Mitek Systems, Inc. · NASDAQ:MITK

Mitek Systems — Q2 2026 Earnings Presentation

34 slides from Mitek Systems's earnings presentation, May 7, 2026

  1. Slide 1: Company & Financial Overview Fiscal Q2 2026

    Company & Financial Overview Fiscal Q2 2026 NASDAQ: MITK ©2026 Mitek Systems Inc. All rights reserved

  2. Slide 2: Safe Harbor Statement

    Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and include but are not limited to, those discussed in the section titled “Risk uncertainties, as well as assumptions that, if they never materialize or prove Factors” in our Form 10-Q for the fiscal quarte

  3. Slide 3: Mitek Systems overview and financial highlights

    We provide the verification, authentication, and fraud decisioning infrastructure that NASDAQ: MITK high-assurance institutions rely on to stop fraud across a broad digital lifecycle. Whether someone is opening an account, logging in, depositing a check, or approving a high-risk payment, our role is

  4. Slide 4: Mitek Business Overview

    Mitek Business Overview Fiscal Q2 2026

  5. Slide 5: The problem: The shift to digital finance expands the attack surface

    The problem: The shift to digital finance significantly expands the attack surface and vulnerability. MITEK SYSTEMS, INC. Q2 2026 IN PERSON WEB MOBILE REAL-TIME FINANCE GLOBAL FINANCIAL TRANSACTIONS⁽¹⁾ Financial services are moving to digital channels for speed, convenience, and accessibility (remot

  6. Slide 6: AI is exacerbating the fraud problem

    AI is exacerbating the fraud problem. Static, point-in-time controls cannot defend against adaptive AI-driven fraud. What fraud used to be: What fraud is today: ADAPTIVE ATTACKS | MULTI-STAGE ATTACKS | CROSS-CHANNEL ATTACKS Manual Fragmented Automated Scalable MITEK SYSTEMS, INC. Q2 2026 Slow Expens

  7. Slide 7: Serving a large and rapidly growing market

    Serving a large and rapidly growing market. Continuous fraud increases the number of risk decisions institutions must make. Artificial Intelligence More journeys per customer MITEK SYSTEMS, INC. Q2 2026 Onboarding, authentication, transactions, account changes, and recovery More Increased More signa

  8. Slide 8: Identity and fraud are converging into one decision problem

    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. “Is this a person, and is this the right person doing the right action right now, Onboarding with a high level of confidence, MITE

  9. Slide 9: History and expertise in high assurance markets

    History and expertise in high assurance markets. Mitek is embedded in the market through critical digital infrastructure workflows: • Mobile check deposit • Check verification • Onboarding and authentication MITEK SYSTEMS, INC. Q2 2026 • Integrations with existing platforms 9

  10. Slide 10: Valued relationships and data expertise give Mitek the right to win

    Valued relationships and data expertise give Mitek the right to win. Visibility into high-volume transactions inside financial institutions, feeding our proprietary network, and providing MITEK SYSTEMS, INC. Q2 2026 cross-institution visibility NETWORK BASED Operationally trusted within regulated DA

  11. Slide 11: Mitek's business model supports platform expansion

    Mitek’s business model supports platform expansion. MITEK SYSTEMS, INC. Q2 2026 C H E C K V E R I F I CA T I O N FRAUD & IDENTITY SOLUTIONS Strategic Leverage Reinvestment Platform & Cash Engine Expansion Deeply embedded in financial Fraud intelligence institution infrastructure Reinvestment enables

  12. Slide 12: Investment highlights

    Investment highlights. NASDAQ: MITK MITEK SYSTEMS, INC. Q2 2026 Fraud is a rapidly Proprietary Experienced and growing, AI- network-based execution-focused accelerated market Heritage of trust in data asset team high-assurance Solid balance financial services sheet and cash flow 12

  13. Slide 13: Financial Highlights

    Financial Highlights Fiscal Q2 2026

  14. Slide 14: Fiscal Q2 FY26 Financial Highlights and Key Metrics

    Fiscal Q2 FY26 Financial Highlights and Key Metrics Q2 FY26 vs. Q2 FY25 Q2 FY26 vs. Q2 FY25 ended March 31. 2026 ended March 31. 2026 Key Metrics (LTM) Revenue Total Revenue $55M + 6% Total Revenue $190M + 7% Fraud & Identity Solutions Revenue $26M + 28% Check Verification Solutions Revenue $29M - 8

