Form 8-K

8-K — MITEK SYSTEMS INC

Accession: 0000807863-26-000025

Filed: 2026-05-07

Period: 2026-05-07

CIK: 0000807863

SIC: 3577 (COMPUTER PERIPHERAL EQUIPMENT, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — mitk-20260507.htm (Primary)

EX-99.1 (mitk-20260331xexx991xq226e.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: mitk-20260507.htm · Sequence: 1

mitk-20260507

0000807863FALSE00008078632026-05-072026-05-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

MITEK SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

Delaware 001-35231 87-0418827

(State or other jurisdiction

of incorporation) (Commission File Number) (IRS Employer

Identification No.)

770 First Avenue, Suite 425

San Diego, California 92101

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (619) 269-6800

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, par value $0.001 per share MITK

NASDAQ Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 7, 2026, the Company issued a press release announcing the Company’s financial results for the second fiscal quarter ended March 31, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description

99.1

Press Release issued by Mitek Systems, Inc. on May 7, 2026

104

Cover Page Interactive Data File, formatting Inline Extensible Business Reporting Language (iXBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Mitek Systems, Inc.

May 7, 2026 By: /s/ Dave Lyle

Dave Lyle

Chief Financial Officer

EX-99.1

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Document

Mitek Reports Record Fiscal 2026 Second Quarter Results; Raises Full-Year Outlook

Reported revenue of $54.8M, the highest quarterly revenue in Mitek history

Fraud and Identity revenue grew 28% year over year; SaaS revenue grew 18%

Raises full-year fiscal 2026 revenue and adjusted EBITDA margin outlook

SAN DIEGO, Calif. - May 7, 2026 - Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity verification and fraud prevention, today reported financial results for its second quarter ended March 31, 2026 and raised its revenue and adjusted EBITDA margin guidance range for the fiscal year ending September 30, 2026 (“fiscal 2026”).

“The team’s execution on our Unify and Grow ethos resulted in a record revenue and profitability quarter, led by 18% year-over-year SaaS growth as customers route more transactions through Mitek to counter AI-driven fraud,” said Ed West, Chief Executive Officer of Mitek. “Our recent growth has been driven by deepening and broadening relationships with some of the world’s leading financial institutions and adding new high-assurance customers in multiple markets. Based on this momentum, we have again raised our full-year outlook, and our focus remains on disciplined 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.

•Gross profit of $43.2 million, compared to $42.1 million a year ago.

•GAAP gross profit margin was 78.8%, compared to 81.2% a year ago.

•GAAP net income was $9.5 million, compared to $9.2 million a year ago.

•GAAP net income per diluted share was $0.20, compared to $0.20 a year ago.

•Total cash and investments of $77.6 million at March 31, 2026, was a decrease of $118.9 million from $196.5 million at September 30, 2025; the retirement of the $155 million Convertible Senior Notes was the primary contributor to the decrease.

•LTM net cash provided by operating activities was $48.1 million, compared to $48.4 million for the corresponding period a year ago.

Non-GAAP

•Non-GAAP gross profit of $46.6 million, compared to $45.6 million a year ago.

•Non-GAAP gross profit margin was 85.0%, compared to 87.7% a year ago.

•Adjusted EBITDA was $22.3 million, compared to $20.3 million a year ago.

•Adjusted EBITDA margin was 40.7%, compared to 39.0% a year ago.

•Non-GAAP net income was $18.5 million, compared to $16.7 million a year ago.

•Non-GAAP net income per diluted share was $0.38, compared to $0.36 a year ago.

•LTM free cash flow was $44.5 million, compared to $47.1 million for the corresponding period a year ago.

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 third quarter, ending June 30, 2026, as follows:

Full Year FY26 Q3 FY26

Guidance

Total revenue

$189 - $198 million $49 - $53 million

Y/Y growth (midpoint)

Approximately 8%

Fraud & Identity solutions revenue(1)

$103 - $108 million

Y/Y growth (midpoint)

Approximately 17%

Adjusted EBITDA margin %(2)

30% - 33%

Total Non-GAAP operating expense(2)

$25 - $26 million

(1)See revenue categorizations as presented in the “Disaggregation of Revenue by Product and Type” below.

