MITEK SYSTEMS INC

Listed Company

MITKCIK 0000807863NasdaqAcceleratedComputer Peripheral Equipment, NecDelawareFY ends Sep 30

Period

FY 2025

Revenue

$179.69M

Net Income

$8.80M

Total Assets

$459.11M

Equity

$240.26M

Shares Out

45.32M

Op. Cash Flow

$55.34M

Business

Mitek Systems Inc provides digital identity verification and fraud prevention solutions that enable secure digital interactions and authentication across customer lifecycles. It offers products and services including Mobile Deposit, Mobile Verify, MiVIP identity verification, MiSnap SDK, CheckReader, Check Fraud Defender, MiPass passwordless authentication, ID Live biometric liveness capabilities, and Digital Fraud Defender for deepfake and injection-attack detection. Its business is organized around core product families for mobile check deposit, identity verification, biometric authentication, and fraud detection deployed via cloud, licensed software, and SDKs. Mitek distributes globally through direct sales and channel partnerships across North America, the United Kingdom, and Europe.

Summary from filing dated 2025-12-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Total revenue	180	172	173	145	120
Selling and marketing	42	41	41	39	32
Research and development	35	35	29	30	28
General and administrative	44	53	43	27	22
Amortization and acquisition-related costs	14	15	19	15	9
Restructuring costs	800,000	2	2	2	0
Total operating costs and expenses	163	170	157	133	107
Operating income (loss)	17	2	16	12	13
Interest expense	10	9	9	8	—
Other income (expense), net	5	6	4	−366,000	654,000
Income (loss) before income taxes	12	−909,000	10	4	9
Income tax benefit (provision)	−3	4	−2	92,000	−824,000
Net income (loss)	9	3	8	4	8
Net income (loss) per sharebasic (in dollars per share)	0.19	0.07	0.18	0.08	0.18
Net income (loss) per sharediluted (in dollars per share)	0.19	0.07	0.17	0.08	0.18
Shares used in calculating net income (loss) per sharebasic (in shares)	46	47	46	45	44
Shares used in calculating net income (loss) per sharediluted (in shares)	47	47	46	46	45
Foreign currency translation adjustment	3	12	13	−28	−500,000
Unrealized gain (loss) on investments, net of tax benefit/(expense) of $21, $(93), and $(273)	−68,000	301,000	889,000	283,000	−165,000
Other comprehensive income (loss), net of tax	3	12	14	−27	−620,000
Comprehensive income (loss)	12	15	22	−24	7

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2022 2022-06-30
Cash and cash equivalents	154	93	59	32	22
Short-term investments	39	37	75	58	50
Accounts receivable, net	37	32	32	36	30
Contract assets, current portion	13	16	18	7	5
Prepaid expenses	3	5	4	2	3
Other current assets	3	3	2	3	3
Total current assets	248	185	190	138	112
Long-term investments	3	11	1	11	20
Property and equipment, net	2	3	3	3	4
Right-of-use assets	3	5	4	5	6
Intangible assets, net	40	54	65	76	86
Goodwill	134	132	124	116	127
Deferred income tax assets	25	19	12	10	14
Contract assets, non-current portion	1	4	6	4	—
Other non-current assets	2	2	2	2	7
Total assets	459	414	405	364	374
Accounts payable	4	7	8	5	4
Accrued payroll and related taxes	17	10	11	10	10
Accrued liabilities	343,000	424,000	26,000	1	4
Deferred revenue, current portion	29	21	17	21	14
Lease liabilities, current portion	890,000	805,000	2	2	2
Convertible senior notes	152	0	—	—	—
Other current liabilities	6	2	1	2	2
Total current liabilities	209	42	51	48	45
Convertible senior notes	0	144	136	128	126
Deferred revenue, non-current portion	1	753,000	957,000	2	1
Lease liabilities, non-current portion	2	4	3	4	5
Deferred income tax liabilities	295,000	4	6	10	19
Other non-current liabilities	6	4	3	2	2
Total liabilities	219	199	200	194	198
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding, as of September 30, 2025 and 2024	0	0	0	0	0
Common stock, $0.001 par value, 120,000,000 shares authorized, 45,636,531 and 44,998,939 issued and outstanding, as of September 30, 2025 and 2024, respectively	46,000	45,000	46,000	44,000	44,000
Additional paid-in capital	266	247	229	216	211
Accumulated other comprehensive income (loss)	586,000	−2	−14	−28	−18
Accumulated deficit	−26	−30	−9	−17	−18
Total stockholders equity	240	215	205	171	176
Total liabilities and stockholders equity	459	414	405	364	374

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Stock-based compensation expense	17	13	10	13	12
Loss on extinguishment of revolving credit line	309,000	0	0	—	—
Amortization of intangible assets	14	15	17	14	8
Amortization of costs capitalized to obtain revenue contracts	2	2	2	1	—
Depreciation expense	1	2	2	—	—
Bad debt expense	803,000	647,000	737,000	469,000	—
Amortization of investment premiums & other	−1	−3	−722,000	2	1
Accretion and amortization on debt securities	9	8	8	7	4
Net changes in estimated fair value of acquisition-related contingent consideration	0	136,000	2	−1	1
Deferred taxes	−10	−10	−5	−9	105,000
Accounts receivable	−6	489,000	4	−19	−813,000
Contract assets	5	5	−12	−3	1
Other assets	−1	−2	−3	−889,000	−1
Accounts payable	−3	−450,000	3	2	−2
Accrued payroll and related taxes	6	240,000	18,000	−2	3
Income taxes payable	3	−5	6	422,000	−71,000
Deferred revenue	8	3	−5	10	2
Restructuring accrual	0	0	−977,000	991,000	0
Other liabilities	1	−603,000	−2	1	241,000
Net cash provided by (used in) operating activities	55	32	32	21	37
Purchases of investments	−41	−62	−72	−48	−247
Maturities of investments	46	93	66	173	90
Sales of investments	1	0	0	82	—
Acquisitions, net of cash acquired	0	0	−267,000	−123	−13
Purchases of property and equipment, net	−1	−1	−1	−1	−1
Net cash provided by (used in) investing activities	6	29	−7	2	−170
Payment of debt issuance costs	−224,000	−290,000	0	0	—
Proceeds from the issuance of equity plan common stock	2	2	2	2	4
Repurchases and retirements of common stock	−5	−24	0	−15	−190,000
Payment of acquisition-related contingent consideration	0	−5	0	−8	−782,000
Proceeds from other borrowings	2	1	0	—	—
Principal payments on other borrowings	−276,000	−156,000	−36,000	−36,000	−88,000
Net cash provided by (used in) financing activities	−2	−26	2	−21	144
Foreign currency effect on cash and cash equivalents	1	−9,000	351,000	71,000	−207,000
Net increase in cash and cash equivalents	61	35	27	2	10
Cash paid for interest	1	1	1	1	569,000
Cash paid for income taxes	9	12	4	750,000	741,000
Acquisition-related shares issued	0	3	0	2	0

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro