Mitek Systems reported record fiscal second-quarter results and raised its full-year outlook, citing growth across deposits, identity verification, and fraud prevention. The company said revenue for the quarter ended March 31, 2026, reached $50.2 million, up 15 percent year-over-year, while non-GAAP net income rose to $10.5 million.
The company now expects fiscal 2026 revenue of $190 million to $196 million, compared with its previous range of $184 million to $192 million. Mitek also raised its adjusted EBITDA outlook to $54 million to $58 million. The updated guidance follows a fiscal 2025 report in which the company had already pointed to identity and fraud solutions as a major growth driver.
Mitek’s business spans mobile check deposit, document authentication, biometric identity verification, and fraud detection. The company said second-quarter identity revenue increased 22 percent year-over-year, while deposits revenue increased 11 percent. CEO Max Carnecchia said Mitek is seeing demand from financial institutions and other regulated businesses as fraud pressures increase and more account activity moves into digital channels.
The results extend a recent run of stronger financial reporting from the company. Mitek previously posted record fiscal 2025 revenue and guided for continued growth in identity and fraud solutions. Earlier quarterly updates also emphasized financial services demand and the company’s work to embed identity verification into partner platforms, including an integration with Ping Identity’s DaVinci platform.
The broader market context remains favorable for vendors that combine document authentication, selfie biometrics, and fraud analytics. Banks, fintechs, marketplaces, and government agencies are under pressure to detect synthetic identities, remote onboarding fraud, and account takeover attempts without adding excessive friction for legitimate users. Mitek’s identity segment is positioned directly against those use cases, where customers want higher assurance at onboarding and during account recovery.
Mitek’s raised outlook suggests that those pressures are translating into budget commitments. The company also reported $113.1 million in cash, cash equivalents, and investments at the end of the quarter, giving it flexibility as it continues to invest in product development and go-to-market efforts. The updated forecast will also be a useful signal for investors watching whether digital identity demand is offsetting slower areas in legacy financial technology.
Sources: Mitek
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By the ID Tech Editorial Team
