Mitek Systems beats Q1 revenue expectations, authorizes $50 mln buyback

Mitek Systems

05/02/2026 21:21

Overview

Digital identity verification firm's fiscal Q1 revenue grew 19%, beating analyst expectations

Company authorized new $50 mln share repurchase program

Company retired $155 mln convertible senior notes

Outlook

Mitek raises FY26 revenue guidance to $187 - $197 mln

Company expects FY26 Fraud & Identity solutions revenue of $102 - $107 mln

Mitek projects FY26 adjusted EBITDA margin between 29% and 32%

Result Drivers

FRAUD AND IDENTITY GROWTH - Co reported 30% year-over-year growth in Fraud and Identity revenue, driven by 21% SaaS growth and broader workflow adoption

CHECK VERIFICATION STABILITY - Check Verification continued to serve as a durable, cash-generative foundation for the company

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$44.24 mln
$42.44 mln (5 Analysts)
Q1 EPS
$0.06
Q1 Net Income
$2.77 mln
Q1 Operating Income
$5.44 mln
Q1 Pretax Profit
$4.4 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the software peer group is "buy"

Wall Street's median 12-month price target for Mitek Systems Inc is $13.50, about 37.1% above its February 4 closing price of $9.85

The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nBw8Kk8Cca

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)