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Mitek Reports Record Fiscal 2025 Revenue

Fiscal 2025 revenue of $179.7 million; returned to full-year growth
Fiscal 2025 SaaS revenue growth accelerated to 21%

SAN DIEGO, Calif. - December 11, 2025 - 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 fourth quarter ended September 30, 2025 and provided guidance for its 2026 full year ending September 30, 2026 (“fiscal 2026”).

“Mitek delivered a strong finish to fiscal 2025, returning to full-year organic growth, driven by an acceleration in SaaS growth and the continued scaling of our Fraud and Identity portfolio which now represents more than half of the business,” said Ed West, Mitek’s Chief Executive Officer. “This progress reflects disciplined execution and sharper operational rigor across the company. As we enter fiscal 2026, our focus is clear: ‘Unify and Grow’ - bringing identity, authentication, and fraud solutions together to deepen SaaS adoption, expand customer value, and position the business for continued durable, profitable growth.”

Fiscal 2025 Full Year Financial Highlights
GAAP
•Total revenue of $179.7 million was a 4% increase year-over-year, compared to $172.1 million a year ago.
•SaaS revenue of $77.0 million was a 21% increase year-over-year, compared to $63.6 million a year ago.
•Gross profit of $140.2 million, compared to $134.6 million a year ago.
•GAAP gross profit margin of 78.0%, compared to 78.2% a year ago.
•GAAP net income of $8.8 million, compared to $3.3 million a year ago.
•GAAP net income per diluted share of $0.19, compared to $0.07 a year ago.
•Total cash and investments of $196.5 million at September 30, 2025, was an increase of $54.7 million from $141.8 million at September 30, 2024.
Non-GAAP
•Non-GAAP gross profit of $153.6 million, compared to $148.3 million a year ago.
•Non-GAAP gross profit margin was 85.5%, compared to 86.2% a year ago.
•Adjusted EBITDA of $53.9 million, compared to $46.7 million a year ago.
•Adjusted EBITDA margin was 30.0%, compared to 27.2% a year ago.
•Non-GAAP net income was $44.7 million, compared to $45.4 million a year ago.
•Non-GAAP net income per diluted share was $0.95, compared to $0.96 a year ago.
•Free cash flow was $54.2 million, compared to $30.3 million a year ago.









Fiscal 2025 Fourth Quarter Financial Highlights
GAAP
•Total revenue of $44.8 million was a 4% increase year-over-year, compared to $43.2 million a year ago.
•SaaS revenue of $21.3 million was a 19% increase year-over-year, compared to $18.0 million a year ago.
•Gross profit of $34.6 million, compared to $33.7 million a year ago.
•GAAP gross profit margin was 77.2%, compared to 78.0% a year ago.
•GAAP net income was $1.9 million, compared to GAAP net income of $8.6 million a year ago.
•GAAP net income per diluted share was $0.04, compared to $0.18 a year ago.
Non-GAAP
•Non-GAAP gross profit of $37.6 million, compared to $37.2 million a year ago.
•Non-GAAP gross profit margin was 84.0%, compared to 86.0% a year ago.
•Adjusted EBITDA was $12.9 million, compared to $15.4 million a year ago.
•Adjusted EBITDA margin was 28.7%, compared to 35.7% a year ago.
•Non-GAAP net income was $11.1 million, compared to $15.5 million a year ago.
•Non-GAAP net income per diluted share was $0.24, compared to $0.33 a year ago.
•Free cash flow was $19.2 million for the three months ended September 30, 2025, compared to $20.8 million for the corresponding period a year ago.

Guidance
Guidance includes non-GAAP financial measures.

