--- title: "Mitek | 10-Q: FY2026 Q2 Revenue Beats Estimate at USD 54.84 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285612001.md" datetime: "2026-05-07T20:26:16.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285612001.md) - [en](https://longbridge.com/en/news/285612001.md) - [zh-HK](https://longbridge.com/zh-HK/news/285612001.md) --- # Mitek | 10-Q: FY2026 Q2 Revenue Beats Estimate at USD 54.84 M Revenue: As of FY2026 Q2, the actual value is USD 54.84 M, beating the estimate of USD 52.62 M. EPS: As of FY2026 Q2, the actual value is USD 0.2, beating the estimate of USD 0.15. EBIT: As of FY2026 Q2, the actual value is USD 14.8 M. #### Revenue by Category **Three Months Ended March 31, 2026 vs. 2025** Total revenue for Mitek Systems, Inc. increased by $2.9 million, or 6%, to $54.8 million from $51.9 million. Software license revenue decreased by $0.8 million, or 3%, to $26.0 million from $26.7 million. SaaS, maintenance, and other revenue increased by $3.7 million, or 15%, to $28.9 million from $25.2 million. **Six Months Ended March 31, 2026 vs. 2025** Total revenue for Mitek Systems, Inc. increased by $9.9 million, or 11%, to $99.1 million from $89.2 million. Software license revenue increased by $1.2 million, or 3%, to $39.9 million from $38.7 million. SaaS, maintenance, and other revenue increased by $8.7 million, or 17%, to $59.2 million from $50.5 million. #### Revenue by Major Product Category **Three Months Ended March 31, 2026 vs. 2025** **Fraud and Identity Solutions:** Total revenue was $25.700 million in 2026 compared to $20.119 million in 2025. This included SaaS revenue of $19.979 million in 2026 versus $16.790 million in 2025, software license and support revenue of $5.089 million in 2026 versus $2.843 million in 2025, and professional services and other revenue of $0.632 million in 2026 versus $0.486 million in 2025. **Check Verification Solutions:** Total revenue was $29.141 million in 2026 compared to $31.810 million in 2025. This included SaaS revenue of $1.241 million in 2026 versus $1.205 million in 2025, software license and support revenue of $27.612 million in 2026 versus $30.234 million in 2025, and professional services and other revenue of $0.288 million in 2026 versus $0.371 million in 2025. **Six Months Ended March 31, 2026 vs. 2025** **Fraud and Identity Solutions:** Total revenue was $51.170 million in 2026 compared to $39.688 million in 2025. This included SaaS revenue of $40.895 million in 2026 versus $34.083 million in 2025, software license and support revenue of $8.997 million in 2026 versus $4.565 million in 2025, and professional services and other revenue of $1.278 million in 2026 versus $1.040 million in 2025. **Check Verification Solutions:** Total revenue was $47.915 million in 2026 compared to $49.495 million in 2025. This included SaaS revenue of $2.562 million in 2026 versus $2.339 million in 2025, software license and support revenue of $44.519 million in 2026 versus $46.608 million in 2025, and professional services and other revenue of $0.834 million in 2026 versus $0.548 million in 2025. #### Revenue by Geographic Location **Three Months Ended March 31, 2026 vs. 2025** United States revenue was $42.694 million in 2026 compared to $42.459 million in 2025. United Kingdom revenue was $5.666 million in 2026, while in 2025 it was less than $5.193 million. Revenue from all other countries was $6.481 million in 2026 compared to $9.470 million in 2025. **Six Months Ended March 31, 2026 vs. 2025** United States revenue was $75.161 million in 2026 compared to $68.077 million in 2025. United Kingdom revenue was $11.681 million in 2026 compared to $9.773 million in 2025. Revenue from all other countries was $12.243 million in 2026 compared to $11.333 million in 2025. #### Net Income - Net income was $9.5 million for the three months ended March 31, 2026, compared to $9.2 million for the same period in 2025. Net income was $12.3 million for the six months ended March 31, 2026, compared to $4.5 million for the same period in 2025. #### Operating Costs and Expenses **Three Months Ended March 31, 2026 vs. 2025** Cost of revenue increased by $2.0 million, or 31%, to $8.6 million from $6.5 million. Selling and marketing expenses decreased by $0.9 million, or 9%, to $9.6 million from $10.5 million. Research and development expenses decreased by $2.2 million, or 23%, to $7.6 million from $9.8 million. General and administrative expenses increased by $2.1 million, or 21%, to $12.2 million from $10.1 million. Amortization of acquired intangibles and acquisition-related costs decreased by $0.3 million, or 8%, to $3.3 million from $3.6 million. Restructuring costs were immaterial in both periods. **Six Months Ended March 31, 2026 vs. 2025** Cost of revenue increased by $4.5 million, or 36%, to $17.0 million from $12.5 million. Selling and marketing expenses decreased by $2.5 million, or 12%, to $17.7 million from $20.2 million. Research and development expenses decreased by $3.1 million, or 17%, to $14.9 million from $18.1 million. General and administrative expenses increased by $1.3 million, or 6%, to $23.3 million from $22.0 million. Amortization of acquired intangibles and acquisition-related costs