Mitek Systems Q3 revenue beats estimates, lifts FY outlook

Mitek Systems

06/08/2026 21:28

Overview
US digital ID verification firm's fiscal Q3 revenue rose 18% yr/yr, beating analyst expectations
Adjusted EBITDA for fiscal Q3 rose 59% yr/yr to $20.8 mln
Company raised full-year revenue and adjusted EBITDA margin guidance

Outlook
Mitek raises FY26 revenue outlook to $195 mln-$200 mln
Company expects FY26 adjusted EBITDA margin of 32%-34%
Mitek forecasts Q4 FY26 revenue of $42 mln-$47 mln

Result Drivers
FRAUD & IDENTITY SAAS GROWTH - Co said Q3 results were driven by 37% yr/yr growth in Fraud & Identity SaaS revenue as more institutions adopted its solutions to counter AI-driven fraud
CONSORTIUM NETWORK EXPANSION - Co cited milestone of a top five US bank joining its consortium data network and expanded partner and reseller channel as supporting growth
IDENTITY PLATFORM EXECUTION - Co said execution across both its consortium network and identity platform contributed to growth

Company press release: ID:nBw4l1174a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Beat
$54.04 mln
$50.82 mln (5 Analysts)
Q3 EPS
 
$0.17
 
Q3 Net Income
 
$8.37 mln
 
Q3 Operating Income
 
$11.54 mln
 
Q3 Pretax Profit
 
$11.17 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 $18.50, about 8% above its August 5 closing price of $17.13
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 12 three months ago

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(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.)