Mitek Systems, Inc. (MITK) Earnings
Mitek Systems, Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $0.28. MITK has beaten EPS estimates in 11 of its last 12 reported quarters (average surprise +32.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.26 | $0.38 | +46.2% | $55M | +4.3% |
| Feb 5, 2026 | $0.20 | $0.26 | +30.0% | $44M | -15.9% |
| Dec 11, 2025 | $0.18 | $0.24 | +33.3% | $45M | +9.1% |
| Aug 7, 2025 | $0.18 | $0.22 | +22.2% | $46M | +11.9% |
| May 8, 2025 | $0.26 | $0.36 | +38.5% | $52M | +13.1% |
| Dec 16, 2024 | $0.17 | $0.33 | +94.1% | $43M | +19.9% |
| Aug 8, 2024 | $0.26 | $0.25 | -3.8% | $45M | +8.9% |
| Mar 19, 2024 | $0.14 | $0.15 | +7.1% | $37M | -5.4% |
| Oct 26, 2023 | $0.18 | $0.20 | +11.1% | $38M | -12.6% |
| Sep 5, 2023 | $0.21 | $0.31 | +47.6% | $43M | +9.3% |
| Mar 2, 2023 | $0.14 | $0.17 | +21.4% | $39M | — |
| Jul 28, 2022 | $0.21 | $0.23 | +9.5% | $39M | +9.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
First, fraud and identity remains the growth engine with 28% y/y revenue growth. Second, check verification solutions are a durable, cash-generative foundation. Third, quality of revenue base improves with SAS revenue growing 18% y/y and representing 44% of last 12-month revenue. Fourth, execution shows in record revenue, profitability, cash flow, and stronger balance sheet. Also, fraud demand is increasing, customers are expanding with the company, platform is more valuable as data scales, and there are various partnerships and product expansions like Positive Pay Plus launch, integrations with other companies.
Guidance
Raising full-year revenue guidance to $189 to $198 million. Raising full year fraud and identity revenue outlook to $103 to $108 million. Fiscal third quarter revenue expected in range of $49 to $53 million, fiscal fourth quarter in range of $41 to $46 million. Raising fiscal 2026 adjusted EBITDA margin rate guidance range to 30 to 33%.
Segment performance
Fraud and identity revenue grew 28% year over year. Fraud and identity SaaS revenue was up 19%. Check verification revenue for the quarter was $29.1 million, with trailing 12-month check verification revenue at $88.2 million. Total SAS revenue grew 18% year-over-year and represented approximately 44% of total last 12 months' revenue.
Risks & headwinds
Describes various factors that could cause actual results to differ materially from forward-looking statements, including customer demand for products/services, expansion of CFD, stability of check verification business, growth and investment plans, operating leverage, free cash flow conversion rates, and FY26 financial outlook and guidance.
Analyst Q&A
Q: With the rise in Gen AI fraud, can you give some color around how customer urgency has changed over the last six to 12 months, especially with the larger banks?
A: We have seen an increase in interest and demand because of the increase in attacks. We use a highly layered approach, bringing forth our knowledge, expertise, working with financial institutions in a highly regulated environment.
Q: What other vertical are you exploring for Gen AI fraud to combat that?
A: In terms of vertical, in terms of our customer standpoint, where someone who might be utilizing AI for fraud likes insurance. We have a close partnership with Synetics, who has a fraud orchestration platform working with insurance industries. We also have healthcare of interest because of the records, the access, and healthcare.
Q: Historically, the deposits have been the cash cow. I was wondering when you expect this segment to turn profitable, the fraud and identity that is.
A: We haven't put those specific profitability metrics out at this point.
Q: I was wondering, you know, as identity eventually matures and scales, how much upside you see from what we saw this quarter in terms of margins?
A: We're at the very early innings, given how fast the market's growing and how large it already is, I think the opportunity is there for us. The adjusted EBITDA in Q2 is typically our highest quarter for adjusted EBITDA, but that's mostly driven by check verification is seasonally strongest in Q2.
Q: I was wondering just maybe if you could talk about, in terms of the growth, if you're seeing more from current customers on the platform expanding workflows and transactions, or if it's more driven by new customer sign-ups on the platform, or if it's kind of just broad-based?
A: It's broad. A large part of the growth has come from relationships that have continued to expand. We also have several new relationships. Also, we've amping up more of a focus on our partners and we've announced several new partner channel partner relationships.
Q: I wanted to follow up on kind of the comments you were just making there. I mean, you talked quite a bit today about expanding with existing customers and kind of that upsell motion. I was hoping you could just shed some light on what's enabling the success there.
A: It's having a full focus with these organizations. Establishing and building trust. We have terrific people working with these organizations and working and partnering with them. Also, within SAS, it's a layered approach where you continue to add on additional contracts.
Q: I wanted to maybe try to better understand, you know, with all the concerns out there with clawed mythos, Have your discussions changed at all with banks, or has prioritization potentially risen for fraud and identity solutions, just given what's potentially coming down the pipe? And how do you think about maybe exploiting some of that increased concern over time?
A: The answer, the simple answer is yes, in terms of the dialogue has increased But I would say that's not just from mythos or changes with clogs, just really AI in general and the proliferation of fraud attacks and the sophisticated nature of that. The relevance of my tech has gone up significantly within the conversations.