Key Highlights

● Okta reported second-quarter fiscal 2027 Revenue of $805 million, up 11% year over year, with current remaining performance obligations of $2.585 billion and raised full-year revenue guidance to $3.216-$3.226 billion.

● Red Violet grew second-quarter revenue 23% to $26.7 million with Net Income up 85% to $5.0 million, adding a record 447 IDI billable customers and ending with $50.0 million in cash and no debt.

● Mitek Systems raised full-year fiscal 2026 revenue guidance to $200 million after third-quarter revenue grew 18% to $54.0 million, with SaaS reaching a record 46% of total revenue and Check Fraud Defender annual contract value up 73%.

● Cibus reported just about $1 million in quarterly revenue against a $22.1 million net loss with only $20.4 million in cash, while Super League Enterprise posted a $4.1 million GAAP net loss after completing a 1-for-12 reverse stock split.

Five very different Nasdaq-listed companies, an identity-intelligence compounder, a gene-editing agriculture outlier, a large-cap identity-security leader, a gaming-media micro-cap and a digital-identity software vendor, offer a cross-section of where AI and software spending is actually landing this autumn.

A Five-Stock Lens on an Uneven Software Tape

The Nasdaq Composite spent 2026 rewarding a narrow band of "AI monetization" winners while punishing companies still spending ahead of revenue. That split is exactly why these five names are worth studying together. They are not a portfolio, and they do not belong to one theme; four sit within software and technology services, while one, Cibus, is an agriculture gene-editing Business included here honestly as a sector outlier rather than a software peer.

What links Red Violet (NASDAQ: RDVT), Cibus (NASDAQ: CBUS), Okta (NASDAQ: OKTA), Super League Enterprise (NASDAQ: SLE) and Mitek Systems (NASDAQ: MITK) is that each just reported a fresh 2026 quarter, so their numbers are recent and checkable. Nothing here is a recommendation, and every figure traces to a listed source.

The Backdrop: AI Security Spending Versus Cash-Burn Scrutiny

The dominant software story of 2026 has been identity and access management. As enterprises deploy AI agents that act on their behalf, the question of who, or what, is authenticated has moved from a back-office concern to a board-level one. That tailwind flatters the identity names in this group while doing little for a pre-revenue crop-trait developer or a small gaming-media roll-up.

The second force is Capital discipline. With interest rates still elevated versus the last decade, investors have kept rewarding free-cash-flow generation and punishing dilution and open-ended burn. Red Violet, Okta and Mitek sit on the profitable side of that line; Super League and Cibus are still working toward it. Reading these five side by side shows how the same macro environment can lift and pressure companies at once.

A third, quieter theme is scale. This group spans from a large-cap identity leader to a micro-cap that recently reverse-split to stay listed, a useful reminder that "AI and software" is not one trade. Liquidity, index inclusion and institutional ownership differ enormously across these names, and so does the Margin for error.

Red Violet (NASDAQ:RDVT): Identity Intelligence Compounding at Scale

Red Violet reported second-quarter 2026 results for the period ended June 30, 2026, with total revenue of $26.7 million, up 23% year over year, adjusted EBITDA of $11.2 million, up 48%, and net income of $5.0 million, up 85%. Diluted EPS was $0.34 and adjusted EPS $0.50. Gross margin expanded to 76% from 72%, and Operating Cash Flow rose 42% to $10.6 million. The company reported 10,869 IDI billable customers, a record 447 added in the quarter, and 443,173 FOREWARN users. It ended with $50.0 million in cash and no debt, citing more than $160 million following a capital raise that produced roughly $109 million in net proceeds.

Red Violet is the cleanest "boring compounder" in this group, a data-analytics and identity-intelligence platform selling into fraud, risk and investigative use cases where Demand is structural. CEO Derek Dubner said the demand the company is seeing for identity intelligence has never been stronger. The fresh balance-sheet cushion suggests management may pursue data Assets or tuck-in expansion; whether that capital gets deployed accretively rather than sitting idle is the thing to watch.

Cibus (NASDAQ:CBUS): The Agriculture Gene-Editing Outlier, Framed Honestly

Cibus is a gene-editing agriculture company, not a software business, and is included here as a deliberate sector outlier. For the second quarter of 2026, ended June 30, 2026, it reported revenue of about $1 million, a net loss of $22.1 million, narrowed from $26.6 million a year earlier, a per-share loss of $0.29, and cash and equivalents of $20.4 million. R&D was $8.5 million and SG&A $5.4 million. Management said existing cash funds operations into early in the first quarter of 2027 and is targeting annual net cash usage of roughly $35 million or less exiting 2026. Craig Wichner was appointed CEO effective June 8, 2026.

