Mitek Systems Reports $45.7 Million Revenue and $2.4 Million Net Income for Q2 2025

Mitek Systems, Inc. reported a total revenue of $45.7 million for the three months ended June 30, 2025, reflecting a 2% increase from $44.9 million in the same period last year. The company's net income for the quarter was $2.4 million, or $0.05 per diluted share, compared to a net income of $0.2 million, or $0.00 per diluted share, in the prior year. For the nine months ended June 30, 2025, Mitek's revenue rose to $134.9 million, a 5% increase from $128.9 million in the same period of 2024, with net income of $6.9 million, a significant recovery from a net loss of $5.3 million in the previous year.

The financial performance was driven by a notable increase in services and other revenue, which rose by 18% to $26.2 million in the latest quarter, attributed to strong sales from products such as Mobile Verify and Check Fraud Defender. However, software and hardware revenue decreased by 14% to $19.5 million, primarily due to lower multi-year term license renewals for the Mobile Deposit software. The company also reported a significant improvement in cash provided by operating activities, totaling $35.9 million for the nine months ended June 30, 2025, compared to $10.6 million in the same period last year.

Mitek has made strategic advancements, including the addition of new patents, bringing its total to 107 as of June 30, 2025. The company serves over 7,900 clients globally, including financial services organizations and fintech brands. The filing also noted a decrease in general and administrative expenses by 23% to $33.3 million for the nine months ended June 30, 2025, largely due to reduced audit and professional fees, as well as lower executive transition costs.

Operationally, Mitek's cash and cash equivalents increased to $127.1 million as of June 30, 2025, up from $93.5 million at the end of the previous fiscal year. The company has also restructured its debt, with $150 million in convertible senior notes due in February 2026, and has entered into an amended credit agreement allowing for a revolving line of credit of up to $25 million. Mitek's management expressed confidence in the company's ability to meet its working capital needs for the foreseeable future, supported by its current cash position and expected operational cash flows.

Looking ahead, Mitek anticipates continued growth in demand for its identity verification and fraud detection solutions, driven by increasing digital transactions and the need for enhanced security measures. The company remains focused on investing in research and development to maintain its competitive edge in the rapidly evolving technology landscape.