Raised FY26 guidance confirms operational momentum; monitor Q3 guidance midpoint ~$51M for execution. Debt paydown and $50M buyback support capital returns but cash dropped to $77.6M. Next catalyst: Q3 results expected August 2026.
Price Chart
Executive Summary
Mitek reported record Q2 FY2026 revenue of $54.8M (+6% YoY), with SaaS revenue up 18% and Fraud & Identity revenue up 28%. The company raised its full-year revenue guidance to $189-$198M and adjusted EBITDA margin to 30%-33%, marking the second consecutive guidance raise. GAAP EPS was flat at $0.20, but non-GAAP EPS grew to $0.38 from $0.36, while adjusted EBITDA margin expanded to 40.7%.
Key Financial Metrics
Key Facts
- Record quarterly revenue of $54.8M, highest in company history
- SaaS revenue grew 18% YoY to $21.2M
- Fraud & Identity solutions revenue up 28% YoY to $25.7M
- Full-year FY26 revenue guidance raised to $189-$198M (from $187-$197M)
- Adjusted EBITDA margin guidance raised to 30%-33% (from 29%-32%)
- GAAP diluted EPS flat at $0.20 YoY; non-GAAP diluted EPS $0.38 vs $0.36
- Adjusted EBITDA margin improved to 40.7% from 39.0% YoY
- Repaid $155M convertible notes in February 2026; new $50M buyback authorized
Financial Impact
Revenue $54.8M (+6% YoY); GAAP net income $9.5M (flat); Q2 operating cash flow -$0.9M (vs +$13.7M prior Q2) due to working capital timing; LTM free cash flow $44.5M.
Risk Factors
- Cash and investments declined to $77.6M from $196.5M due to debt repayment and buybacks
- GAAP gross margin contracted to 78.8% from 81.2% YoY
- Q2 operating cash flow turned negative (-$0.9M) on working capital build
- Intense competition in digital identity and fraud prevention market
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000807863-26-000025 |
| Document: mitk-20260507.htm | 0000807863-26-000025 |
| Document: 0000807863-26-000025-index-headers.html | 0000807863-26-000025 |
| Document: 0000807863-26-000025-index.html | 0000807863-26-000025 |
| Document: 0000807863-26-000025.txt | 0000807863-26-000025 |
| 8-K Data (Synthetic) | 0000807863-26-000025 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 8-K | $16.71 | awaiting T+60 | — | $18.38 (+9.99%) |
Jun 11, 2026 19w ago | Institutional Cluster | $16.34 $18.57 | ▲ +13.65% | ▲ +9.25% | $18.38 (+12.48%) |
May 7, 2026 24w ago | 8-K | $15.61 $17.72 | ▲ +13.52% | ▲ +8.68% | $18.38 (+17.75%) |
US Market Status
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