Mitek Systems, Inc. (MITK): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at Mitek Systems, Inc. right now, you see a company expertly managing a split personality: the reliable, high-margin Mobile Deposit business, which still pulls in about 57.9% of revenue with a 77.7% gross margin in Q3 2025, is funding the real action. That action is the Identity Verification SaaS segment, which is growing fast at 23% year-over-year, all while the company sits on $175.4 million in cash as of June 30, 2025. I've seen this setup before, and it requires surgical precision across all nine building blocks to work. Dive into the canvas below to see how Mitek Systems, Inc. is structuring its key activities and partnerships to defend against deepfakes while keeping the lights on.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Key Partnerships

You're looking at how Mitek Systems, Inc. extends its reach and capability through external players. This isn't just about having a few contacts; it's about embedding Mitek Systems, Inc.'s identity verification technology into the workflows of major industry players.

Strategic alliances with credit bureaus like Experian and Equifax

Mitek Systems, Inc. maintains strategic partnerships across North America and Europe with major credit bureaus to enhance its identity verification and fraud prevention offerings. These alliances are key for expanding market reach within the financial services, gaming, telecom, and marketplace sectors.

• Partnerships include major bureaus like Experian and Equifax.
• The company also partners with identity platforms such as Ping Identity.
• These relationships help Mitek establish foundational identity by linking biometrics to government-attested Personally Identifiable Information (PII) during enrollment.

Technology integration partners (Ping Identity, system integrators)

The technology ecosystem Mitek Systems, Inc. plugs into is critical for seamless deployment. You see this in the integration with specialized vendors and the network of system integrators who help deploy Mitek solutions.

Mitek Systems, Inc. has announced integrated functionality with partners like RiskScout. Furthermore, for advanced biometric checks, Mitek partners with vendors like FaceTec for its patented 3D Face Verification software and Oz Forensics for liveness detection solutions. These integrations ensure Mitek Systems, Inc. can offer a layered defense against evolving threats like deepfakes.

System integrators and consultants are incentivized to drive new business through referral compensation for generating qualified leads. This network helps customers simply access Mitek Systems, Inc.'s identity verification solutions through their existing onboarding or orchestration platforms.

OEM and Reseller partners for broader market reach

Mitek Systems, Inc. structures its go-to-market through several partner channels to embed its technology widely. This approach is vital as the company maintains its fiscal 2025 full-year revenue guidance in the range of $174 million to $177 million.

The partnership structure includes:

• OEM (Original Equipment Manufacturer): Allowing partners to embed Mitek Systems, Inc.'s identity verification solutions directly into their own product offerings.
• Reseller: Where partners sell Mitek Systems, Inc. solutions to their end customers, with Mitek Systems, Inc. supporting pre-sales and integration activities.
• Referral/Influencer: A channel for industry experts and consultants to earn compensation for qualified leads.

The shift to a subscription model is evident, with Last Twelve Months (LTM) Software-as-a-Service (SaaS) Revenue reaching $74M as of Q3 Fiscal 2025, making up 41% of Total LTM Revenue.

Financial institution partners for consortium-led fraud solutions

The core of Mitek Systems, Inc.'s value proposition is its deep integration within the financial sector, where it is trusted by over 7,000+ organizations worldwide. A significant example of this deep partnership is the consortium-led solution aimed at check fraud.

Here's a snapshot of the scale and focus areas:

Market Segment	Estimated Market Size (2025)	Mitek Systems, Inc. Solution Focus
Biometrics	$33B	AI-powered liveness and face matching
Check Deposit & Fraud	$1B	Consortium-led fraud prevention across billions of transactions
Identity Verification	$13B	Digital onboarding and compliance

This consortium approach helps banks prevent check fraud across billions of transactions, providing stability supported by resilient transaction volumes, as seen in the 23% year-over-year growth in SaaS revenue for the third quarter of fiscal 2025.

Finance: draft next quarter's partner engagement KPI targets by end of next week.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Key Activities

You're looking at the core engine of Mitek Systems, Inc. (MITK) operations as of late 2025, focusing on the essential tasks that keep the revenue flowing and the platform secure. These activities are where the real investment in technology and integration happens.

