Mitek Systems (MITK) Investor presentation summary

Market opportunity and business model

• Digital finance growth is expanding the attack surface, with 76% of global transactions now digital and synthetic identity fraud losses projected to reach $23B by 2030.

• AI-driven fraud is increasing in speed and scale, requiring continuous risk evaluation and multi-layered decisioning.

• The fraud detection and prevention market is estimated at ~$50B with a 20%+ CAGR.

• Identity and fraud are converging, necessitating integrated solutions across the customer lifecycle.

• Deep integration with financial institutions and proprietary network-based data assets provide a durable competitive advantage.

Financial performance and key metrics

• Fiscal Q2 2026 total revenue was $55M, up 6% year-over-year; LTM revenue reached $190M, up 7%.

• Fraud & Identity Solutions revenue grew 28% year-over-year to $26M for the quarter and $101M LTM, now 53% of total revenue.

• SaaS revenue increased 18% year-over-year to $21M for the quarter and $84M LTM, representing 44% of total revenue.

• Adjusted EBITDA margin for the quarter was 40.7%, with LTM adjusted EBITDA at $61M and margin at 32%.

• Free cash flow for the quarter was negative ($3M), but LTM free cash flow was $45M, with a 72% conversion rate.

Strategic and operational highlights

• SaaS revenue growth is driving a higher-quality, more predictable revenue mix.

• The business is shifting towards Fraud & Identity, now over half of total revenue.

• Gross margins remain strong at 84% LTM, despite a strategic mix shift to SaaS.

• Adjusted EBITDA margins are attractive, reaching 41% in Q2 2026.

• Operating expense leverage is improving profitability, with non-GAAP opex as a percentage of revenue declining.