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Mitek Company & Financial Overview Fiscal Q3 2026 NASDAQ : MITK © 2026 Mitek Systems Inc. All rights reserved + ..... ..... ....... ...... ...... 10001 00 О О
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2 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 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 June 30, 2026, filed with the SEC on August 6, 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 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Reinvestment DUAL -ENGINE BUSINESS MODEL GROWTH DRIVERS ➢ Decades-long FI relationships create a durable competitive position ➢ Embedded within mission-critical financial institution workflows ➢ Proven accuracy and regulatory trust ➢ Consortium Fraud Intelligence ➢ Proprietary network-based platform enhances fraud detection ➢ Proven ability to meet the security, compliance, and audit requirements of world’s largest FIs ➢ Prioritizing AI fraud + identity trust ➢ Regulation expanding new use cases ➢ Mitek’s embedded model scales across high-volume transaction workflows ➢ Convergence of fraud and identity into multi-layered decisioning ➢ SaaS mix driving higher-quality, more predictable revenue We provide the verification, authentication, and fraud decisioning infrastructure that high-assurance institutions rely on to stop fraud across a broad digital lifecycle. San Diego (HQ) | London | Amsterdam | Barcelona | Paris FI NAN CIAL HIGHLI GH TS ( FQ3’ 26) T ot a l R e v e nu e ( L T M )⁽ ¹ ⁾ $198M S a a S Re v e n u e G r o wt h ( F Q 3 ’ 2 6 ) 36% Y/Y G r os s M a r g i n ( L T M )⁽ ¹ ⁾ 84% A d j . EB I T D A ( L T M ) ⁽ ² ⁾ $69M A d j . EB I T D A M a r g i n ( L T M ) 35% WHY WE WIN F r e e C a s h F l o w ( L T M ) ⁽ ³ ⁾ $49M N e t C a s h⁽⁴ ⁾ $46M S h a r e R e pu r c ha s e Pr og r a m $50M Numbers may not foot due to rounding (1) LTM Total Revenue and Gross Margin, as of June 30, 2026 (2) LTM Adjusted EBITDA, as of June 30, 2026. See Appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP metrics (3) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures (4) Net Cash defined as Total Cash and Cash Equivalents and Investments minus Total Debt as of June 30, 2026 Che ck Ve rificat ion Fraud & Ide ntity (Stra tegic Le ve ra ge & Ca sh Engine ) (Growth) NASDAQ: MITK Whether someone is opening an account, logging in, depositing a check, or approving a high-risk payment, our role is to help determine whether that person, session, document, check, or transaction can be trusted
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Mitek Business Overview Fiscal Q3 2026
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5 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 76% are digital G L O B A L F I N A N C I A L T R A N S A CT I O N S⁽ ¹ ⁾ The problem: The shift to digital finance significantly expands the attack surface and vulnerability. Financial services are moving to digital channels for speed, convenience, and accessibility (remote onboarding, instant payments, mobile banking, etc.) Systems are optimized for growth and user experience , not fraud defense Every new digital capability creates a new door into the system (Lifecycle: Onboarding, login, payment, account change, recovery, etc.) Fraud exploits the gaps created by this digital shift AI is exacerbating the gaps via both spee d and scale IN P ER SON W EB M OBI L E RE A L- TI ME FI NA NC E $23B by 2030 S Y N T H E T I C I D E N T I T Y F R A UD L O S S E S⁽ ²⁾ (1) Capgemini World Payments Report, 2024 (2) Deloitte Center for Financial Services
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M I T E K S Y S T E M S , I N C . Q 3 20 2 6 6 EX A MP L ES OF A I- D RIV EN FRA U D Synthetic Identity Fraud AI generates fake identities by combining real and fabricated data Deepfake Impersonation AI generates faces, voices, and videos that mimic real people Automated Account Takeover (ATO) Bots attempt credential attacks across thousands of accounts simultaneously AI is exacerbating the fraud problem. What fraud used to be: Manual Slow Localized Fragmented Expensive One-time event What fraud is today: Automated Fast Cross-institution Scalable Cheap Continuous Static, point-in-time controls cannot defend against adaptive AI-driven fraud. A D A P T I V E A T T A C K S | M U L T I- S T A G E A T T A C K S | C R O S S- C H A N N E L A T T A C K S Banks need continuous risk evaluation to detect fraud while it is unfolding.
