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 15 M.

Fiscal 2026 Second Quarter Financial Highlights (Three Months Ended March 31, 2026 vs. 2025)

Revenue

• Total revenue for Mitek Systems, Inc. was $54.8 million, a 6% increase year-over-year compared to $51.9 million in the prior year period .
• SaaS revenue increased by 18% year-over-year to $21.2 million, up from $18.0 million .
• Fraud and Identity revenue grew 28% year over year .

GAAP Operational Metrics

• Gross profit was $43.2 million, compared to $42.1 million a year ago .
• Gross profit margin was 78.8%, down from 81.2% in the prior year period .
• Net income was $9.5 million, compared to $9.2 million a year ago .
• Operating income was $13,549 thousand, up from $11,365 thousand .
• Total operating costs and expenses were $41,292 thousand, compared to $40,564 thousand in the prior year period .
  • Cost of revenue—software license was $33 thousand, compared to $16 thousand .
  • Cost of revenue—SaaS, maintenance, and other was $8,525 thousand, compared to $6,515 thousand .
  • Selling and marketing expenses were $9,601 thousand, down from $10,540 thousand .
  • Research and development expenses were $7,566 thousand, down from $9,766 thousand .
  • General and administrative expenses were $12,244 thousand, up from $10,098 thousand .
  • Amortization of acquired intangibles and acquisition-related costs was $3,323 thousand, compared to $3,600 thousand .
  • Restructuring costs were $0 thousand, compared to $29 thousand .

Non-GAAP Operational Metrics

• Non-GAAP gross profit was $46.6 million, compared to $45.6 million a year ago .
• Non-GAAP gross profit margin was 85.0%, down from 87.7% in the prior year period .
• Adjusted EBITDA was $22.3 million, compared to $20.3 million a year ago .
• Adjusted EBITDA margin was 40.7%, up from 39.0% in the prior year period .
• Non-GAAP net income was $18.5 million, compared to $16.7 million a year ago .

Cash Flow and Balance Sheet

• Total cash and investments at March 31, 2026, stood at $77.6 million, a decrease of $118.9 million from $196.5 million at September 30, 2025, primarily due to the retirement of $155 million Convertible Senior Notes .
• Last Twelve Months (LTM) net cash provided by operating activities was $48.1 million, compared to $48.4 million for the corresponding period a year ago .
• LTM free cash flow was $44.5 million, compared to $47.1 million for the corresponding period a year ago .

Six Months Ended March 31, 2026 vs. 2025

Revenue

• Total revenue was $99,085 thousand, up from $89,183 thousand .
  • Fraud and Identity Solutions revenue was $51,170 thousand, up from $39,688 thousand .
    • Fraud and Identity Solutions SaaS revenue was $40,895 thousand, up from $34,083 thousand .
  • Check Verification Solutions revenue was $47,915 thousand, down from $49,495 thousand .

Cash Flow

• Net cash provided by operating activities was $7,073 thousand, compared to $14,308 thousand .
• Net cash provided by investing activities was $31,160 thousand, compared to $460 thousand .
• Net cash used in financing activities was -$122,620 thousand, compared to -$3,093 thousand .

Outlook / Guidance

Mitek Systems, Inc. is raising its full-year fiscal 2026 revenue and adjusted EBITDA margin guidance . The company anticipates full-year fiscal 2026 total revenue to be between $189 million and $198 million, representing approximately 8% year-over-year growth at the midpoint, and adjusted EBITDA margin to be between 30% and 33% . For the fiscal third quarter ending June 30, 2026, total revenue is expected to be between $49 million and $53 million, with total Non-GAAP operating expense between $25 million and $26 million .