Mitek Systems Earnings Call Transcripts
Fiscal Year 2026
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Record Q2 revenue and adjusted EBITDA were driven by 28% growth in Fraud and Identity and an 18% rise in SaaS revenue. The outlook for FY 2026 was raised, with continued strong demand for AI-driven fraud prevention and expanded customer commitments.
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Revenue grew 19% year-over-year in Q1 2026, led by 30% growth in fraud and identity and 21% SaaS growth. Adjusted EBITDA rose 69%, and guidance for both revenue and margins was raised for fiscal 2026. Strong cash flow, balance sheet actions, and a new $50M share repurchase were highlighted.
Fiscal Year 2025
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Fiscal 2025 closed with strong results, driven by SaaS acceleration and robust fraud and identity demand. FY26 guidance projects continued double-digit growth in fraud and identity, stable check verification, and disciplined investment, with margins maintained as the company unifies its platform and expands its consortium.
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Q3 saw 2% revenue growth, strong SaaS momentum, and near break-even in identity, with SaaS now 41% of revenue. Guidance for FY25 was raised, operational efficiency improved, and free cash flow conversion hit 99%.
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The event highlighted a focus on integrating solutions, driving organic growth, and expanding SaaS revenue above 50%. Fraud solutions are evolving to address rising digital threats, with strong cash flow and margin improvement initiatives underway. Capital allocation prioritizes organic growth and share repurchases.
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Q2 revenue grew 11% year-over-year to $51.9 million, with SaaS revenue up 15% and now 40% of total revenue. Strong deposit and identity product performance, margin expansion, and robust free cash flow led to raised EBITDA margin guidance, while full-year revenue guidance was maintained.
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Q1 2025 saw nearly flat revenue year-over-year, with strong SaaS and identity growth offsetting declines in deposit software. Adjusted EBITDA rose 32% and free cash flow conversion reached 83%. Guidance for fiscal 2025 was reiterated, with SaaS revenue expected to approach half of total revenue by 2026.
Fiscal Year 2024
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Q4 revenue grew 15% year-over-year, with strong margins and cash flow. Fiscal 2025 guidance targets $170–$180 million in revenue and 24%–28% adjusted EBITDA margin, driven by SaaS growth and Check Fraud Defender momentum. Integration and operational discipline are expected to accelerate double-digit growth in 2026.
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Q3 revenue rose 4% year-over-year, led by strong deposits and Check Fraud Defender, but identity revenue fell 14% due to ID R&D deal delays and campaign timing. Fiscal 2024 guidance was lowered, with profitability in identity delayed, but double-digit growth is expected in 2025.