Mitek Lifts Fiscal 2026 Revenue and Ebitda Outlook

The Tip Desk · August 6, 2026 · 3 min read

The identity-verification company now sees full-year revenue of $195 million to $200 million, about 10% growth at the midpoint, after a record $24.8 million in Fraud and Identity SaaS.

Mitek Systems (MITK) raised its fiscal 2026 revenue and adjusted EBITDA margin outlook after Fraud and Identity SaaS reached a record $24.8 million in the quarter ended June 30, 2026, up 37% from a year earlier.

The global digital identity verification and fraud-prevention company now expects full-year revenue of $195 million to $200 million, approximately 10% year-over-year growth at the midpoint, and an adjusted EBITDA margin of 32% to 34%. Those ranges sit above the $189 million to $198 million revenue band and 30% to 33% margin band it issued after the March quarter.

Total revenue was $54.0 million, up 18% from $45.7 million a year earlier. That year-over-year rate accelerated from 6% in the prior quarter, when revenue was $54.8 million. SaaS revenue was $26.2 million, up 36% from $19.3 million a year earlier.

Fraud and Identity Solutions, the larger of the two reportable segments, generated a record $29.0 million, up 14% from $25.5 million a year earlier. Fraud and Identity SaaS was the record $24.8 million. Software license and support in that segment was $3.6 million, and professional services and other was $586,000. Check Verification Solutions revenue was $25.0 million, up 24% from $20.2 million a year earlier.

Chief Executive Officer Ed West said the quarter was driven by Fraud and Identity SaaS growth as more high-assurance institutions used Mitek to counter AI-driven fraud. He said a top five U.S. bank completed pilot testing and joined the full consortium network on Check Fraud Defender, and that the company materially expanded its partner and reseller channel.

GAAP gross profit was $42.7 million, and GAAP gross profit margin was 79.1%, compared with 77.7% a year earlier. Non-GAAP gross profit margin was 85.5%. GAAP net income was $8.4 million, or $0.17 a share, compared with $2.4 million, or $0.05 a share, a year earlier.

Adjusted EBITDA was $20.8 million, up 59% from $13.1 million a year earlier, for a 38.5% margin versus 28.6% a year earlier. Non-GAAP net income was $16.8 million, or $0.34 a share, up 65% from $10.2 million, or $0.22 a share.

Operating income was $11.5 million, compared with $3.8 million a year earlier. Selling and marketing expense was $10.0 million, research and development was $8.1 million, and general and administrative expense was $12.9 million. Interest expense was $721,000.

Total cash and investments were $100.2 million at June 30, 2026, up $22.6 million from $77.6 million at March 31, 2026. The balance had fallen $96.3 million from $196.5 million at September 30, 2025, with the retirement of $155 million of convertible senior notes the primary contributor. Last-twelve-months free cash flow was $48.6 million, compared with $55.8 million for the corresponding period a year ago.

For the fiscal fourth quarter ending September 30, 2026, Mitek guided revenue to $42 million to $47 million. Full-year Fraud and Identity solutions revenue guidance was raised to $105 million to $109 million, approximately 19% year-over-year growth at the midpoint. Fourth-quarter non-GAAP operating expense is guided at $26 million to $27 million.

The company appointed Aaron Seyler as Chief Revenue Officer, effective August 17, 2026, to lead sales, channel partnerships, customer success and support, and sales engineering and professional services. Mark Rossi was elected non-executive Chairman of the Board, effective October 1, 2026, succeeding Scott Carter, who will continue as a director.