Slide 1: Mitek Systems, Inc. Financial Highlights & Outlook
NASDAQ: MITK Mitek Systems, Inc. Financial Highlights & Outlook Fiscal Q1 2026 February 2026 ©2026 Mitek Systems Inc. All rights reserved
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-looking statements contained in this presentation involve risks and to, those discussed in the section titled “Risk Factors” in our Form 10-Q for uncertainties, as well as assumptions that, if they never materialize or prove the fiscal quarter ended December 31, 2025, f
Slide 3: Agenda
Agenda 01 Investment Thesis 02 Company Overview 03 Q1 FY26 Financial Review 04 FY26 Financial Outlook 05 Appendix 3
Slide 4: Investment Thesis
xxxx Investment Thesis The market is entering a new phase driven by AI-generated synthetic fraud, and is outpacing legacy controls, creating rising The problem losses and operational burden. Enterprises need accurate, multi-signal decisioning across onboarding, authentication, and transaction risk -
Slide 5: Company Overview
Company Overview
Slide 6: A Global Leader in Digital Identity Verification and Fraud Prevention
A Global Leader in Digital Identity Verification and Fraud Prevention 7,000+ Organizations Served $187 - $197M $172M $180M ~600 Employees Worldwide⁽¹⁾ $173M Total Revenue $145M $187M LTM Revenue⁽²⁾ $96M Fraud & Identity Solutions FY22 FY23 FY24 FY25 FY26E $91M Check Verification Solutions $81M LTM S
Slide 7: Protecting what’s real across digital interactions
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 winni
Slide 8: End to end identity verification and fraud detection across every digital interaction
End to end identity verification and fraud detection across every digital interaction OPENING A NEW ACCOUNT LOG IN TO TRADING ACCOUNT PICK-UP RENTAL CAR & BIOMETRIC KIOSK/ATM ACCESS DEPOSIT A CHECK VIA DEPOSIT A CHECK AT THE BRANCH & BUY SHARES VALIDATE INSURANCE & VERIFICATION MOBILE DEPOSIT® Verif
Slide 9: Two Core Solutions: (1) Fraud & Identity & (2) Check Verification
Two Core Solutions: (1) Fraud & Identity & (2) Check Verification Fraud & Identity Solutions Check Verification Solutions 51% of LTM Revenue(1) 49% of LTM Revenue (1) AI-driven tools that prevent identity and payment fraud. Digital check solutions trusted by leading banks. Verification, Authenticati
Slide 10: A Trusted Technology Partner to Global Blue-Chip Enterprises
A Trusted Technology Partner to Global Blue-Chip Enterprises 10
Slide 11: Mitek’s Market Opportunity
Mitek’s Market Opportunity We are here $13B Identity Verification $47B* $33B Biometrics TAM $1B Check Deposit & Fraud *Sources: Identity Verification: Liminal Landscape Identity Verification Biometrics: Liminal Landscape Biometrics Check Fraud: Datos Insights: Mobile Deposits: Optimizing Fraud Detec
Slide 12: How Mitek Generates Revenue Across Product Portfolios
How Mitek Generates Revenue Across Product Portfolios Fraud & Identity Solutions Check Verification Solutions Total Mitek 51% of LTM Revenue(1) 49% of LTM Revenue(1) 5% SaaS Recurring and usage-driven contracts where customers pay for ongoing access to our 43% platforms and solutions, typically tied
Slide 13: Financial Review
Financial Review Fiscal Q1 2026
Slide 14: Fiscal Q1 FY26 Key Takeaways
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 decision
Slide 15: Fiscal Q1 FY26 Financial Highlights and Key Metrics
Fiscal Q1 FY26 Financial Highlights and Key Metrics Q1 FY26 vs. Q1 FY25 Q1 FY26 vs. Q1 FY25 ended December 31. 2025 ended December 31. 2025 Revenue Key Metrics Total Revenue $44M + 19% Fraud & Identity Solutions Revenue $25M + 30% LTM Total Revenue $187M + 8% Check Verification Solutions Revenue $19
Slide 16: Total LTM Revenue Up 8% Y/Y; SaaS LTM Revenue Up 19%
Total LTM Revenue Up 8%Y/Y (3-Year CAGR: 6%) Total SaaS LTM Revenue Up 19% Y/Y (3-Year CAGR: 16%) LTM Quarterly Revenue Trend LTM Quarterly SaaS Revenue Trend ($ in Millions) ($ in Millions) $187M 34% $175M $173M $177M $178M $180M $171M $172M $172M $164M $165M $167M $158M 22% 22% 21% 21% 18% 19% 14%
Slide 17: Increasing Fraud & Identity Solutions Mix Shift