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M I T E K S Y S T E M S , I N C . Q 3 20 2 6 7 Serving a large and rapidly growing market. Continuous fraud increases the number of risk decisions institutions must make. More journeys per customer Onboarding, authentication, transactions, account changes, and recovery More signals per journey High-assurance businesses increasingly evaluate multiple signals during each interaction to improve accuracy and reduce fraud losses Higher decision value As fraud risk increases, the economic value of accurate risk decisions rises ~$50B Fraud detection and prevention market size⁽¹⁾ ~20% CAGR ⁽¹⁾ Artificial Intelligence More fraud attempts More fraud & identity checks Increased revenue More risk decisions (1) Liminal Link report, 2026
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8 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 “Is this a person, and is this the right person doing the right action right now, with a high level of confidence, and without causing friction?” Identity and fraud are converging into one decision problem. Fraud now spans the full customer lifecycle, increasing the need for continuous identity and risk decisions. ID ENTITY S IGNA LS BEH AVI ORAL SI GN ALS D EVIC E S IGNALS TRAN SA CTION C ONTEXT Authentication Account Changes Onboarding Recovery Transactions Fraud Detection Identity Verification Multi-Layered Approach
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M I T E K S Y S T E M S , I N C . Q 3 20 2 6 9 Mitek is embedded in the market through critical digital infrastructure workflows: • Check verification • Onboarding and authentication • Integrations with existing platforms History and expertise in high-assurance markets.
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10 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Valued relationships and data expertise give Mitek the right to win. Operationally trusted within regulated workflows and relied on by key decision-makers at institutions Deeply embedded within core banking systems Visibility into high-volume transactions inside financial institutions, feeding our proprietary network, and providing cross-institution visibility TRUST NETWORK BASED DATA INTEGRATION
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M I T E K S Y S T E M S , I N C . Q 3 20 2 6 11 Mitek’s business model supports platform expansion. Strategic Leverage & Cash Engine CH ECK VER IFICAT ION Reinvestment enables expansion from legacy banking workflows into higher-value fraud and identity decisioning Platform Expansion FR AUD & IDENTITY SOLUTION S Reinvestment Fraud intelligence Multi-layered decisioning Platform capabilities Deeply embedded in financial institution infrastructure History of large-scale execution Highly cash generative model
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12 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Solid balance sheet and cash flow Proprietary network-based data asset Heritage of trust in high-assurance financial services Investment highlights. Fraud is a rapidly growing, AI- accelerated market NASDAQ: MITK Experienced and execution-focused team
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Financial Highlights Fiscal Q3 2026
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14 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Fiscal Q3 FY26 Financial Highlights and Key Metrics Q3 FY26 vs. Q3 FY25 ended June 30. 2026 Revenue Total Revenue $54M + 18% Fraud & Identity Solutions Revenue $29M + 14% Check Verification Solutions Revenue $25M + 24% SaaS Revenue $26M + 36% Profitability Non-GAAP Gross Profit(1) $46M + 19% Non-GAAP Gross Margin(1) 85.5% +40 bps Adjusted EBITDA(1) $21M + 60% Adjusted EBITDA Margin(1) 38.5% +1000 bps GAAP Net Income $8M + 247% Cash Flow Free Cash Flow(1,2) $25M + 19% Balance Sheet Cash, Equivalents & Investments $100M -$75M Debt $54M -$99M Net Cash / (Debt) $46M + $24M Q3 FY26 vs. Q3 FY25 ended June 30. 2026 Key Metrics (LTM) Total Revenue $198M + 11% Fraud & Identity Solutions Revenue $105M + 20% Fraud & Identity Solutions Revenue as % of Total Revenue 53% +390 bps Check Verification Solutions Revenue $93M + 3% SaaS Revenue $91M + 23% SaaS Revenue as % of Total Revenue 46% +460 bps Adjusted EBITDA(1) $69M + 23% Free Cash Flow(1,2) $49M - 13% Free Cash Flow Conversion(3) 70% -2850 bps CFD ACV(4) $22M + 73% * Numbers may not foot due to rounding (1) See Appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP metrics (2) Free Cash Flow is defined as net cash provided by (used in) operating activities, less purchases of property and equipment, net. (3) Free Cash Flow Conversion is defined as LTM Free Cash Flow divided by LTM Adjusted EBITDA (4) “CFD” refers to Check Fraud Defender. Annual Contract Value (ACV) represents the average annualized value of committed recurring contract revenue over the non-cancellable contractual term, calculated as total committed recurring contract value divided by the contract term in years. ACV includes contracted step-ups and pricing schedules over the committed term and excludes one-time fees, professional services, and purely usage-based amounts unless contractually committed.