  15. Slide 15: Total Revenue Up 6% Y/Y

    Total Revenue Up 6%Y/Y (2-Year CAGR: 8%) Total Fraud & Identity Revenue Up 28% Y/Y (2-Year CAGR: 18%) Quarterly Revenue Trend ($ in millions) 0 1 11 11 MITEK SYSTEMS, INC. Q2 2026 1 1 1 M M M M M M M M M 0M M 1 M 1M M M M M 0M M M M M 1M 0M 0M 1 M 1 M F F F F 1 F F F F 1 F heck eri cation Fraud Iden

  16. Slide 16: Fraud & Identity Solutions Software license revenue can be timing-driven

    Fraud & Identity Solutions Software license revenue can be timing-driven • Total Revenue Up 28% Y/Y (2-Year CAGR: 18%) As a result, total F&I growth may periodically be above or below SaaS growth SaaS Revenue Up 19% Y/Y (2-Year CAGR: 16%) • SaaS Y/Y growth is a better indicator of recurring underlyi

  17. Slide 17: Check Verification Solutions

    Check Verification Solutions LTM Revenue LTM view normalizes quarterly variability from software license renewal cycles and revenue timing Quarterly Revenue Trend ($ in millions) M M M MITEK SYSTEMS, INC. Q2 2026 1M 1M 1M M 0M M M M M M 1M 0M 0M 1 M 1 M F F F F 1 F F F F 1 F Quarterly Revenue LTM Re

  18. Slide 18: SaaS Revenue Growth Driving Higher-Quality Revenue Mix

    SaaS Revenue Growth Driving Higher-Quality Revenue Mix Quarterly Revenue Trend ($ in millions) MITEK SYSTEMS, INC. Q2 2026 1 1 1 1 1 1 M 1M 1M 1 M 1 M 1 M 1 M 1 M 1 M 1 0 F F F F 1 F F F F 1 F aa Revenue aa rowth M aa of otal 18

  19. Slide 19: Increasing Mix Towards Fraud & Identity

    Increasing Mix Towards Fraud & Identity LTM Quarterly Revenue Trend ($ in millions) MITEK SYSTEMS, INC. Q2 2026 1 M 1 0M 1 M 1 M 1 0M 1 M 1 M 1 M 1 M 0 1 1 0 F F F F 1 F F F F 1 F heck eri cation Fraud Identity 19

  20. Slide 20: Gross Margin Stability While Strategic Mix Shift to SaaS Continues

    Gross Margin Stability While Strategic Mix Shift to SaaS Continues Quarterly Non-GAAP Gross Margin Trend⁽¹⁾ MITEK SYSTEMS, INC. Q2 2026 100 100 100 100 100 100 ~120 bps mix-shift headwind 6 6 2 F F F F 1 F F F F 1 F Mix hift Impact oftware icense ardware ross Margin otal onstant Mix nderlying ross M

  21. Slide 21: Attractive Adjusted EBITDA Margins

    Attractive Adjusted EBITDA Margins Quarterly Adjusted EBITDA and Adjusted EBITDA Margins⁽¹⁾ ($ in millions) 1 MITEK SYSTEMS, INC. Q2 2026 0 1 M 0M 1 M 1 M 1 M 1 M 1 M 1 M M F F F F 1 F F F F 1 F Adjusted I A Adjusted I A Margin 21 (1) See appendix for reconciliations of GAAP to non-GAAP measures and

  22. Slide 22: Operating Expense Leverage Driving Higher Profitability

    Operating Expense Leverage Driving Higher Profitability Quarterly Non-GAAP Opex (ex. D&A)⁽¹⁾ as a % of Total Quarterly Revenue 6 MITEK SYSTEMS, INC. Q2 2026 2 1 1 1 1 1 1 1 1 1 1 1 1 1 0 1 1 1 0 1 1 1 1 1 1 F F F F 1 F F F F 1 F A M R 22 (1) See appendix for reconciliations of GAAP to non-GAAP measu