Full Year FY26
Q1 FY26
Guidance
Guidance
Total revenue
$185 - $195 million$41 - $44 million
Y/Y growth (midpoint)
Approximately 5.5%
Fraud & Identity solutions revenue(1)
$101 - $105 million
Y/Y growth (midpoint)
Approximately 15%
Adjusted EBITDA margin %(2)
27% - 30%
(1)See revised revenue categorizations as presented in the Disaggregation of Revenue by Product and Type below.
(2)See ‘GAAP Net Income to Adjusted EBITDA Reconciliation’ 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 fourth quarter and full year of fiscal 2025. 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 1110347. 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        VP, 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 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
(amounts in thousands except per share data)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Revenue
Software license and hardware$15,894 $18,341 $74,086 $81,872 
SaaS, maintenance, and other28,885 24,881 105,605 90,211 
Total revenue44,779 43,222 179,691 172,083 
Operating costs and expenses
Cost of revenue—software license and hardware (exclusive of depreciation & amortization)82 186 218 309 
Cost of revenue—SaaS, maintenance, and other (exclusive of depreciation & amortization)7,208 5,978 26,569 24,086 
Selling and marketing10,154 9,538 41,516 40,769 
Research and development8,235 6,073 35,284 34,642 
General and administrative11,082 9,908 44,332 52,993 
Amortization and acquisition-related costs3,325 3,710 14,142 15,291 
Restructuring costs3 114 840 1,762 
Total operating costs and expenses40,089 35,507 162,901 169,852 
Operating income (loss)4,690 7,715 16,790 2,231 
Interest expense2,505 2,364 9,779 9,259 
Other income (expense), net1,120 1,851 4,598 6,119 
Income (loss) before income taxes3,305 7,202 11,609 (909)
Income tax benefit (provision)(1,445)1,371 (2,813)4,187 
Net income (loss)$1,860 $8,573 $8,796 $3,278 
Net income (loss) per share—basic$0.04 $0.19 $0.19 $0.07 
Net income (loss) per share—diluted$0.04 $0.18 $0.19 $0.07 
Shares used in calculating net income per share—basic45,960 45,952 45,716 46,560 
Shares used in calculating net income per share—diluted47,323 46,573 46,926 47,468 









MITEK SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(amounts in thousands except share data)
September 30, 2025September 30, 2024
ASSETS
Current assets:
Cash and cash equivalents$154,153 $93,456 
Short-term investments38,858 36,884 
Accounts receivable, net36,811 31,682 
Contract assets, current portion12,687 15,818 
Prepaid expenses3,050 4,514 
Other current assets2,935 2,697 
Total current assets248,494 185,051 
Long-term investments3,464 11,410 
Property and equipment, net2,314 2,564 
Right-of-use assets2,624 4,662 
Goodwill and intangible assets173,256 185,711 
Deferred income tax assets25,334 19,145 
Contract assets, non-current portion1,405 3,620 
Other non-current assets2,218 1,590 
Total assets$459,109 $413,753 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$3,874 $7,236 
Accrued payroll and related taxes16,837 10,324 
Accrued liabilities343 424 
Deferred revenue, current portion29,061 21,231 
Lease liabilities, current portion890 805 
Convertible senior notes152,216 — 
Other current liabilities5,813 2,127 
Total current liabilities209,034 42,147 
Convertible senior notes— 143,601 
Deferred revenue, non-current portion1,085 753 
Lease liabilities, non-current portion2,080 4,230 
Deferred income tax liabilities295 3,889 
Other non-current liabilities6,357 4,332 
Total liabilities218,851 198,952 
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, 45,636,531 and 44,998,939 issued and outstanding, as of September 30, 2025 and September 30, 2024, respectively46 45 
Additional paid-in capital265,835 247,326 
Accumulated other comprehensive income (loss)586 (2,302)
Accumulated deficit(26,209)(30,268)
Total stockholders’ equity240,258 214,801 
Total liabilities and stockholders’ equity$459,109 $413,753 







MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Operating activities:
Net income (loss)$1,860 $8,573 $8,796 $3,278 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation expense3,571 1,723 16,810 12,624 
Loss on extinguishment of revolving credit line— — 309 — 
Amortization of intangible assets3,326 3,711 14,143 15,156 
Amortization of costs capitalized to obtain revenue contracts
502 415 1,896 1,662 
Depreciation expense
144 375 1,315 1,755 
Bad debt expense
283 (443)803 647 
Amortization of investment premiums & other(343)(868)(1,107)(2,624)
Accretion and amortization on debt securities2,211 2,070 8,614 8,085 
Net changes in estimated fair value of acquisition-related contingent consideration— — — 136 
Deferred taxes(1,634)(8,247)(9,576)(10,434)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable3,155 10,852 (5,697)489 
Contract assets(508)(927)5,489 4,600 
Other assets(538)7,306 (1,293)(1,534)
Accounts payable320 908 (3,371)(450)
Accrued payroll and related taxes2,415 (9)6,362 240 
Income taxes payable540 (435)2,530 (4,560)
Deferred revenue3,365 (3,347)7,949 3,221 
Restructuring accrual— (42)— — 
Other liabilities792 (513)1,368 (603)
Net cash provided by (used in) operating activities
19,461 21,102 55,340 31,688 
Investing activities:
Purchases of investments(6,418)(17,248)(40,610)(62,433)
Maturities of investments
11,350 18,445 46,250 92,617 
Sales of investments
1,350 — 1,350 — 
Purchases of property and equipment, net(259)(283)(1,155)(1,438)
Net cash provided by (used in) investing activities6,023 914 5,835 28,746 
Financing activities:
Payment of debt issuance costs
— — (224)(290)
Proceeds from the issuance of equity plan common stock1,171 841 1,701 1,889 
Repurchases and retirements of common stock(1,479)(14,140)(4,738)(24,180)
Payment of acquisition-related contingent consideration— — — (4,641)
Proceeds from other borrowings1,691 321 1,691 1,496 
Principal payments on other borrowings(134)(33)(276)(156)
Net cash provided by (used in) financing activities1,249 (13,011)(1,846)(25,882)
Foreign currency effect on cash and cash equivalents296 100 1,368 (9)
Net Unrealized holding gain (loss) on available-for-sale investments27,029 9,105 60,697 34,543 
Cash and cash equivalents at beginning of period127,124 84,351 93,456 58,913 
Cash and cash equivalents at end of period$154,153 $93,456 $154,153 $93,456 
Supplemental disclosures of cash flow information:
Cash paid for interest$582 $589 $1,164 $1,274 
Cash paid for income taxes$2,022 $47 $9,087 $11,989 
Supplemental disclosures of non-cash investing and financing activities:
Acquisition-related shares issued$— $— $— $3,471 
Unrealized holding gain (loss) on available-for-sale investments$— $208 $(68)$301 







MITEK SYSTEMS, INC.
DISAGGREGATION OF REVENUE BY PRODUCT AND TYPE (revised presentation)
(amounts in thousands)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Fraud and identity solutions
SaaS
$20,232 $17,083 $72,415 $59,713 
Software license and support
3,949 4,758 15,458 16,529 
Professional services and other
529 382 2,060 1,762 
Total fraud and identity solutions revenue
$24,710 $22,223 $89,933 $78,004 
Check verification solutions
SaaS$1,095 $905 $4,595 $3,876 
Software license and support
18,627 19,892 84,081 89,559 
Professional services and other
347 202 1,082 644 
Total check verification solutions revenue
$20,069 $20,999 $89,758 $94,079 
Total by revenue type
SaaS$21,327 $17,988 $77,010 $63,589 
Software license and support
22,576 24,650 99,539 106,088 
Professional services and other
876 584 3,142 2,406 
Total revenue
$44,779 $43,222 $179,691 $172,083 







