Mitek Systems beats Q2 revenue estimates, raises FY revenue outlook

Mitek Systems

07/05/2026 21:51

Overview

Digital identity verification firm's fiscal Q2 revenue grew 6% yr/yr, beating analyst expectations

Adjusted EPS for fiscal Q2 beat analyst expectations

Company raised full-year revenue and adjusted EBITDA margin guidance

Outlook

Mitek raises full-year FY26 revenue outlook to $189-$198 mln

Company lifts full-year FY26 adjusted EBITDA margin forecast to 30%-33%

Mitek expects Q3 FY26 revenue of $49-$53 mln

Result Drivers

FRAUD & IDENTITY GROWTH - Fraud and Identity revenue grew 28% yr/yr as customers routed more transactions through Mitek to counter AI-driven fraud, per CEO Ed West

SaaS MOMENTUM - SaaS revenue rose 18% yr/yr, reflecting increased adoption of Mitek's digital verification services

CUSTOMER EXPANSION - Growth driven by deepening and broadening relationships with leading financial institutions and adding new high-assurance customers in multiple markets

Company press release: ID:nBw81j0r6a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
Beat
$54.84 mln
$52.59 mln (5 Analysts)
Q2 Adjusted EPS
Beat
$0.38
$0.34 (5 Analysts)
Q2 EPS
$0.20
Q2 Net Income
$9.54 mln
Q2 Operating Income
$13.55 mln
Q2 Pretax Profit
$12.74 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "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 $17.00, about 11.6% above its May 6 closing price of $15.23

The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 10 three months ago

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.)