(2)See “GAAP to Non-GAAP” Reconciliations below.

Conference Call Information

Mitek management will host a conference call and live webcast for analysts and investors today at 2 p.m. PT (5 p.m. ET) to discuss the Company’s financial results for the second quarter of fiscal 2026. To join the webcast, visit our Investor Relations website at https://investors.miteksystems.com.

Participants may also dial +1 800-717-1738 (US and Canada) or +1 646-307-1865 (International) to access the call. A dial-in replay will be available for one week by dialing +1 844-512-2921 (U.S. and Canada) or +1 412-317-6671 (International) and entering the passcode 1141184. An archived webcast replay will remain accessible for one year on Mitek’s Investor Relations website.

About Mitek Systems, Inc.

Mitek Systems protects what’s real across digital interactions in a world of evolving threats. Mitek helps businesses verify identities, prevent fraud before it happens, and deliver secure, seamless digital experiences in the face of rapidly advancing AI-generated threats. From account opening to authentication and deposit, Mitek’s technology safeguards critical digital interactions. More than 7,000 organizations rely on Mitek to protect their most important customer connections and stay ahead of emerging risks. Learn more at www.miteksystems.com. [(MITK-F)]

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 September 30, 2025, as filed with the SEC on December 11, 2025 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contacts:

Ryan Flanagan Michael Holder

ICR for Mitek Systems SVP, Finance and Investor Relations

ir@miteksystems.com mholder@miteksystems.com

Note Regarding Use of Non-GAAP Financial Measures

This news release contains non-U.S. generally accepted accounting principles (“GAAP”) financial measures for adjusted EBITDA, adjusted EBITDA margin, non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP net income per basic share, non-GAAP net income per diluted share, non-GAAP free cash flow, and non-GAAP operating expense that excludes stock-based compensation expense, litigation and other legal costs, executive and other transition costs, non-recurring audit fees, enterprise risk, portfolio positioning and other related costs, and non-GAAP net income which additionally excludes amortization of acquisition-related intangibles, net changes in estimated fair value of acquisition-related contingent consideration, restructuring costs, amortization of debt discount and issuance costs, income tax effect of pre-tax adjustments, and cash tax difference. These financial measures are not calculated in accordance with GAAP and are not based on any comprehensive set of accounting rules or principles. In evaluating the Company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management and the Board of Directors of the Company utilize these non-GAAP financial measures to gain a better understanding of the Company’s comparative operating

performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the Company’s GAAP financial statements, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the Company’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identify trends in the Company’s underlying business and provides a better understanding of how management plans and measures the Company’s underlying business.

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. The Company is unable, without unreasonable efforts, to quantify share-based compensation expense, which is excluded from our non-GAAP adjusted EBITDA margin, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable due to the volatility of the Company’s share price. Additionally, a significant portion of the Company’s operations are in foreign countries and the transactional currencies are primarily Euros and British pound sterling and the Company is not able to predict fluctuations in those currencies without unreasonable efforts. The Company expects these items may have a potentially significant impact on future GAAP financial results.

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 U.S. GAAP measures as part of our overall assessment of our liquidity, including the preparation of our annual operating budget and quarterly forecasts and to evaluate the effectiveness of our business strategies. There are a number of limitations related to the use of free cash flow as compared to net cash provided by operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made. We may refer to certain financial metrics on a Last Twelve Months (“LTM”) basis. LTM figures represent the sum of the most recently reported four fiscal quarters and are used to provide a view of the company's financial performance over the past year.

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.

