Mitek Systems (NASDAQ:MITK) Releases Quarterly Earnings Results, Beats Estimates By $0.06 EPS

Mitek Systems (NASDAQ:MITK) posted its quarterly earnings data on Thursday. The software maker reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06, FiscalAI reports. The company had revenue of $44.24 million for the quarter, compared to the consensus estimate of $42.44 million. Mitek Systems had a return on equity of 14.11% and a net margin of 4.90%.

Here are the key takeaways from Mitek Systems’ conference call:

• Revenue and product momentum: Q1 revenue was $44.2M (+19% YoY) with Fraud & Identity up 30% and SaaS up 21%; the company raised FY26 revenue guidance to $187M–$197M (Fraud & Identity now guided to $102M–$107M).
• Improving profitability: Adjusted EBITDA rose 69% YoY to $13.3M (30% margin) and fiscal‑2026 Adjusted EBITDA margin guidance was raised to 29%–32%.
• Balance sheet and buyback: Mitek retired its $155M convertible notes, drew $50M on a term loan (net cash ≈ $33M at quarter end), repurchased ~ $17M of shares and authorized a new $50M two‑year repurchase program.
• Check Fraud Defender scaling with margin noise: ACV for CFD is ~ $17M (+44% YoY) and the consortium now covers >50% of U.S. checking accounts, driving network effects, but early‑stage pilot costs drove a ~280bp decline in non‑GAAP gross margin that management expects to moderate as pilots convert to production.

Mitek Systems Trading Down 0.3%

Shares of NASDAQ MITK traded down $0.03 during mid-day trading on Thursday, reaching $9.82. The company had a trading volume of 751,111 shares, compared to its average volume of 485,995. The company has a 50-day moving average price of $10.04 and a two-hundred day moving average price of $9.73. The stock has a market cap of $444.85 million, a PE ratio of 51.68 and a beta of 1.07. Mitek Systems has a 1-year low of $6.93 and a 1-year high of $11.39.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Mitek Systems in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.50.

Hedge Funds Weigh In On Mitek Systems

A number of hedge funds and other institutional investors have recently modified their holdings of MITK. Tower Research Capital LLC TRC increased its stake in Mitek Systems by 320.3% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,018 shares of the software maker’s stock worth $60,000 after purchasing an additional 4,586 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Mitek Systems by 4,147.9% in the third quarter. Russell Investments Group Ltd. now owns 9,940 shares of the software maker’s stock worth $97,000 after buying an additional 9,706 shares during the period. Bayesian Capital Management LP purchased a new position in shares of Mitek Systems in the second quarter worth approximately $136,000. Verition Fund Management LLC acquired a new stake in shares of Mitek Systems during the third quarter valued at approximately $141,000. Finally, XTX Topco Ltd purchased a new stake in shares of Mitek Systems in the 2nd quarter valued at approximately $153,000. Institutional investors and hedge funds own 83.64% of the company’s stock.

Mitek Systems Company Profile

Mitek Systems, Inc (NASDAQ: MITK) is a software company specializing in mobile capture and digital identity verification solutions. Headquartered in San Diego, California, Mitek develops and licenses patented technology that enables organizations to securely capture, authenticate and process identity documents, checks and other physical media using smartphones and other digital devices. Its platforms leverage advanced image processing, machine learning and biometrics to streamline customer onboarding and prevent fraud in real time.

The company’s core offerings include mobile check deposit and deposit automation tools for financial institutions, as well as identity verification and authentication services for banks, fintechs, insurers and government agencies.