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©2026 Mitek Systems Inc. All rights reserved February 2026 Mitek Systems, Inc. Financial Highlights & Outlook Fiscal Q1 2026 NASDAQ: MITK
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2 Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and uncertainties, as well as assumptions that, if they never materialize or prove incorrect, could cause our results to differ materially and adversely from those expressed or implied by such forward-looking statements. Forward- looking statements may include but are not limited to, statements relating to our outlook or expectations for earnings, revenues, expenses, asset quality, volatility of our common stock, financial condition or other future financial or business performance, strategies, expectations, or business prospects, or the impact of legal, regulatory or supervisory matters on our business, results of operations or financial condition. Forward-looking statements can be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions. Forward-looking statements reflect our judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause or contribute to such differences include but are not limited to, those discussed in the section titled “Risk Factors” in our Form 10-Q for the fiscal quarter ended December 31, 2025, filed with the SEC on February 5, 2026, and any subsequent filings under the Exchange Act and in our other SEC filings. Additionally, there may be other factors that could preclude us from realizing the predictions made in the forward-looking statements. We operate in a continually changing business environment and new factors emerge from time to time. We cannot predict such factors or assess the impact, if any, of such factors on our financial position or results of operations. All forward-looking statements included in this presentation speak only as of the date of this presentation and you are cautioned not to place undue reliance on any such forward-looking statements. Except as required by law, we undertake no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events.
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3 02 Agenda 04 FY26 Financial Outlook Company Overview 03 Q1 FY26 Financial Review 05 Appendix 01 Investment Thesis
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4 The problem How we solve it The market is entering a new phase driven by AI-generated synthetic fraud, and is outpacing legacy controls, creating rising losses and operational burden. Enterprises need accurate, multi-signal decisioning across onboarding, authentication, and transaction risk - not fragmented point solutions from multiple vendors. Mitek delivers Fraud & Identity Solutions that unify identity verification, authentication, liveness and deepfake detection, and advanced fraud analytics. MiVIP orchestrates proprietary and third-party signals into a single workflow. Our technology also powers mission-critical check verification supporting more than one billion mobile deposits annually. Why is it special We combine decades of high-volume imaging expertise, leadership in biometrics and liveness detection, and deep fraud- analytics capabilities with long-standing financial-institution relationships. Shared AI and signal extraction capabilities drive higher accuracy, lower customer complexity and improving efficiency as the platform scales. How we make money We generate recurring SaaS and usage-based revenue from identity, authentication, and fraud workflows, alongside stable Mobile Deposit licenses with contractual escalators. As customers consolidate vendors and expand multi-signal workflows, SaaS mix increases and unit economics strengthen. Why now AI-driven fraud and elevated check fraud are accelerating demand for consolidated, high-assurance fraud and identity decisioning. With LTM SaaS growth ~20 percent and strong free cash flow, Mitek is positioned to compound higher-quality recurring revenue as mix shifts toward Fraud & Identity. xxxx Investment Thesis