Developing and maintaining AI/biometric identity verification solutions

Mitek Systems, Inc. (MITK) maintains its core offering by continuously refining the technology that secures digital interactions across the identity lifecycle, from onboarding to authentication. This involves keeping the underlying AI models sharp and the biometric capture robust. You should note that Mitek Systems, Inc. (MITK) currently serves over 7,000 organizations globally. In the first quarter of fiscal 2025, the identity products revenue grew by 13% year-over-year, reaching $18 million. The identity SaaS revenue component of that saw an even stronger acceleration, increasing by 26% year-over-year in that same period.

The key operational tasks here include:

• Maintaining the global network supporting identity verification transactions.
• Ensuring compliance with evolving global digital identity standards.
• Upgrading core biometric and document verification engines.

Continuous R&D to combat deepfakes and synthetic fraud

The R&D focus is heavily weighted toward defending against next-generation threats, especially those powered by generative AI. This isn't just maintenance; it's a proactive arms race. Mitek Systems, Inc. (MITK) recently launched the Digital Fraud Defender suite specifically to tackle these advanced attacks. This solution uses a three-component architecture for defense. The components are designed for injection attack detection, template attack detection, and deepfake detection. In real-world deployments, this R&D effort has already proven its worth: the system detected more than 3,000 injection attacks in a single targeted phishing campaign. Furthermore, in biometric verification processes, the filtering mechanism maintained a 99 percent pass rate while successfully filtering out deepfake images.

Consolidating identity products into a single, unified platform (MiVIP)

A major activity is the integration of disparate identity and fraud tools into the Mitek Verified Identity Platform, or MiVIP. This consolidation effort is aimed at simplifying the customer experience and strengthening the competitive position. The success of this integration is showing up in transaction metrics. For instance, transaction growth within MiVIP specifically reached over 60% in the first quarter of fiscal 2025. Also, the Services and Other Revenue segment, which is fueled by products like MiVIP, rose by 14% in the second quarter of fiscal 2025.

The ongoing work involves:

• Expanding the feature set within the MiVIP framework.
• Streamlining the integration points for new and existing customers.
• Aligning product investments around this singular platform strategy.

Managing and renewing high-value Mobile Deposit software licenses

Managing the legacy but resilient Mobile Deposit business involves careful handling of high-value, often multi-year, software license agreements. This is a key activity, though it shows variability based on renewal timing. In the first quarter of fiscal 2025, revenue from deposit products experienced a 9% year-over-year decline, which management attributed to the timing of these deal renewals. To bolster this segment's resilience, Mitek Systems, Inc. (MITK) is pushing its Check Fraud Defender (CFD) offering. The Annual Contract Value (ACV) for CFD was nearing $12 million at the start of the year, with a specific goal to double that ACV in fiscal 2025.

Here's a quick look at some of the key operational metrics driving the business as of the latest reporting periods:

Key Activity Metric	Value/Rate	Period/Context
Identity Products Revenue YoY Growth	13%	Q1 Fiscal 2025
Identity SaaS Revenue YoY Growth	26%	Q1 Fiscal 2025
MiVIP Transaction Growth	Over 60%	Q1 Fiscal 2025
Digital Fraud Defender Injection Attacks Detected	Over 3,000	In one deployment campaign
Check Fraud Defender Annual Contract Value (ACV)	Nearing $12 million	As of Q1 Fiscal 2025
Deposit Products Revenue YoY Change	-9%	Q1 Fiscal 2025 (due to renewals)
Fiscal 2025 Full Year Revenue Guidance (Tightened)	$174 million to $177 million	As of August 2025

Finance: draft 13-week cash view by Friday.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Key Resources

The Key Resources for Mitek Systems, Inc. are centered on its deep intellectual property moat, significant financial backing, and specialized human capital dedicated to digital integrity.

The foundation of Mitek Systems, Inc. technology rests on its proprietary AI and patented MiSnap mobile capture technology. This SDK is described as patented and powered by computer vision, enabling intuitive user experience and instant capture of quality images for documents and checks, which is the critical first step for successful mobile check deposit and identity verification processes.

