Mitek Sys Inc SEC Filings

Mitek Systems reported stronger results for the quarter ended December 31, 2025, with revenue of $44.2 million, up 19% from $37.3 million a year earlier, driven by growth in software licenses and SaaS, maintenance and other services.

The company swung to a net profit of $2.8 million, or $0.06 per diluted share, compared with a net loss of $4.6 million, or $0.10 per share, in the prior-year quarter. Operating cash flow improved to $8.0 million from $0.6 million, while cash, cash equivalents and investments totaled $191.8 million.

Mitek continued its share repurchase program, buying $10.0 million of stock during the quarter and $39.0 million since inception, and ended the period with $154.5 million of 0.75% convertible notes outstanding, which were subsequently repaid in the second fiscal quarter of 2026.

Mitek Systems is a Delaware-based technology company focused on digital identity verification and fraud prevention. Its AI-driven platform supports key use cases like new account opening, account access, and mobile check deposit, processing about 1.2 billion Mobile Check Deposit transactions annually. As of the filing date, the company serves more than 7,000 organizations worldwide, including banks, fintechs, telecoms, and digital marketplaces.

Mitek has broadened its capabilities through acquisitions such as ID R&D (biometric and liveness technology) and HooYu (orchestration and KYC solutions). Its product portfolio spans cloud and licensed software, SDKs, biometric liveness, deepfake detection, and check fraud tools. The company holds 110 issued patents as of September 30, 2025 and employs 595 people.

Key risks highlighted include dependence on a few core technologies and a concentrated customer base, intense competition, rapid technological change, evolving AI and data privacy regulations, and rising AI‑driven fraud threats. One customer accounted for 15% of revenue in fiscal 2025, and management notes that failure to keep pace with emerging fraud vectors or regulatory demands could materially affect future results.

Mitek Systems, Inc. is asking stockholders at the 2026 annual meeting to elect eight directors, ratify BDO USA, P.C. as independent auditor for fiscal 2026, approve executive pay on an advisory basis, and amend and restate both its Employee Stock Purchase Plan and 2020 Incentive Plan. Only holders of 45,299,662 common shares outstanding as of January 16, 2026 may vote, with one vote per share.

The proxy highlights 2025 performance, including Fraud & Identity Solutions revenue growing about 15% to just over half of total revenue, SaaS revenue up 21% to 43% of total revenue, and free cash flow of $54 million with a net cash position of $40 million. Revenue rose 5% while non‑GAAP operating expenses fell 2%, improving profitability.

The board emphasizes governance, with an independent chair, eight nominees (about 40% women and about 25% non‑caucasian), all three key committees chaired by women, and all but the CEO deemed independent. The audit committee reports all previously disclosed material weaknesses in internal control over financial reporting were remediated by the end of fiscal 2025 and outlines ongoing control enhancement efforts.

Mitek Systems, Inc. disclosed that on January 21, 2026 it borrowed $50,000,000 under its delayed draw term loan facility established by its existing Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, and related subsidiaries.

The company plans to use the cash to provide additional liquidity and preserve financial flexibility ahead of the maturity of its 0.750% Convertible Senior Notes due February 1, 2026, including potential repayment of those notes at maturity and related fees and expenses. The term loan bears a variable interest rate based on either term SOFR plus a margin or WSJ prime plus a margin, with the margin adjusted according to Mitek’s net leverage ratio.

Mitek Systems reported that its general counsel, secretary and administrative officer acquired and disposed of company stock in connection with the vesting of performance-based restricted stock units on 12/10/2025. The officer acquired 20,016 shares of common stock at an effective price of $9.23 per share upon conversion of performance RSUs, then had 19,852 shares withheld by the company at the same price to cover tax obligations, leaving 218,796 shares beneficially owned directly.

The performance RSUs convert into common stock on a one-for-one basis and were originally granted on December 10, 2023. For the December 10, 2025 vesting, approximately 87% of the target shares vested based on Mitek’s stock price performance compared with the Russell 2000 Index over the applicable performance period.

Mitek Systems, Inc. furnished a report stating that it issued a press release with its financial results for the fourth fiscal quarter and fiscal year ended September 30, 2025.

The press release is attached as Exhibit 99.1 and contains the detailed results, and the company notes that this information is being furnished rather than formally filed and will only be incorporated into other securities filings if specifically referenced.

Mitek Systems Inc. (MITK) disclosed that its Chief Executive Officer and director received new equity awards. On November 19, 2025, the CEO acquired 114,679 shares of common stock as restricted stock units at a reference price of $8.72 per share. These units vest over four years, with 25% vesting on each anniversary of the grant date.

The CEO also received 344,037 target performance restricted stock units tied to Mitek’s stock performance versus the Russell 2000 Index over a three-year performance period. Depending on relative performance, the payout can range from 50% to 200% of the target amount, with no payout if performance is below 75% of the index. After these transactions, the CEO beneficially owns 419,608 common shares directly, 55,000 shares through a trust, and 1,098,452 derivative securities.

Mitek Systems (MITK) reported an equity award for its General Counsel, Secretary & Administrative Officer. On November 19, 2025, the officer received 48,739 restricted stock units of common stock at a reference price of $8.72, vesting over four years with 25% vesting each year on the grant-date anniversary. Following this grant, the officer beneficially owned 217,865 shares of common stock directly.

The filing also shows a grant of 48,739 target performance restricted stock units. These vest on the third anniversary of the grant date based on how Mitek’s stock performance compares to the Russell 2000 Index over the performance period. The final payout can range from 0% to 200% of the target units, depending on relative performance.

Mitek Systems Inc. (MITK) reported a Form 4 for its Chief Financial Officer, reflecting new equity awards granted on 11/19/2025. The CFO received 68,808 restricted stock units of common stock at a reference price of $8.72 per share, which vest over four years, with 25% vesting on each anniversary of the grant date.

The filing also shows a grant of 68,808 target performance restricted stock units under Mitek’s 2020 Incentive Plan. These Performance RSUs vest on the third anniversary of the grant based on how Mitek’s stock performance compares to the Russell 2000 Index over the period. The payout can range from 50% to 200% of the target units for performance between 75% and 125% of the index, while performance below 75% results in no payout.