Mitek Systems Inc
NASDAQ:MITK
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Mitek Systems Inc
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.
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.
Revenue Beat: Q4 revenue was $44.8 million, coming in about $4 million above the midpoint of guidance, driven by stronger-than-expected deposit deals and identity transaction volumes.
SaaS Acceleration: SaaS revenue grew 21% for the year and 19% in Q4, a clear acceleration from mid-single-digit growth last year, now making up 43% of total revenue.
Fraud & Identity Growth: Fraud and identity revenue grew 15% year-over-year, now comprising over half of the business and positioned as the main growth engine.
Margins & Profitability: Adjusted EBITDA margin expanded to 30% for the year (from 27%), with free cash flow conversion at 100%, though management expects this to normalize to around 75% longer term.
Check Fraud Defender Progress: Annual contract value (ACV) for Check Fraud Defender grew 50% but came in below initial goals due to large enterprise deals delayed to fiscal 2026; consortium data coverage now reaches over 25% of U.S. checking accounts, approaching 50% including pilot institutions.
2026 Outlook: Fiscal 2026 revenue guidance is $185–195 million (implying around 6% growth at midpoint), with fraud and identity expected to grow about 15%. Adjusted EBITDA margin guidance is 27–30%.
Investment Focus: Company plans to reinvest in AI, biometrics, and decisioning to drive future growth while maintaining disciplined capital allocation.
Operational Improvements: Non-GAAP operating expenses declined 2% for the year and operating expense as a percentage of revenue improved, driven by automation and consolidation of go-to-market and product teams.
