Mitek Systems, Inc. reported its financial results for the third quarter ended June 30, 2025, on August 7, 2025. The company achieved GAAP net income of $2.4 million, or $0.05 per diluted share, for the quarter. Adjusted EBITDA for Q3 2025 reached $13.1 million, an 8% increase year-over-year, representing a 28.6% margin, demonstrating improved profitability.
Non-GAAP operating expenses in Q3 2025 improved 3% year-over-year, reflecting continued operational discipline. For the nine months ended June 30, 2025, total revenue increased 5% year-over-year to $134.9 million, driven by a 13.7% climb in the Identity Verification segment to $55.7 million. The Deposits segment experienced a slight decline of 0.9% to $79.2 million.
Mitek raised the midpoint of its revenue and adjusted EBITDA margin guidance ranges for its fiscal 2025 full year. The company tightened its full-year fiscal 2025 revenue guidance to $174 million to $177 million, with a midpoint of $175.5 million, modestly above prior guidance. The full-year adjusted EBITDA margin guidance was raised to 28% to 29%, reflecting stronger unit economics and operational efficiencies. Check Fraud Defender's Annual Contract Value reached $13.1 million in Q3 2025, up 56% year-over-year.
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