Mitek Systems Q1 2026 Earnings: Strong Revenue Growth and Strategic Initiatives Drive Success

Mitek Systems reported a 19% YoY increase in revenue to $44.2 million in Q1 2026, driven by a 30% YoY growth in fraud and identity revenue. The company announced a $50 million share repurchase program and successfully retired its $155 million convertible senior notes. However, non-GAAP gross margin declined by 280 basis points YoY due to early-stage tech fraud defender pilot deployments and pressure from SaaS and services delivery economics. The company faces challenges from the increasing sophistication of fraud driven by generative AI.