MITEK SYSTEMS, INC.
DISAGGREGATION OF REVENUE BY PRODUCT AND TYPE (historical presentation)
(amounts in thousands)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Deposits
Software license$14,335 $15,773 $67,661 $74,108 
Deposits SaaS, maintenance, and other
SaaS2,880 1,799 10,264 6,406 
Maintenance6,089 5,846 23,439 22,275 
Professional services and other
514 266 1,650 769 
Total deposits SaaS, maintenance, and other
9,483 7,911 35,353 29,450 
Total deposits revenue$23,818 $23,684 $103,014 $103,558 
Identity
Identity software license and hardware
Software license$1,559 $2,568 $6,425 $7,631 
Hardware— — — 133 
Total identity software license and hardware1,559 2,568 6,425 7,764 
Identity SaaS, maintenance, and other
SaaS18,447 16,188 66,746 57,182 
Maintenance594 463 2,014 2,074 
Professional services and other
361 319 1,492 1,505 
Total identity SaaS, maintenance, and other
19,402 16,970 70,252 60,761 
Total identity revenue$20,961 $19,538 $76,677 $68,525 
Consolidated results
Total software license and hardware
Software license
$15,894 $18,341 $74,086 $81,739 
Hardware— — — 133 
Total software license and hardware
15,894 18,341 74,086 81,872 
Total SaaS, maintenance, and other
SaaS21,327 17,987 77,010 63,588 
Maintenance6,683 6,309 25,453 24,349 
Professional services and other
875 585 3,142 2,274 
Total SaaS, maintenance, and other
28,885 24,881 105,605 90,211 
Total revenue
$44,779 $43,222 $179,691 $172,083 







MITEK SYSTEMS, INC.
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
(amounts in thousands)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
GAAP net income (loss)$1,860 $8,573 $8,796 $3,278 
 Add:
 Income tax (benefit) provision 1,445 (1,371)2,813 (4,187)
 Other (income) expense, net (1,120)(1,851)(4,598)(6,119)
 Interest Expense 2,505 2,364 9,779 9,259 
 GAAP operating income (loss) $4,690 $7,715 $16,790 $2,231 
 Non-GAAP Adjustments
Depreciation and amortization $144 $375 $1,315 $1,755 
Amortization of intangibles 3,326 3,711 14,143 15,156 
Net changes in estimated fair value of acquisition-related contingent consideration— — — 136 
Litigation and other legal costs(1)
28 251 485 3,496 
Executive transition costs285 599 806 2,632 
Stock-based compensation expense3,571 1,723 16,810 12,624 
Non-recurring audit fees806 931 2,743 5,956 
Enterprise risk, portfolio positioning and other related costs(2)
— — — 996 
Restructuring costs(3)
3 114 840 1,762 
 Adjusted EBITDA $12,853 $15,419 $53,932 $46,744 
Total revenue
$44,779 $43,222 $179,691 $172,083 
Adjusted EBITDA margin
28.7 %35.7 %30.0 %27.2 %

(1)During the three and twelve months ended September 30, 2024, our legal team used third party legal experts to perform and provide advice regarding a variety of activities including intellectual property litigation matters and risk analysis and in providing support for customers in their litigation, matters and options related to getting our SEC filings current, the process for a potential delisting from the Nasdaq Capital Market, ongoing litigation support, and various other projects.
(2)During the twelve months ended September 30, 2024, we used three third party experts to evaluate our product portfolio positioning, competitive landscape, enterprise risk and other related analyses.
(3)Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were $0.8 million in the twelve months ended September 30, 2025 and were related to a restructuring that occurred in the first quarter of fiscal 2025. Restructuring costs were $1.8 million in the twelve months ended September 30, 2024 and were related to expenses incurred to relocate employees and to a restructuring that occurred in the third quarter of fiscal 2024.







