Mitek Q3 revenue up 23% YoY, raises FY25 revenue guidance.

• Mitek Systems reports Q3 FY25 financial results • SaaS revenue growth accelerates to 23% YoY • Digital identity verification and fraud prevention solutions in demand • Revenue and adjusted EBITDA margin guidance raised for FY25 • Mitek Systems expects continued growth in fiscal 2025

Mitek Systems, Inc. (NASDAQ: MITK), a leading provider of digital identity verification and fraud prevention solutions, has reported its financial results for the third quarter of fiscal 2025. The company's SaaS revenue grew by 23% year-over-year (YoY), reflecting strong demand for its identity and fraud solutions. Ed West, CEO of Mitek Systems, commented, "We delivered a solid third quarter, with SaaS revenue growth accelerating to 23% year over year, clear evidence of growing demand for our identity and fraud solutions."

The company's GAAP total revenue for the quarter ended June 30, 2025, was $45.7 million, a 2% increase YoY. SaaS revenue specifically grew to $19.3 million, a 23% increase from the same period last year. Gross profit of $35.5 million was a 1% increase YoY, with a GAAP gross profit margin of 77.7%. GAAP net income for the quarter was $2.4 million, compared to $0.2 million a year ago.

Mitek Systems also provided updated guidance for its fiscal 2025 full year, ending September 30, 2025. The company is tightening its full-year fiscal 2025 revenue guidance to a range of $174 million to $177 million, compared to a prior range of $170 million to $180 million. The adjusted EBITDA margin guidance for fiscal 2025 is being raised to 28%-29%, up from a prior range of 26%-29%.

Free cash flow for the nine months ended June 30, 2025, was $35.0 million, compared to $9.4 million for the corresponding period a year ago. For the twelve months ended June 30, 2025, free cash flow was $55.8 million, up from $12.5 million a year ago.

The company's management will host a conference call and live webcast today at 2 p.m. PT (5 p.m. ET) to discuss the financial results in detail. To join the webcast, visit the investor relations website at [https://investors.miteksystems.com](https://investors.miteksystems.com). Participants may also dial +1 800-717-1738 (US and Canada) or +1 646-307-1865 (International) to access the call.

References:
[1] https://www.marketscreener.com/news/mitek-reports-fiscal-2025-third-quarter-financial-results-ce7c5edcd98ef526