MITEK SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(amounts in thousands except per share data)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

Revenue

Software license $ 25,950 $ 26,700 $ 39,851 $ 38,685

SaaS, maintenance, and other

28,891 25,229 59,234 50,498

Total revenue 54,841 51,929 99,085 89,183

Operating costs and expenses

Cost of revenue—software license (exclusive of depreciation & amortization) 33 16 66 83

Cost of revenue—SaaS, maintenance, and other (exclusive of depreciation & amortization)

8,525 6,515 16,899 12,392

Selling and marketing 9,601 10,540 17,749 20,235

Research and development 7,566 9,766 14,940 18,089

General and administrative 12,244 10,098 23,318 21,999

Amortization of acquired intangibles and acquisition-related costs 3,323 3,600 6,609 7,257

Restructuring costs — 29 515 837

Total operating costs and expenses 41,292 40,564 80,096 80,892

Operating income (loss) 13,549 11,365 18,989 8,291

Interest expense 1,450 2,407 3,992 4,805

Other income (expense), net 637 1,110 2,137 1,673

Income (loss) before income taxes 12,736 10,068 17,134 5,159

Income tax benefit (provision) (3,200) (916) (4,826) (619)

Net income (loss) $ 9,536 $ 9,152 $ 12,308 $ 4,540

Net income (loss) per share—basic $ 0.21 $ 0.20 $ 0.27 $ 0.10

Net income (loss) per share—diluted $ 0.20 $ 0.20 $ 0.25 $ 0.10

Shares used in calculating net income (loss) per share—basic

45,050 45,651 45,380 45,501

Shares used in calculating net income (loss) per share—diluted

48,535 46,610 48,470 46,599

Comprehensive income (loss)

Net income (loss) $ 9,536 $ 9,152 $ 12,308 $ 4,540

Other comprehensive income (loss), net of tax

Foreign currency translation adjustment (2,980) 4,944 (3,069) (5,566)

Unrealized gain (loss) on investments, net of tax benefit/(expense) of $7, $(8), $14, and $34

(25) 54 (48) (84)

Other comprehensive income (loss), net of tax (3,005) 4,998 (3,117) (5,650)

Comprehensive income (loss) $ 6,531 $ 14,150 $ 9,191 $ (1,110)

MITEK SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(amounts in thousands except share data)

March 31, 2026 (Unaudited) September 30, 2025

ASSETS

Current assets:

Cash and cash equivalents $ 69,187 $ 154,153

Short-term investments 8,400 38,858

Accounts receivable, net 63,308 36,811

Contract assets, current portion 8,626 12,687

Prepaid expenses 2,942 3,050

Other current assets 4,038 2,935

Total current assets 156,501 248,494

Long-term investments — 3,464

Property and equipment, net 4,500 2,314

Right-of-use assets 2,167 2,624

Intangible assets, net 32,672 39,799

Goodwill 131,439 133,457

Deferred income tax assets 24,437 25,334

Contract assets, non-current portion 1,447 1,405

Other non-current assets 3,775 2,218

Total assets $ 356,938 $ 459,109

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable $ 3,976 $ 3,874

Accrued payroll and related taxes 11,850 16,837

Accrued liabilities 627 343

Income tax payables 3,000 2,683

Deferred revenue, current portion 36,056 29,061

Lease liabilities, current portion 894 890

Convertible senior notes — 152,216

Current portion of term loan 2,500 —

Other current liabilities 1,035 3,130

Total current liabilities 59,938 209,034

Deferred revenue, non-current portion 1,501 1,085

Long-term portion of term loan 47,500 —

Lease liabilities, non-current portion 1,623 2,080

Deferred income tax liabilities 290 295

Other non-current liabilities 6,619 6,357

Total liabilities 117,471 218,851

Stockholders’ equity:

Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding

— —

Common stock, $0.001 par value, 120,000,000 shares authorized, 44,864,835 and 45,636,531 issued and outstanding, as of March 31, 2026 and September 30, 2025, respectively

45 46

Additional paid-in capital 273,642 265,835

Accumulated other comprehensive income (loss) (2,531) 586

Accumulated deficit (31,689) (26,209)

Total stockholders’ equity 239,467 240,258

Total liabilities and stockholders’ equity $ 356,938 $ 459,109

MITEK SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(amounts in thousands)

