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SAN DIEGO--(BUSINESS WIRE)--Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification and fraud prevention, today announced that it will release its financial results for the third quarter of fiscal year 2026, which ended June 30, 2026, after the U.S. market closes on Thursday, August 6, 2026. Mitek will host a conference call and live webcast to discuss the results at 2 p.m. PT (5 p.m. ET). Mitek CEO Ed West and CFO Dave Lyle will lead the call, followed by a Q&A.

Mitek Systems, Inc. (NASDAQ: MITK - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $10.74 and traded as high as $13.52. Mitek Systems shares last traded at $13.10, with a volume of 830,650 shares trading hands. Analyst Upgrades and Downgrades

On April 16, 2026, Mitek Systems Inc MITK shares fell 6.8% to a current price of $14.04. This decline comes amid a volatile trading environment, with the stock showing a 52-week range of $7.54 to $15.61.

GF Value™ verdict: Current price of $14.04 is 27.8% above the GF Value™ estimate of $10.99, indicating the stock is overvalued.GF Score™ is 82/100, which suggests a strong overall performance compared to peers.Notable signal: Insiders have sold $1.1M in stock over the last three months, with no insider buying reported. Is MITK Overvalued or Undervalued? According to the current evaluation, Mitek Systems Inc MITK is considered overvalued, with a current trading price of $14.04 compared to the GF Value™ estimate of $10.99. This represents a margin of safety of approximately 27.8% for potential investors. The GF Valuation label indicates that the stock is moderately overvalued, suggesting that it may not provide the same level of return on investment as similarly priced stocks or those priced closer to their intrinsic value. Investors should be cautious, as buying shares at overvalued levels can lead to lower future returns.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. With the current price surpassing the estimated intrinsic value, there is a risk that the stock may be subject to price corrections, particularly in a market influenced by broader economic conditions.

How Does MITK's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 40.1x 71.8x Forward P/E 12.3x N/A The current P/E ratio of 40.1x is significantly below its 5-year median of 71.8x, indicating that the stock is trading at a lower valuation relative to its historical average. The forward P/E of 12.3x also suggests a potentially more favorable outlook compared to the trailing metric. However, this P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that while the stock is trading below historical averages, it is still considered overvalued based on the GF Value™ estimate.

What Does MITK's GF Score™ Tell Us? Metric Rating GF Score™ 82 Financial Strength 6/10 Profitability 7/10 Growth 9/10 Valuation 5/10 Momentum 3/10 Mitek Systems Inc MITK has a GF Score™ of 82/100, indicating a strong overall performance. The strongest area is its growth rank, rated at 9/10, suggesting robust potential for future expansion. However, the momentum rank of 3/10 indicates that the stock may be experiencing some challenges in maintaining upward price movement. Additionally, the financial strength and valuation ranks of 6/10 and 5/10, respectively, highlight moderate stability but also suggest that the stock may not be as financially solid as desired.

What Are Insiders Doing with MITK Stock? Recent insider activity shows that insiders have sold a total of $1.1 million in Mitek Systems Inc MITK stock over the last three months, with no reported purchases. This selling trend may signal a lack of confidence from insiders regarding the stock's short-term performance potential or could reflect personal financial decisions unrelated to the company’s forecast.

Such activity can be interpreted as a cautionary sign for potential investors, as insider selling may indicate that those closest to the company do not foresee immediate gains in the stock price.

What This Means for Investors Based on the current valuation assessment, Mitek Systems Inc MITK is considered overvalued with a GF Value™ estimate of $10.99 compared to its current trading price of $14.04. This suggests that investors may want to proceed with caution if considering an investment in MITK at this time.

For the complete analysis, visit the Mitek Systems Inc MITK stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is MITK's GF Score™?

MITK's GF Score™ is 82/100, indicating a strong overall performance compared to peers, suggesting the company has good growth potential and financial stability.

Is MITK overvalued or undervalued?

MITK is currently overvalued, as its current price of $14.04 exceeds the GF Value™ estimate of $10.99 by 27.8%.

What is MITK's P/E ratio?

MITK's P/E (TTM) is 40.1x, which is significantly lower than its 5-year median P/E of 71.8x, indicating that the stock is trading at a lower valuation relative to its historical norm.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

SAN DIEGO--(BUSINESS WIRE)--Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification and fraud prevention, today announced that it will release its financial results for the second quarter of fiscal year 2026, which ended March 31, 2026, after the U.S. market closes on Thursday, May 7, 2026. Mitek will host a conference call and live webcast to discuss the results at 2 p.m. PT (5 p.m. ET). Mitek CEO Ed West and CFO Dave Lyle will lead the call, followed by a Q&A.

-

Reported revenue of $54.8M, the highest quarterly revenue in Mitek history
Fraud and Identity revenue grew 28% year over year; SaaS revenue grew 18%
Raises full-year fiscal 2026 revenue and adjusted EBITDA margin outlook

SAN DIEGO--(BUSINESS WIRE)--Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity verification and fraud prevention, today reported financial results for its second quarter ended March 31, 2026 and raised its revenue and adjusted EBITDA margin guidance range for the fiscal year ending September 30, 2026 (“fiscal 2026”).

