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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 FY26Q3 FY26
Guidance
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,
2026202520262025
Revenue
Software license$25,950 $26,700 $39,851 $38,685 
SaaS, maintenance, and other
28,891 25,229 59,234 50,498 
Total revenue54,841 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 marketing9,601 10,540 17,749 20,235 
Research and development7,566 9,766 14,940 18,089 
General and administrative12,244 10,098 23,318 21,999 
Amortization of acquired intangibles and acquisition-related costs3,323 3,600 6,609 7,257 
Restructuring costs— 29 515 837 
Total operating costs and expenses41,292 40,564 80,096 80,892 
Operating income (loss)13,549 11,365 18,989 8,291 
Interest expense1,450 2,407 3,992 4,805 
Other income (expense), net637 1,110 2,137 1,673 
Income (loss) before income taxes12,736 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 investments8,400 38,858 
Accounts receivable, net63,308 36,811 
Contract assets, current portion8,626 12,687 
Prepaid expenses2,942 3,050 
Other current assets4,038 2,935 
Total current assets156,501 248,494 
Long-term investments— 3,464 
Property and equipment, net4,500 2,314 
Right-of-use assets2,167 2,624 
Intangible assets, net32,672 39,799 
Goodwill131,439 133,457 
Deferred income tax assets24,437 25,334 
Contract assets, non-current portion1,447 1,405 
Other non-current assets3,775 2,218 
Total assets$356,938 $459,109 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$3,976 $3,874 
Accrued payroll and related taxes11,850 16,837 
Accrued liabilities627 343 
Income tax payables3,000 2,683 
Deferred revenue, current portion36,056 29,061 
Lease liabilities, current portion894 890 
Convertible senior notes— 152,216 
Current portion of term loan2,500 — 
Other current liabilities1,035 3,130 
Total current liabilities59,938 209,034 
Deferred revenue, non-current portion1,501 1,085 
Long-term portion of term loan47,500 — 
Lease liabilities, non-current portion1,623 2,080 
Deferred income tax liabilities290 295 
Other non-current liabilities6,619 6,357 
Total liabilities117,471 218,851 
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 capital273,642 265,835 
Accumulated other comprehensive income (loss)(2,531)586 
Accumulated deficit(31,689)(26,209)
Total stockholders’ equity239,467 240,258 
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,
20262025
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 expense7,692 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 taxes822 (5,423)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable(26,939)(18,898)
Contract assets3,967 5,649 
Other assets(3,998)578 
Accounts payable123 (3,674)
Accrued payroll and related taxes(4,908)1,157 
Income taxes payable351 837 
Deferred revenue7,550 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 activities31,160 460 
Financing activities:
Proceeds from term loan50,000 — 
Repayments of senior convertible notes(155,250)— 
Proceeds from the issuance of equity plan common stock2,246 261 
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 borrowings304 — 
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 period154,153 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,
2026202520262025
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,
2026202520262025
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 assets3,323 3,657 6,609 7,257 
Litigation and other legal costs5 187 28 420 
Executive and other transition costs— 27 262 521 
Stock-based compensation expense5,001 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,
2026202520262025
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 expense5,001 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 costs785 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—basic45,050 45,651 45,380 45,501 
Shares used in calculating non-GAAP net income per share—diluted48,535 46,610 48,470 46,599 

(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.
(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 endedTwelve months ended March 31, 2026
June 30, 2025September 30, 2025December 31, 2025March 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 endedTwelve months ended March 31, 2025
June 30, 2024September 30, 2024December 31, 2024March 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,
2026202520262025
Cost of revenue$355$162$663$323
Selling and marketing1,1351,0351,1912,009
Research and development4661,3382472,462
General and administrative3,0451,8175,5914,023
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,
2026202520262025
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 hardware25,239 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 expense327 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,
2026202520262025
Selling and marketing$9,601 $10,540 $17,749 $20,235 
Non-GAAP adjustments:
Stock-based compensation expense1,135 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 expense466 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 expense3,045 1,817 5,591 4,023 
Litigation and other legal costs5 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