Chief Financial Officer Dave Lyle said total revenue for the fiscal first quarter was $44.2 million , up 19% year-over-year, driven by strength “across the portfolio.” Fraud and identity revenue grew to $25.5 million , up 30% year-over-year, while Check Verification revenue was $18.8 million , up 6% .On the competitive environment, West said the firm believes it is well-positioned due to its broad platform and its ability to incorporate biometrics, liveness, deepfake detection, and additional data elements, ...

Mitek Systems (MITK) reported $44.24 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 18.8%. EPS of $0.26 for the same period compares to $0.15 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $42.25 million, representing a surprise of +4.72%. The company delivered an EPS surprise of +33.33%, with the consensus EPS estimate being $0.20.While investors scrutinize revenue and earnings changes year-over-year and how they compare with W ...

Mitek Systems (NasdaqCM:MITK) Q1 2026 Earnings call February 05, 2026 05:00 PM ET Company ParticipantsDave Lyle - CFOEd West - CEORyan Flanagan - Head of Investor RelationsConference Call ParticipantsAllen Klee - Managing Director and Senior Equity Research AnalystGeorge Sutton - Senior Research AnalystNone - AnalystNone - AnalystOperatorAfternoon, ladies and gentlemen, and welcome to Mitek Reports Fiscal First Quarter 2026 financial results. At this time, all lines are in listen-only mode. Following the pr ...

Mitek Systems (NasdaqCM:MITK) Q1 2026 Earnings call February 05, 2026 05:00 PM ET Speaker1Afternoon, ladies and gentlemen, and welcome to Mitek Reports Fiscal First Quarter 2026 financial results. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. If at any time during this call you require immediate assistance, please press star 0 for an operator. This call is being recorded on Thursday, February 5, 2026. I would now like to turn the ...

NASDAQ: MITK Mitek Systems, Inc. Financial Highlights & Outlook Fiscal Q1 2026 February 2026 ©2026 Mitek Systems Inc. All rights reserved Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. Forward- looking statements may include but are not limited ...

Financial Performance - Total revenue for Q1 FY2026 was $44.2 million, a 19% increase year-over-year from $37.3 million[6] - Adjusted EBITDA for Q1 FY2026 was $13.3 million, compared to $7.8 million a year ago, with an adjusted EBITDA margin of 30.0%[6] - Non-GAAP net income for Q1 FY2026 was $12.4 million, up from $6.6 million a year ago, with non-GAAP net income per diluted share of $0.26[6] - The company reported a GAAP net income of $2.8 million for Q1 FY2026, compared to a net loss of $4.6 million in the same period last year[6] - Total consolidated revenue for the three months ended December 31, 2025, was $44,244,000, representing a 18.5% increase from $37,254,000 in the prior year[27] - Adjusted EBITDA for the same period was $13,289,000, with an adjusted EBITDA margin of 30.0%, up from 21.1% in the previous year[28] - Non-GAAP net income for the three months ended December 31, 2025, was $12,434,000, compared to $6,633,000 in the prior year[30] - Net income for the three months ended December 31, 2025, was $2,772,000, a significant improvement from a net loss of $4,612,000 in the same period of 2024[25] Revenue Breakdown - Fraud and Identity revenue grew 30% year-over-year, driven by 21% growth in SaaS revenue[3] - SaaS revenue for Q1 FY2026 was $22.2 million, a 21% increase year-over-year from $18.4 million[6] - Revenue from Fraud and Identity Solutions increased to $25,470,000, up from $19,570,000 year-over-year[27] - Revenue from Check Verification Solutions increased to $18,773,000, compared to $17,685,000 in the same quarter last year[27] - Software license revenue for the three months ended December 31, 2025, was $13,901 thousand, up from $11,985 thousand in 2024, marking a 15.9% increase[37] - SaaS, maintenance, and other revenue for the three months ended December 31, 2025, was $30,343 thousand, compared to $25,269 thousand in 2024, representing a 20.4% growth[37] Cash and Investments - Total cash and investments decreased to $191.8 million as of December 31, 2025, down from $196.5 million at September 30, 2025[6] - Cash and cash equivalents at the end of the period increased to $175,122,000 from $154,153,000 at the beginning of the period[25] - Total current assets decreased to $239,102,000 as of December 31, 2025, down from $248,494,000 as of September 30, 2025[23] Liabilities and Equity - Total liabilities decreased to $212,797,000 from $218,851,000 in the previous quarter[23] - Stockholders' equity decreased to $233,656,000 from $240,258,000 in the prior quarter[23] Shareholder Actions - The company has raised its full-year revenue guidance to between $187 million and $197 million, with a midpoint year-over-year growth of approximately 7%[7] - The company authorized a new $50 million share repurchase program effective after the completion of the existing program[10] - The company repaid $155.3 million in Convertible Senior Notes in full on February 1, 2026[10] Operating Expenses - Total stock-based compensation expense for the three months ended December 31, 2025, was $2,691 thousand, down from $4,465 thousand in 2024, indicating a 39.8% decrease[35] - Non-GAAP operating expenses for the three months ended December 31, 2025, totaled $23,209 thousand, a decrease from $24,021 thousand in 2024, reflecting a 3.4% reduction[39] - General and administrative expenses for the three months ended December 31, 2025, were $11,074 thousand, compared to $11,901 thousand in 2024, showing a 6.9% decrease[39] Cash Flow - Net cash provided by operating activities for the three months ended December 31, 2025, was $13,743 thousand, compared to $7,064 thousand for the same period in 2024, representing a 94.5% increase[33] - Free cash flow for the twelve months ended December 31, 2025, was $62,793 thousand, up from $40,184 thousand in 2024, indicating a 56.5% growth[33]

