AI-extracted from the 10-Q filed 2026-08-06 — Q3 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue grew 18% YoY to $54.0M in Q3 FY2026, with SaaS revenue surging 27% to $33.3M, while net income improved to $8.4M ($0.17 diluted EPS) on lower interest expense after repaying convertible notes.
Biggest Revenue Drivers
SaaS, maintenance, and other$33.3M+27% YoY
Increased adoption and volume usage of fraud and identity solutions products.
Software license$20.7M+6% YoY
Timing of large check verification renewals, offset by customer transitions to CFD SaaS offering.
Biggest Revenue Drivers
Total revenue: $54.0M+18% YoY
SaaS, maintenance, and other$33.3M+27% YoY
Increased adoption and volume usage of fraud and identity solutions products.
Software license$20.7M+6% YoY
Timing of large check verification renewals, offset by customer transitions to CFD SaaS offering.
Largest Expense Items
General and administrative$12.9M+15% YoY
Higher personnel-related costs including stock-based compensation, bonus, and severance, partially offset by lower audit and accounting fees.
Cost of revenue$8.2M+16% YoY
Increased SaaS revenue and investment in SaaS products, plus service-intensive customer work with higher personnel costs.
Research and development$8.1M-10% YoY
Capitalization of $1.7M internal-use software costs; lower stock-based compensation of $0.7M reflecting cost optimization.
Selling and marketing$10.0M-10% YoY
Reallocation of headcount to service-intensive customer work and $1.0M increase in deferred contract costs.
Watch Items from the Filing
One customer represented 12% of Q3 FY2026 revenue ($6.5M); accounts receivable balances for two customers totaled $6.3M at June 30, 2026, indicating customer concentration risk.
Repaid $155.3M convertible senior notes in February 2026 and drew $50M term loan at 4.16% effective rate; must maintain net leverage ratio ≤2.50x and quarterly amortization begins April 2026.
Cash and investments declined 49% to $100.2M from $196.5M due to note repayment and $19.8M share repurchases; $48M remains available under 2026 Share Repurchase Program.
Accounts receivable increased 42% YoY to $52.3M; DSO pressures evident from timing of Q3 invoicing concentration and customer mix shifts.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About MITEK SYSTEMS INC (MITK): stock profile, AI score and financials
MITEK SYSTEMS INC (MITK) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores MITK at 59.4/100 on a composite quality score built from its SEC filings, placing it at rank #936 of 2,925 stocks — the top half of the AI-ranked universe. MITK scores in the top quartile across institutional flow (80.4), free cash flow (78.9). Areas of concern include revenue scale (23.8), which score below median versus the broader universe. Shareholder dilution risk is elevated at 16.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q3 2026), MITEK SYSTEMS INC reports quarterly revenue of $54.0M, net income of $8.4M, an operating margin of 21.4%. Top institutional holders of MITK by reported 13-F value include BlackRock, Legal & General Group Plc, PRICE T ROWE ASSOCIATES, based on the most recent SEC filings. MITK trades on the Nasdaq exchange and files with the SEC under CIK 807863. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate MITK daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for MITEK SYSTEMS INC directly from SEC EDGAR.