The company maintains a strong position through its intellectual property and market dominance in Mobile Check Deposit. This is evidenced by the sheer volume of transactions processed through its core Deposits software. Furthermore, as of early 2025, Mitek Systems, Inc. had a portfolio of 114 patents granted, with several new patents issued in 2025 alone, such as one on June 17, 2025, related to systems and methods for updating an image registry for use in fraud detection.

Financially, Mitek Systems, Inc. possesses a strong cash and investments balance of $175.4 million as of June 30, 2025. This liquidity supports ongoing innovation and strategic execution. The company also demonstrated strong operational cash generation, reporting $55.8 million in free cash flow for the twelve months ended June 30, 2025.

The third essential resource is the global team of builders and engineers specializing in digital integrity. This team is focused on developing and maintaining the AI, capture, and biometrics solutions that power Mitek Systems, Inc.'s offerings. As of August 2025, the total workforce stood at 209 people worldwide, with a significant portion dedicated to core development.

Here's a quick look at some of the concrete operational and financial metrics that underpin these resources:

Resource Metric Category	Specific Metric	Value/Amount
Financial Strength (as of June 30, 2025)	Total Cash and Investments	$175.4 million
Intellectual Property	Total Patents Granted (as of early 2025)	114
Market Dominance (Deposits)	Deposit Software License Revenue (LTM Q2 2025)	$73 million
Market Dominance (Deposits)	Resilient Transaction Run Rate	1.2 billion transactions
Team Size (as of August 2025)	Total Employees Worldwide	209
Team Size (as of August 2025)	Employees in Engineering Department	49
Growth Indicator (Q3 2025)	SaaS Revenue Year-over-Year Growth	23%

You can see the focus on the core technology is backed by a solid balance sheet. The company's ability to generate $19.3 million in SaaS revenue in the third quarter of fiscal 2025, representing a 23% year-over-year increase, shows the market is valuing these core technology assets.

The composition of the global team, as of August 2025, highlights where the intellectual capital is concentrated:

• Total Employees: 209
• Sales and Support: 62 employees
• Engineering: 49 professionals
• Marketing and Product: 31 employees
• Finance and Administration: 27 employees

The Engineering group of 49 professionals is directly responsible for advancing the proprietary AI and the MiSnap SDK. Finance: draft 13-week cash view by Friday.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Value Propositions

You're looking at the core value Mitek Systems, Inc. delivers to its customers, which is built on trust and stopping bad actors in a rapidly evolving digital landscape. Here's the breakdown of what they offer, grounded in the latest numbers we have through Q3 Fiscal Year 2025.

High-assurance digital identity verification and authentication

Mitek Systems, Inc. provides the foundational layer for secure digital interactions. This value proposition centers on ensuring the person on the other side of the screen is who they claim to be, linking biometrics to government-attested Personally Identifiable Information (PII) during enrollment.

• The technology is relied upon by more than 7,000 organizations globally to protect critical customer connections.
• Identity products revenue showed a year-over-year increase of 13%, driven by adoption of the enhanced identity verification platform.
• SaaS revenue, which includes identity and fraud solutions, grew by 26% year-over-year in Q3 Fiscal Year 2025.

Real-time defense against AI-powered deepfakes and injection attacks

The defense against generative AI fraud is a major focus, moving beyond simple liveness checks to a multi-layered approach with their Digital Fraud Defender suite. This is critical because threats like synthetic identity fraud surged by 31%, and check fraud incidents climbed by 28% in the preceding year, according to some industry observations for 2025. Mitek Systems, Inc. has been recognized with top honors in 2025 for this innovation.

Here are some concrete examples of the defense capabilities:

• In one deployment, the Digital Fraud Defender uncovered more than 3,000 injection attacks within a single targeted phishing campaign.
• The system demonstrated a 99 percent pass rate while actively filtering out deepfake images during a biometric verification process in a real-world scenario.
• The architecture includes detection for injection attacks, template attacks, and deepfake analysis.

