Press release
Mitek Reports Record Fiscal 2025 Revenue
Fiscal 2025 revenue of $179.7 million; returned to full-year growth Fiscal 2025 SaaS revenue growth accelerated to 21% SAN DIEGO--(BUSINESS WIRE)-- Mitek
About this update from Mitek Systems, Inc.
[{"type":"text","content":"\nFiscal 2025 revenue of $179.7 million; returned to full-year growth\n\nFiscal 2025 SaaS revenue growth accelerated to 21%\n\n SAN DIEGO--(BUSINESS WIRE)--\nMitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity verification and fraud prevention, today reported financial results for its fourth quarter ended September 30, 2025 and provided guidance for its 2026 full year ending September 30, 2026 (“fiscal 2026”).\n\n“Mitek delivered a strong finish to fiscal 2025, returning to full-year organic growth, driven by an acceleration in SaaS growth and the continued scaling of our Fraud and Identity portfolio which now represents more than half of the business,” said Ed West, Mitek’s Chief Executive Officer. “This progress reflects disciplined execution and sharper operational rigor across the company. As we enter fiscal 2026, our focus is clear: ‘Unify and Grow’ - bringing identity, authentication, and fraud solutions together to deepen SaaS adoption, expand customer value, and position the business for continued durable, profitable growth.”\n\nFiscal 2025 Full Year Financial Highlights\n\nGAAP\n\n\nTotal revenue of $179.7 million was a 4% increase year-over-year, compared to $172.1 million a year ago.\n\n\nSaaS revenue of $77.0 million was a 21% increase year-over-year, compared to $63.6 million a year ago.\n\n\nGross profit of $140.2 million, compared to $134.6 million a year ago.\n\n\nGAAP gross profit margin of 78.0%, compared to 78.2% a year ago.\n\n\nGAAP net income of $8.8 million, compared to $3.3 million a year ago.\n\n\nGAAP net income per diluted share of $0.19, compared to $0.07 a year ago.\n\n\nTotal cash and investments of $196.5 million at September 30, 2025, was an increase of $54.7 million from $141.8 million at September 30, 2024.\n\n\nNon-GAAP\n\n\nNon-GAAP gross profit of $153.6 million, compared to $148.3 million a year ago.\n\n\nNon-GAAP gross profit margin was 85.5%, compared to 86.2% a year ago.\n\n\nAdjusted EBITDA of $53.9 million, compared to $46.7 million a year ago.\n\n\nAdjusted EBITDA margin was 30.0%, compared to 27.2% a year ago.\n\n\nNon-GAAP net income was $44.7 million, compared to $45.4 million a year ago.\n\n\nNon-GAAP net income per diluted share was $0.95, compared to $0.96 a year ago.\n\n\nFree cash flow was $54.2 million, compar...