Mitek Systems Earnings Call Transcripts
Fiscal Year 2026
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Fiscal Q1 2026 saw 19% revenue growth and 69% higher adjusted EBITDA, driven by strong fraud and identity demand and SaaS adoption. Guidance for FY26 was raised, with continued investment in platform innovation, expanded sales force, and a new $50M share repurchase program.
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. Raised EBITDA margin guidance, maintained revenue outlook, and expanded fraud and identity solutions, supported by strong cash flow and new credit facility.
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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.