Secure, convenient mobile check deposit for financial institutions

The Mobile Deposit® solution remains a core offering, providing a must-have feature for retail financial institutions. This convenience translates directly into hard savings for the institutions using the platform.

Metric	Data Point
Total Deposits Processed	Over one billion mobile check deposits
Financial Institutions Licensed	More than 7,000 globally
Consumers Using the Service	More than 80 million
Estimated Bank Savings	Over $2.5 billion in reduced processing costs
Market Penetration (Estimated)	Less than 5% of total checks are mobile deposited

The convenience is clear; that's a lot of trips to the ATM avoided.

Compliance support (KYC) and fraud loss reduction for regulated clients

For Mitek Systems, Inc.'s regulated clients, the value proposition includes meeting stringent Know Your Customer (KYC) requirements while actively reducing financial losses from fraud. The company's focus on compliance and fraud prevention underpins its entire identity portfolio.

The financial health supporting this commitment is evident in the latest guidance and cash position:

• Fiscal Year 2025 full-year revenue guidance was tightened to a range of $174 million to $177 million.
• The adjusted EBITDA margin guidance for Fiscal Year 2025 was tightened to 28%-29%.
• Free cash flow for the twelve months ending June 30, 2025, reached $55.8 million.

The company held total cash and investments of $175.4 million as of June 30, 2025. Finance: draft 13-week cash view by Friday.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Customer Relationships

You're looking at how Mitek Systems, Inc. manages its relationships with its diverse, high-value client base across identity verification and fraud prevention. The approach is clearly tiered, moving from direct engagement for large accounts to scalable platform delivery.

High-touch, enterprise-level sales and dedicated support is the foundation for securing major accounts in highly regulated verticals where the consequences of fraud are highest. Mitek Systems, Inc. serves more than 7,000 organizations globally, including financial services organizations, fintech brands, telecommunications companies, and marketplace brands. This scale necessitates a structure that supports large, complex deployments.

Deepening engagement is driven by expanding the product footprint within the existing client base, specifically by cross-selling new fraud solutions. For example, the Annual Contract Value (ACV) for Check Fraud Defender approached $12 million at the end of Q1 Fiscal 2025. Management was targeting to double Check Fraud Defender's ACV in fiscal '25, showing a clear focus on expanding wallet share with current customers through new offerings like fraud prevention. This strategy is working, as evidenced by the growth in the Identity product portfolio revenue, which grew 13% year-over-year in Q1 Fiscal 2025, driven by expansion with existing customers.

• Identity SaaS revenue grew 26% year-over-year in Q1 Fiscal 2025.
• Deposit SaaS revenue saw a significant rise of 64% year-over-year in Q1 Fiscal 2025.

For channel partners, Mitek Systems, Inc. maintains a dedicated MiPartner management team to support its go-to-market strategy through partners. This structure is key to scaling reach without proportionally scaling direct sales headcount. The company is actively aligning its go-to-market strategy around a unified, integrated platform to support this channel.

The relationship is heavily supported by automated, scalable SaaS platform delivery for transaction volume. The shift to this model is a core focus, with the company expecting SaaS revenue to approach 50% of total revenue by fiscal 2026, up from the level of 39% at the start of the fiscal year. This scalability is reflected in the Q3 Fiscal 2025 SaaS revenue hitting $19.3 million, a 23% increase year-over-year. Honestly, that recurring revenue stream is what underpins the confidence in raising the full-year Adjusted EBITDA margin guidance to 28%-29% for fiscal 2025.

Here's a quick look at the key metrics supporting this customer engagement strategy as of mid-2025:

Metric Category	Data Point	Value/Rate
Total Customer Base Size (Approximate)	Organizations Relying on Mitek	More than 7,000
SaaS Revenue Growth (Q1 FY2025 YoY)	Overall SaaS Revenue Growth	29%
Key Product ACV (Q1 FY2025)	Check Fraud Defender Annual Contract Value	Approached $12 million
Future SaaS Mix Projection	Target SaaS Revenue % of Total by FY2026	Approaching 50%
Balance Sheet Strength (Q2 FY2025 End)	Total Cash and Investments	$175.4 million

If onboarding takes 14+ days, churn risk rises, which is why the focus on a unified, integrated platform is so important to keep the customer experience seamless.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Channels

You're looking at how Mitek Systems, Inc. gets its identity verification and fraud prevention technology into the hands of customers as of late 2025. The channel strategy is clearly multi-pronged, balancing direct enterprise sales with scalable platform integration.

