Mitek Systems(US:MITK)2026-02-05 21:14Financial 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]