Mitek Systems, Inc. Earnings Recaps
Q2 2026
May 12, 2026
Mitek's stock rose modestly by 1.6% following its fiscal Q2 earnings, reflecting steady growth in its Fraud and Identity segment but no clear catalyst to push shares higher given the tempered market response.
Key takeaways
- Fraud and Identity revenue grew 28% year-over-year, driven by deeper customer engagement and expanded use cases beyond onboarding.
- Check verification solutions remain a stable, cash-generative base, with the Check Fraud Defender annual contract value surpassing $19 million, up over 50% year-over-year.
- Total SaaS revenue increased 18% year-over-year, now representing approximately 44% of the last 12 months’ revenue, indicating continued subscription growth.
- The company emphasized its strengthened balance sheet, record adjusted EBITDA, and healthy cash flow but did not raise or materially adjust guidance.
- The CEO highlighted AI-driven fraud risks strengthening demand, yet market reaction suggests investors remain cautiously optimistic, pricing in growth but looking for more pronounced upside signals.
Q4 2025
Dec 12, 2025
Mitek delivered robust Q4 and full-year fiscal 2025 results, exceeding expectations with significant growth in its fraud and identity portfolio as financial institutions respond to rising AI-driven fraud threats.
Key takeaways
- Fraud and identity services now represent over 50% of total revenue, growing more than 15% year-over-year, solidifying its role as a key growth driver.
- SaaS revenue surged 21% in fiscal 2025, up from mid-single digits in the prior year, with SaaS now accounting for 43% of total revenue.
- Adjusted EBITDA margins reached 30%, reflecting improved operational efficiency, while non-GAAP operating expenses decreased by 2%, despite a nearly 5% revenue increase.
- Check Fraud Defender's annual contract value (ACV) rose 50% year-over-year, with a data consortium covering over 25% of U.S. checking accounts, enhancing fraud detection capabilities.
- The company has made strategic investments in R&D and decisioning capabilities, positioning itself for scalable, profitable growth as it adapts to the evolving fraud landscape.