  23. Slide 23: 72% Free Cash Flow Conversion

    72% Free Cash Flow Conversion Demonstrates Strong Cash Generation LTM Free Cash Flow Conversion⁽¹⁾ ($ in millions) 100 10 MITEK SYSTEMS, INC. Q2 2026 80% 70% 1M M M M 1M M M M M M M M 0M M M 0M 1 M 1 M F F F F 1 F F F F 1 F M Adjusted I A M Free ash Flow Free ash Flow onversion 23 (1) See appendix f

  24. Slide 24: Rule of 40 Performance Supported by Strong Profitability and Improving Growth

    Rule of 0⁽¹⁾ Performance Supported by Strong Profitability and Improving Growth LTM Quarterly Rule of 40 ($ in millions) MITEK SYSTEMS, INC. Q2 2026 0 1 1 1 0 F F F F 1 F F F F 1 F M Revenue rowth M Adjusted I A Margin Rule of 0 (1) “Rule of 40” is a commonly used software industry metric calculated

  25. Slide 25: Strong Cash Generation Driving Balance Sheet Strength and Shareholder Returns

    Strong Cash Generation Driving Balance Sheet Strength and Shareholder Returns $45M $96M $19M $23M Free Cash Flow Debt⁽¹⁾ Reduction Share Repurchases Net Cash⁽²⁾ MITEK SYSTEMS, INC. Q2 2026 (LTM) (LTM) (LTM) As of 2Q’26 Cash Bridge (LTM) M 1 M M 1 M M M ash + Free ash Flow ebt hare ther ash quivalent

  26. Slide 26: Financial Outlook FY 2026

    Financial Outlook FY 2026 Fiscal Q2 2026

  27. Slide 27: Financial Outlook for FY26

    Financial Outlook⁽¹⁾ for FY26 FY26 Q3 FY26 FY24 FY25 Guidance⁽¹⁾ Guidance⁽¹⁾ Total Revenue $172M $180M $189 - $198M $49 - $53M MITEK SYSTEMS, INC. Q2 2026 Y/Y Growth (0%) 4% Approximately 8% Fraud & Identity Solutions Revenue $78M $90M $103 - $108M Y/Y Growth 5% 15% Approximately 17% Adjusted I A Ma

  28. Slide 28: Appendix

    2 ao) c ® 2. 2. < Mutek

  29. Slide 29: Non-GAAP Financial Measures

    Non-GAAP Financial Measures This presentation contains non-U.S. generally accepted accounting principles the ompany’s share price. Additionally, a significant portion of the ompany’s “ AAP” financial measures for adjusted I A, adjusted I A margin, non- operations are in foreign countries and the tra

  30. Slide 30: Revenue Disaggregation by Major Product Portfolio

    Revenue Disaggregation by Major Product Portfolio ($ in thousands) Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Fraud and identity solutions SaaS $ 13,201 $ 14,749 $ 14,680 $ 17,083 $ 17,293 $ 16,790 $ 18,100 $ 20,232 $ 20,916 $ 19,979 MITEK SYSTEMS, INC. Q2 2026 S

  31. Slide 31: GAAP to Non-GAAP Financial Reconciliation

    GAAP to Non-GAAP Financial Reconciliation ($ in thousands) Non-GAAP Gross Profit Reconciliation Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Software license and hardware Revenue $ 15,980 $ 24,889 $ 22,662 $ 18,341 $ 11,985 $ 26,700 $ 19,507 $ 15,894 $ 13,901 $ 25,

  32. Slide 32: GAAP to Non-GAAP Financial Reconciliation

    GAAP to Non-GAAP Financial Reconciliation ($ in thousands) GAAP Net Income to Adjusted EBITDA Reconciliation Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 GAAP net income (loss) (5,793) $ 282 $ 216 $ 8,573 (4,612) $ 9,152 $ 2,396 $ 1,860 $ 2,772 $ 9,536 Add: Income

  33. Slide 33: GAAP to Non-GAAP Financial Reconciliation

    GAAP to Non-GAAP Financial Reconciliation ($ in thousands) GAAP Operating Expense to Non-GAAP Operating Expense Reconciliation Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Selling and marketing $ 9,856 $ 11,021 $ 10,354 $ 9,538 $ 9,695 $ 10,540 $ 11,127 $ 10,154 $

  34. Slide 34: Thank you.

    Thank you. Mitek Headquarters 770 1st Avenue, Suite 425 San Diego, CA 92101 +1 619.269.6800 ir@miteksystems.com NASDAQ: MITK ©2026 Mitek Systems Inc. All rights reserved

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