Overview

* Mitek ( MITK ) fiscal Q3 revenue up 2% yr/yr, beating analyst expectations, per LSEG data

* SaaS revenue grows 23% yr/yr, indicating strong demand for identity solutions

Outlook

* Mitek ( MITK ) tightens full-year revenue guidance to $174 mln-$177 mln

* Company narrows full-year adjusted EBITDA margin to 28%-29%

Result Drivers

* SAAS REVENUE GROWTH - SaaS revenue increased by 23% yr/yr, driven by growing demand for identity and fraud solutions

* DEPOSITS SOFTWARE STABILITY - Core Deposits software products provide stability with resilient transaction volumes, contributing to strong free cash flow

* STRATEGIC SHIFT - Co is shifting to SaaS, streamlining operations, and aligning product investments around a unified platform for durable growth

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Beat $45.73 $44 mln

Revenue mln (6

Analysts

)

Q3 EPS $0.05

Q3 Net $2.40

Income mln

Q3 $3.81

Operatin mln

g Income

Q3 $3.14

Pretax mln

Profit

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the software peer group is "buy"

* Wall Street's median 12-month price target for Mitek Systems Inc ( MITK ) is $13.00, about 29.8% above its August 6 closing price of $9.12

* The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)