decreased by $0.6 million, or 9%, to $6.6 million from $7.3 million. Restructuring costs were $0.5 million in 2026 compared to $0.8 million in 2025. #### Other Financial Items - **Interest Expense:** For the three months ended March 31, 2026, interest expense was $1.5 million, a decrease of $0.9 million, or 40%, from $2.4 million in 2025. For the six months ended March 31, 2026, it was $4.0 million, a decrease of $0.8 million, or 17%, from $4.8 million in 2025. - **Other Income (Expense), Net:** For the three months ended March 31, 2026, other income was $0.6 million, a decrease of $0.5 million, or 43%, from $1.1 million income in 2025. For the six months ended March 31, 2026, other income was $2.1 million, an increase of $0.5 million, or 28%, from $1.7 million income in 2025. - **Income Tax Provision:** The income tax provision was $3.2 million for the three months ended March 31, 2026, with an effective tax rate of 25%, compared to $0.9 million with a 9% effective tax rate in 2025. For the six months ended March 31, 2026, it was $4.8 million with a 28% effective tax rate, compared to $0.6 million with a 12% effective tax rate in 2025. #### Cash Flow - Net cash provided by operating activities was $7.1 million for the six months ended March 31, 2026, compared to $14.3 million for the same period in 2025. Net cash provided by investing activities was $31.2 million for the six months ended March 31, 2026, compared to $0.5 million for the same period in 2025. Net cash used in financing activities was -$122.6 million for the six months ended March 31, 2026, compared to -$3.1 million for the same period in 2025. #### Liquidity and Capital Resources - Cash and cash equivalents and investments totaled $77.6 million at March 31, 2026, a decrease of $118.9 million (61%) from $196.5 million at September 30, 2025. This decrease was primarily due to the repayment of $155.3 million for the 2026 Notes and $17.8 million in share repurchases, partially offset by $50.0 million in Term Loan borrowings and cash generated from operations. Working capital was $96.6 million at March 31, 2026, compared to $39.5 million at September 30, 2025. #### Debt - Mitek Systems, Inc. repaid the $155.3 million 0.75% convertible notes due February 1, 2026, in full during the second quarter of fiscal 2026. The company borrowed $50.0 million under its Term Loan in January 2026, which matures in May 2030 and bears a variable interest rate. Other borrowings with Spanish government agencies totaled $4.5 million as of March 31, 2026, with interest rates ranging from 0% to 3.72% and repayment periods of five to twelve years. #### Share Repurchase Program - Mitek Systems, Inc. repurchased and retired 760,238 shares for $7.8 million (average price of $10.24 per share) during the three months ended March 31, 2026. For the six months ended March 31, 2026, the company repurchased and retired 1,838,571 shares for $17.8 million (average price of $9.67 per share). As of March 31, 2026, $3.2 million remained available under the 2024 Share Repurchase Program, and an additional $50.0 million repurchase program was authorized in February 2026, effective upon completion of the 2024 program and valid for two years. #### Other Unique Metrics - Mitek Systems, Inc. added one new patent during the three months ended March 31, 2026, bringing the total to 112 issued patents and 25 patent applications outstanding. Goodwill balance was $131.4 million at March 31, 2026, reflecting a -$2.0 million foreign currency effect during the six months ended March 31, 2026. Total intangible assets were $32.672 million at March 31, 2026, with estimated future amortization expense of $6.512 million for the remainder of 2026, $11.848 million for 2027, $10.090 million for 2028, and $4.222 million for 2029. Unrecognized stock-based compensation expense totaled $42.8 million as of March 31, 2026, to be recognized over a weighted-average period of approximately 2.5 years. Operating lease liabilities totaled $2.5 million as of March 31, 2026, with a weighted-average remaining lease term of 3.7 years and a weighted-average discount rate of 7.8%. #### Future Outlook and Strategy - Mitek Systems, Inc. anticipates that its current cash, available funds under the Revolving Line, and expected cash generation from operations will be sufficient to meet its material cash requirements and working capital needs for at least the next twelve months and the foreseeable future. The company continues to execute its share repurchase programs to return value to shareholders. No material changes to critical accounting estimates or risk factors were noted from the prior annual report. ### Related Stocks - [MITK.US](https://longbridge.com/en/quote/MITK.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Correction: NextNRG to Host First Quarter 2026 Financial Results Conference Call on May 18, 2026 at 9:00 a.m. ET | NXXT Stock News](https://longbridge.com/en/news/286673001.md) - [Hafnia’s Q1 2026 Financial Results Presentation to Be Held on 27 May 2026 | HAFN Stock News](https://longbridge.com/en/news/287014236.md) - [Keysight Technologies Reports Second Quarter 2026 Results | KEYS Stock News](https://longbridge.com/en/news/286959830.md)