development, sale, and service of software solutions related to the mobile imaging segment. The firm develops mobile image capture and digital identity verification solutions. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, CheckReader, Check Fraud Defender, Check Intelligence, ID_CLOUD, IDLive Face, IDVoice, IDLive Voice and IDLive Doc. The Company’s digital technology solutions are provided in two parts, which include a software development kit for mobile image capture, and a cloud software platform, which uses artificial intelligence and machine learning to classify and extract data to enable mobile check deposit, as well as aid the authentication of identity documents, including passports, identity cards, and driver's licenses using a camera-equipped device.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Aug 7, 2025
AI Summary
Q3 2025

Revenue Growth: Q3 revenue was $45.7 million, up 2% year-over-year, driven mainly by strong Identity product growth.

Identity Strength: Identity revenue rose 24% year-over-year to $19.5 million, as SaaS adoption increased and large customers expanded usage.

SaaS Momentum: SaaS revenue grew 23% year-over-year and now represents 41% of trailing 12-month revenue, a key strategic milestone.

Fraud Solutions Traction: Check Fraud Defender annual contract value reached $13.1 million, up 56% year-over-year, with strong momentum in partner channels.

Margin Expansion: Adjusted EBITDA margin improved to 28.6%, up 170 basis points from last year; services gross margin improved by 200 basis points year-over-year.

Operational Discipline: Non-GAAP operating expenses were $26.3 million, a 3% improvement year-over-year, reflecting tighter cost control and efficiency gains.

Guidance Raised: Full-year adjusted EBITDA margin guidance increased to 28–29% (from 26–29%) and revenue guidance slightly tightened upward to $174–177 million.

Durable Profitability: The Identity portfolio is nearing the point of consistent profitability, with recent efficiency efforts lowering the breakeven point.

Key Financials
Revenue
$45.7 million
Identity Revenue
$19.5 million
Trailing 12-month Identity Revenue
$75 million
SaaS Revenue
41% of trailing 12-month revenue
Check Fraud Defender Annual Contract Value
$13.1 million
Deposits Product Portfolio Revenue (Trailing 12 months)
$103 million
Trailing 12-month License Revenue (Deposits)
$69.1 million
Gross Margin
85%
Services & Other Revenue Gross Margin
74%
Non-GAAP Operating Expense
$26.3 million
Adjusted EBITDA
$13.1 million
Adjusted EBITDA Margin
28.6%
Non-GAAP Net Income
$10.2 million
EPS (Diluted)
$0.22
Diluted Shares Outstanding
46.8 million
Free Cash Flow (Trailing 12 months)
$55.8 million
Free Cash Flow Conversion Rate
99%
Cash and Investments
over $175 million
Convertible Notes Outstanding
$155 million
Share Repurchase Authorization Remaining
$21 million
Earnings Call Recording
Other Earnings Calls

Management

Mr. Michael E. Diamond
GM & Senior VP of Digital Banking
No Bio Available
Mr. Chris Briggs
Senior VP of Identity & Head of Products
No Bio Available
Mr. Edward H. West
CEO & Director
No Bio Available
Mr. David B. Lyle
Chief Financial Officer
No Bio Available
Mr. Todd Kehrli
Investor Contacts
No Bio Available
Mr. Jason L. Gray J.D.
Chief Legal Officer, Chief Compliance Officer & Corporate Secretary
No Bio Available
Ms. Cindy White
Chief Marketing Officer
No Bio Available
Ms. Judith Ohrn Hicks
Senior Vice President of People Operations
No Bio Available

Contacts

Address
CALIFORNIA
San Diego
600 B St Ste 100
Contacts
+16192696800.0
www.miteksystems.com