On its rice herbicide-tolerance program, Cibus expanded its Interoc Partnership from two to five traits, with a Latin American commercial launch now targeted for 2028 and a US launch for 2029; management framed a peak opportunity of 5-7 million acres and $200 million-plus in potential annual royalties.

This is a binary, milestone-and-runway story. The tension is a promising trait pipeline against a cash runway that ends inside 2027, so trial data and any partnership or financing news are the catalysts, and dilution risk is real.

Okta (NASDAQ:OKTA): The Identity-Security Bellwether Monetizing the AI-Agent Narrative

Okta reported second-quarter fiscal 2027 results for the quarter ended July 31, 2026, with total revenue of $805 million, up 11% year over year, and subscription revenue of $793 million, up 12%. Current remaining performance obligations stood at $2.585 billion. Non-GAAP net income was $194 million, or $1.05 per diluted share, with free cash flow of $227 million and operating cash flow of $234 million. Okta reported more than 600 customers with $1 million-plus in annual contract value, up more than 20% year over year, and raised full-year fiscal 2027 revenue guidance to a range of $3.216 billion to $3.226 billion.

Okta is the large-cap anchor here and the most direct beneficiary of the AI-security thesis: securing both human and non-human, or agent, identities. Management cleared $350 million of convertible debt, tidying the balance sheet. Notably, CEO Todd McKinnon characterized AI-agent revenue as still "too small to show up in the numbers," despite dozens of deals. The bull case rests on that agent-identity category becoming material in fiscal 2028 and beyond; the risk is that guidance implies growth has settled into the low-teens, leaving little room for disappointment at a re-rated valuation.

Super League Enterprise (NASDAQ:SLE): A Gaming-Media Micro-Cap Rebuilding After a Reverse Split

Super League Enterprise completed a 1-for-12 Reverse Stock Split effective January 23, 2026, reducing its share count to roughly 1.16 million from about 14.0 million; the company said the move enables ongoing compliance with Nasdaq listing requirements. For the first quarter of 2026 it reported revenue of $3.0 million, up from $2.7 million a year earlier, a gross margin of 36%, a GAAP net loss of $4.1 million and a pro-forma net loss of $2.4 million, with $11.4 million in cash and investments and operating cash burn of $2.5 million. It closed the Misfits Ads Acquisition in May 2026 for $1.5 million in cash and reiterated a target of cash-based EBITDA profitability by fiscal year-end 2026.

Super League builds branded experiences and Advertising across Roblox, Fortnite and Minecraft, a real audience, but a tiny and cash-consuming business. The reverse split is a listing-compliance signal that investors should weigh carefully. This is the highest-risk name in the group: the Misfits integration and the EBITDA-breakeven target are the milestones to watch, and failure to reach either would renew going-concern and delisting scrutiny.

Mitek Systems (NASDAQ:MITK): Mobile Capture and Identity Verification With a Fraud Tailwind

Mitek Systems reported fiscal third-quarter 2026 results on August 6, 2026 with revenue of $54.0 million, up 18% year over year, and adjusted EPS of $0.34. SaaS reached a record 46% of total revenue, and Check Fraud Defender annual contract value grew 73% year over year. Mitek raised full-year fiscal 2026 revenue guidance to 200 million, with a fourth-quarter outlook of 47 million. The company named Aaron Seyler as Chief Revenue Officer on August 17, 2026.

Mitek spans two franchises, its legacy mobile-deposit capture business, which underpins remote check deposit at US banks, and a faster-growing identity-verification and fraud unit where Check Fraud Defender and biometric presentation-attack detection are the growth engines. The mix shift toward SaaS and fraud products is the Investment case in one line. The bull thesis is that rising check and deepfake fraud keeps demand structural and lifts Recurring Revenue quality; the risk is that mobile-deposit patents and Maturity cap the legacy segment.

What Investors Should Watch

For Red Violet, the tell is capital deployment and continued net customer additions. For Okta, it is whether agent-identity revenue graduates from anecdote to line item, and whether growth reaccelerates above guidance. For Mitek, watch the SaaS mix and Check Fraud Defender momentum against legacy erosion.

For the two turnaround stories, the bar is survival economics: Cibus needs a financing or partnership before its runway thins in early 2027, and Super League needs to hit cash-EBITDA breakeven while keeping its listing. Across all five, the macro swing Factor remains rates and risk appetite for unprofitable growth.

Compounders, a Bellwether and Two Survival Stories

All five trade on Nasdaq and all reported 2026 quarters this year, but the resemblance mostly ends there. Three profitable, cash-generative businesses, Red Violet, Okta and Mitek, sit alongside two higher-risk, pre-profit stories in Cibus and Super League Enterprise, with Cibus a genuine sector outlier rather than a software peer.