Direct sales force targeting enterprise financial and telecom clients.

Mitek Systems, Inc. relies on a direct sales motion to secure large, strategic accounts, which is evident in the focus on regulated industries. The company is trusted by over 7,000+ organizations worldwide, including major banks, fintechs, telecoms, and marketplaces. This direct engagement is crucial for selling complex, integrated solutions like the MiVIP platform, which unifies identity verification and fraud prevention. The success of this channel is reflected in the financial performance; for the third quarter of fiscal 2025, Mitek Systems, Inc. reported SaaS revenue of $19.3 million, marking a 23% increase year-over-year. Furthermore, the Identity product portfolio, a key direct sale, saw revenue grow by 13% year-over-year to $18 million in Q1 2025.

Global network of Resellers and System Integrators.

To achieve broad market penetration without relying solely on internal headcount, Mitek Systems, Inc. leverages strategic alliances. These partners act as force multipliers, especially in the financial services, gaming, telecom, and marketplace sectors. The company has established strategic partnerships with major entities like Experian, Equifax, and Ping Identity to expand its reach across North America and Europe. This partner ecosystem supports the overall goal of shifting revenue mix; management noted that they expect SaaS revenue to approach 50% of total revenue by fiscal 2026, up from the 39% level seen in Q1 2025.

Here's a quick look at the scale and reach supported by these channels as of the latest reports:

Channel/Metric	Data Point	Context/Timeframe
Total Organizations Served	7,000+	As of late 2025
Strategic Partnerships	3 (Experian, Equifax, Ping Identity)	Expanding reach in key verticals
Check Fraud Defender Network Coverage	18%	Of all U.S. checking accounts, Q1 2025
FY2025 Full Year Revenue Guidance	$174 million to $177 million	Tightened guidance for the year ending September 30, 2025

Integrated platform access via APIs and SDKs for quick deployment.

The shift to a unified, integrated platform is heavily reliant on developer-friendly distribution methods, meaning APIs (Application Programming Interfaces) and SDKs (Software Development Kits) are central. This allows for rapid deployment and integration into customer workflows, which drives the high growth seen in recurring revenue streams. For instance, Deposit SaaS revenue saw a massive 64% year-over-year increase in Q1 2025. The Check Fraud Defender product, which is part of this integrated offering, had an Annual Contract Value (ACV) approaching $12 million at the end of Q1 2025. This ease of integration helps support the company's overall profitability goals, with the FY2025 Adjusted EBITDA margin guidance tightened to 28% to 29%.

Investor relations and public reporting via NASDAQ (MITK).

The channel for capital markets communication is standardized and public. Mitek Systems, Inc. trades publicly under the ticker MITK on the NASDAQ exchange. This channel is used to disseminate critical operational and financial updates to the investment community. For example, the company reported Q3 2025 total revenue of $45.7 million and raised its full-year revenue guidance midpoint on August 7, 2025. The latest reported cash position, total cash and investments, stood at $175.4 million as of June 30, 2025.

• Reported GAAP net income for Q3 2025 was $2.4 million.
• GAAP net loss per diluted share improved to $0.10 in Q1 2025 from a loss of $0.13 a year prior.
• The company repurchased 0.4 million shares in Q1 2025 for approximately $3.3 million.

Finance: draft the Q4 2025 revenue impact analysis by next Tuesday.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Customer Segments

You're looking at the core of Mitek Systems, Inc.'s (MITK) business-who actually pays for their identity verification and fraud prevention technology as of late 2025. Honestly, the customer base is heavily concentrated in sectors where the cost of fraud or regulatory non-compliance is highest, which makes perfect sense for their high-assurance solutions.

