Mitek Reports Fiscal 2026 First Quarter Results and Raises Full-Year Outlook
Grew Fraud and Identity Revenue 30% Year Over Year
Authorized New
Retired
“We delivered a strong start to the fiscal year, with growth across the entire product portfolio and early proof points that our fiscal 2026 Unify and Grow ethos is taking hold,” said
Fiscal 2026 First Quarter Financial Highlights
GAAP
-
Total revenue of
$44.2 million was a 19% increase year-over-year, compared to$37.3 million a year ago. -
SaaS revenue of
$22.2 million was a 21% increase year-over-year, compared to$18.4 million a year ago. -
Gross profit of
$32.9 million , compared to$28.0 million a year ago. - GAAP gross profit margin was 74.3%, compared to 75.1% a year ago.
-
GAAP net income was
$2.8 million , compared to GAAP net loss of$4.6 million a year ago. -
GAAP net income per diluted share was
$0.06 , compared to GAAP net loss of$0.10 a year ago. -
Total cash and investments of
$191.8 million atDecember 31, 2025 , was a decrease of$4.7 million from$196.5 million atSeptember 30, 2025 .
Non-GAAP
-
Non-GAAP gross profit of
$36.1 million , compared to$31.5 million a year ago. - Non-GAAP gross profit margin was 81.7%, compared to 84.5% a year ago.
-
Adjusted EBITDA was
$13.3 million , compared to$7.8 million a year ago. - Adjusted EBITDA margin was 30.0%, compared to 21.1% a year ago.
-
Non-GAAP net income was
$12.4 million , compared to$6.6 million a year ago. -
Non-GAAP net income per diluted share was
$0.26 , compared to$0.15 a year ago. -
Free cash flow was
$6.6 million for the three months endedDecember 31, 2025 , compared to$0.2 million for the corresponding period a year ago.
Key Subsequent Events
-
On
February 1, 2026 , the Company repaid the$155.3 million Convertible Senior Notes in full. -
On
February 5, 2026 , the Board of Directors of the Company approved a new share repurchase program, authorizing the Company to repurchase up to$50 million of its Common Stock. The new share repurchase program will become effective at the completion of the Company’s 2024 share repurchase program and will remain effective for a period of up to two years.
Guidance
Guidance includes non-GAAP financial measures. Mitek is raising its revenue and adjusted EBITDA margin guidance for the fiscal year, and providing guidance for its fiscal second quarter, ending
|
|
Full Year FY26 |
|
Q2 FY26 |
|
|
Guidance |
|
Guidance |
|
Total revenue |
|
|
|
|
Y/Y growth (midpoint) |
Approximately 7% |
|
|
|
Fraud & Identity solutions revenue(1) |
|
|
|
|
Y/Y growth (midpoint) |
Approximately 16% |
|
|
|
Adjusted EBITDA margin %(2) |
29% - 32% |
|
|
|
(1) |
See revenue categorizations as presented in the “Disaggregation of Revenue by Product and Type” below. |
|
|
(2) |
See “GAAP Net Income to Adjusted EBITDA Reconciliation” below. |
Conference Call Information
Mitek management will host a conference call and live webcast for analysts and investors today at
Participants may also dial +1 800-717-1738 (US and
About
Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.
Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the Company or its management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s fiscal 2026 guidance, are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner, the Company’s ability to capitalize on a growing market, quarterly variations in revenue, the profitability of certain sectors of the Company, the performance of the Company’s growth initiatives, the outcome of any pending or threatened litigation or investigation, and the timing of the implementation and launch of the Company’s products by the Company’s signed customers.
Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended
Note Regarding Use of Non-GAAP Financial Measures
This news release contains non-
The Company has not provided a reconciliation of its forward outlook for non-GAAP adjusted EBITDA margin with its forward-looking GAAP net income margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K.