“The team’s execution on our Unify and Grow ethos resulted in a record revenue and profitability quarter, led by 18% year-over-year SaaS growth as customers route more transactions through Mitek to counter AI-driven fraud,” said Ed West, Chief Executive Officer of Mitek. “Our recent growth has been driven by deepening and broadening relationships with some of the world’s leading financial institutions and adding new high-assurance customers in multiple markets. Based on this momentum, we have again raised our full-year outlook, and our focus remains on disciplined execution, continued innovation, and scaling our business model to drive durable, long-term value.”

Fiscal 2026 Second Quarter Financial Highlights

GAAP

Total revenue of $54.8 million was a 6% increase year-over-year, compared to $51.9 million a year ago. SaaS revenue of $21.2 million was an 18% increase year-over-year, compared to $18.0 million a year ago. Gross profit of $43.2 million, compared to $42.1 million a year ago. GAAP gross profit margin was 78.8%, compared to 81.2% a year ago. GAAP net income was $9.5 million, compared to $9.2 million a year ago. GAAP net income per diluted share was $0.20, compared to $0.20 a year ago. Total cash and investments of $77.6 million at March 31, 2026, was a decrease of $118.9 million from $196.5 million at September 30, 2025; the retirement of the $155 million Convertible Senior Notes was the primary contributor to the decrease. LTM net cash provided by operating activities was $48.1 million, compared to $48.4 million for the corresponding period a year ago. Non-GAAP

Non-GAAP gross profit of $46.6 million, compared to $45.6 million a year ago. Non-GAAP gross profit margin was 85.0%, compared to 87.7% a year ago. Adjusted EBITDA was $22.3 million, compared to $20.3 million a year ago. Adjusted EBITDA margin was 40.7%, compared to 39.0% a year ago. Non-GAAP net income was $18.5 million, compared to $16.7 million a year ago. Non-GAAP net income per diluted share was $0.38, compared to $0.36 a year ago. LTM free cash flow was $44.5 million, compared to $47.1 million for the corresponding period a year ago. Guidance

Guidance includes non-GAAP financial measures. Mitek is raising its revenue and adjusted EBITDA margin guidance for the fiscal year, and providing guidance for its fiscal third quarter, ending June 30, 2026, as follows:

Full Year FY26

Q3 FY26

Guidance

Guidance

Total revenue

$189 - $198 million

$49 - $53 million

Y/Y growth (midpoint)

Approximately 8%

Fraud & Identity solutions revenue(1)

$103 - $108 million

Y/Y growth (midpoint)

Approximately 17%

Adjusted EBITDA margin %(2)

30% - 33%

Total Non-GAAP operating expense(2)

$25 - $26 million

(1) See revenue categorizations as presented in the “Disaggregation of Revenue by Product and Type” below.

(2) See “GAAP to Non-GAAP” Reconciliations below.

Conference Call Information

Mitek management will host a conference call and live webcast for analysts and investors today at 2 p.m. PT (5 p.m. ET) to discuss the Company’s financial results for the second quarter of fiscal 2026. To join the webcast, visit our Investor Relations website at https://investors.miteksystems.com.

Participants may also dial +1 800-717-1738 (US and Canada) or +1 646-307-1865 (International) to access the call. A dial-in replay will be available for one week by dialing +1 844-512-2921 (U.S. and Canada) or +1 412-317-6671 (International) and entering the passcode 1141184. An archived webcast replay will remain accessible for one year on Mitek’s Investor Relations website.

About Mitek Systems, Inc.

Mitek Systems protects what’s real across digital interactions in a world of evolving threats. Mitek helps businesses verify identities, prevent fraud before it happens, and deliver secure, seamless digital experiences in the face of rapidly advancing AI-generated threats. From account opening to authentication and deposit, Mitek’s technology safeguards critical digital interactions. More than 7,000 organizations rely on Mitek to protect their most important customer connections and stay ahead of emerging risks. Learn more at www.miteksystems.com. [(MITK-F)]

Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.

Notice Regarding Forward-Looking Statements

Statements contained in this news release relating to the Company or its management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s fiscal 2026 guidance, are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner, the Company’s ability to capitalize on a growing market, quarterly variations in revenue, the profitability of certain sectors of the Company, the performance of the Company’s growth initiatives, the outcome of any pending or threatened litigation or investigation, and the timing of the implementation and launch of the Company’s products by the Company’s signed customers.

Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025, as filed with the SEC on December 11, 2025 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Note Regarding Use of Non-GAAP Financial Measures

This news release contains non-U.S. generally accepted accounting principles (“GAAP”) financial measures for adjusted EBITDA, adjusted EBITDA margin, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP net income per basic share, non-GAAP net income per diluted share, non-GAAP free cash flow, and non-GAAP operating expense that excludes stock-based compensation expense, litigation and other legal costs, executive and other transition costs, non-recurring audit fees, enterprise risk, portfolio positioning and other related costs, and non-GAAP net income which additionally excludes amortization of acquisition-related intangibles, net changes in estimated fair value of acquisition-related contingent consideration, restructuring costs, amortization of debt discount and issuance costs, income tax effect of pre-tax adjustments, and cash tax difference. These financial measures are not calculated in accordance with GAAP and are not based on any comprehensive set of accounting rules or principles. In evaluating the Company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management and the Board of Directors of the Company utilize these non-GAAP financial measures to gain a better understanding of the Company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the Company’s GAAP financial statements, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the Company’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identify trends in the Company’s underlying business and provides a better understanding of how management plans and measures the Company’s underlying business.

