Mitek Systems Soars 13.51% on Record Q2 Earnings

Mitek Systems' stock surged 13.51% in pre-market trading on May 9, 2025, driven by a series of positive developments and strong financial performance.

Mitek Systems reported record financial results for its fiscal 2025 second quarter, ending March 31, 2025. The company achieved all-time high revenue and profitability, with a significant increase in SaaS revenue growth, which rose 15% year over year. This growth was attributed to the increasing reliance of customers on Mitek's Identity Verification and Fraud solutions to address real-world challenges with speed and precision.

In addition to its strong financial performance, Mitek Systems also raised its adjusted EBITDA margin guidance range for fiscal 2025. The company's CEO, Ed West, highlighted the progress made in building a more agile Mitek, strengthening its foundation, and deepening engagement with key industries such as banks, fintechs, telecoms, and enterprises. These efforts are expected to position Mitek's core technologies as catalysts for durable, long-term growth.

Mitek Systems also secured a term loan facility to retire its 2026 convertible notes, further solidifying its financial position. The company's focus remains on disciplined execution as it enters the second half of the year, aiming to maintain its momentum and continue delivering strong results.