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Mitek Systems (MITK) investor relations material
Mitek Systems Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Dec, 2025
Executive summary
Fiscal 2025 ended with strong results, driven by SaaS acceleration and expansion of Fraud & Identity Solutions, now over half of total revenue and growing ~15% year-over-year amid rising AI-driven fraud.
SaaS revenue grew 21% year-over-year to $77M, now 43% of total revenue, improving recurring revenue and business model durability.
Check Fraud Defender annual contract value grew ~50% year-over-year, expanding coverage to over 25% of U.S. checking accounts, approaching 50% including pilots.
Operational discipline led to a 30% adjusted EBITDA margin, improved efficiency, and a leaner, more scalable cost structure.
Free cash flow reached $54M, a 100% conversion of adjusted EBITDA, ending FY25 with $40M net cash.
Financial highlights
FY25 total revenue was $180M, up 4% year-over-year; Q4 revenue was $44.8M, up 4% from Q4 FY24.
Fraud & Identity Solutions revenue reached $90M for FY25, up 15% year-over-year; Check Verification Solutions revenue was $90M, down from $94M.
SaaS revenue for FY25 was $77M, up 21% year-over-year, now 43% of total revenue.
Adjusted EBITDA for FY25 was $54M (30% margin), up 15% year-over-year.
Free cash flow for FY25 was $54M, a 100% conversion of adjusted EBITDA, up 79% year-over-year.
Outlook and guidance
FY26 revenue guidance is $185–$195M, representing ~5.5% year-over-year growth at the midpoint.
Fraud & Identity Solutions revenue for FY26 is expected at $101–$105M, up ~15% year-over-year.
Adjusted EBITDA margin for FY26 is projected between 27% and 30%, with flat EBITDA as investments increase.
Q1 FY26 revenue guidance is $41M–$44M.
Non-GAAP tax rate expected to decline to ~10% in FY26 due to tax legislation changes.
Strategy for check verification license revenue decline
Reconcile Q4 profitability dip with FY26 guidance
Capital allocation strategy for increased cash
CFD large enterprise deployment acceleration
New reporting's impact on growth strategy
Investment pace vs. long-term margin goals?
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Next Mitek Systems earnings date
Q1 20269 Feb, 2026
Next Mitek Systems earnings date
Q1 20269 Feb, 2026
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Frequently asked questions
Mitek Systems, Inc. provides mCred software and hardware solutions that securely capture data to support identity verification of mobile users by government agencies, banks and other financial institutions, and insurance companies in the United States and internationally. The company's digital authentication solutions consist of its mCred digital ID verification application and Mobile Verification Platform that uniquely combine the use of the camera technology embedded into mobile devices with risk-based identity verification.
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