Mitek Systems, Inc. · NASDAQ:MITK
Mitek Systems — Q2 2025 Earnings Presentation
29 slides from Mitek Systems's earnings presentation, Jun 3, 2025
Slide 1: Financial Highlights & Outlook Fiscal Q2 2025
fuutek PP) wasvaa: MITK Mitek Systems, Inc. Financial Highlights & Outlook Fiscal Q2 2025 June 2025 22025 Mitek Systems nc Alrights reserved
Slide 2: Safe Harbor Statement
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-looki
Slide 3: Agenda
Agenda 01 ‘Investment Thesis 02 Company Overview 03 Q2FY25 Financial Review 04 FY25 Financial Outlook 05 Appendix Mwutek
Slide 4: Mitek Investment Thesis
Mitek Investment Thesis The problem How we solve it Why is it special How we make money Why now Mwutek Online fraud is a growing, multi-billion-dollar threat. As digital transactions and remote payments rise, so does the need for smarter, scalable protection across both identity and financial transa
Slide 5: Company Overview
Company Overview Mitek
Slide 6: Mitek
Mitek
Slide 7: Mitek at a Glance
fWutek at a Glance >7,000 ~630 $177M M >50% Fiscal Year End MWutek Global customers Employees worldwide Revenue Adjusted EBITDA® Net Cash Debt of revenue is recurring A global leader in Fraud is accelerating Digital identities are now the #1 attack vector for cybercriminals®. Once breached, bad acto
Slide 8: Two Core Product Lines: Deposits & Identity
Two Core Product Lines: (1) Deposits & (2) Identity Deposits 60% of LTM Revenue tow Mobile Check Deposit Check Fraud Prevention Enabling anytime, anywhere check Real-time fraud defense via a bank-led deposits consortium Used by top banks to enable secure digital check deposits from any mobile device
Slide 9: A Trusted Technology Partner to Global Blue-Chip Enterprise
A Trusted Technology Partner to Global Blue-Chip Enterprise CHASE © & NatWest > CLEAR ate EQUIFAX NHS accenture Royal Bank Fis @vcR FC CainaBank ~— (YI@NEY REGIONS {TS , . ICS ESE @ Nationwide ABN-AMRO verizon’ asurion )> 4 Rabobank experi @ credit karma abrigo Upwork Sexperian ide ® g mastercard. R
Slide 10: Mitek's Market Opportunity
Mitek’s Market Opportunity S47B* TAM $13B Identity Verification $33B Biometrics S1B_ Check Deposit & Fraud Mwutek
Slide 11: Financial Review Q2 FY25
Financial Review Q2 FY25 Mitek
Slide 12: Fiscal Q2 FY25 Financial Highlights
Fiscal Q2 FY25 Financial Highlights Revenue Total Revenue Deposits Revenue Identity Revenue SaaS Revenue Profitability Non-GAAP Gross Profit Non-GAAP Gross Margin Adjusted EBITDA Adjusted EBITDA margin Cash Flow Free Cash Flow Balance Sheet Cash Debt Net Cash / (Debt) Mwutek i Q2 FY25 vs. Q2 FY24 $5
Slide 13: Fiscal Q2 FY25 Key Metrics
Fiscal Q2 FY25 Key Metrics a ao Q2 FY25 vs. Q2 FY24 ended Marci Key Metrics LTM SaaS Revenue $70M + 15% as % of Total LTM Revenue 40% +300 bps LTM Adjusted EBITDA S56M + 48% LTM Free Cash Flow $47M + 190% Free Cash Flow Conversion 85% +4100 bps LTM Identity Revenue $71M +4% LTM Deposit Software Reve
Slide 14: Total Revenue Up 8% Y/Y
Total Revenue Up 8% Y/Y cy == