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Mitek Systems
Mitek Systems (MITK) investor relations material
Mitek Systems Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Feb, 2026
Executive summary
Fiscal Q1 2026 revenue grew 19% year-over-year to $44.2 million, with SaaS revenue up 21% and Fraud & Identity revenue up 30%, reflecting strong product adoption and platform momentum as generative AI accelerates synthetic fraud and demand for verification solutions.
GAAP net income reached $2.8 million, reversing a net loss of $4.6 million in the prior year; non-GAAP net income was $12.4 million, up from $6.6 million year-over-year.
Balance sheet strengthened by retiring $155.3 million in convertible notes, drawing a $50 million term loan, and ending with $33 million net cash; a new $50 million share repurchase program was authorized.
Check Verification remains a stable, high-margin cash flow generator, processing 1.2 billion annual transactions and $91 million LTM revenue.
The company added new patents, bringing the total to 111 issued patents as of December 31, 2025.
Financial highlights
Q1 2026 total revenue was $44.2 million, up 19% year-over-year, led by fraud and identity segment growth.
Adjusted EBITDA reached $13.3 million (30% margin), up 69% year-over-year.
Non-GAAP gross margin was 81.7%, down 280 bps year-over-year due to early-stage pilot costs and SaaS mix.
Non-GAAP net income was $12.4 million; adjusted EPS was $0.26, up from $0.15 year-over-year.
Free cash flow for the quarter was $6.6 million; LTM free cash flow was $61 million, 102% of LTM Adjusted EBITDA.
Outlook and guidance
Fiscal 2026 revenue guidance raised to $187M–$197M, up $2M from prior range, representing about 7% year-over-year growth at the midpoint.
Fraud and identity annual revenue range increased to $102M–$107M, up about 16% year-over-year at the midpoint.
Q2 2026 revenue expected between $50M–$55M, with variability due to Check Verification renewal timing.
Adjusted EBITDA margin guidance increased to 29%–32%, up 200 bps.
Management expects current cash, credit agreement proceeds, and operating cash flow to meet material cash and working capital needs for at least the next twelve months.
Change in top customer revenue concentration?
Drivers of R&D expense reduction?
2026 Notes repayment funding sources?
Future capital allocation post-note repayment
Strategy for Check Verification solutions
Drivers of improved Adjusted EBITDA margin
CFD pilot conversion to full production status
AI fraud impact on sales cycle acceleration
Sustaining Check Verification's outperformance
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Next Mitek Systems earnings date
Q2 20267 May, 2026
Mitek Systems
Next Mitek Systems earnings date
Q2 20267 May, 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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