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Company Overview
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6 A Global Leader in Digital Identity Verification and Fraud Prevention San Diego (HQ) | New York | London | Amsterdam | Paris | Barcelona Fraud & Identity Solutions Check Verification Solutions $96M $91M Cash Debt $192M $159M Numbers may not foot due to rounding (1) Per 10-K as of September 30, 2025 (2) LTM Total Revenue, as of December 31, 2025 (3) LTM Adjusted EBITDA, as of December 31, 2025. See Appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP metrics (4) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures (5) Net Cash defined as Total Cash and Cash Equivalents and Investments minus Total Debt as of December 31, 2025 Adjusted EBITDA margin32% Organizations Served Employees Worldwide⁽¹⁾ LTM Revenue⁽²⁾ LTM SaaS Revenue LTM Adjusted EBITDA⁽³⁾ % of Total Revenue Y/Y Growth 43% 19% $187M $81M $59M ~600 7,000+ Net Cash⁽⁵⁾$33M $145M $173M $172M $180M $187 - $197M FY22 FY23 FY24 FY25 FY26E $64M $74M $78M $90M $102M - $107M FY22 FY23 FY24 FY25 FY26E * Based on midpoint of guidance ranges LTM Free Cash Flow$61M Free Cash Flow Conversion⁽⁴⁾ 102% * $43M $52M $60M $68M $81M FQ1'22 FQ1'23 FQ1'24 FQ1'25 FQ1'26 Total Revenue Fraud & Identity Solutions Revenue SaaS Revenue (LTM)
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7 Protecting what’s real across digital interactions We help organizations confirm identity, prevent fraud, and ensure that the people behind every transaction are who they say they are. • 7,000+ customers in 150+ countries • ~600 employees • SOC 2, ISO 27001, GDPR, and AML/KYC compliant • Award winning innovation
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8 FRAUD DETECTION & INTELLIGENCE Account Takeover | Synthetic | Deepfake | Injection | Template | Presentation | Check Fraud | Transaction End to end identity verification and fraud detection across every digital interaction OPENING A NEW ACCOUNT LOG IN TO TRADING ACCOUNT & BUY SHARES PICK-UP RENTAL CAR & VALIDATE INSURANCE BIOMETRIC KIOSK/ATM ACCESS & VERIFICATION DEPOSIT A CHECK VIA MOBILE DEPOSIT® DEPOSIT A CHECK AT THE BRANCH FRAUD & IDENTITY PLATFORM IDENTITY VERIFICATION & AUTHENTICATION TRANSACTION MONITORING Verification Verification Verification & Authentication Authentication Mobile Check Deposit Check Intelligence
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9 Two Core Solutions: (1) Fraud & Identity & (2) Check Verification (1) LTM Total Revenue, as of December 31, 2025 Check Fraud Prevention AI-powered digital identity proofing, biometric verification and deepfake detection Real-time fraud defense via a bank-led consortium Fraud & Identity Solutions 51% of LTM Revenue(1) Check Verification Solutions 49% of LTM Revenue (1) Mobile Verify® checks IDs and detects liveness. MiPass® Secures login, account recovery, and step-up verification with facial and voice biometrics instead of passwords and OTP. MiVIP® unifies the above capabilities with third- party signals into an orchestrated workflow - creating a one-stop, integrated platform for fraud detection and user verification. Consortium-led fraud detection solution From verifying who a user is, to authenticating them again when risk rises, to detecting fraudulent payments and capturing and verifying mobile check deposits, Mitek protects what’s real across digital interactions Verification, Authentication & Fraud Mitigation Mobile Check Deposit Used by top banks to enable secure digital check deposits from any mobile device or ATM. Check Intelligence Breaking down the anatomy of a check to verify each of its components and prevent fraudulent transactions Check Intelligence uses analysis, powered by AI, to determine the validity of each component and identify patterns to detect potentially fraudulent activity in the future. Enabling anytime, any channel, anywhere check deposits AI-driven tools that prevent identity and payment fraud. Digital check solutions trusted by leading banks.
