Mitek Systems Surpasses Q3 Revenue Estimates with Strong SaaS Growth

Mitek Systems reported Q3 revenue of $44mln, up 2% YoY, beating estimates. SaaS revenue grew 23% YoY, driven by strong demand for identity and fraud solutions. The company tightened full-year revenue guidance to $174mln-$177mln and narrowed the full-year adjusted EBITDA margin to 28%-29%. Analysts expect a "buy" rating and a median 12-month price target of $13.00, about 29.8% above its closing price of $9.12.

Mitek Systems, Inc. (NASDAQ: MITK) reported its third-quarter (Q3) financial results for the period ended June 30, 2025, showing robust performance and increased revenue. The company's Q3 revenue of $45.7 million was a 2% year-over-year (YoY) increase, surpassing estimates. SaaS revenue grew by 23% YoY to $19.3 million, driven by strong demand for identity and fraud solutions. Non-GAAP net income per diluted share was $0.22, up from $0.25 a year ago [2].

Mitek Systems also announced tighter full-year fiscal 2025 guidance. The company revised its revenue range to $174 million to $177 million, down from the previous range of $170 million to $180 million. This implies a fourth-quarter revenue range of $39 million to $42 million. The adjusted EBITDA margin guidance was narrowed to 28%-29%, compared to the prior range of 26%-29% [1].

Analysts expect a "buy" rating for Mitek Systems, with a median 12-month price target of $13.00, about 29.8% above its closing price of $9.12 on July 2, 2025 [2].

References:
[1] https://seekingalpha.com/news/4481842-mitek-systems-non-gaap-eps-of-0_22-beats-by-0_03-revenue-of-45_73m-beats-by-2_05m
[2] https://www.businesswire.com/news/home/20250807358195/en/Mitek-Reports-Fiscal-2025-Third-Quarter-Financial-Results