Mitek Systems' Q2 2025: Unpacking Contradictions in SaaS Growth, Revenue Pull-Forward, and ID R&D Deal Timelines

Focus on SaaS revenue and growth, macroeconomic impact and pull-forward of revenue, growth rate expectations, transition to SaaS-based revenue model, and ID R&D deal closures are the key contradictions discussed in Mitek Systems' latest 2025Q2 earnings call.



Revenue and Profitability Growth:
- Mitek Systems reported record revenue of $51.9 million for Q2 2025, up 11% year-over-year.
- The growth was driven by strong performance in both deposit products and identity segments, with deposit products revenue growing 14% and identity products revenue increasing by 4%.

Identity and SaaS Revenue Expansion:
- Identity products revenue increased by 4% year-over-year, with identity SaaS revenue growing 9% year-over-year.
- This growth was supported by increased adoption of MiVIP and Mobile Verify products, leading to higher transaction volumes and engagement.

Improved Operational Efficiency:
- Gross profit from services and other revenue increased nearly 18% year-over-year, indicating improved unit economics and efficiency within the identity portfolio.
- Operational enhancements, including automation and a modernized document onboarding system, reduced reliance on manual reviews and cycle times.

Check Fraud Defender Growth:
- Check Fraud Defender saw a significant expansion, with data set coverage on approximately 23% of all U.S. checking accounts.
- This growth was driven by direct sales and partnerships, leading to increased adoption across both direct and indirect channels.