Increasing Fraud & Identity Solutions Mix Shift LTM Quarterly Revenue Trend ($ in Millions) $187M $175M $173M $172M $172M $177M $178M $180M $171M $164M $165M $167M $158M $71M $72M $74M $78M $81M $83M $87M $90M $96M $66M $75M $76M $74M $92M $100M $102M $98M $89M $89M $93M $94M $91M $95M $91M $90M $91
Slide 18: Fraud & Identity Solutions
Fraud & Identity Solutions LTM Total Revenue Up 18% Y/Y (3-Year CAGR: 13%) SaaS LTM Revenue Up 19% Y/Y (3-Year CAGR: 15%) LTM Quarterly Revenue Trend ($ in Millions) $96M $87M $90M $81M $83M $76M $78M $74M $75M $74M $71M $72M $66M 79% 79% 81% 77% 79% 80% 75% 75% 75% 75% 77% 76% 75% 20% 21% 21% 22% 2
Slide 19: Check Verification Solutions
Check Verification Solutions LTM Revenue Down (1%) Y/Y (3-Year CAGR: -1%) SaaS LTM Revenue Up 21% Y/Y (3-Year CAGR: 18%) LTM Quarterly Revenue Trend LTM view normalizes quarterly variability caused by software license ($ in Millions) renewal cycles $100M $102M $98M $92M 3% $93M $94M $95M 3% 4% $91M
Slide 20: Gross Margin Stability While Strategic Mix Shift to SaaS Continues
Gross Margin Stability While Strategic Mix Shift to SaaS Continues LTM Quarterly Non-GAAP Gross Margin Trend(1) 99% 99% 100% 100% 100% 100% 100% 100% 98% 99% 98% 98% 99% ~270 bps mix-shift headwind 87% 88% 88% 88% 87% 87% 87% 87% 87% 87% 87% 87% 88% 87% 86% 86% 86% 86% 86% 86% 86% 85% 85% 75% 75% 75
Slide 21: Attractive Adjusted EBITDA Margins
Attractive Adjusted EBITDA Margins LTM Adjusted EBITDA and Adjusted EBITDA Margins(1) ($ in Millions) 34% 36% 35% 32% 31% 32% 32% 30% $70 M 26% 27% 28% 23% 22% 30 % $61M $62M $6 0 M $59M $55M $56M $57M 10 % $50 M $53M $54M $49M $47M -10 % $42M $4 0M $37M $37M -30 % $30 M -50 % $20 M -70 % $10 M $0M
Slide 22: Operating Expense Composition
Operating Expense Composition LTM Non-GAAP Opex (ex. D&A)(1) as a % of Total LTM Revenue 63% 59% 63% 58% 55% 53% 52% 60% 54% 55% 53% 52% 55% 18% 18% 16% 18% 18% 15% 17% 17% 17% 18% 17% 16% 17% 23% 24% 24% 22% 22% 22% 21% 21% 21% 21% 20% 23% 21% 22% 23% 23% 20% 19% 17% 19% 18% 17% 18% 17% 14% 15% (1%
Slide 23: 102% Free Cash Flow Conversion Surpasses Target Range
102% Free Cash Flow Conversion Surpasses Target Range; Boosted By Some Non-Structural Tailwinds Free Cash Flow Conversion(1) 99% 100% 102% ($ in Millions) 83% 85% 80% 65% 70% 53% 56% 43% 43% 36% 37% 34% $71 M $59M $57M $6 1 M $53M $61M $62M $54M $61M $51 M $55M $56M $56M $54M $47M $49M $47M $42M $4
Slide 24: Strong Balance Sheet Driven by Cash Generation and Disciplined Capital Allocation
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 ($11M) $5M ($11M) $61M $54M $33M $192M $138M ($10M) 1Q'25 Cash & + Free Cash Flow - Share + Other = 1Q'26 Cash
Slide 25: Financial Outlook
Financial Outlook Fiscal 2026
Slide 26: Financial Outlook for FY’26
Financial Outlook(1) for FY’26 FY26 Q2 FY26 FY22 FY23 FY24 FY25 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% Approximatel
Slide 27: Appendix
Appendix 27
Slide 28: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation contains non-U.S. generally accepted accounting principles that are not ascertainable due to the volatility of the Company’s share price. (“GAAP”) financial measures for adjusted EBITDA, adjusted EBITDA margin, Additionally, a significant portion of the
Slide 29: Revenue Disaggregation by Major Product Portfolio
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 29
Slide 30: GAAP to Non-GAAP Financial Reconciliation
GAAP to Non-GAAP Financial Reconciliation (figures in 000’s) Non-GAAP Gross Profit Reconciliation See the Supplemental Financials Package in Excel format, on our Investor Relations website for additional trended data 30
Slide 31: GAAP to Non-GAAP Financial Reconciliation
GAAP to Non-GAAP Financial Reconciliation (figures in 000’s) GAAP Net Income to Adjusted EBITDA Reconciliation Net cash provided by (used in) operating activities to Free Cash Flow Reconciliation See the Supplemental Financials Package in Excel format, on our Investor Relations website for additiona
Slide 32: GAAP to Non-GAAP Financial Reconciliation
GAAP to Non-GAAP Financial Reconciliation (figures in 000’s) 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 32
Slide 33: ir@miteksystems.com
NASDAQ: MITK ir@miteksystems.com San Diego (HQ) 770 1st Ave Suite 425, San Diego, CA 92101 +1 619.269.6800 ©2026 Mitek Systems Inc. All rights reserved