Six Months Ended March 31,

2026 2025

Operating activities:

Net income (loss) $ 12,308 $ 4,540

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Stock-based compensation expense 7,692 8,817

Amortization of acquired intangible assets

6,609 7,257

Amortization of costs capitalized to obtain revenue contracts

1,354 878

Depreciation and amortization expense

781 739

Bad debt expense

293 411

Amortization of investment premiums & other (262) (1,146)

Accretion and amortization on convertible senior notes

3,034 4,224

Deferred taxes 822 (5,423)

Changes in assets and liabilities, net of acquisitions:

Accounts receivable (26,939) (18,898)

Contract assets 3,967 5,649

Other assets (3,998) 578

Accounts payable 123 (3,674)

Accrued payroll and related taxes (4,908) 1,157

Income taxes payable 351 837

Deferred revenue 7,550 7,922

Other liabilities (1,704) 440

Net cash provided by (used in) operating activities

7,073 14,308

Investing activities:

Purchases of investments (2,218) (21,973)

Maturities of investments

30,321 23,000

Sales of investments

6,035 —

Purchases of property and equipment, net (2,978) (567)

Net cash provided by (used in) investing activities 31,160 460

Financing activities:

Proceeds from term loan 50,000 —

Repayments of senior convertible notes (155,250) —

Proceeds from the issuance of equity plan common stock 2,246 261

Repurchases and retirements of common stock (17,789) (3,258)

Payment of tax withholding obligations related to net share settlements of equity awards (2,131) —

Proceeds from other borrowings 304 —

Principal payments on other borrowings — (96)

Net cash provided by (used in) financing activities (122,620) (3,093)

Foreign currency effect on cash and cash equivalents (579) (432)

Net increase (decrease) in cash and cash equivalents (84,966) 11,243

Cash and cash equivalents at beginning of period 154,153 93,456

Cash and cash equivalents at end of period $ 69,187 $ 104,699

Supplemental disclosures of cash flow information:

Cash paid for interest $ 1,042 $ 582

Cash paid for income taxes $ 4,349 $ 4,952

Supplemental disclosures of non-cash investing and financing activities:

Unrealized holding gain (loss) on available-for-sale investments $ (48) $ (84)

MITEK SYSTEMS, INC.

DISAGGREGATION OF REVENUE BY PRODUCT AND TYPE

(Unaudited)

(amounts in thousands)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

Fraud and Identity Solutions

SaaS

$ 19,979 $ 16,790 $ 40,895 $ 34,083

Software license and support

5,089 2,843 8,997 4,565

Professional services and other

632 486 1,278 1,040

Total fraud and identity solutions revenue

$ 25,700 $ 20,119 $ 51,170 $ 39,688

Check Verification Solutions

SaaS $ 1,241 $ 1,205 $ 2,562 $ 2,339

Software license and support

27,612 30,234 44,519 46,608

Professional services and other

288 371 834 548

Total check verification solutions revenue

$ 29,141 $ 31,810 $ 47,915 $ 49,495

Consolidated Revenue

SaaS $ 21,220 $ 17,995 $ 43,457 $ 36,422

Software license and support

32,701 33,077 53,516 51,173

Professional services and other

920 857 2,112 1,588

Consolidated revenue

$ 54,841 $ 51,929 $ 99,085 $ 89,183

MITEK SYSTEMS, INC.

GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

GAAP net income (loss) $ 9,536 $ 9,152 $ 12,308 $ 4,540

Add:

Income tax (benefit) provision 3,200 916 4,826 619

Other (income) expense, net (637) (1,110) (2,137) (1,673)

Interest expense 1,450 2,407 3,992 4,805

GAAP operating income (loss) $ 13,549 $ 11,365 $ 18,989 $ 8,291

Non-GAAP Adjustments

Depreciation and amortization expense $ 428 $ 395 $ 781 $ 739

Amortization of acquired intangible assets 3,323 3,657 6,609 7,257

Litigation and other legal costs 5 187 28 420

Executive and other transition costs — 27 262 521

Stock-based compensation expense 5,001 4,352 7,692 8,817

Non-recurring audit fees — 263 719 1,130

Restructuring costs(1)