The Company has not provided a reconciliation of its forward outlook for non-GAAP adjusted EBITDA margin with its forward-looking GAAP net income margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to quantify share-based compensation expense, which is excluded from our non-GAAP adjusted EBITDA margin, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable due to the volatility of the Company’s share price. Additionally, a significant portion of the Company’s operations are in foreign countries and the transactional currencies are primarily Euros and British pound sterling and the Company is not able to predict fluctuations in those currencies without unreasonable efforts. The Company expects these items may have a potentially significant impact on future GAAP financial results.

We define free cash flow as net cash provided by operating activities, less cash used for purchases of property and equipment. We define free cash flow margin as free cash flow as a percentage of revenue. In addition to the reasons stated above, we believe that free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment in order to enhance the strength of our balance sheet and further invest in our business and potential strategic initiatives. A limitation of the utility of free cash flow as a measure of our liquidity is that it does not represent the total increase or decrease in our cash balance for the period. We use free cash flow in conjunction with traditional U.S. GAAP measures as part of our overall assessment of our liquidity, including the preparation of our annual operating budget and quarterly forecasts and to evaluate the effectiveness of our business strategies. There are a number of limitations related to the use of free cash flow as compared to net cash provided by operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made. We may refer to certain financial metrics on a Last Twelve Months (“LTM”) basis. LTM figures represent the sum of the most recently reported four fiscal quarters and are used to provide a view of the company's financial performance over the past year.

Mitek encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate Mitek’s business.

MITEK SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(amounts in thousands except per share data)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Revenue

Software license

$

25,950

$

26,700

$

39,851

$

38,685

SaaS, maintenance, and other

28,891

25,229

59,234

50,498

Total revenue

54,841

51,929

99,085

89,183

Operating costs and expenses

Cost of revenue—software license (exclusive of depreciation & amortization)

33

16

66

83

Cost of revenue—SaaS, maintenance, and other (exclusive of depreciation & amortization)

8,525

6,515

16,899

12,392

Selling and marketing

9,601

10,540

17,749

20,235

Research and development

7,566

9,766

14,940

18,089

General and administrative

12,244

10,098

23,318

21,999

Amortization of acquired intangibles and acquisition-related costs

3,323

3,600

6,609

7,257

Restructuring costs

—

29

515

837

Total operating costs and expenses

41,292

40,564

80,096

80,892

Operating income (loss)

13,549

11,365

18,989

8,291

Interest expense

1,450

2,407

3,992

4,805

Other income (expense), net

637

1,110

2,137

1,673

Income (loss) before income taxes

12,736

10,068

17,134

5,159

Income tax benefit (provision)

(3,200

)

(916

)

(4,826

)

(619

)

Net income (loss)

$

9,536

$

9,152

$

12,308

$

4,540

Net income (loss) per share—basic

$

0.21

$

0.20

$

0.27

$

0.10

Net income (loss) per share—diluted

$

0.20

$

0.20

$

0.25

$

0.10

Shares used in calculating net income (loss) per share—basic

45,050

45,651

45,380

45,501

Shares used in calculating net income (loss) per share—diluted

48,535

46,610

48,470

46,599

Comprehensive income (loss)

Net income (loss)

$

9,536

$

9,152

$

12,308

$

4,540

Other comprehensive income (loss), net of tax

Foreign currency translation adjustment

(2,980

)

4,944

(3,069

)

(5,566

)

Unrealized gain (loss) on investments, net of tax benefit/(expense) of $7, $(8), $14, and $34

(25

)

54

(48

)

(84

)

Other comprehensive income (loss), net of tax

(3,005

)

4,998

(3,117

)

(5,650

)

Comprehensive income (loss)

$

6,531

$

14,150

$

9,191

$

(1,110

)

MITEK SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(amounts in thousands except share data)

March 31, 2026 (Unaudited)

September 30, 2025

ASSETS

Current assets:

Cash and cash equivalents

$

69,187

$

154,153

Short-term investments

8,400

38,858

Accounts receivable, net

63,308

36,811

Contract assets, current portion

8,626

12,687

Prepaid expenses

2,942

3,050

Other current assets

4,038

2,935

Total current assets

156,501

248,494

Long-term investments

—

3,464

Property and equipment, net

4,500

2,314

Right-of-use assets

2,167

2,624

Intangible assets, net

32,672

39,799

Goodwill

131,439

133,457

Deferred income tax assets

24,437

25,334

Contract assets, non-current portion

1,447

1,405

Other non-current assets

3,775

2,218

Total assets

$

356,938

$

459,109

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

3,976

$

3,874

Accrued payroll and related taxes

11,850

16,837

Accrued liabilities

627

343

Income tax payables

3,000

2,683

Deferred revenue, current portion

36,056

29,061

Lease liabilities, current portion

894

890

Convertible senior notes

—

152,216

Current portion of term loan

2,500

—

Other current liabilities

1,035

3,130

Total current liabilities

59,938

209,034

Deferred revenue, non-current portion

1,501

1,085

Long-term portion of term loan

47,500

—

Lease liabilities, non-current portion

1,623

2,080

Deferred income tax liabilities

290

295

Other non-current liabilities

6,619

6,357

Total liabilities

117,471

218,851

Stockholders’ equity:

Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding

—

—

Common stock, $0.001 par value, 120,000,000 shares authorized, 44,864,835 and 45,636,531 issued and outstanding, as of March 31, 2026 and September 30, 2025, respectively

45

46

Additional paid-in capital

273,642

265,835

Accumulated other comprehensive income (loss)

(2,531

)

586

Accumulated deficit

(31,689

)

(26,209

)

Total stockholders’ equity

239,467

240,258

Total liabilities and stockholders’ equity

$

356,938

$

459,109

MITEK SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(amounts in thousands)

Six Months Ended March 31,

2026

2025

Operating activities:

Net income (loss)

$

12,308

$

4,540

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Stock-based compensation expense

7,692

8,817

Amortization of acquired intangible assets

6,609

7,257

Amortization of costs capitalized to obtain revenue contracts

1,354

878

Depreciation and amortization expense

781

739

Bad debt expense

293

411

Amortization of investment premiums & other

(262

)

(1,146

)

Accretion and amortization on convertible senior notes

3,034

4,224

Deferred taxes

822

(5,423

)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable

(26,939

)

(18,898

)

Contract assets

3,967

5,649

Other assets

(3,998

)

578

Accounts payable

123

(3,674

)

Accrued payroll and related taxes

(4,908

)

1,157

Income taxes payable

351

837

Deferred revenue

7,550

7,922

Other liabilities

(1,704

)

440

Net cash provided by (used in) operating activities

7,073

14,308

Investing activities:

Purchases of investments

(2,218

)

(21,973

)

Maturities of investments

30,321

23,000

Sales of investments

6,035

—

Purchases of property and equipment, net

(2,978

)

(567

)

Net cash provided by (used in) investing activities

31,160

460

Financing activities:

Proceeds from term loan

50,000

—

Repayments of senior convertible notes

(155,250

)

—

Proceeds from the issuance of equity plan common stock

2,246

261

Repurchases and retirements of common stock

(17,789

)

(3,258

)

Payment of tax withholding obligations related to net share settlements of equity awards

(2,131

)

—

Proceeds from other borrowings

304

—

Principal payments on other borrowings

—

(96

)

Net cash provided by (used in) financing activities

(122,620

)

(3,093

)

Foreign currency effect on cash and cash equivalents

(579

)

(432

)

Net increase (decrease) in cash and cash equivalents

(84,966

)

11,243

Cash and cash equivalents at beginning of period

154,153

93,456

Cash and cash equivalents at end of period

$

69,187

$

104,699

Supplemental disclosures of cash flow information:

Cash paid for interest

$

1,042

$

582

Cash paid for income taxes

$

4,349

$

4,952

Supplemental disclosures of non-cash investing and financing activities:

Unrealized holding gain (loss) on available-for-sale investments

$

(48

)

$

(84

)

MITEK SYSTEMS, INC.

DISAGGREGATION OF REVENUE BY PRODUCT AND TYPE

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Fraud and Identity Solutions

SaaS

$

19,979

$

16,790

$

40,895

$

34,083

Software license and support

5,089

2,843

8,997

4,565

Professional services and other

632

486

1,278

1,040

Total fraud and identity solutions revenue

$

25,700

$

20,119

$

51,170

$

39,688

Check Verification Solutions

SaaS

$

1,241

$

1,205

$

2,562

$

2,339

Software license and support

27,612

30,234

44,519

46,608

Professional services and other

288

371

834

548

Total check verification solutions revenue

$

29,141

$

31,810

$

47,915

$

49,495

Consolidated Revenue

SaaS

$

21,220

$

17,995

$

43,457

$

36,422

Software license and support

32,701

33,077

53,516

51,173

Professional services and other

920

857

2,112

1,588

Consolidated revenue

$

54,841

$

51,929

$

99,085

$

89,183

MITEK SYSTEMS, INC.

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

GAAP net income (loss)

$

9,536

$

9,152

$

12,308

$

4,540

Add:

Income tax (benefit) provision

3,200

916

4,826

619

Other (income) expense, net

(637

)

(1,110

)

(2,137

)

(1,673

)

Interest expense

1,450

2,407

3,992

4,805

GAAP operating income (loss)

$

13,549

$

11,365

$

18,989

$

8,291

Non-GAAP Adjustments

Depreciation and amortization expense

$

428

$

395

$

781

$

739

Amortization of acquired intangible assets

3,323

3,657

6,609

7,257

Litigation and other legal costs

5

187

28

420

Executive and other transition costs

—

27

262

521

Stock-based compensation expense

5,001

4,352

7,692

8,817

Non-recurring audit fees

—

263

719

1,130

Restructuring costs(1)

—

29

515

837

Adjusted EBITDA

$

22,306

$

20,275

$

35,595

$

28,012

Total revenue

$

54,841

$

51,929

$

99,085

$

89,183

Adjusted EBITDA margin

40.7

%

39.0

%

35.9

%

31.4

%

MITEK SYSTEMS, INC.