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10 A Trusted Technology Partner to Global Blue-Chip Enterprises
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11 Mitek’s Market Opportunity We are here $13B $47B* TAM Identity Verification $33B Biometrics $1B Check Deposit & Fraud *Sources: Identity Verification: Liminal Landscape Identity Verification Biometrics: Liminal Landscape Biometrics Check Fraud: Datos Insights: Mobile Deposits: Optimizing Fraud Detection and Customer Experience Figure not drawn to scale
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12 How Mitek Generates Revenue Across Product Portfolios Check Fraud Defender Mobile Deposit Check Intelligence MiVIP Mobile Verify MiPass Digital Fraud Defender Biometrics Components SaaS Recurring and usage-driven contracts where customers pay for ongoing access to our platforms and solutions, typically tied to transaction volumes or subscriptions Software License & Support Term-software licenses sold with ongoing maintenance support contracts, reflecting long- standing enterprise deployments with durable renewal characteristics 2% 19% 79% 2% 93% 5% 2% 55% 43% Fraud & Identity Solutions 51% of LTM Revenue(1) Check Verification Solutions 49% of LTM Revenue(1) Total Mitek (1) LTM Total Revenue, as of December 31, 2025 Professional Services & Other Primarily implementation, integration, and enablement services that support customer adoption, alongside other ancillary revenue
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Financial Review Fiscal Q1 2026
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14 Fiscal Q1 FY26 Key Takeaways Generative AI is accelerating synthetic fraud, increasing demand for trusted platforms: Generative AI is driving a step-change in the scale and complexity of fraud, increasing customer reliance on trusted, enterprise-grade verification, authentication, and fraud decisioning platforms. Fraud & Identity momentum continues: Fraud & Identity revenue grew ~30% year over year, now representing over half of total LTM revenue, as customers consolidate identity, authentication, and fraud decisioning with Mitek as a strategic platform partner. Platform adoption is driving SaaS mix improvement: SaaS revenue grew 21% year over year and now represents ~43% of LTM revenue, improving revenue visibility, durability, and long-term earnings power. Simplified balance sheet with capital return flexibility: We retired our convertible notes, ended the quarter with $33 million of net cash, and authorized a $50 million share repurchase program, providing flexibility to return capital at prices we believe are attractive relative to long-term value. Check Verification remains a stable foundation: Check Verification continues to operate at scale, processing approximately 1.2 billion transactions annually, generating stable, high-margin cash flow that funds reinvestment across Fraud & Identity. Unify & Grow execution is taking hold across the organization: The One Mitek operating model is translating into growth, improved mix, disciplined margins, and stronger capital allocation, reinforcing confidence in our FY26 outlook. Revenue and adjusted EBITDA margin guidance were both raised for FY26.
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15 Fiscal Q1 FY26 Financial Highlights and Key Metrics Numbers may not foot due to rounding (1) See Appendix for reconciliations of GAAP to non-GAAP measures and definitions of non- GAAP metrics (2) Free Cash Flow is defined as net cash provided by (used in) operating activities, less purchases of property and equipment, net. Note: Some totals or calculated metrics may not foot due to rounding (3) Free Cash Flow Conversion is defined as LTM Free Cash Flow divided by LTM Adjusted EBITDA (4) Annual Contract Value (ACV) represents the current annualized value of active contracts as of the measurement date, reflecting the recurring contracted revenue that is currently in effect and being delivered. ACV excludes future contracted expansions not yet live and does not average the total contract value over the full term. We believe ACV is a useful performance measure because it captures the annualized revenue run rate of active customer commitments, providing greater visibility into our near-term revenue base Q1 FY26 vs. Q1 FY25 ended December 31. 2025 Revenue Total Revenue $44M + 19% Fraud & Identity Solutions Revenue $25M + 30% Check Verification Solutions Revenue $19M + 6% SaaS Revenue $22M + 21% Profitability Non-GAAP Gross Profit(1) $36M + 15% Non-GAAP Gross Margin(1) 81.7% -280 bps Adjusted EBITDA(1) $13M + 69% Adjusted EBITDA Margin(1) 30.0% +900 bps GAAP Net Income $3M - 160% Cash Flow Free Cash Flow(1,2) $7M + 2767% Balance Sheet Cash, Equivalents & Investments $192M + $54M Debt $159M + $11M Net Cash / (Debt) $33M + $43M Q1 FY26 vs. Q1 FY25 ended December 31. 2025 Key Metrics LTM Total Revenue $187M + 8% LTM Fraud & Identity Solutions Revenue $96M + 18% as % of Total Revenue 51% +430 bps LTM SaaS Revenue $81M + 19% as % of Total Revenue 43% +400 bps LTM Adjusted EBITDA(1) $59M + 22% Adjusted EBITDA Margin % 32% +360 bps LTM Free Cash Flow(1,2) $61M + 51% Free Cash Flow Conversion(3) 102% +1930 bps CFD ACV(4) $17M + 44%
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16 Total LTM Revenue Up 8%Y/Y (3-Year CAGR: 6%) Total SaaS LTM Revenue Up 19% Y/Y (3-Year CAGR: 16%) 2% 2% 2% 2% 2% 2% 2% 1% 1% 2% 2% 2% 2% 65% 65% 65% 64% 61% 61% 62% 62% 59% 59% 57% 55% 55% 33% 33% 33% 34% 37% 37% 37% 37% 39% 40% 41% 43% 43% $158M $171M $175M $173M $164M $165M $167M $172M $172M $177M $178M $180M $187M SaaS Software License & Support Professional Services & Other $52M $57M $57M $59M $60M $61M $61M $64M $68M $70M $74M $77M $81M 22% 34% 22% 18% 14% 7% 6% 7% 13% 15% 21% 21% 19% SaaS Revenue Y/Y Growth LTM Quarterly SaaS Revenue Trend ($ in Millions) LTM Quarterly Revenue Trend ($ in Millions)
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17 Increasing Fraud & Identity Solutions Mix Shift $92M $100M $102M $98M $89M $89M $93M $94M $91M $95M $91M $90M $91M $66M $71M $72M $74M $75M $76M $74M $78M $81M $83M $87M $90M $96M $158M $171M $175M $173M $164M $165M $167M $172M $172M $177M $178M $180M $187M 42% 42% 41% 43% 46% 46% 44% 45% 47% 47% 49% 50% 51% 58% 58% 59% 57% 54% 54% 56% 55% 53% 53% 51% 50% 49% FQ1'23 FQ2'23 FQ3'23 FY23 FQ1'24 FQ2'24 FQ3'24 FY24 FQ1'25 FQ2'25 FQ3'25 FY25 FQ1'26 Fraud & Identity Solutions Check Verification Solutions LTM Quarterly Revenue Trend ($ in Millions) LTM Quarterly (as % of Total Revenue)
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18 Fraud & Identity Solutions LTM Total Revenue Up 18% Y/Y (3-Year CAGR: 13%) SaaS LTM Revenue Up 19% Y/Y (3-Year CAGR: 15%) 4% 4% 4% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 20% 21% 21% 22% 22% 22% 20% 21% 19% 18% 19% 17% 19% 75% 76% 75% 75% 75% 75% 77% 77% 79% 80% 79% 81% 79% $66M $71M $72M $74M $75M $76M $74M $78M $81M $83M $87M $90M $96M FQ1'23 FQ2'23 FQ3'23 FY23 FQ1'24 FQ2'24 FQ3'24 FY24 FQ1'25 FQ2'25 FQ3'25 FY25 FQ1'26 LTM Quarterly Revenue Trend ($ in Millions) SaaS Software License & Support Professional Services & Other