MITEK SYSTEMS, INC.
NON-GAAP NET INCOME RECONCILIATION
(Unaudited)
(amounts in thousands except per share data)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Net income (loss)$1,860 $8,573 $8,796 $3,278 
Non-GAAP adjustments:
Amortization of acquisition-related intangibles
3,326 3,711 14,143 15,156 
Net changes in estimated fair value of acquisition-related contingent consideration
— — — 136 
Litigation and other legal costs(1)
28 251 485 3,496 
Executive transition costs285 599 806 2,632 
Stock-based compensation expense3,571 1,723 16,810 12,624 
Non-recurring audit fees806 931 2,743 5,956 
Enterprise risk, portfolio positioning and other related costs(2)
— — — 996 
Restructuring costs(3)
3 114 840 1,762 
Amortization of debt discount and issuance costs2,212 2,112 9,008 8,169 
Income tax effect of pre-tax adjustments(3,201)(2,696)(10,864)(11,970)
Cash tax difference(4)
2,250 211 1,929 3,151 
Non-GAAP net income$11,140 $15,529 $44,696 $45,386 
Non-GAAP net income per share—basic$0.24 $0.34 $0.98 $0.97 
Non-GAAP net income per share—diluted$0.24 $0.33 $0.95 $0.96 
Shares used in calculating non-GAAP net income per share—basic45,960 45,952 45,716 46,560 
Shares used in calculating non-GAAP net income per share—diluted47,323 46,573 46,926 47,468 

(1)During the three and twelve months ended September 30, 2024, our legal team used third party legal experts to perform and provide advice regarding a variety of activities including intellectual property litigation matters and risk analysis and in providing support for customers in their litigation, matters and options related to getting our SEC filings current, the process for a potential delisting from the Nasdaq Capital Market, ongoing litigation support, and various other projects.
(2)During the twelve months ended September 30, 2024, we used three third party experts to evaluate our product portfolio positioning, competitive landscape, enterprise risk and other related analyses.
(3)Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were $0.8 million in the twelve months ended September 30, 2025 and were related to a restructuring that occurred in the first quarter of fiscal 2025. Restructuring costs were $1.8 million in the twelve months ended September 30, 2024 and were related to expenses incurred to relocate employees and to a restructuring that occurred in the third quarter of fiscal 2024.
(4)The Company’s non-GAAP net income is calculated using a cash tax rate of 21% in fiscal 2025 and 9% in fiscal 2024. 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 September 30, 2025 and 2024 was 44% and negative 19%, respectively. The Company’s effective tax rate used for the purposes of calculating GAAP net income for the twelve months ended September 30, 2025 and 2024 was 24% and 461%, respectively.








MITEK SYSTEMS, INC.
NON-GAAP FREE CASH FLOW RECONCILIATION
(Unaudited)
(amounts in thousands)
Three months endedTwelve months ended September 30, 2025
December 31, 2024March 30, 2025June 30, 2025September 30, 2025
Net cash provided by (used in) operating activities$565 $13,743 $21,571 $19,461 $55,340 
Less:
Purchases of property and equipment, net(335)(232)(329)(259)(1,155)
Free Cash Flow$230 $13,511 $21,242 $19,202 $54,185 
Three months endedTwelve months ended September 30, 2024
December 31, 2023March 30, 2024June 30, 2024September 30, 2024
Net cash provided by (used in) operating activities$(9,463)$7,064 $12,985 $21,102 $31,688 
Less:
Purchases of property and equipment, net(241)(483)(431)(283)(1,438)
Free Cash Flow$(9,704)$6,581 $12,554 $20,819 $30,250 