— 29 515 837

Adjusted EBITDA $ 22,306 $ 20,275 $ 35,595 $ 28,012

Total revenue

$ 54,841 $ 51,929 $ 99,085 $ 89,183

Adjusted EBITDA margin

40.7 % 39.0 % 35.9 % 31.4 %

(1)Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were $0.5 million in the six months ended March 31, 2026 and were related to a restructuring that occurred in the first quarter of fiscal 2026. Restructuring costs were $0.8 million in the six months ended March 31, 2025 and were related to a restructuring that occurred in the first quarter of fiscal 2025.

MITEK SYSTEMS, INC.

NON-GAAP NET INCOME RECONCILIATION

(Unaudited)

(amounts in thousands except per share data)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

Net income (loss) $ 9,536 $ 9,152 $ 12,308 $ 4,540

Non-GAAP adjustments:

Amortization of acquired intangible assets

3,323 3,600 6,609 7,257

Litigation and other legal costs

5 187 28 420

Executive and other transition costs — 27 262 521

Stock-based compensation expense 5,001 4,352 7,692 8,817

Non-recurring audit fees — 263 719 1,130

Restructuring costs(1)

— 29 515 837

Amortization of debt discount and issuance costs 785 2,162 3,034 4,309

Income tax effect of pre-tax adjustments (1,802) (3,440) (4,850) (5,359)

Cash tax difference(2)

1,629 414 4,594 907

Non-GAAP net income $ 18,477 $ 16,746 $ 30,911 $ 23,379

Non-GAAP net income per share—basic $ 0.41 $ 0.37 $ 0.68 $ 0.51

Non-GAAP net income per share—diluted $ 0.38 $ 0.36 $ 0.64 $ 0.50

Shares used in calculating non-GAAP net income per share—basic 45,050 45,651 45,380 45,501

Shares used in calculating non-GAAP net income per share—diluted 48,535 46,610 48,470 46,599

(2)The Company’s non-GAAP net income is calculated using a cash tax rate of 14% in fiscal 2026 and 18% 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 March 31, 2026 and 2025 was 25% and 9%, respectively. The Company’s effective tax rate used for the purposes of calculating GAAP net income for the six months ended March 31, 2026 and 2025 was 28% and 12%, respectively.

MITEK SYSTEMS, INC.

NON-GAAP FREE CASH FLOW RECONCILIATION

(Unaudited)

(amounts in thousands)

Three months ended Twelve months ended March 31, 2026

June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026

Net cash provided by (used in) operating activities $ 21,571 $ 19,461 $ 8,018 $ (945) $ 48,105

Less:

Purchases of property and equipment, net (329) (259) (1,426) (1,552) (3,566)

Free Cash Flow $ 21,242 $ 19,202 $ 6,592 $ (2,497) $ 44,539

Three months ended Twelve months ended March 31, 2025

June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025

Net cash provided by (used in) operating activities $ 12,985 $ 21,102 $ 565 $ 13,743 $ 48,395

Less:

Purchases of property and equipment, net (431) (283) (335) (232) (1,281)

Free Cash Flow $ 12,554 $ 20,819 $ 230 $ 13,511 $ 47,114

MITEK SYSTEMS, INC.

STOCK-BASED COMPENSATION EXPENSE

(Unaudited)

(amounts in thousands)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

Cost of revenue $ 355 $ 162 $ 663 $ 323

Selling and marketing 1,135 1,035 1,191 2,009

Research and development 466 1,338 247 2,462

General and administrative 3,045 1,817 5,591 4,023

Total stock-based compensation expense $ 5,001 $ 4,352 $ 7,692 $ 8,817

MITEK SYSTEMS, INC.

