Mitek draws $50M from delayed draw loan, sets date for Q1 2026 reporting

Mitek Systems Inc. has disclosed that on January 21, 2026, it borrowed $50 million under the delayed draw term loan facility established under its existing Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, and related subsidiaries.

The company’s filing says it plans to use the proceeds to provide additional liquidity and preserve financial flexibility in anticipation of the maturity of the Company’s 0.750 percent Convertible Senior Notes, due February 1, 2026, including potential repayment of those notes at maturity and related fees and expenses.

The term loan carries a variable rate tied to either term SOFR or WSJ prime plus a margin, with that margin adjusted by the company’s net leverage ratio.

The move by San Diego-based Mitek follows a strong finish to fiscal 2025, for which the company reported modest gains in revenue and gross profit from its digital identity and biometrics verification software, but a major leap in GAAP net income, from $3.3 million in full-year 2024 to $8.8 million.

According to Mitek’s website, the company will release its financial results for Q1 of fiscal 2026, which ended December 31, 2025, on Thursday, February 5, 2026.

Article Topics

biometrics  |  digital identity  |  financial results  |  Mitek  |  stocks