NON-GAAP NET INCOME RECONCILIATION

(Unaudited)

(amounts in thousands except per share data)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Net income (loss)

$

9,536

$

9,152

$

12,308

$

4,540

Non-GAAP adjustments:

Amortization of acquired intangible assets

3,323

3,600

6,609

7,257

Litigation and other legal costs

5

187

28

420

Executive and other transition costs

—

27

262

521

Stock-based compensation expense

5,001

4,352

7,692

8,817

Non-recurring audit fees

—

263

719

1,130

Restructuring costs(1)

—

29

515

837

Amortization of debt discount and issuance costs

785

2,162

3,034

4,309

Income tax effect of pre-tax adjustments

(1,802

)

(3,440

)

(4,850

)

(5,359

)

Cash tax difference(2)

1,629

414

4,594

907

Non-GAAP net income

$

18,477

$

16,746

$

30,911

$

23,379

Non-GAAP net income per share—basic

$

0.41

$

0.37

$

0.68

$

0.51

Non-GAAP net income per share—diluted

$

0.38

$

0.36

$

0.64

$

0.50

Shares used in calculating non-GAAP net income per share—basic

45,050

45,651

45,380

45,501

Shares used in calculating non-GAAP net income per share—diluted

48,535

46,610

48,470

46,599

MITEK SYSTEMS, INC.

NON-GAAP FREE CASH FLOW RECONCILIATION

(Unaudited)

(amounts in thousands)

Three months ended

Twelve months ended March 31, 2026

June 30, 2025

September 30, 2025

December 31, 2025

March 31, 2026

Net cash provided by (used in) operating activities

$

21,571

$

19,461

$

8,018

$

(945

)

$

48,105

Less:

Purchases of property and equipment, net

(329

)

(259

)

(1,426

)

(1,552

)

(3,566

)

Free Cash Flow

$

21,242

$

19,202

$

6,592

$

(2,497

)

$

44,539

Three months ended

Twelve months ended March 31, 2025

June 30, 2024

September 30, 2024

December 31, 2024

March 31, 2025

Net cash provided by (used in) operating activities

$

12,985

$

21,102

$

565

$

13,743

$

48,395

Less:

Purchases of property and equipment, net

(431

)

(283

)

(335

)

(232

)

(1,281

)

Free Cash Flow

$

12,554

$

20,819

$

230

$

13,511

$

47,114

MITEK SYSTEMS, INC.

STOCK-BASED COMPENSATION EXPENSE

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Cost of revenue

$

355

$

162

$

663

$

323

Selling and marketing

1,135

1,035

1,191

2,009

Research and development

466

1,338

247

2,462

General and administrative

3,045

1,817

5,591

4,023

Total stock-based compensation expense

$

5,001

$

4,352

$

7,692

$

8,817

MITEK SYSTEMS, INC.

NON-GAAP GROSS PROFIT RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Software license

Software license revenue

$

25,950

$

26,700

$

39,851

$

38,685

Cost of revenue (exclusive of depreciation and amortization expense)

(33

)

(16

)

(66

)

(83

)

Depreciation and amortization expense

(177

)

(246

)

(367

)

(512

)

Amortization of acquired completed technology assets

(501

)

(918

)

(1,002

)

(1,842

)

GAAP gross profit for software license and hardware

25,239

25,520

38,416

36,248

Depreciation and amortization expense

177

246

367

512

Amortization of acquired completed technology assets

501

918

1,002

1,842

Non-GAAP gross profit for software license

$

25,917

$

26,684

$

39,785

$

38,602

GAAP gross margin for software license

97.3

%

95.6

%

96.4

%

93.7

%

Non-GAAP gross margin for software license

99.9

%

99.9

%

99.8

%

99.8

%

SaaS, maintenance, and other

SaaS, maintenance and other revenue

$

28,891

$

25,229

$

59,234

$

50,498

Cost of revenue (exclusive of depreciation and amortization expense)

(8,525

)

(6,515

)

(16,899

)

(12,392

)

Depreciation and amortization expense

(150

)

(3

)

(215

)

(6

)

Amortization of acquired completed technology assets

(2,238

)

(2,090

)

(4,446

)

(4,218

)

GAAP gross profit for SaaS, maintenance, and other

17,978

16,621

37,674

33,882

Depreciation and amortization expense

150

3

215

6

Amortization of acquired completed technology assets

2,238

2,090

4,446

4,218

Stock-based compensation expense

355

162

663

323

Non-GAAP gross profit for SaaS, maintenance, and other

$

20,721

$

18,876

$

42,998

$

38,429

GAAP gross margin for SaaS, maintenance, and other

62.2

%

65.9

%

63.6

%

67.1

%

Non-GAAP gross margin for SaaS, maintenance, and other

71.7

%

74.8

%

72.6

%

76.1

%

Consolidated results

Total revenue

$

54,841

$

51,929

$

99,085

$

89,183

Cost of revenue (exclusive of depreciation and amortization expense)

(8,558

)

(6,531

)

(16,965

)

(12,475

)

Depreciation and amortization expense

(327

)

(249

)

(582

)

(518

)

Amortization of acquired completed technology assets

(2,739

)

(3,008

)

(5,448

)

(6,060

)

GAAP gross profit

43,217

42,141

76,090

70,130

Depreciation and amortization expense

327

249

582

518

Amortization of acquired completed technology assets

2,739

3,008

5,448

6,060

Stock-based compensation expense

355

162

663

323

Non-GAAP gross profit

$

46,638

$

45,560

$

82,783

$

77,031

GAAP gross profit margin

78.8

%

81.2

%

76.8

%

78.6

%

Non-GAAP gross profit margin

85.0

%

87.7

%

83.5

%

86.4

%

MITEK SYSTEMS, INC.