The foundation of Mitek Systems' customer base is definitely the financial sector. They have deep roots here, serving the majority of North American financial institutions that use their mobile check deposit solutions. This isn't just small regional banks; we are talking about the established players who need enterprise-level security for their digital customer journeys. For instance, in Q2 2025, the company noted strong engagement with both banks and fintech brands, driving their record revenue for that quarter. The company's check fraud defender solution expanded its data set coverage to 23% of US checking accounts by the end of Q2 2025, up from 18% in the previous quarter, showing deep penetration within this segment.

Next up are the digital-first players: fintech companies and digital banks. These organizations are inherently digital from day one, meaning their need for scalable, secure customer onboarding and identity verification (KYC, or Know Your Customer) is constant and immediate. Mitek Systems' SaaS revenue growth, which hit 23% year-over-year in Q3 2025, is a clear indicator of the growing reliance from these modern financial entities on their recurring identity and fraud solutions.

Beyond finance, Mitek Systems targets other high-stakes digital interaction environments. This includes telecommunications companies, marketplace enterprises, and the iGaming sector, all of which face similar pressures regarding identity fraud and regulatory adherence. The company explicitly calls out these verticals as key markets they serve, where their platform delivers real-time defense against evolving threats like deepfakes and synthetic fraud.

The sheer scale of adoption is significant. As of early 2025 reports, Mitek Systems is trusted by over 7,000 organizations worldwide. This large installed base provides a stable foundation, especially for their legacy Mobile Deposit software, which continues to provide stability on a longer-term trended basis, supported by resilient transaction volumes.

Here's a quick look at the primary customer segments Mitek Systems serves, based on their reported focus areas as of their Fiscal 2025 third quarter results:

• Banking: Majority of North American financial institutions.
• Fintech: Digital-first brands driving SaaS adoption.
• Marketplace: Enterprises needing secure user verification.
• Telecommunications: Companies requiring identity assurance at scale.
• iGaming: Sector focused on compliance and fraud prevention.

To be fair, the revenue stream is still somewhat dependent on the timing of large mobile deposit orders from a few major customers, which can cause quarterly fluctuations, but the strategic shift towards more predictable SaaS revenue is clearly underway, with SaaS revenue reaching $19.3 million in Q3 2025.

Customer Segment Category	Specific Examples/Focus	Relevant Metric/Data Point (Late 2025 Context)
Financial Institutions	Major Banks, Top US Financial Institutions	Majority of North American financial institutions use Mobile Deposit.
Fintech/Digital Banks	Digital-first companies	SaaS revenue grew 23% year-over-year in Q3 2025.
Enterprise Verticals	Telecommunications, Marketplace, iGaming	Mitek Systems is trusted by over 7,000 organizations globally.
Technology Adoption	Identity Verification & Fraud Solutions	Check fraud defender solution covered 23% of US checking accounts (Q2 2025).

Finance: draft 13-week cash view by Friday.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Cost Structure

You're looking at where Mitek Systems, Inc. is spending its money to keep that Identity SaaS engine running hot. Honestly, a big chunk of the cost structure is tied up in innovation. While we don't have the exact R&D dollar figure for Q3 2025, the focus on new fraud tech, like the expansion of their Check Fraud Defender solution-which saw its Annual Contract Value (ACV) jump about 56% year-over-year to roughly $13.1 million-shows where the investment priority lies. Also, driving that 23% year-over-year growth in SaaS revenue to $19.3 million in the quarter requires serious Sales and Marketing (S&M) muscle.

Here's a quick look at the cost-related financial snapshot from the third quarter of fiscal 2025, ending June 30, 2025:

Metric	Value (Q3 2025)	Context/Comparison
Total Revenue	$45.7 million	Up 2% year-over-year
GAAP Gross Profit Margin	77.7%	Compared to 78.3% a year ago
Non-GAAP Gross Profit Margin	85.0%	Down from 86.0% a year ago due to mix shift
Non-GAAP Operating Expense	$26.3 million	Down 3% year-over-year
Adjusted EBITDA	$13.1 million	Up 8% year-over-year
Adjusted EBITDA Margin	28.6%	Up 170 basis points year-over-year

You see that Non-GAAP Operating Expense hit $26.3 million for the quarter. That number bundles up both S&M and General and Administrative (G&A) costs. The good news is Mitek Systems, Inc. is showing operational discipline; LTM (Last Twelve Months) Non-GAAP G&A expenses actually improved by 18% year-over-year. That efficiency gain helps offset the necessary spending to scale the identity platform and manage public company compliance requirements. It's about making the corporate overhead more scalable, you know?