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19 Check Verification Solutions LTM Revenue Down (1%) Y/Y (3-Year CAGR: -1%) SaaS LTM Revenue Up 21% Y/Y (3-Year CAGR: 18%) 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 2% 96% 96% 96% 95% 95% 95% 95% 95% 95% 94% 94% 94% 93% 3% 3% 3% 4% 5% 5% 4% 4% 4% 4% 5% 5% 5% $92M $100M $102M $98M $89M $89M $93M $94M $91M $95M $91M $90M $91M FQ1'23 FQ2'23 FQ3'23 FY23 FQ1'24 FQ2'24 FQ3'24 FY24 FQ1'25 FQ2'25 FQ3'25 FY25 FQ1'26 LTM Quarterly Revenue Trend LTM view normalizes quarterly variability caused by software license renewal cycles($ in Millions) SaaS Software License & Support Professional Services & Other
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20 98% 99% 99% 98% 98% 99% 99% 100% 100% 100% 100% 100% 100% 87% 87% 87% 87% 87% 87% 88% 88% 88% 87% 87% 87% 88% 87% 86% 86% 86% 86% 86% 86% 86% 85% 85% 75% 74% 75% 75% 75% 75% 74% 74% 75% 75% 76% 75% 74% FQ1'23 FQ2'23 FQ3'23 FY23 FQ1'24 FQ2'24 FQ3'24 FY24 FQ1'25 FQ2'25 FQ3'25 FY25 FQ1'26 Mix Shift Impact Software License & Hardware Gross Margin T otal Constant-Mix Underlying Gross Margin⁽²⁾ Total Gross Margin SaaS, Maintenance, & Other Gross Margin Gross Margin Stability While Strategic Mix Shift to SaaS Continues *SaaS & Other Services refers to SaaS, Maintenance, & Other (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures (2) Excludes revenue-mix effects by holding FY23 revenue-mix constant LTM Quarterly Non-GAAP Gross Margin Trend(1) ~270 bps mix-shift headwind
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21 $53M $61M $62M $55M $42M $37M $37M $47M $49M $56M $57M $54M $59M 34% 36% 35% 32% 26% 23% 22% 27% 28% 31% 32% 30% 32% -90% -70 % -50% -30% -10% 10% 30% $0M $10M $20 M $30M $40M $50M $60M $70 M FQ1'23 FQ2'23 FQ3'23 FY23 FQ1'24 FQ2'24 FQ3'24 FY24 FQ1'25 FQ2'25 FQ3'25 FY25 FQ1'26 LTM Adjusted EBITDA LTM Adjusted EBITDA Margin Attractive Adjusted EBITDA Margins (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures LTM Adjusted EBITDA and Adjusted EBITDA Margins(1) ($ in Millions)
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22 Operating Expense Composition (1%) (1%) (1%) (1%) (1%) (1%) (1%) (1%) (1%) (1%) (1%) (1%) (1%) 14% 15% 17% 19% 22% 23% 23% 20% 19% 18% 17% 18% 17% 23% 21% 21% 22% 23% 24% 24% 22% 22% 21% 21% 21% 20% 18% 17% 16% 15% 16% 18% 18% 18% 18% 17% 17% 17% 17% 53% 52% 52% 55% 60% 63% 63% 59% 58% 55% 54% 55% 53% FQ1'23 FQ2'23 FQ3'23 FY23 FQ1'24 FQ2'24 FQ3'24 FY24 FQ1'25 FQ2'25 FQ3'25 FY25 FQ1'26 D&A G&A S&M R&D (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures LTM Non-GAAP Opex (ex. D&A)(1) as a % of Total LTM Revenue
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23 102% Free Cash Flow Conversion Surpasses Target Range; Boosted By Some Non-Structural Tailwinds Free Cash Flow Conversion(1) (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures ($ in Millions) 70% $53M $61M $62M $55M $42M $37M $37M $47M $49M $56M $57M $54M $59M $23M $22M $32M $31M $16M $16M $13M $30M $40M $47M $56M $54M $61M $1M $11M $21 M $31M $41 M $51M $61 M $71 M FQ1'23 FQ2'23 FQ3'23 FY23 FQ1'24 FQ2'24 FQ3'24 FY24 FQ1'25 FQ2'25 FQ3'25 FY25 FQ1'26 LTM Adjusted EBITDA LTM Free Cash Flow Free C ash Flow Convers ion % 43% 36% 53% 56% 37% 43% 34% 65% 83% 85% 99% 100% 102% 80%
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24 Strong Balance Sheet Driven by Cash Generation and Disciplined Capital Allocation Strong cash(1) generation expands liquidity Net Cash(2) position improves, enhancing financial flexibility Numbers may not foot due to rounding *“Net Working Capital" is defined as Non-Cash Current Assets minus Non-Debt Current Liabilities (1) Cash and Cash Equivalents include cash, cash equivalents, short-term investments, and long-term investments (2) Net Cash is defined as cash and cash equivalents less total debt (3) Debt refers to Total Debt which is comprised of all Short-Term and Long-Term Debt (4) Largely comprised of the original issue discount accretion on our convertible notes, which represents the portion of the note’s original discount that is