Home / Business and Economy / Mitek Stock Soars on Strong Earnings Beat
Mitek Stock Soars on Strong Earnings Beat
13 Dec
Summary
- Mitek's stock price increased by over 8% following positive fiscal results.
- Software-as-a-service revenue saw a significant 19% year-over-year increase.
- The company provided a bullish forecast for fiscal 2026 revenue and margins.
Mitek Systems' stock saw a notable increase of over 8% by the close of trading on Friday, following the release of its fiscal fourth-quarter earnings report. The company, specializing in identity verification and fraud prevention, exceeded investor expectations.
Driving this positive market reaction was a 19% year-over-year rise in Mitek's software-as-a-service (SaaS) revenue, which reached $21.3 million. While overall revenue grew 4% to $44.8 million for the quarter ending September 30, investments in growth led to a 16% decline in EBITDA. Despite this, adjusted earnings per share of $0.24 outperformed Wall Street's projections.
Looking ahead, Mitek's management issued an optimistic forecast for fiscal 2026, anticipating total revenue between $185 million and $195 million, with adjusted EBITDA margins projected at 27% to 30%. The company's strategic focus is on unifying identity, authentication, and fraud solutions to enhance SaaS adoption and ensure sustainable, profitable growth.