NON-GAAP OPERATING EXPENSE RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31,

Six Months Ended March 31,

2026

2025

2026

2025

Selling and marketing

$

9,601

$

10,540

$

17,749

$

20,235

Non-GAAP adjustments:

Stock-based compensation expense

1,135

1,035

1,191

2,009

Executive and other transition costs

—

—

170

—

Non-GAAP selling and marketing

$

8,466

$

9,505

$

16,388

$

18,226

Research and development

$

7,566

$

9,766

$

14,940

$

18,089

Non-GAAP adjustments:

Stock-based compensation expense

466

1,338

247

2,462

Non-GAAP research and development

$

7,100

$

8,428

$

14,693

$

15,627

General and administrative

$

12,244

$

10,098

$

23,318

$

21,999

Non-GAAP adjustments:

Stock-based compensation expense

3,045

1,817

5,591

4,023

Litigation and other legal costs

5

187

28

420

Executive and other transition costs

—

27

92

521

Non-recurring audit fees

—

263

719

1,130

Non-GAAP general and administrative

$

9,194

$

7,804

$

16,888

$

15,905

Total Non-GAAP operating expense

$

24,760

$

25,737

$

47,969

$

49,758

More News From Mitek Systems, Inc.

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Mitek Systems (MITK - Free Report) came out with quarterly earnings of $0.38 per share, beating the Zacks Consensus Estimate of $0.32 per share. This compares to earnings of $0.36 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +20.64%. A quarter ago, it was expected that this mobile imaging software company would post earnings of $0.2 per share when it actually produced earnings of $0.26, delivering a surprise of +30%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Mitek Systems, which belongs to the Zacks Computer - Optical Imaging industry, posted revenues of $54.84 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 4.43%. This compares to year-ago revenues of $51.93 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Mitek Systems shares have added about 44.4% since the beginning of the year versus the S&P 500's gain of 7.6%.

What's Next for Mitek Systems?While Mitek Systems has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Mitek Systems was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.26 on $48.44 million in revenues for the coming quarter and $1.08 on $192.36 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer - Optical Imaging is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the broader Zacks Computer and Technology sector, MultiSensor AI Holdings, Inc. (MSAI - Free Report) , has yet to report results for the quarter ended March 2026.

This company is expected to post quarterly loss of $1.60 per share in its upcoming report, which represents a year-over-year change of +71.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

MultiSensor AI Holdings, Inc.'s revenues are expected to be $1.7 million, up 45.3% from the year-ago quarter.

Mitek Systems, Inc. (MITK) Q2 2026 Earnings Call Transcript

Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification and fraud prevention, announced today that its Mitek Verified Identity Platform® (MiVIP) is now available on FICO® Marketplace, the industry’s first marketplace for composable enterprise decisioning offerings. The listing empowers enterprises to operationalize AI and drive better outcomes by easily discovering, accessing, and deploying a wide range of pre-built offerings, including AI models, data services and analytics. This addresses a critical need in the industry for organizations to leverage cutting edge technology while preserving their ability to work across their organization to bring together teams and differentiate their business with their own unique intellectual property and customer experiences.

As fraud tactics grow increasingly sophisticated, including AI-generated deepfakes, biometric spoofing and synthetic identity attacks, enterprises are under pressure to make faster, more confident risk decisions. Mitek’s availability in FICO Marketplace enables joint clients to bring trusted identity intelligence directly into decisioning and workflows, enabling organizations to detect fraud earlier while minimizing friction for legitimate users.

“Bringing the Mitek platform into the FICO Marketplace enables enterprises to deploy high-assurance identity verification faster and integrate trusted identity signals directly into business critical decisioning,” said Garrett Gafke, chief operating officer at Mitek Systems. “As fraud threats evolve, organizations need real-time fraud and identity intelligence built into their risk workflows, not bolted on after the fact.”

This integration enables enterprises using FICO® Platform to deploy advanced identity verification capabilities across critical moments in the customer lifecycle, such as digital onboarding, account recovery and ongoing authentication. By combining identity assurance with intelligent decisioning, organizations can improve fraud detection accuracy and deliver more secure digital experiences.

“Identity verification and fraud decisioning too often operate independently, and enterprises absorb the cost,” said Jason Andrew, chief revenue officer at FICO. “This partnership connects Mitek's identity intelligence directly into FICO's decisioning layer through FICO Marketplace, giving enterprises the ability to translate identity assurance into faster, more confident decisions that drive better outcomes across the customer lifecycle.”

FICO Marketplace is accessible directly within FICO Platform and enables customers to leverage a catalog of offerings from trusted and pre-vetted providers. The marketplace reshapes how organizations gain value from AI by enabling rapid discovery and deployment of data, analytics and decisioning assets that fuel intelligent decisioning and drive better business outcomes.

To learn more, visit FICO® Marketplace.

About Mitek

Mitek Systems protects what’s real across digital interactions in a world of evolving threats. Mitek helps businesses verify identities, prevent fraud before it happens, and deliver secure, seamless digital experiences in the face of rapidly advancing AI-generated threats. From account opening to authentication and deposit, Mitek’s technology safeguards critical digital interactions. More than 7,000 organizations rely on Mitek to protect their most important customer connections and stay ahead of emerging risks. Learn more at www.miteksystems.com.

Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 80 countries do everything from protecting 4 billion payment cards from fraud, to improving financial inclusion, to increasing supply chain resiliency. The FICO® Score, used by 90% of top US lenders, is the standard measure of consumer credit risk in the US and has been made available in over 40 other countries, improving risk management, credit access and transparency.

Learn more at https://www.fico.com/en

Join the conversation at https://x.com/FICO_corp & https://www.fico.com/blogs/

For FICO news and media resources, visit https://www.fico.com/en/newsroom.

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260513777159/en/

Listen to the audio version of this article (generated by AI).

Why Jonathan Rose is bearish on PLTR… triple-digit “Super Signal” wins with Jonathan and Marc Chaikin… Huang’s roaring AI endorsement… the AI stock Luke Lango just upgraded to “Buy” … a new agentic AI pick from Brian Hunt In our May 4 Digest, we highlighted research from Jonathan Rose that flagged market darling Palantir (PLTR) as a stock to be cautious about, as insiders were quietly selling.

Later that very same day, Palantir reported blowout Q1 2026 earnings, delivering its fastest quarterly sales growth since its 2020 IPO.

That sounds like a setup for an “egg on your face” back-peddling from us.

Not so much.

Despite the massive revenue and earnings beat, PLTR’s stock is down 7% from when we flagged it in the Digest.

Is that a coincidence? Or just Jonathan’s framework working?

In that Digest, we introduced Jonathan’s “Four Tells” framework He created them after studying the companies that AI was already destroying, beginning with how these stocks appeared before their falls – when they still looked fine.

Four traits kept repeating – the “Four Tells”:

Coordinated insider sales Senior talent defecting to AI-native competitors A pivot away from per-seat pricing toward consumption models And CEO language that matches every prior disruption cycle – the “AI augments, don’t replace” playbook. Jonathan applied that framework forward and flagged 12 names he believed would face substantial downside risk over the next 24 months. Palantirwas one of them.

Its “tell” was insider sales. CEO Alex Karp and four senior officers filed sales on the same day at the same reference price – $205 million in coordinated insider intent.

When the people closest to the business are positioning for the exit in a coordinated way, Jonathan takes it seriously:

I’m not saying that all these companies will collapse tomorrow. I’m saying the smart money is repositioning out of them — and historically, price follows positioning.

These are names I’m watching carefully, not holding.

I’ll point out that even if PLTR doesn’t crash, there’s still the risk of a hefty opportunity cost. Case in point – since our May 4 Digest, while PLTR has fallen 7%, the Nasdaq has jumped roughly 6.5%.

What makes the framework genuinely useful beyond the sell side… The same signals that show Jonathan where money is leaving also reveal where it’s arriving. As he points out, institutional capital doesn’t sit in cash – it rotates.

And one name that Jonthan says is on the receiving end of that money is Quantum Computing Inc. (QUBT) – a small-cap working on quantum hardware, photonics and cybersecurity applications. 

While it’s speculative, here’s Jonathan’s reasoning:

What’s catching my attention in QUBT isn’t the quantum narrative — it’s the activity.

Unusual, concentrated positioning building around this ticker at a time when money is rotating hard out of legacy software and into the infrastructure layer underneath it.

He saw similar activity in Rigetti Computing Inc. (RGTI) before his trade on it ran 234% in five days. Same thing with MP Materials Corp. (MP) before a 700%-plus gain.

QUBT is also one of five stocks where Jonathan and Marc Chaikin’s new “Convergence Trigger” is currently flashing.

If Marc is a new name, he’s spent 60 years in markets and created the Money Flow indicator now embedded in every Bloomberg terminal on the planet. He’s also built research tools for market legends Paul Tudor Jones and George Soros.

While Marc’s system can tell you where institutional money is flowing, Jonathan’s can tell you where the highest-conviction positioning is building.

When they realized the complementary nature of their trading approaches, they combined them to see how both lenses would affect a trading portfolio.

Backtested across nearly 200 real trades, the combined signal produced an 81%-win rate and 147% average gain – and filtered out two of every three losing trades.

This Thursday at 8 p.m. Eastern time, Jonathan and Marc are holding their Convergence Trigger event to dive deeper and give away four additional stocks that their combined system is flagging.

Back to Jonathan:

I’ve now partnered with Marc to add his institutional “Money Flow” as a second layer of confirmation. We call the combination our “Super-Signal.”

It has never been shared with anyone, anywhere in the world before. Not even the hedge funds… brokerage houses… and billionaires that Marc and I both had as clients in our former careers.

On May 28, you can be among the first anywhere to see and use it.

To reserve your seat, just click here, and we’ll see you on Thursday.

Speaking of tracking where the money is flowing… Nvidia (NVDA) CEO Jensen Huang just gave the AI bull case its most definitive endorsement yet.

As we covered last week in the Digest, Nvidia just posted another phenomenal quarter of earnings:

$81.6 billion in revenue, up 85% year over year Q2 guidance of $91 billion that blew past Wall Street’s expectations And the authorized $80 billion in new buybacks – one of the largest in corporate history. Here’s Huang on the earnings calls, providing color on the performance:

This was an extraordinary quarter. Demand has gone parabolic.

The reason is simple: agentic AI has arrived.

AI can now do productive and valuable work. Tokens are now profitable, so model makers are in a race to produce more.

