Press release
Mitek Reports Record Fiscal 2025 Second Quarter Financial Results
Raises Adjusted EBITDA Margin Guidance Range for Fiscal 2025 Secures Term Loan Facility to Retire 2026 Convertible Notes SAN DIEGO--(BUSINESS WIRE)-- Mitek
About this update from Mitek Systems, Inc.
[{"type":"text","content":"\nRaises Adjusted EBITDA Margin Guidance Range for Fiscal 2025\n\nSecures Term Loan Facility to Retire 2026 Convertible Notes\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, mobile capture and fraud management, today reported financial results for its second quarter ended March 31, 2025 and raised its adjusted EBITDA margin guidance range for its fiscal 2025 full year ending September 30, 2025 (“fiscal 2025”).\n\n“Mitek delivered a strong second quarter, achieving all-time record revenue and record profitability, underscoring our continued momentum,” said Ed West, Mitek’s CEO. “SaaS revenue growth was particularly strong, increasing 15% year over year, as customers increasingly rely on our Identity Verification and Fraud solutions to address real-world challenges with speed and precision. At the same time, we are building a more agile Mitek, strengthening our foundation, and deepening engagement with banks, fintechs, telecoms and enterprises. These results reflect meaningful progress and position our core technologies as catalysts for durable, long-term growth. As we enter the second half of the year, our focus remains on disciplined execution.”\n\nFiscal 2025 Second Quarter Financial Highlights\n\nGAAP\n\n\nRevenue of $51.9 million was an 11% increase year-over-year, compared to $47.0 million a year ago.\n\n\nGross profit of $42.1 million was a 12% increase year-over-year, compared to $37.5 million a year ago.\n\n\nGAAP gross profit margin was 81.2%, up from 79.8% a year ago.\n\n\nGAAP net income was $9.2 million, compared to a GAAP net income of $0.3 million a year ago.\n\n\nGAAP net income per diluted share was $0.20, compared to $0.01 a year ago.\n\n\nTotal cash and investments was $152.4 million at March 31, 2025, an increase of $10.6 million from $141.8 million at September 30, 2024.\n\n\nNon-GAAP\n\n\nNon-GAAP gross profit of $45.6 million was an 11% increase year-over-year, compared to $40.9 million a year ago.\n\n\nNon-GAAP gross profit margin was 87.7%, compared to 87.0% a year ago.\n\n\nAdjusted EBITDA was $20.2 million, compared to $13.3 million a year ago.\n\n\nAdjusted EBITDA margin was 38.8%, compared to 28.2% a year ago.\n\n\nNon-GAAP net income was $16.7 million, compared to $11.5 million a yea...