We define free cash flow as net cash provided by operating activities, less cash used for purchases of property and equipment. We define free cash flow margin as free cash flow as a percentage of revenue. In addition to the reasons stated above, we believe that free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment in order to enhance the strength of our balance sheet and further invest in our business and potential strategic initiatives. A limitation of the utility of free cash flow as a measure of our liquidity is that it does not represent the total increase or decrease in our cash balance for the period. We use free cash flow in conjunction with traditional
Mitek encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate Mitek’s business.
|
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|||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||
|
(Unaudited) |
|||||||
|
(amounts in thousands except per share data) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
2025 |
|
2024 |
||||
|
Revenue |
|
|
|
||||
|
Software license |
$ |
13,901 |
|
|
$ |
11,985 |
|
|
SaaS, maintenance, and other |
|
30,343 |
|
|
|
25,269 |
|
|
Total revenue |
|
44,244 |
|
|
|
37,254 |
|
|
Operating costs and expenses |
|
|
|
||||
|
Cost of revenue—software license (exclusive of depreciation & amortization) |
|
33 |
|
|
|
67 |
|
|
Cost of revenue—SaaS, maintenance, and other (exclusive of depreciation & amortization) |
|
8,374 |
|
|
|
5,877 |
|
|
Selling and marketing |
|
8,148 |
|
|
|
9,695 |
|
|
Research and development |
|
7,374 |
|
|
|
8,323 |
|
|
General and administrative |
|
11,074 |
|
|
|
11,901 |
|
|
Amortization of acquired intangibles and acquisition-related costs |
|
3,286 |
|
|
|
3,657 |
|
|
Restructuring costs |
|
515 |
|
|
|
808 |
|
|
Total operating costs and expenses |
|
38,804 |
|
|
|
40,328 |
|
|
Operating income (loss) |
|
5,440 |
|
|
|
(3,074 |
) |
|
Interest expense |
|
2,542 |
|
|
|
2,398 |
|
|
Other income (expense), net |
|
1,500 |
|
|
|
563 |
|
|
Income (loss) before income taxes |
|
4,398 |
|
|
|
(4,909 |
) |
|
Income tax benefit (provision) |
|
(1,626 |
) |
|
|
297 |
|
|
Net income (loss) |
$ |
2,772 |
|
|
$ |
(4,612 |
) |
|
Net income (loss) per share—basic |
$ |
0.06 |
|
|
$ |
(0.10 |
) |
|
Net income (loss) per share—diluted |
$ |
0.06 |
|
|
$ |
(0.10 |
) |
|
Shares used in calculating net income (loss) per share—basic |
|
45,702 |
|
|
|
45,195 |
|
|
Shares used in calculating net income (loss) per share—diluted |
|
47,162 |
|
|
|
45,195 |
|
|
|
|||||||
|
CONSOLIDATED BALANCE SHEETS |
|||||||
|
(Unaudited) |
|||||||
|
(amounts in thousands except share data) |
|||||||
|
|
|
|
|
||||
|
|
|
|
|
||||
|
ASSETS |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
175,122 |
|
|
$ |
154,153 |
|
|
Short-term investments |
|
14,953 |
|
|
|
38,858 |
|
|
Accounts receivable, net |
|
31,936 |
|
|
|
36,811 |
|
|
Contract assets, current portion |
|
11,697 |
|
|
|
12,687 |
|
|
Prepaid expenses |
|
2,134 |
|
|
|
3,050 |
|
|
Other current assets |
|
3,260 |
|
|
|
2,935 |
|
|
Total current assets |
|
239,102 |
|
|
|
248,494 |
|
|
Long-term investments |
|
1,713 |
|
|
|
3,464 |
|
|
Property and equipment, net |
|
3,372 |
|
|
|
2,314 |
|
|
Right-of-use assets |
|
2,429 |
|
|
|
2,624 |
|
|
|
|
169,868 |
|
|
|
173,256 |
|
|
Deferred income tax assets |
|
24,973 |
|
|
|
25,334 |
|
|
Contract assets, non-current portion |
|
1,936 |
|
|
|
1,405 |
|
|
Other non-current assets |
|
3,060 |
|
|
|
2,218 |
|
|
Total assets |
$ |
446,453 |
|
|
$ |
459,109 |
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
5,057 |
|
|
$ |
3,874 |
|
|
Accrued payroll and related taxes |
|
10,645 |
|
|
|
16,837 |
|
|
Accrued liabilities |
|
245 |
|
|
|
343 |
|
|
Deferred revenue, current portion |
|
25,206 |
|
|
|
29,061 |
|
|
Lease liabilities, current portion |
|
911 |
|
|
|
890 |
|
|
Convertible senior notes |
|
154,464 |
|
|
|
152,216 |
|
|
Other current liabilities |
|
6,581 |
|
|
|
5,813 |
|
|
Total current liabilities |
|
203,109 |
|
|
|
209,034 |
|
|
Convertible senior notes |
|
— |
|
|
|
— |
|
|
Deferred revenue, non-current portion |
|
742 |
|
|
|
1,085 |
|
|
Lease liabilities, non-current portion |
|
1,858 |
|
|
|
2,080 |
|
|
Deferred income tax liabilities |
|
295 |
|
|
|
295 |
|
|
Other non-current liabilities |
|
6,793 |
|
|
|
6,357 |
|
|
Total liabilities |
|
212,797 |
|
|
|
218,851 |
|
|
|
|
|
|
||||
|
Stockholders’ equity: |
|
|
|
||||
|
Preferred stock, |
|
— |
|
|
|
— |
|
|
Common stock, |
|
45 |
|
|
|
46 |
|
|
Additional paid-in capital |
|
266,568 |
|
|
|
265,835 |
|
|
Accumulated other comprehensive income |
|
474 |
|
|
|
586 |
|
|
Accumulated deficit |
|
(33,431 |
) |
|
|
(26,209 |
) |
|
Total stockholders’ equity |
|
233,656 |
|
|
|
240,258 |
|
|
Total liabilities and stockholders’ equity |
$ |
446,453 |
|
|
$ |
459,109 |
|
|
|
|||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
(Unaudited) |
|||||||
|
(amounts in thousands) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
2025 |
|
2024 |
||||
|
Operating activities: |
|
|
|
||||
|
Net income (loss) |
$ |
2,772 |
|
|
$ |
(4,612 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
||||
|
Stock-based compensation expense |
|
2,691 |
|
|
|
4,465 |
|
|
Amortization of acquired intangible assets |
|
3,286 |
|
|
|
3,657 |
|
|
Amortization of costs capitalized to obtain revenue contracts |
|
606 |
|
|
|
472 |
|
|
Depreciation and amortization expense |
|
353 |
|
|
|
395 |
|
|
Bad debt expense |
|
(71 |
) |
|
|
589 |
|
|
Amortization of investment premiums & other |
|
(216 |
) |
|
|
(797 |
) |
|
Accretion and amortization on convertible senior notes |
|
2,249 |
|
|
|
2,105 |
|
|
Deferred taxes |
|
366 |
|
|
|
(343 |
) |
|
Changes in assets and liabilities, net of acquisitions: |
|
|
|
||||
|
Accounts receivable |
|
4,911 |
|
|
|
(1,868 |
) |
|
Contract assets |
|
444 |
|
|
|
(163 |
) |
|
Other assets |
|
(856 |
) |
|
|
(738 |
) |
|
Accounts payable |