NON-GAAP GROSS PROFIT RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

Software license

Software license revenue $ 25,950 $ 26,700 $ 39,851 $ 38,685

Cost of revenue (exclusive of depreciation and amortization expense) (33) (16) (66) (83)

Depreciation and amortization expense (177) (246) (367) (512)

Amortization of acquired completed technology assets

(501) (918) (1,002) (1,842)

GAAP gross profit for software license and hardware 25,239 25,520 38,416 36,248

Depreciation and amortization expense

177 246 367 512

Amortization of acquired completed technology assets

501 918 1,002 1,842

Non-GAAP gross profit for software license

$ 25,917 $ 26,684 $ 39,785 $ 38,602

GAAP gross margin for software license

97.3 % 95.6 % 96.4 % 93.7 %

Non-GAAP gross margin for software license

99.9 % 99.9 % 99.8 % 99.8 %

SaaS, maintenance, and other

SaaS, maintenance and other revenue $ 28,891 $ 25,229 $ 59,234 $ 50,498

Cost of revenue (exclusive of depreciation and amortization expense) (8,525) (6,515) (16,899) (12,392)

Depreciation and amortization expense (150) (3) (215) (6)

Amortization of acquired completed technology assets

(2,238) (2,090) (4,446) (4,218)

GAAP gross profit for SaaS, maintenance, and other 17,978 16,621 37,674 33,882

Depreciation and amortization expense

150 3 215 6

Amortization of acquired completed technology assets

2,238 2,090 4,446 4,218

Stock-based compensation expense

355 162 663 323

Non-GAAP gross profit for SaaS, maintenance, and other $ 20,721 $ 18,876 $ 42,998 $ 38,429

GAAP gross margin for SaaS, maintenance, and other 62.2 % 65.9 % 63.6 % 67.1 %

Non-GAAP gross margin for SaaS, maintenance, and other 71.7 % 74.8 % 72.6 % 76.1 %

Consolidated results

Total revenue $ 54,841 $ 51,929 $ 99,085 $ 89,183

Cost of revenue (exclusive of depreciation and amortization expense) (8,558) (6,531) (16,965) (12,475)

Depreciation and amortization expense (327) (249) (582) (518)

Amortization of acquired completed technology assets

(2,739) (3,008) (5,448) (6,060)

GAAP gross profit 43,217 42,141 76,090 70,130

Depreciation and amortization expense 327 249 582 518

Amortization of acquired completed technology assets

2,739 3,008 5,448 6,060

Stock-based compensation expense

355 162 663 323

Non-GAAP gross profit $ 46,638 $ 45,560 $ 82,783 $ 77,031

GAAP gross profit margin 78.8 % 81.2 % 76.8 % 78.6 %

Non-GAAP gross profit margin

85.0 % 87.7 % 83.5 % 86.4 %

MITEK SYSTEMS, INC.

NON-GAAP OPERATING EXPENSE RECONCILIATION

(Unaudited)

(amounts in thousands)

Three Months Ended March 31, Six Months Ended March 31,

2026 2025 2026 2025

Selling and marketing $ 9,601 $ 10,540 $ 17,749 $ 20,235

Non-GAAP adjustments:

Stock-based compensation expense 1,135 1,035 1,191 2,009

Executive and other transition costs

— — 170 —

Non-GAAP selling and marketing $ 8,466 $ 9,505 $ 16,388 $ 18,226

Research and development $ 7,566 $ 9,766 $ 14,940 $ 18,089

Non-GAAP adjustments:

Stock-based compensation expense 466 1,338 247 2,462

Non-GAAP research and development $ 7,100 $ 8,428 $ 14,693 $ 15,627

General and administrative $ 12,244 $ 10,098 $ 23,318 $ 21,999

Non-GAAP adjustments:

Stock-based compensation expense 3,045 1,817 5,591 4,023

Litigation and other legal costs 5 187 28 420

Executive and other transition costs — 27 92 521

Non-recurring audit fees — 263 719 1,130

Non-GAAP general and administrative $ 9,194 $ 7,804 $ 16,888 $ 15,905

Total Non-GAAP operating expense $ 24,760 $ 25,737 $ 47,969 $ 49,758

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