recorded as interest expense over time,and effectively increases the carrying value up to the full repayment amount. (5) Pro-forma reflects only the $50M DDTL draw and $155M February 2026 convertible repayment and excludes all other cash flows subsequent to December 31, 2025 (6) Per 10-Q, as of December 31, 2025 $54M $33M ($10M) ($11M) 1Q'25 Net Cash/(Debt) + Cash Movement - Debt Movement⁽⁴⁾ = 1Q'26 Net Cash/(Debt) $61M $192M $138M ($11M) $5M 1Q'25 Cash & Equivalents + Free Cash Flow - Share Repurchases + Other = 1Q'26 Cash & Equivalents Q1 FY25 Q1 FY26 vs. Q1 FY25 ended December 31 Uses of Capital: Net Working Capital* $39M $26M -$13M Long Term Assets (ex. GW & Intangibles) $30M $36M +$6M Goodwill & Intangibles $173M $170M -$3M Total Uses of Capital $241M $232M -$10M Sources of Capital: Deferred Revenue $22M $26M +$4M Long Term Liabilities $8M $4M -$3M Net Cash / (Debt) ($10M) $33M +$43M Debt⁽³⁾ $148M $159M -$11M Cash, Cash Equivalents & Investments $138M $192M +$54M Stockholders' Equity $201M $234M +$33M Total Sources of Capital $241M $232M -$10M Pro-Forma net cash position remains strong and unchanged(5) following the Term Loan draw and convertible notes repayment Strong Balance Sheet backed by cash flow Disciplined capital deployment Pro-Forma Q1 FY26 DDTL Convertible Q1 FY26 31-Dec-25 Draw⁽⁶⁾ Repayment⁽⁶⁾ 31-Dec-25 Cash & Cash Equivalents $192M $50M ($155M) $87M Debt $159M $50M ($155M) $54M Net Cash / (Debt) $33M $0M $0M $33M
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Financial Outlook Fiscal 2026
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26 Financial Outlook(1) for FY’26 (1) Forward-looking statements are subject to risks and uncertainties. Actual results may differ materially. See our SEC filings for more information. (2) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures FY26 Q2 FY26 Guidance⁽¹⁾ Guidance⁽¹⁾ Total Revenue $145M $173M $172M $180M $187 - $197M $50 - $55M Y/Y Growth 21% 19% (0%) 4% Approximately 7% Fraud & Identity Solutions Revenue $64M $74M $78M $90M $102 - $107M Y/Y Growth 34% 17% 5% 15% Approximately 16% Adjusted EBITDA Margin⁽²⁾ 31% 32% 27% 30% 29% - 32% FY22 FY23 FY24 FY25 FY’26 Revenue Timing 1Q Actual $44M 2H Guidance 3Q > 4Q 2Q Guidance $50 - $55M
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27 Appendix
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28 Non-GAAP Financial Measures This presentation 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 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. 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.
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29 Revenue Disaggregation by Major Product Portfolio (figures in 000’s) See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data
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30 GAAP to Non-GAAP Financial Reconciliation Non-GAAP Gross Profit Reconciliation (figures in 000’s) See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data
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31 GAAP to Non-GAAP Financial Reconciliation See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data (figures in 000’s) GAAP Net Income to Adjusted EBITDA Reconciliation Net cash provided by (used in) operating activities to Free Cash Flow Reconciliation
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32 GAAP to Non-GAAP Financial Reconciliation See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data (figures in 000’s) GAAP Operating Expense to Non-GAAP Operating Expense Reconciliation
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ir@miteksystems.com San Diego (HQ) 770 1st Ave Suite 425, San Diego, CA 92101 +1 619.269.6800 NASDAQ: MITK ©2026 Mitek Systems Inc. All rights reserved