Financial Performance - Revenue for the three months ended December 31, 2025, was $44.2 million, an increase of 19% compared to $37.3 million in the same period of 2024[126] - Net income for the same period was $2.8 million, or $0.06 per diluted share, compared to a net loss of $4.6 million, or $0.10 per diluted share, in the prior year[126] - Cash provided by operating activities was $8.0 million for the three months ended December 31, 2025, compared to $0.6 million in the same period of 2024[126] Revenue Breakdown - Software license revenue increased by $1.9 million, or 16%, to $13.9 million, driven by standalone biometrics ID Live products[129] - SaaS, maintenance, and other revenue increased by $5.1 million, or 20%, to $30.3 million, primarily due to increased transaction volume from MiVIP and Check Fraud Defender products[129] Expenses - Cost of revenue increased by $2.5 million, or 41%, to $8.4 million, attributed to increased SaaS revenue and higher personnel costs[130] - Selling and marketing expenses decreased by $1.5 million, or 16%, to $8.1 million, due to a reallocation of headcount and lower stock-based compensation[131] - Research and development expenses decreased by $0.9 million, or 11%, to $7.4 million, primarily due to lower stock-based compensation and increased capitalized software development costs[132] - General and administrative expenses decreased by $0.8 million, or 7%, to $11.1 million, mainly due to lower bad debt expense and reduced professional fees[133] Other Income and Cash Flow - Other income increased by $0.9 million, or 166%, to $1.5 million, primarily due to lower foreign currency exchange losses and higher other income[137] - Net cash provided by operating activities for the three months ended December 31, 2025 was $8.0 million, an increase of $7.5 million compared to $0.6 million for the same period in 2024, primarily due to an increase in net income[140] Investment and Financing Activities - Net cash provided by investing activities was $24.4 million during the three months ended December 31, 2025, up from $0.8 million in the same period in 2024, mainly due to net maturities of investments of $25.8 million[141] - Net cash used in financing activities was $11.5 million for the three months ended December 31, 2025, compared to $3.1 million in the same period in 2024, primarily due to higher repurchases and retirements of Common Stock[142] - The company issued $155.3 million aggregate principal amount of 0.75% Convertible Senior Notes due 2026, with net proceeds of approximately $149.7 million after expenses[145] - The company entered into an Amended Credit Agreement providing for a delayed draw term loan of up to $75.0 million and a revolving line of credit of up to $25.0 million[152] Share Repurchase and Capital Structure - The company repurchased $10.0 million worth of shares, or 1,078,333 shares, during the three months ended December 31, 2025, at an average price of $9.27 per share[160] - Total purchases under the share repurchase program since inception reached $39.0 million as of December 31, 2025, with all repurchased shares retired[160] Cash and Investments - As of December 31, 2025, the company had $191.8 million in cash and cash equivalents, a decrease of $4.7 million, or 2%, from $196.5 million on September 30, 2025[139] - The company had investments of $16.7 million in available-for-sale debt securities as of December 31, 2025, with $15.0 million classified as current and $1.7 million as long-term[162] - Marketable securities had a fair market value of $16.7 million as of December 31, 2025, representing 4% of total assets[167] Financial Risks and Conditions - Cash and cash equivalents, along with proceeds from the Amended Credit Agreement, are expected to meet material cash requirements for at least the next twelve months[163] - The company has not used derivative financial instruments in its investment portfolio, which is focused on preserving principal and maximizing after-tax yields[167] - A hypothetical 100 basis point change in market interest rates would not materially impact the fair value of cash equivalents and debt securities due to their short maturities[168] - Operations in the UK, France, the Netherlands, and Spain are exposed to foreign currency exchange rate fluctuations, particularly between the U.S. dollar, Euro, and British pound sterling[169] - Inflation has not had a material effect on the company's financial condition or results of operations for the three months ended December 31, 2025[170] - The company may face challenges in offsetting higher costs due to inflation through price increases, which could harm its financial condition[171]

Core Viewpoint - Mitek Systems, Inc. will release its financial results for Q1 of fiscal year 2026 on February 5, 2026, after U.S. market close [1] Financial Results Announcement - The financial results pertain to the first quarter ending December 31, 2025 [1] - A conference call and live webcast will be held at 2 p.m. PT (5 p.m. ET) to discuss the results [1] - The call will be led by Mitek CEO Ed West and CFO Dave Lyle, followed by a Q&A session [1]

Core Insights - Mitek Systems, Inc. has been recognized as a Market Leader in the Datos Insights Matrix for Document Identity Verification, indicating strong performance in product capabilities and execution [1] Company Performance - The evaluation by Datos Insights highlights Mitek's robust performance in digital identity verification and fraud prevention, showcasing its leadership position in the market [1]

Group 1 - Mitek Systems (MITK) closed at $9.97, with a 7.2% gain over the past four weeks, and a mean price target of $13.25 suggests a 32.9% upside potential [1] - The average price targets range from a low of $11.00 to a high of $15.00, with a standard deviation of $1.71, indicating a potential increase of 10.3% to 50.5% from the current price [2] - Analysts show strong agreement in revising earnings estimates higher, which correlates with potential stock price movements [11][12] Group 2 - The Zacks Consensus Estimate for the current year has increased by 1.9% due to two upward revisions and no negative revisions in the last 30 days [12] - MITK holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a directional guide for price movement [14]