Mitek Systems Inc. Reports Q3 Revenue Growth of 2% YoY, Adjusted EBITDA Margin Rises to 28.6%, Lowers Non-GAAP Net Income Per Share to $0.22

Mitek Systems, Inc. reported its fiscal 2025 third-quarter financial results, indicating a 2% year-over-year increase in total revenue, reaching $45.7 million compared to $45.0 million a year ago. The non-GAAP gross profit also saw a slight increase of 1% to $38.9 million from $38.7 million in the previous year. However, the non-GAAP gross profit margin decreased to 85.0% from 86.0% a year earlier. The company reported an adjusted EBITDA of $13.1 million, an increase from $12.1 million in the same period last year, with the adjusted EBITDA margin improving to 28.6% from 26.9%. Non-GAAP net income, however, decreased to $10.2 million from $12.0 million the previous year. The non-GAAP net income per diluted share also fell to $0.22 from $0.25. Free cash flow demonstrated significant growth, reaching $35.0 million for the nine months ended June 30, 2025, compared to $9.4 million for the same period a year ago. For the twelve months ending June 30, 2025, free cash flow was $55.8 million, up from $12.5 million the previous year. Mitek has updated its fiscal 2025 full-year guidance, tightening its revenue forecast to a range of $174 million to $177 million, implying fourth-quarter revenue between $39 million and $42 million. The adjusted EBITDA margin guidance has also been adjusted to a range of 28%-29%. The company highlighted the acceleration of its SaaS revenue growth to 23% year-over-year, reflecting increasing demand for its identity and fraud solutions. Mitek continues to focus on its strategic shift to SaaS, operational streamlining, and aligning product investments with a unified, integrated platform for sustained growth.

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