MITEK SYSTEMS INC reported second quarter ended March 31, 2026 results: revenue $54.8 million, net income $9.5 million, EPS $0.20. Guidance raised.
“execution, continued innovation, and scaling our business model to drive durable, long-term value.” Fiscal 2026 Second Quarter Financial Highlights GAAP • Total revenue of $54.8 million was a 6% increase year-over-year, compared to $51.9 million a year ago. • SaaS revenue of $21.2 million was an 18% increase year-over-year, compared to $18.0 million a year ago.”
Material Agreements
MITEK SYSTEMS INC terminated 0.750% Convertible Senior Notes due February 1, 2026 valued at $155,250,000 million in aggregate principal (effective 2026-02-01).
“On February 1, 2026, Mitek Systems, Inc. (the “Company”) repaid in full its 0.750% Convertible Senior Notes due February 1, 2026, which included $155,250,000 million in aggregate principal plus all accrued interest and terminated all lending commitments thereunder.”
Debt Financings
MITEK SYSTEMS INC incurred term loan of $50,000,000 with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company at term SOFR plus a specified margin or WSJ prime plus a specified margin.
“On January 21, 2026, Mitek Systems, Inc. (the “Company”) borrowed $50,000,000 under its delayed draw term loan facility established under that certain Loan and Security Agreement, dated February 13, 2024, by and among the Company, A2iA Corp., ID R&D, Inc. and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as amended by that certain First Amendment to Loan and Security Agreement, dated May 7, 2025 (collectively, the “Credit Agreement”).”
Garrett Gafke was appointed as Chief Operating Officer at MITEK SYSTEMS INC.
“On April 25, 2025, Mitek Systems, Inc. (the “Company”) appointed that Garret Gafke was appointed as the Company’s Chief Operating Officer, effective immediately.”
James C. Hale departed as director at MITEK SYSTEMS INC.
“James C. Hale notified the Company of his decision not to stand for re-election at the 2025 Annual Meeting.”
James (J.D.) Fay was appointed as director at MITEK SYSTEMS INC.
“appointed James (J.D.) Fay to the Board to fill the resulting vacancy.”
Kimberly Stevenson changed role as Lead Independent Director at MITEK SYSTEMS INC.
“Kimberly Stevenson, who currently serves as the Board’s lead independent director, will cease serving in such capacity and will continue to serve on the Board and as a member of the Board’s audit committee and chair of the Board’s compensation committee.”
Scott Carter changed role as Non-executive Chairman of the Board at MITEK SYSTEMS INC.
“Scott Carter, who has served as the Company’s interim Chief Executive Officer since June 2024, is returning to his role as the Company’s non-executive chairman of the Board, effective October 1, 2024.”
Edward H. West was appointed as Chief Executive Officer at MITEK SYSTEMS INC.
“On October 1, 2024, Mitek Systems, Inc. (the “Company”) announced that Edward H. West was appointed as the Company’s Chief Executive Officer, effective immediately.”
Scipio "Max" Carnecchia resigned as Director at MITEK SYSTEMS INC.
“On June 9, 2024, Mr. Scipio “Max” Carnecchia tendered his resignation as a member of the Board of Directors of Mitek Systems, Inc. (the “Company”) effective immediately.”
Scott Carter was appointed as Interim Chief Executive Officer at MITEK SYSTEMS INC.
“Scott Carter, a member of the Board of Directors of the Company (the “Board”), was appointed as Interim Chief Executive Officer of the Company, effective as of June 1, 2024.”
Earnings Releases
MITEK SYSTEMS INC reported second quarter ended March 31, 2024 results: revenue $47.0 million, net income $0.3 million, EPS $0.01 per diluted share. Guidance reaffirmed.
“31, 2024, and reiterated its previously provided guidance for its 2024 fiscal year ending September 30, 2024. Fiscal 2024 Second Quarter Financial Results • Total revenue was $47.0 million, compared to $46.1 million a year ago. • GAAP operating income was $0.7 million, an operating margin of 1%, compared to GAAP operating income of $8.7 million, an operating margin”
Kim Stevenson was appointed as Lead Independent Director at MITEK SYSTEMS INC.
“In connection with the appointment of Scott Carter as Interim Chief Executive Officer, Kim Stevenson has been appointed as the Lead Indepen”
Scott Carter was appointed as Interim Chief Executive Officer at MITEK SYSTEMS INC.
“Scott Carter, a member of the Board, has been appointed as Interim Chief Executive Officer, effective as of June 1, 2024.”
Max Carnecchia was terminated as Chief Executive Officer at MITEK SYSTEMS INC.
“On May 9, 2024, the Board of Directors of the Company (the "Board") notified Scipio "Max" Carnecchia that his employment as the Company's Chief Executive Officer would terminate as of May 31, 2024.”
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