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Mitek Systems (MITK) investor relations material
Mitek Systems Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Aug, 2025
Executive summary
Q3 revenue grew 2% year-over-year to $45.7M–$46M, with SaaS revenue up 23% and now 41% of total revenue, reflecting strong demand for identity and fraud solutions.
Operational discipline improved margins, with adjusted EBITDA margin up to 28.6% and free cash flow conversion at 99%.
Net income rose to $2.4M, and free cash flow for the last twelve months reached $56M.
Check Fraud Defender expanded to nearly 40 new financial institutions, with annual contract value up 56% year over year.
Strategic focus on SaaS transition, operational streamlining, and unified platform investment.
Financial highlights
Q3 total revenue was $45.7M–$46M (+2% YoY); identity revenue up 24%, deposits revenue $26M, and SaaS revenue $19.3M (+23% YoY).
Non-GAAP gross margin was 85%, down 100 bps YoY; GAAP gross margin was 77.7%.
Adjusted EBITDA was $13.1M (28.6% margin), up 170 bps YoY; non-GAAP net income was $10.2M or $0.22 per diluted share.
Free cash flow for the last twelve months was $55.8M–$56M; cash and investments totaled $175M–$175.4M.
Net cash position was $25M after $150M–$155M in convertible notes.
Outlook and guidance
Fiscal 2025 revenue guidance tightened to $174M–$177M, with Q4 revenue expected at $39M–$42M.
Full-year adjusted EBITDA margin guidance raised to 28–29% from 26–29% previously.
Fiscal 2026 strategy centers on scaling a unified platform integrating identity, authentication, and fraud.
Management expects continued demand for digital identity verification and fraud prevention solutions.
Current cash, expected operating cash flow, and available credit are sufficient for at least the next twelve months.
When will Mitek guide for fiscal year '26?
Assess Check Fraud Defender's ACV growth.
Detail Identity's migration to the platform.
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Next Mitek Systems earnings date
Q4 202516 Dec, 2025
Next Mitek Systems earnings date
Q4 202516 Dec, 2025
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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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