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15 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Total Revenue Up 18%Y/Y (2-Year CAGR: 10%) Total Fraud & Identity Revenue Up 14% Y/Y (2-Year CAGR: 18%) Quarterly Revenue Trend ($ in millions) M 1M 1 M M 0M 0M 1 M M M 1M M 0M 0M M M M M M M M M M M M M M M F F F 1 F F F F 1 F F heck eri cation Fraud Identit otal Revenue rowth F I rowth 1 1 11 1 1 1 11 0 1 * Numbers may not foot due to rounding
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16 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Fraud & Identity Solutions Total Revenue Up 14% Y/Y (2-Year CAGR: 18%) SaaS Revenue Up 37% Y/Y (2-Year CAGR: 29%) Quarterly Revenue Trend ($ in millions) M M M M M M M M M 1 M 1 M 1 M 1 M 1 M 0M 1M 0M M 1M M 0M 0M M M M M M F F F 1 F F F F 1 F F 1 11 0 1 1 1 1 1 1 1 1 SaaS Software License & Support Professional Services & Other F&I SaaS Y/Y Growth F&I Y/Y Growth • Software license revenue can be timing -driven. As a result, total F&I growth may periodically be above or below SaaS growth • SaaS Y/Y growth is a better indicator of recurring underlying momentum * Numbers may not foot due to rounding
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17 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Check Verification Solutions LTM Revenue Quarterly Revenue Trend ($ in millions) M 1M 1 M M 0M 0M 1 M M M M M 1M M 1M 0M 1M M M F F F 1 F F F F 1 F F Quarterly Revenue LTM Revenue LTM view normalizes quarterly variability from software license renewal cycles and revenue timing
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18 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 SaaS Revenue Growth Driving Higher-Quality Revenue Mix Quarterly Revenue Trend ($ in millions) 1 M 1 M 1 M 1 M 1 M 1M M 1M M 1 1 1 1 1 1 F F F 1 F F F F 1 F F aa Revenue aa rowth M aa of otal 0 1
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19 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Increasing Mix Towards Fraud & Identity 1 0 0 1 1 M 1 M 1 M 1 M 1 M 1 0M 1 M 1 0M 1 M F F F 1 F F F F 1 F F heck eri cation Fraud Identit LTM Quarterly Revenue Trend ($ in millions)
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20 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Gross Margin Stability While Strategic Mix Shift to SaaS Continues Quarterly Non-GAAP Gross Margin Trend ⁽¹⁾ 100 100 100 100 100 100 6 6 2 F F F 1 F F F F 1 F F Mix hift Impact oftware icense ardware ross Margin otal onstant Mix nderl ing ross Margin T otal Gross Mar n aa , Maintenance, ther ross Margin (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures (2) Calculated by applying the prior-year quarter's revenue mix to the current quarter's gross margins, isolating the margin impact of product mix shift over the trailing year ~100 bps mix-shift headwind
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21 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Attractive Adjusted EBITDA Margins Quarterly Adjusted EBITDA and Adjusted EBITDA Margins ¹ ($ in millions) 1 M 1 M M 0M 1 M 1 M 1 M M 1M 1 0 1 F F F 1 F F F F 1 F F djusted I djusted I Margin (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures
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22 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Operating Expense Leverage Driving Higher Profitability Quarterly Non-GAAP OpEx ¹ as a % of Total Quarterly Revenue 0 1 1 1 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6 6 6 2 F F F 1 F F F F 1 F F M R (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures
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23 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 70% Free Cash Flow Conversion Demonstrates Strong Cash Generation LTM Free Cash Flow Conversion ¹ ($ in millions) M M M M M M M 1M M 1 M 0M 0M M M M 1M M M F F F 1 F F F F 1 F F M djusted I M Free ash Flow Free ash Flow onversion (1) See appendix for reconciliations of GAAP to non-GAAP measures and definitions of non-GAAP measures 100 10 0
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24 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Rule of 0 ¹ Performance Supported by Strong Profitability and Improving Growth LTM Quarterly Rule of 40 ($ in millions) 11 1 0 1 0 F F F 1 F F F F 1 F F M Revenue rowth M djusted I Margin Rule of 0 (1) “Rule of 40” is a commonly used software industry metric calculated as the sum of revenue growth rate and Adjusted EBITDA margin, intended to assess the balance of growth and profitabilit . “Rule of 0” is defined as M o Revenue rowth plus M djusted ITDA Margin (%). * Numbers may not foot due to rounding