MITEK SYSTEMS, INC.
NON-GAAP GROSS PROFIT RECONCILIATION
(Unaudited)
(amounts in thousands)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Software license and hardware
Software license and hardware revenue $15,894 $18,341 $74,086 $81,872 
 Cost of revenue (exclusive of depreciation and amortization) (82)(186)(218)(309)
 Depreciation and amortization (691)(1,189)(3,993)(4,634)
 GAAP gross profit for software license and hardware 15,121 16,966 69,875 76,929 
 Depreciation and amortization 691 1,189 3,993 4,634 
Non-GAAP gross profit for software license and hardware
$15,812 $18,155 $73,868 $81,563 
GAAP gross margin for software license and hardware
95.1 %92.5 %94.3 %94.0 %
Non-GAAP gross margin for software license and hardware
99.5 %99.0 %99.7 %99.6 %
 SaaS, maintenance, and other
 SaaS, maintenance and other revenue $28,885 $24,881 $105,605 $90,211 
 Cost of revenue (exclusive of depreciation and amortization) (7,208)(5,978)(26,569)(24,086)
 Depreciation and amortization (2,242)(2,162)(8,687)(8,473)
 GAAP gross profit for SaaS, maintenance, and other 19,435 16,741 70,349 57,652 
 Depreciation and amortization 2,242 2,162 8,687 8,473 
 Stock-based compensation expense
143 127 647 574 
 Non-GAAP gross profit for SaaS, maintenance, and other $21,820 $19,030 $79,683 $66,699 
 GAAP gross margin for SaaS, maintenance, and other 67.3 %67.3 %66.6 %63.9 %
 Non-GAAP gross margin for SaaS, maintenance, and other 75.5 %76.5 %75.5 %73.9 %
Consolidated results
 Total revenue $44,779 $43,222 $179,691 $172,083 
 Cost of revenue (exclusive of depreciation and amortization) (7,290)(6,164)(26,787)(24,395)
 Depreciation and amortization (2,933)(3,351)(12,680)(13,107)
 GAAP gross profit 34,556 33,707 140,224 134,581 
 Depreciation and amortization 2,933 3,351 12,680 13,107 
 Stock-based compensation expense
143 127 647 574 
 Non-GAAP gross profit $37,632 $37,185 $153,551 $148,262 
 GAAP gross profit margin 77.2 %78.0 %78.0 %78.2 %
 Non-GAAP gross profit margin
84.0 %86.0 %85.5 %86.2 %







MITEK SYSTEMS, INC.
NON-GAAP OPERATING EXPENSE RECONCILIATION
(Unaudited)
(amounts in thousands)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Selling and marketing$10,154 $9,538 $41,516 $40,769 
Non-GAAP adjustments:
Stock-based compensation expense939 462 3,898 3,041 
Non-GAAP selling and marketing$9,215 $9,076 $37,618 $37,728 
Research and development$8,235 $6,073 $35,284 $34,642 
Non-GAAP adjustments:
Stock-based compensation expense457 (383)4,206 3,368 
Non-GAAP research and development$7,778 $6,456 $31,078 $31,274 
General and administrative$11,082 $9,908 $44,332 $52,993 
Non-GAAP adjustments:
Stock-based compensation expense2,032 1,517 8,059 5,641 
Litigation and other legal costs(1)
28 251 485 3,496 
Executive transition costs285 599 806 2,632 
Non-recurring audit fees806 931 2,743 5,956 
Enterprise risk, portfolio positioning and other related costs(2)
— — — 996 
Non-GAAP general and administrative$7,931 $6,610 $32,239 $34,272 
Total Non-GAAP operating expense$24,924 $22,142 $100,935 $103,274 

(1)During the three and twelve months ended September 30, 2024, our legal team used third party legal experts to perform and provide advice regarding a variety of activities including intellectual property litigation matters and risk analysis and in providing support for customers in their litigation, matters and options related to getting our SEC filings current, the process for a potential delisting from the Nasdaq Capital Market, ongoing litigation support, and various other projects.
(2)During the twelve months ended September 30, 2024, we used three third party experts to evaluate our product portfolio positioning, competitive landscape, enterprise risk and other related analyses.







STOCK-BASED COMPENSATION EXPENSE
(amounts in thousands)
Three Months Ended September 30,Twelve Months Ended September 30,
2025202420252024
Cost of revenue$143$127$647$574
Selling and marketing9394623,8983,041
Research and development457(383)4,2063,368
General and administrative2,0321,5178,0595,641
Total stock-based compensation expense$3,571$1,723$16,810 $12,624