In the AI era, compute capacity is revenue and profits.

But here’s the number that didn’t make as many headlines – and the one to position for in the second wave of the AI buildout…

Nvidia broke its Data Center segment into two buckets this quarter. “Hyperscale” – think, the massive Mag 7 AI companies – grew 12% quarter over quarter.

Meanwhile, the second bucket, what Jensen calls “ACIE” (AI Clouds, Industrial and Enterprise) – the neoclouds, sovereign governments, enterprises building their own AI infrastructure – grew 31% quarter over quarter.

Nearly three times faster.

The AI buildout isn’t narrowing, contained to a handful of hyperscalers. It’s broadening. And our tech investing expert Luke Lango, editor of Innovation Investor, just walked through exactly what that means for his portfolio.

His conclusion: the bull thesis behind the related positions just got even stronger. He reviewed 12 names in light of the NVDA print and reaffirmed their bull cases across the board – with one upgrade…

CoreWeave Inc. (CRWV) – one of the most prominent neocloud stocks – moved from Hold to Buy To make sure we’re all on the same page, a “neocloud” is a specialized cloud provider focused on training and running AI models.

While traditional “hyperscalers” (like AWS, Microsoft Azure, and Google Cloud) offer a massive variety of general-purpose web services, neoclouds act as nimble, specialty providers dedicated solely to massive computing power.

I’m flagging CRWV because Jensen himself named it during Nvidia’s earnings call.

Nvidia holds a $2 billion equity stake in the company. And Anthropic’s compute expansion – one of the largest demand vectors Huang discussed – flows through CoreWeave specifically. Best of all, it trades below Luke’s buy-up-to price of $150 as I write.

Here’s Luke:

That combination — a named Jensen endorsement, a direct Anthropic revenue pipeline, and a stock below its buy price — is the setup I’d want to own into the next leg of this trade.

If you’re an Innovation Investor subscriber, log in to get Luke’s analysis on the rest of the portfolio.

And to join Luke in Innovation Investor, click here to learn more. Right now, he’s zeroing in on what he believes could be Elon Musk’s most ambitious project yet (it has nothing to do with Tesla or SpaceX). You can get those details and learn more about Innovation Investor here.

Want yet another way to play the arrival of agentic AI? Brian Hunt, editor of his free daily e-letter, Money & Megatrends, has been urging investors to position themselves for the “Agent Supernova.”

Here’s Brian on the scale of what’s coming:

Within the next two years, the number of AI agents operating in the American economy isn’t poised to increase by 10X… or 50X… or even by 1,000X.

Try at least 100,000X.

This is the coming Agent Supernova. Agents working with people. Agents working with other agents. Agents running businesses. Agents negotiating and haggling with other agents.

To bring this to life, Brian offers a simple illustration. A single restaurant could soon run five specialized agents simultaneously – one managing cooking schedules, one handling accounting, one overseeing staff, one tracking supply orders and one general-purpose agent coordinating all the others.

Now, multiply that model across every business in the economy, and you start to grasp what 100,000X growth in AI agents actually looks like in the real world.

So, how do we invest?

Brian has a new idea that I haven’t seen covered by other analysts…

Fraud.

The dark side of agentic AI The AI-related technologies that will benefit society through many forms of innovation are the same technologies that will simultaneously hand criminals the most powerful toolkit they’ve ever had.

Here’s Brian with examples:

Today, a fraudster can generate a realistic fake ID in seconds and clone someone’s voice from three seconds of audio. The fraudster can also use AI to create a deepfake video that blinks, turns, and smiles on command.

These nefarious products can allow them to bypass security checks that banks and financial institutions rely on to verify identity…

As the number of agents multiplies, the number of potentially harmful interactions they have with humans multiplies as well.

You see, when an AI agent books a trip on your behalf, or buys you a shirt, it needs to authenticate you. But every interaction is a potential weak spot for a cyberattack.

That’s the problem Mitek Systems (MITK) was built to solve.

Back to Brian:

Mitek is a $640 million company with a 25-year head start on this challenge.

Its legacy business – processing over one billion mobile deposits annually – has made it the trusted identity backbone for many North American financial institutions.

Major customers include JPMorgan Chase, Bank of America, PayPal, and Capital One…

Its Verified Identity Platform brings together identity document authentication, biometric liveness detection, deepfake and voice-clone scoring, and real-time fraud analytics.

We’re running long, so I won’t go deeper into Brian’s analysis, but I encourage you to. You can sign up for his free Money & Megatrends newsletter right here. Every day the market is open, Brian delivers actionable insights, loaded with specific stock tickers.

Wrapping up Jonathan is tracking 12 stocks where the smart money is quietly heading for the exit, while his “Super-Signal” scanner is flagging where that money is headed…

Huang just confirmed that the same smart money is pouring into AI infrastructure at a pace that has, in his words, “gone parabolic.” Luke just walked through which companies sit in the middle of that buildout…

And Brian is flagging the uncomfortable reality that every new AI agent entering the economy creates a new vulnerability that someone, somewhere, will try to exploit…

These aren’t unrelated stories. They are four angles on the same shift – the largest reallocation of capital in a generation, playing out in real time across every layer of the economy.

Where the money is leaving… where the money is going…

That’s what we’ll be tracking alongside our experts here in the Digest.

Have a good evening,

Jeff Remsburg