Mitek Systems Inc
F:MKQ
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Mitek Systems Inc
F:MKQ
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Mitek Systems Inc
Mitek Systems sells software that helps banks and other businesses verify identities and move money or documents through digital channels. Its best-known products let people deposit checks by taking a photo with a phone, and its identity tools check IDs, selfies, and other data to help detect fraud and confirm that a customer is real. Its main customers are banks, credit unions, fintech companies, payment providers, and other businesses that need to onboard customers or handle financial transactions without relying on a branch. Mitek makes money by licensing its software and by charging for ongoing use of its cloud-based services and transaction processing. What makes Mitek different is that it sits at a very specific point in the financial stack: it helps firms accept deposits, open accounts, and verify users in digital channels. Instead of selling to consumers, it sells to institutions that need secure, compliant tools for everyday banking and identity checks.
Mitek Systems sells software that helps banks and other businesses verify identities and move money or documents through digital channels. Its best-known products let people deposit checks by taking a photo with a phone, and its identity tools check IDs, selfies, and other data to help detect fraud and confirm that a customer is real.
Its main customers are banks, credit unions, fintech companies, payment providers, and other businesses that need to onboard customers or handle financial transactions without relying on a branch. Mitek makes money by licensing its software and by charging for ongoing use of its cloud-based services and transaction processing.
What makes Mitek different is that it sits at a very specific point in the financial stack: it helps firms accept deposits, open accounts, and verify users in digital channels. Instead of selling to consumers, it sells to institutions that need secure, compliant tools for everyday banking and identity checks.
Record quarter: Mitek reported record revenue of $54.8 million and record adjusted EBITDA of $22.3 million, with adjusted EBITDA margin at about 41%.
Growth engine: Fraud and Identity revenue rose 28% year over year, while SaaS revenue grew 18% and made up about 44% of last 12 months revenue.
Guidance raised: Full-year revenue guidance was increased to $189 million to $198 million, and adjusted EBITDA margin guidance was raised to 30% to 33%.
Fraud demand: Management said AI-assisted fraud is increasing customer urgency, especially at large banks, and is also creating interest from insurance, government and healthcare.
Mix improving: The company emphasized a shift toward more committed, recurring SaaS contracts, stronger customer expansion, and growing participation in Check Fraud Defender.
Cash and capital: Free cash flow was negative $2.5 million in the quarter due to working capital timing, but trailing 12-month free cash flow was about $45 million and Mitek ended with a net cash position of $23.1 million.