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25 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 * Numbers may not foot due to rounding (1) Debt refers to Total Debt which is comprised of all Short-Term and Long-Term Debt (2) Net Cash defined as Total Cash and Cash Equivalents and Investments minus Total Debt as of June 30, 2026 (3) Cash and Cash Equivalents include cash, cash equivalents, short-term investments, and long-term investments $49M Free Cash Flow (LTM) $99M Debt⁽¹⁾ Reduction (LTM) $46M Net Cash⁽²⁾ As of 3Q’26 $21M Share Repurchases (LTM) M M 1 M 1M M 100M F ash uivalents Free ash Flow ebt Reduction hare Repurchases ther F ash uivalents Cash Bridge (LTM) Strong Cash Generation Driving Balance Sheet Strength and Shareholder Returns
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Financial Outlook FY 2026 Fiscal Q3 2026
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27 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Financial Outlook ¹ for FY26 (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 Q4 FY26 Guidance⁽¹⁾ Guidance⁽¹⁾ Total Revenue $172M $180M $195 - $200M $42 - $47M Y/Y Growth (0%) 4% Approximately 10% Fraud & Identity Solutions Revenue $78M $90M $105 - $109M Y/Y Growth 5% 15% Approximately 19% djusted I Margin 27% 30% 32% - 34% otal Non P perating xpense $103M $101M $26 - $27M FY24 FY25 FY26 Revenue Timing 1Q Actual $44M 4Q Guidance $42-$47M 2Q Actual $55M 3Q Actual $54M
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Appendix
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29 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 This presentation contains non - . . generall accepted accounting principles “ P” 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 ompan ’s performance, management uses certain non -GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non- P financial measures provide a useful measure of the ompan ’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the ompan ’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 ompan ’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 ompan ’s P financial statements, are useful to investors because they provide a basis for meaningful period -to-period comparisons of the ompan ’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identif trends in the ompan ’s underl ing business and provides a better understanding of how management plans and measures the ompan ’s underl ing business. The Company has not provided a reconciliation of its forward outlook for non -GAAP adjusted EBITDA margin or total non -GAAP operating expense with their most directly comparable forward -looking GAAP measures, GAAP net income margin and GAAP operating expense, respectively, 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 these non -GAAP measures, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable due to the volatilit of the ompan ’s share price. dditionall , a significant portion of the ompan ’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. These non-GAAP measures also exclude litigation and other legal costs, executive and other transition costs, non -recurring audit fees, restructuring costs, and acquisition and integration expenses. While certain of these additional items may be estimable for future periods, the Company is unable to provide a complete quantitative reconciliation of the forward-looking measures without unreasonable efforts, and expects the foregoing excluded 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 “ M” basis. M figures represent the sum of the most recentl 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, and not to rel on an single financial measure to evaluate Mitek’s business. Non-GAAP Financial Measures
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30 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 Revenue Disaggregation by Major Product Portfolio See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data ($ in thousands)
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31 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 GAAP to Non-GAAP Financial Reconciliation Non-GAAP Gross Profit Reconciliation See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data ($ in thousands)
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32 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 GAAP to Non-GAAP Financial Reconciliation GAAP Net Income to Adjusted EBITDA Reconciliation See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data ($ in thousands) Net cash provided by (used in) operating activities to Free Cash Flow Reconciliation
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33 M I T E K S Y S T E M S , I N C . Q 3 20 2 6 GAAP to Non-GAAP Financial Reconciliation GAAP Operating Expense to Non -GAAP Operating Expense Reconciliation See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data ($ in thousands)
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©2026 Mitek Systems Inc. All rights reserved NASDAQ: MITK Mitek Headquarters 770 1st Avenue, Suite 425 San Diego, CA 92101 +1 619.269.6800 ir@miteksystems.com Thank you.