|
1,183 |
|
|
|
(2,161 |
) |
|
Accrued payroll and related taxes |
|
(6,211 |
) |
|
|
(2,532 |
) |
|
Income taxes payable |
|
802 |
|
|
|
28 |
|
|
Deferred revenue |
|
(4,181 |
) |
|
|
849 |
|
|
Other liabilities |
|
(110 |
) |
|
|
1,219 |
|
|
Net cash provided by (used in) operating activities |
|
8,018 |
|
|
|
565 |
|
|
Investing activities: |
|
|
|
||||
|
Purchases of investments |
|
— |
|
|
|
(12,375 |
) |
|
Maturities of investments |
|
25,842 |
|
|
|
12,300 |
|
|
Sales of investments |
|
— |
|
|
|
1,250 |
|
|
Purchases of property and equipment, net |
|
(1,426 |
) |
|
|
(335 |
) |
|
Net cash provided by (used in) investing activities |
|
24,416 |
|
|
|
840 |
|
|
Financing activities: |
|
|
|
||||
|
Proceeds from the issuance of equity plan common stock |
|
25 |
|
|
|
177 |
|
|
Repurchases and retirements of common stock |
|
(9,995 |
) |
|
|
(3,257 |
) |
|
Payment of tax withholding obligations related to net share settlement of equity awards |
|
(1,983 |
) |
|
|
— |
|
|
Proceeds from other borrowings |
|
442 |
|
|
|
— |
|
|
Principal payments on other borrowings |
|
— |
|
|
|
(49 |
) |
|
Net cash provided by (used in) financing activities |
|
(11,511 |
) |
|
|
(3,129 |
) |
|
Foreign currency effect on cash and cash equivalents |
|
46 |
|
|
|
(1,115 |
) |
|
Net Unrealized holding gain (loss) on available-for-sale investments |
|
20,969 |
|
|
|
(2,839 |
) |
|
Cash and cash equivalents at beginning of period |
|
154,153 |
|
|
|
93,456 |
|
|
Cash and cash equivalents at end of period |
$ |
175,122 |
|
|
$ |
90,617 |
|
|
Supplemental disclosures of cash flow information: |
|
|
|
||||
|
Cash paid for income taxes |
$ |
80 |
|
|
$ |
690 |
|
|
Supplemental disclosures of non-cash investing and financing activities: |
|
|
|
||||
|
Unrealized holding gain (loss) on available-for-sale investments |
$ |
(23 |
) |
|
$ |
(138 |
) |
|
|
|||||
|
DISAGGREGATION OF REVENUE BY PRODUCT AND TYPE |
|||||
|
(Unaudited) |
|||||
|
(amounts in thousands) |
|||||
|
|
|
|
|
||
|
|
Three Months Ended |
||||
|
|
2025 |
|
2024 |
||
|
Fraud and Identity Solutions |
|
|
|
||
|
SaaS |
$ |
20,916 |
|
$ |
17,293 |
|
Software license and support |
|
3,908 |
|
|
1,722 |
|
Professional services and other |
|
646 |
|
|
554 |
|
Total fraud and identity solutions revenue |
$ |
25,470 |
|
$ |
19,570 |
|
|
|
|
|
||
|
Check Verification Solutions |
|
|
|
||
|
SaaS |
$ |
1,321 |
|
$ |
1,134 |
|
Software license and support |
|
16,907 |
|
|
16,374 |
|
Professional services and other |
|
546 |
|
|
177 |
|
Total check verification solutions revenue |
$ |
18,773 |
|
$ |
17,685 |
|
|
|
|
|
||
|
Consolidated Revenue |
|
|
|
||
|
SaaS |
$ |
22,237 |
|
$ |
18,427 |
|
Software license and support |
|
20,815 |
|
|
18,096 |
|
Professional services and other |
|
1,192 |
|
|
731 |
|
Consolidated revenue |
$ |
44,244 |
|
$ |
37,254 |
|
|
|||||||
|
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION |
|||||||
|
(Unaudited) |
|||||||
|
(amounts in thousands) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
2025 |
|
2024 |
||||
|
GAAP net income (loss) |
$ |
2,772 |
|
|
$ |
(4,612 |
) |
|
Add: |
|
|
|
||||
|
Income tax (benefit) provision |
|
1,626 |
|
|
|
(297 |
) |
|
Other (income) expense, net |
|
(1,500 |
) |
|
|
(563 |
) |
|
Interest expense |
|
2,542 |
|
|
|
2,398 |
|
|
GAAP operating income (loss) |
$ |
5,440 |
|
|
$ |
(3,074 |
) |
|
|
|
|
|
||||
|
Non-GAAP Adjustments |
|
|
|
||||
|
Depreciation and amortization expense |
$ |
353 |
|
|
$ |
395 |
|
|
Amortization of acquired intangible assets |
|
3,286 |
|
|
|
3,657 |
|
|
Litigation and other legal costs |
|
23 |
|
|
|
233 |
|
|
Executive and other transition costs |
|
262 |
|
|
|
494 |
|
|
Stock-based compensation expense |
|
2,691 |
|
|
|
4,465 |
|
|
Non-recurring audit fees |
|
719 |
|
|
|
867 |
|
|
Restructuring costs(1) |
|
515 |
|
|
|
808 |
|
|
Adjusted EBITDA |
$ |
13,289 |
|
|
$ |
7,845 |
|
|
Total revenue |
$ |
44,244 |
|
|
$ |
37,254 |
|
|
Adjusted EBITDA margin |
|
30.0 |
% |
|
|
21.1 |
% |
|
(1) |
Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were |
|
|
|||||||
|
NON-GAAP NET INCOME RECONCILIATION |
|||||||
|
(Unaudited) |
|||||||
|
(amounts in thousands except per share data) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
2025 |
|
2024 |
||||
|
Net income (loss) |
$ |
2,772 |
|
|
$ |
(4,612 |
) |
|
Non-GAAP adjustments: |
|
|
|
||||
|
Amortization of acquired intangible assets |
|
3,286 |
|
|
|
3,657 |
|
|
Litigation and other legal costs |
|
23 |
|
|
|
233 |
|
|
Executive and other transition costs |
|
262 |
|
|
|
494 |
|
|
Stock-based compensation expense |
|
2,691 |
|
|
|
4,465 |
|
|
Non-recurring audit fees |
|
719 |
|
|
|
867 |
|
|
Restructuring costs(1) |
|
515 |
|
|
|
808 |
|
|
Amortization of debt discount and issuance costs |
|
2,249 |
|
|
|
2,147 |
|
|
Income tax effect of pre-tax adjustments |
|
(3,048 |
) |
|
|
(1,919 |
) |
|
Cash tax difference(2) |
|
2,965 |
|
|
|
493 |
|
|
Non-GAAP net income |
$ |
12,434 |
|
|
$ |
6,633 |
|
|
Non-GAAP net income per share—basic |
$ |
0.27 |
|
|
$ |
0.15 |
|
|
Non-GAAP net income per share—diluted |
$ |
0.26 |
|
|
$ |
0.15 |
|
|
Shares used in calculating non-GAAP net income per share—basic |
|
45,702 |
|
|
|
45,195 |
|
|
Shares used in calculating non-GAAP net income per share—diluted |
|
47,162 |
|
|
|
45,195 |
|
|
(1) |
Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were |
|
|
(2) |
The Company’s non-GAAP net income is calculated using a cash tax rate of 12% in fiscal 2026 and 15% in fiscal 2025. The estimated cash tax rate is the estimated annual tax payable on the Company’s tax returns as a percentage of estimated annual non-GAAP pre-tax net income. The Company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, and the utilization of research and development tax credits which currently have an overall effect of reducing taxes payable. The Company believes that the cash tax rate provides a more transparent view of the Company’s operating results. The Company’s effective tax rate used for the purposes of calculating GAAP net income for the three months ended |
|
|
|||||||||||||||||||
|
NON-GAAP FREE CASH FLOW RECONCILIATION |
|||||||||||||||||||
|
(Unaudited) |
|||||||||||||||||||
|
(amounts in thousands) |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended |
|
Twelve months ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
13,743 |
|
|
$ |
21,571 |
|
|
$ |
19,461 |
|
|
$ |
8,018 |
|
|
$ |
62,793 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of property and equipment, net |
|
(232 |
) |
|
|
(329 |
) |
|
|
(259 |
) |
|
|
(1,426 |
) |
|
|
(2,246 |
) |
|
Free Cash Flow |
$ |
13,511 |
|
|
$ |
21,242 |
|
|
$ |
19,202 |
|
|
$ |
6,592 |
|
|
$ |
60,547 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Three months ended |
|
Twelve months ended |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Net cash provided by (used in) operating activities |
$ |
7,064 |
|
|
$ |
12,985 |
|
|
$ |
21,102 |
|
|
$ |
565 |
|
|
$ |
41,716 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
|
Purchases of property and equipment, net |
|
(483 |
) |
|
|
(431 |
) |
|
|
(283 |
) |
|
|
(335 |
) |
|
|
(1,532 |
) |
|
Free Cash Flow |
$ |
6,581 |
|
|
$ |
12,554 |
|
|
$ |
20,819 |
|
|
$ |
230 |
|
|
$ |
40,184 |
|
|
|
||||||
|
STOCK-BASED COMPENSATION EXPENSE |
||||||
|
(Unaudited) |
||||||
|
(amounts in thousands) |
||||||
|
|
|
|
|
|||
|
|
Three Months Ended |
|||||
|
|
2025 |
|
2024 |
|||
|
Cost of revenue |
$ |
308 |
|
|
$ |
161 |
|
Selling and marketing |
|
56 |
|
|
|
974 |
|
Research and development |
|
(219 |
) |
|
|
1,124 |
|
General and administrative |
|
2,546 |
|
|
|
2,206 |
|
Total stock-based compensation expense |
$ |
2,691 |
|
|
$ |
4,465 |
|
|
|||||||
|
NON-GAAP GROSS PROFIT RECONCILIATION |
|||||||
|
(Unaudited) |
|||||||
|
(amounts in thousands) |
|||||||
|
|
|
|
|
||||
|
|
Three Months Ended |
||||||
|
|
2025 |
|
2024 |
||||
|
Software license |
|
|
|
||||
|
Software license revenue |
$ |
13,901 |
|
|
$ |
11,985 |
|
|
Cost of revenue (exclusive of depreciation and amortization expense) |
|
(33 |
) |
|
|
(67 |
) |
|
Depreciation and amortization expense |
|
(190 |
) |
|
|
(266 |
) |
|
Amortization of acquired completed technology assets |
|
(501 |
) |
|
|
(924 |
) |
|
GAAP gross profit for software license and hardware |
|
13,177 |
|
|
|
10,728 |
|
|
Depreciation and amortization expense |
|
190 |
|
|
|
266 |
|
|
Amortization of acquired completed technology assets |
|
501 |
|
|
|
924 |
|
|
Non-GAAP gross profit for software license |
$ |
13,868 |
|
|
$ |
11,918 |
|
|
|
|
|
|
||||
|
GAAP gross margin for software license |
|
94.8 |
% |
|
|
89.5 |
% |
|
Non-GAAP gross margin for software license |
|
99.8 |
% |
|
|
99.4 |
% |
|
|
|
|
|
||||
|
SaaS, maintenance, and other |
|
|
|
||||
|
SaaS, maintenance and other revenue |
$ |
30,343 |
|
|
$ |
25,269 |
|
|
Cost of revenue (exclusive of depreciation and amortization expense) |
|
(8,374 |
) |
|
|
(5,877 |
) |
|
Depreciation and amortization expense |
|
(65 |
) |
|
|
(3 |
) |
|
Amortization of acquired completed technology assets |
|
(2,208 |
) |
|
|
(2,128 |
) |
|
GAAP gross profit for SaaS, maintenance, and other |
|
19,696 |
|
|
|
17,261 |
|
|
Depreciation and amortization expense |
|
65 |
|
|
|
3 |
|
|
Amortization of acquired completed technology assets |
|
2,208 |
|
|
|
2,128 |
|
|
Stock-based compensation expense |
|
308 |
|
|
|
161 |
|
|
Non-GAAP gross profit for SaaS, maintenance, and other |
$ |
22,277 |
|
|
$ |
19,553 |
|
|
|
|
|
|
||||
|
GAAP gross margin for SaaS, maintenance, and other |
|
64.9 |
% |
|
|
68.3 |
% |
|
Non-GAAP gross margin for SaaS, maintenance, and other |
|
73.4 |
% |
|
|
77.4 |
% |
|
|
|
|
|
||||
|
Consolidated results |
|
|
|
||||
|
Total revenue |
$ |
44,244 |
|
|
$ |
37,254 |
|
|
Cost of revenue (exclusive of depreciation and amortization expense) |
|
(8,407 |
) |
|
|
(5,944 |
) |
|
Depreciation and amortization expense |
|
(255 |
) |
|
|
(269 |
) |
|
Amortization of acquired completed technology assets |
|
(2,709 |
) |
|
|
(3,052 |
) |
|
GAAP gross profit |
|
32,873 |
|
|
|
27,989 |
|
|
Depreciation and amortization expense |
|
255 |
|
|
|
269 |
|
|
Amortization of acquired completed technology assets |
|
2,709 |
|
|
|
3,052 |
|
|
Stock-based compensation expense |
|
308 |
|
|
|
161 |
|
|
Non-GAAP gross profit |
$ |
36,145 |
|
|
$ |
31,471 |
|
|
|
|
|
|
||||
|
GAAP gross profit margin |
|
74.3 |
% |
|
|
75.1 |
% |
|
Non-GAAP gross profit margin |
|
81.7 |
% |
|
|
84.5 |
% |
|
|
||||||
|
NON-GAAP OPERATING EXPENSE RECONCILIATION |
||||||
|
(Unaudited) |
||||||
|
(amounts in thousands) |
||||||
|
|
|
|
|
|||
|
|
Three Months Ended |
|||||
|
|
2025 |
|
2024 |
|||
|
Selling and marketing |
$ |
8,148 |
|
|
$ |
9,695 |
|
Non-GAAP adjustments: |
|
|
|
|||
|
Stock-based compensation expense |
|
56 |
|
|
|
974 |
|
Executive and other transition costs |
|
170 |
|
|
|
— |
|
Non-GAAP selling and marketing |
$ |
7,922 |
|
|
$ |
8,721 |
|
|
|
|
|
|||
|
Research and development |
$ |
7,374 |
|
|
$ |
8,323 |
|
Non-GAAP adjustments: |
|
|
|
|||
|
Stock-based compensation expense |
|
(219 |
) |
|
|
1,124 |
|
Non-GAAP research and development |
$ |
7,593 |
|
|
$ |
7,199 |
|
|
|
|
|
|||
|
General and administrative |
$ |
11,074 |
|
|
$ |
11,901 |
|
Non-GAAP adjustments: |
|
|
|
|||
|
Stock-based compensation expense |
|
2,546 |
|
|
|
2,206 |
|
Litigation and other legal costs |
|
23 |
|
|
|
233 |
|
Executive and other transition costs |
|
92 |
|
|
|
494 |
|
Non-recurring audit fees |
|
719 |
|
|
|
867 |
|
Non-GAAP general and administrative |
$ |
7,694 |
|
|
$ |
8,101 |
|
|
|
|
|
|||
|
Total Non-GAAP operating expense |
$ |
23,209 |
|
|
$ |
24,021 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260205349138/en/
Investor Contacts:
ICR for
ir@miteksystems.com
VP, Finance and Investor Relations
mholder@miteksystems.com
Source: