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MITK

Mitek Systems, Inc.

MITK

Mitek Systems, Inc. • NASDAQ
$8.86 ▲ 0.57% (+0.05)
Market Cap $404.43 M
52w High $11.78
52w Low $6.93
Dividend Yield 0%
P/E 26.85
Volume 174.38K
Outstanding Shares 45.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $45.729M ▼ $41.867M ▲ $2.396M ▼ 5.24% ▼ $0.052 ▼ $10.106M ▼
Q2-2025 $51.929M ▲ $40.548M ▲ $9.152M ▲ 17.624% ▲ $0.2 ▲ $16.419M ▲
Q1-2025 $37.254M ▼ $40.261M ▲ $-4.612M ▼ -12.38% ▼ $-0.1 ▼ $1.541M ▼
Q4-2024 $43.222M ▼ $35.321M ▼ $8.573M ▲ 19.835% ▲ $0.19 ▲ $13.652M ▲
Q3-2024 $44.976M $37.76M $216K 0.48% $0.005 $6.459M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $167.071M ▲ $446.715M ▲ $209.123M ▲ $237.592M ▲
Q2-2025 $136.171M ▲ $425.34M ▲ $205.126M ▲ $220.214M ▲
Q1-2025 $121.208M ▼ $395.959M ▼ $195.042M ▼ $200.917M ▼
Q4-2024 $130.34M ▲ $413.753M ▲ $198.952M ▼ $214.801M ▲
Q3-2024 $123.069M $409.227M $199.591M $209.636M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.396M ▼ $21.571M ▲ $-648K ▼ $-2K ▼ $22.425M ▲ $21.242M ▲
Q2-2025 $9.152M ▲ $13.743M ▲ $-380K ▼ $36K ▲ $14.082M ▲ $13.511M ▲
Q1-2025 $-4.612M ▼ $565K ▼ $840K ▼ $-3.129M ▲ $-2.839M ▼ $230K ▼
Q4-2024 $8.573M ▲ $21.102M ▲ $914K ▲ $-13.011M ▼ $9.105M ▲ $20.819M ▲
Q3-2024 $216K $12.985M $448K $-9.856M $3.412M $12.554M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Deposits Revenue
Deposits Revenue
 $50.00M ▲$20.00M ▼$30.00M ▲$30.00M ▲
Identity Verification Revenue
Identity Verification Revenue
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Mitek’s revenue has grown meaningfully over the past few years and then leveled off most recently, suggesting the business has reached a larger scale but is not currently accelerating. Profitability has been thin and somewhat inconsistent, with the company hovering around break‑even after earlier periods of modest profit. Very strong gross margins show that the core software and data products are high value and relatively low cost to deliver, but spending on areas like sales, marketing, and R&D is absorbing much of that advantage. Overall, this looks like a company investing heavily in growth and product while trying to keep its earnings in positive territory.

Balance Sheet

Balance Sheet The balance sheet appears relatively solid, with total assets steady and shareholders’ equity gradually increasing over time. Cash levels have improved meaningfully, giving Mitek more flexibility to fund product development and navigate bumps in the business. Debt has risen a bit but remains moderate compared with the overall scale of the company, suggesting leverage is being used but not aggressively. In short, the financial foundation looks stable, not stretched.

Cash Flow

Cash Flow Mitek consistently generates positive cash from its operations, even in years when accounting profits are close to break‑even. Free cash flow closely tracks operating cash flow, reflecting a very light need for capital spending, which is typical for a software and data business. This pattern indicates a business model that converts a good portion of revenue into real cash, providing room to invest in innovation, pay down debt, or build cash reserves. The stability of cash generation is a clear financial strength.

Competitive Edge

Competitive Edge Mitek holds a strong niche in mobile check deposit and digital identity verification, with deep roots in the banking system and long‑standing relationships with major financial institutions. Its technology is protected by patents and reinforced by a large proprietary dataset, which improves its AI models and makes it harder for new entrants to match its accuracy and fraud detection. The company’s expertise in navigating strict regulatory requirements, especially in financial services, adds another barrier for competitors. That said, the digital identity and fraud prevention space is crowded and fast‑moving, so Mitek must keep proving its edge against both startups and large tech players.

Innovation and R&D

Innovation and R&D Innovation is at the core of Mitek’s strategy, moving from a single mobile deposit product to a broader platform covering identity verification, biometrics, and fraud detection. The company is leaning heavily into AI and machine learning, as well as advanced facial and voice biometrics, to address increasingly sophisticated fraud. Recent launches, such as unified identity platforms and tools specifically designed to counter deepfakes and AI‑driven attacks, show that R&D is closely aligned with emerging risks. The big opportunity—and risk—is execution: integrating all these capabilities into a seamless, scalable SaaS platform while staying ahead of rapidly evolving fraud techniques.

Summary

Mitek is a specialized software company with a strong position in digital identity and mobile check processing, built on high‑margin products, long‑term banking relationships, and a substantial data advantage. Financially, it shows steady revenue at a larger base, very high gross margins, modest but positive cash generation, and a generally stable balance sheet with improving cash and manageable debt. The main story is one of ongoing reinvestment: the company is trading some near‑term profitability to fund innovation in AI‑driven identity and fraud solutions and to shift further toward recurring SaaS revenue. Future performance will depend on its ability to reignite growth, deepen its platform, and maintain technological leadership in a highly competitive and quickly changing market.

NEWS

November 20, 2025 · 9:00 AM UTC

Mitek to Report Fiscal 2025 Fourth Quarter and Full Year Financial Results on December 11, 2025

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October 13, 2025 · 7:31 AM UTC

More Industry Honors for Mitek Systems in Fight Against AI-Powered Fraud

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