The structure definitely benefits from the low cost of revenue in the Deposits segment. That segment brought in $17.5 million in Q3 2025, but its associated cost of revenue is low enough to help support the overall high GAAP gross margin of 77.7% for the entire company in Q3 2025. Still, the mix shift away from those higher-margin Deposits products caused a slight compression in the Non-GAAP gross margin to 85.0% from 86.0% a year prior. The company is clearly pushing the Identity SaaS portfolio, which now makes up over 41% of LTM revenue, to drive future margin expansion.

• Identity SaaS Revenue (Q3 2025): $19.3 million
• Deposits Software Revenue (Q3 2025): $17.5 million
• FY2025 Adjusted EBITDA Margin Guidance (Tightened): 28% to 29%
• LTM Free Cash Flow Conversion: 99% of Adjusted EBITDA

Finance: draft the Q4 2025 operating expense forecast based on the $25 million to $26 million guidance by next Tuesday.

Mitek Systems, Inc. (MITK) - Canvas Business Model: Revenue Streams

You're looking at how Mitek Systems, Inc. (MITK) actually brings in the money, which is key for understanding their valuation trajectory. Honestly, the revenue mix is shifting, but the core stability comes from a legacy area.

The Deposits segment revenue, which includes license and SaaS components for mobile capture, is still the bedrock, providing what management describes as stable cash flow, reportedly accounting for approximately 57.9% of total revenue. That's a significant chunk, even as the newer Identity Verification business scales up. Still, the growth story is clearly in the subscription side of things.

Identity Verification SaaS revenue is accelerating nicely, showing a 23% year-over-year increase as of Q3 2025. This subscription momentum is what management is betting on for durable, long-term growth. To be fair, the market is watching this shift closely; Q3 2025 trailing twelve-month SaaS revenue represented about 41% of the total revenue base, showing the transition is well underway.

The full-year fiscal 2025 revenue guidance has been tightened by Mitek Systems to a range between $174 million and $177 million. Here's the quick math: if they hit the midpoint of that new guidance, it suggests a strong finish to the year, especially given the Q3 total revenue was $45.7 million.

Beyond the recurring subscription fees, Mitek Systems collects revenue through per-transaction fees tied directly to usage for identity workflows and fraud detection. For example, the Check Fraud Defender product saw its annual contract value (ACV) jump by 56% year-over-year, reaching approximately $13.1 million in Q3 2025, which speaks directly to that usage-based component of their revenue model.

Here's a look at how the key revenue drivers stacked up recently:

Revenue Component	Metric/Data Point	Value/Amount
Deposits Segment (License/SaaS)	Approximate % of Total Revenue	57.9%
Identity Verification SaaS	Year-over-Year Growth (Q3 2025)	23%
Check Fraud Defender ACV	Year-over-Year Growth (Q3 2025)	56%
Fiscal 2025 Full-Year Revenue Guidance	Lower End of Range	$174 million
Fiscal 2025 Full-Year Revenue Guidance	Upper End of Range	$177 million

You can also break down the revenue streams by the type of offering, which helps see where the recurring versus transactional money comes from:

• Deposits software and hardware revenue in Q3 2025 was $17.5 million.
• Identity Verification SaaS revenue in Q3 2025 was $19.3 million.
• The company's LTM (Last Twelve Months) identity revenue was reported at $75 million.
• Deposits software revenue declined about 19.6% year-over-year in Q3 2025 due to renewal timing.
• The company achieved a 99% free cash flow conversion rate over the last 12 months.

If onboarding for new identity clients takes longer than expected, churn risk definitely rises, but the current numbers suggest strong underlying demand for their core identity and fraud tools.

Finance: draft 13-week cash view by Friday.