Mitek Systems beats Q1 revenue expectations, authorizes $50 mln buyback

Overview

• Digital identity verification firm's fiscal Q1 revenue grew 19%, beating analyst expectations

• Company authorized new $50 mln share repurchase program

• Company retired $155 mln convertible senior notes

Outlook

• Mitek raises FY26 revenue guidance to $187 - $197 mln

• Company expects FY26 Fraud & Identity solutions revenue of $102 - $107 mln

• Mitek projects FY26 adjusted EBITDA margin between 29% and 32%

Result Drivers

• FRAUD AND IDENTITY GROWTH - Co reported 30% year-over-year growth in Fraud and Identity revenue, driven by 21% SaaS growth and broader workflow adoption

• CHECK VERIFICATION STABILITY - Check Verification continued to serve as a durable, cash-generative foundation for the company

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the software peer group is "buy"

• Wall Street's median 12-month price target for Mitek Systems Inc is $13.50, about 37.1% above its February 4 closing price of $9.85

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nBw8Kk8Cca

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.