MITK · Mitek Systems, Inc.

Mitek Systems delivered its highest quarterly revenue ever at $54.8 million for Q2 fiscal 2026 ended March 31, 2026, reflecting a 6% year-over-year increase from $51.9 million. This record performance was propelled by robust 18% SaaS revenue growth to $21.2 million, as CEO Ed West highlighted the team's execution on the 'Unify and Grow' strategy amid rising AI-driven fraud, with customers routing more transactions through Mitek's platforms. Fraud and Identity revenue surged 28% year-over-year, underscoring strength in core offerings. GAAP gross margin dipped slightly to 78.8% from 81.2%, while non-GAAP margin was 85.0%, with Adjusted EBITDA rising to $22.3 million (40.7% margin) from $20.3 million (39.0%). GAAP net income held steady at $9.5 million ($0.20 diluted EPS), matching prior year. Balance sheet shows total cash and investments at $77.6 million, down significantly from $196.5 million at September 30, 2025, primarily due to retiring $155 million Convertible Senior Notes. LTM operating cash flow remained stable at $48.1 million, with free cash flow at $44.5 million. Reflecting momentum from deepening ties with financial institutions and new high-assurance customers, Mitek raised FY2026 guidance to $189-198 million revenue (8% YoY midpoint growth) and 30-33% Adjusted EBITDA margin, plus Q3 revenue of $49-53 million. This upward revision signals management confidence in scaling the business model for sustained profitability.