Record Fraud & Identity SaaS revenue of $24.8 million, up 37% year-over-year

Raised 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 third quarter ended June 30, 2026 and raised its revenue and adjusted EBITDA margin guidance range for the fiscal year ending September 30, 2026 (“fiscal 2026”).

"The team delivered a strong fiscal third quarter driven by Fraud and Identity SaaS revenue growth, as more of the world's highest-assurance institutions rely on Mitek to counter AI-driven fraud across the digital life cycle," said Ed West, Chief Executive Officer of Mitek. "Our consortium data network reached an important milestone this quarter, as a top five US bank completed pilot testing and joined the full consortium network on Check Fraud Defender. We also materially expanded our partner and reseller channel, which puts the consortium within reach of thousands of additional financial institutions. As each one joins, it both draws on and strengthens the network's shared intelligence, so every member benefits as the network grows. Both our consortium data network and our identity platform are driving growth, and executing across both is our Unify and Grow ethos showing up in the results."

Fiscal 2026 Third Quarter Financial Highlights

GAAP

• Total revenue of $54.0 million was an 18% increase year-over-year, compared to $45.7 million a year ago.
• SaaS revenue of $26.2 million was a 36% increase year-over-year, compared to $19.3 million a year ago.
• Gross profit of $42.7 million, compared to $35.5 million a year ago.
• GAAP gross profit margin was 79.1%, compared to 77.7% a year ago.
• GAAP net income was $8.4 million, compared to $2.4 million a year ago.
• GAAP net income per diluted share was $0.17, compared to $0.05 a year ago.
• Total cash and investments of $100.2 million at June 30, 2026, was a decrease of $96.3 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. This cash and investments balance was an increase of $22.6 million from $77.6 million at March 31, 2026.
• LTM net cash provided by operating activities was $53.7 million, compared to $57.0 million for the corresponding period a year ago.

Non-GAAP

• Non-GAAP gross profit of $46.2 million, compared to $38.9 million a year ago.
• Non-GAAP gross profit margin was 85.5%, compared to 85.0% a year ago.
• Adjusted EBITDA was $20.8 million, compared to $13.1 million a year ago, an increase of 59%.
• Adjusted EBITDA margin was 38.5%, compared to 28.6% a year ago.
• Non-GAAP net income was $16.8 million, compared to $10.2 million a year ago, an increase of 65%.
• Non-GAAP net income per diluted share was $0.34, compared to $0.22 a year ago, an increase of 58%.
• LTM free cash flow was $48.6 million, compared to $55.8 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 fourth quarter, ending September 30, 2026, as follows:

Leadership Appointment: Chief Revenue Officer

Mitek also announced the appointment of Aaron Seyler as Chief Revenue Officer, effective August 17, 2026. Seyler will lead Mitek's go-to-market organization bringing the Company's sales, channel partnerships, customer success and support, and sales engineering and professional services teams under a single leader signaling a natural next step in Mitek's Unify and Grow ethos and next phase of growth.

Seyler joins Mitek from Vonage, an Ericsson company, where he led a global go-to-market organization across 17 countries. In his role as Chief Revenue Officer, he scaled an API-based enterprise software business through a global partner and channel ecosystem, a motion similar to Mitek’s delivery of its identity and fraud capabilities into customer onboarding, authentication, and transaction workflows. Prior to Vonage, he led the go-to-market function at Telesign, a digital fraud and identity protection company, where he helped scale revenue from approximately $200 million to more than $600 million and led its expansion into the international markets.

"I have spent my career scaling enterprise revenue for software platform businesses, including in digital fraud and identity, and what stands out about Mitek is the trust it has earned with many of the world's largest institutions, the banks and enterprises where protecting identity and assets is mission critical. That trust and the technology, data, and services ecosystem beneath it, is difficult to build and difficult to replicate. I am excited to bring our go-to-market teams together and, alongside our partners, help more of these institutions put Mitek's capabilities to work against the growing threat of digital and AI-driven fraud," said Aaron Seyler, incoming Chief Revenue Officer of Mitek.

Board Leadership Transition

On August 5, 2026, Mark Rossi was elected to serve as non-executive Chairman of the Board, effective October 1, 2026. Mr. Rossi will succeed Scott Carter, who is stepping down as Chairman at the end of the current fiscal year, due to personal time constraints and will continue to serve as a director.

"On behalf of the Board and the entire company, I would like to thank Scott for his commitment and steady leadership as Chairman through a period of significant change in Mitek's history," said Ed West, Chief Executive Officer of Mitek. "Mark brings a strong track record as an investor and decades of governance experience. Since joining our Board in March 2025, he has served on the Audit Committee and developed a deep understanding of our business, strategy, and financial profile, positioning him to lead with continuity as we look ahead into fiscal 2027 and beyond.”

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 third 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 or total non-GAAP operating expense with their most directly comparable forward-looking GAAP measures, GAAP net income margin and GAAP operating expense, respectively, 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 these non-GAAP measures, 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. These non-GAAP measures also exclude litigation and other legal costs, executive and other transition costs, non-recurring audit fees, restructuring costs, and acquisition and integration expenses. While certain of these additional items may be estimable for future periods, the Company is unable to provide a complete quantitative reconciliation of the forward-looking measures without unreasonable efforts, and expects the foregoing excluded 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.

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Investor Contacts:

Ryan Flanagan

ICR for Mitek Systems

[email protected]

Michael Holder

SVP, Finance and Investor Relations

[email protected]

Source: Mitek Systems, Inc.