Mitek Reports Record Fiscal 2025 Revenue

SAN DIEGO--( BUSINESS WIRE)--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

Non-GAAP

Fiscal 2025 Fourth Quarter Financial Highlights

GAAP

Non-GAAP

Guidance

Guidance includes non-GAAP financial measures.

Full Year FY26

Q1 FY26

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.

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,

2025

2024

2025

2024

Revenue

Software license and hardware

15,894

18,341

74,086

81,872

SaaS, maintenance, and other

28,885

24,881

105,605

90,211

Total revenue

44,779

43,222

179,691

172,083

Operating costs and expenses

Cost of revenue—software license and hardware (exclusive of depreciation & amortization)

186

218

309

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

7,208

5,978

26,569

24,086

Selling and marketing

10,154

9,538

41,516

40,769

Research and development

8,235

6,073

35,284

34,642

General and administrative

11,082

9,908

44,332

52,993

Amortization and acquisition-related costs

3,325

3,710

14,142

15,291

Restructuring costs

114

840

1,762

Total operating costs and expenses

40,089

35,507

162,901

169,852

Operating income (loss)

4,690

7,715

16,790

2,231

Interest expense

2,505

2,364

9,779

9,259

Other income (expense), net

1,120

1,851

4,598

6,119

Income (loss) before income taxes

3,305

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

0.07

Net income (loss) per share—diluted

0.04

0.18

0.19

0.07

Shares used in calculating net income per share—basic

45,960

45,952

45,716

46,560

Shares used in calculating net income per share—diluted

47,323

46,573

46,926

47,468

MITEK SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS

(amounts in thousands except share data)

September 30, 2025

September 30, 2024

ASSETS

Current assets:

Cash and cash equivalents

154,153

93,456

Short-term investments

38,858

36,884

Accounts receivable, net

36,811

31,682

Contract assets, current portion

12,687

15,818

Prepaid expenses

3,050

4,514

Other current assets

2,935

2,697

Total current assets

248,494

185,051

Long-term investments

3,464

11,410

Property and equipment, net

2,314

2,564

Right-of-use assets

2,624

4,662

Goodwill and intangible assets

173,256

185,711

Deferred income tax assets

25,334

19,145

Contract assets, non-current portion

1,405

3,620

Other non-current assets

2,218

1,590

Total assets

459,109

413,753

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

3,874

7,236

Accrued payroll and related taxes

16,837

10,324

Accrued liabilities

343

424

Deferred revenue, current portion

29,061

21,231

Lease liabilities, current portion

890

805

Convertible senior notes

152,216

—

Other current liabilities

5,813

2,127

Total current liabilities

209,034

42,147

Convertible senior notes

—

143,601

Deferred revenue, non-current portion

1,085

753

Lease liabilities, non-current portion

2,080

4,230

Deferred income tax liabilities

295

3,889

Other non-current liabilities

6,357

4,332

Total liabilities

218,851

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, respectively

Additional paid-in capital

265,835

247,326

Accumulated other comprehensive income (loss)

586

(2,302

)

Accumulated deficit

(26,209

)

(30,268

)

Total stockholders’ equity

240,258

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,

2025

2024

2025

2024

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 expense

3,571

1,723

16,810

12,624

Loss on extinguishment of revolving credit line

—

309

—

Amortization of intangible assets

3,326

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 securities

2,211

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 receivable

3,155

10,852

(5,697

)

489

Contract assets

(508

)

(927

)

5,489

4,600

Other assets

(538

)

7,306

(1,293

)

(1,534

)

Accounts payable

320

908

(3,371

)

(450

)

Accrued payroll and related taxes

2,415

)

6,362

240

Income taxes payable

540

(435

)

2,530

(4,560

)

Deferred revenue

3,365

(3,347

)

7,949

3,221

Restructuring accrual

—

(42

)

—

Other liabilities

792

(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 activities

6,023

914

5,835

28,746

Financing activities:

Payment of debt issuance costs

—

(224

)

(290

)

Proceeds from the issuance of equity plan common stock

1,171

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 borrowings

1,691

321

1,691

1,496

Principal payments on other borrowings

(134

)

(33

)

(276

)

(156

)

Net cash provided by (used in) financing activities

1,249

(13,011

)

(1,846

)

(25,882

)

Foreign currency effect on cash and cash equivalents

296

100

1,368

)

Net Unrealized holding gain (loss) on available-for-sale investments

27,029

9,105

60,697

34,543

Cash and cash equivalents at beginning of period

127,124

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

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,

2025

2024

2025

2024

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,

2025

2024

2025

2024

Deposits

Software license

14,335

15,773

67,661

74,108

Deposits SaaS, maintenance, and other

SaaS

2,880

1,799

10,264

6,406

Maintenance

6,089

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 hardware

1,559

2,568

6,425

7,764

Identity SaaS, maintenance, and other

SaaS

18,447

16,188

66,746

57,182

Maintenance

594

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

SaaS

21,327

17,987

77,010

63,588

Maintenance

6,683

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,

2025

2024

2025

2024

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)

251

485

3,496

Executive transition costs

285

599

806

2,632

Stock-based compensation expense

3,571

1,723

16,810

12,624

Non-recurring audit fees

806

931

2,743

5,956

Enterprise risk, portfolio positioning and other related costs (2)

—

996

Restructuring costs (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,

2025

2024

2025

2024

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)

251

485

3,496

Executive transition costs

285

599

806

2,632

Stock-based compensation expense

3,571

1,723

16,810

12,624

Non-recurring audit fees

806

931

2,743

5,956

Enterprise risk, portfolio positioning and other related costs (2)

—

996

Restructuring costs (3)

114

840

1,762

Amortization of debt discount and issuance costs

2,212

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—basic

45,960

45,952

45,716

46,560

Shares used in calculating non-GAAP net income per share—diluted

47,323

46,573

46,926

47,468

(1)

(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)

(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 ended

Twelve months ended September 30, 2025

December 31, 2024

March 30, 2025

June 30, 2025

September 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 ended

Twelve months ended September 30, 2024

December 31, 2023

March 30, 2024

June 30, 2024

September 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,

2025

2024

2025

2024

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

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

78.2

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,

2025

2024

2025

2024

Selling and marketing

10,154

9,538

41,516

40,769

Non-GAAP adjustments:

Stock-based compensation expense

939

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 expense

457

(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 expense

2,032

1,517

8,059

5,641

Litigation and other legal costs (1)

251

485

3,496

Executive transition costs

285

599

806

2,632

Non-recurring audit fees

806

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)

(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,

2025

2024

2025

2024

Cost of revenue

143

127

647

574

Selling and marketing

939

462

3,898

3,041

Research and development

457

(383

)

4,206

3,368

General and administrative

2,032

1,517

8,059

5,641

Total stock-based compensation expense

3,571

1,723

16,810

12,624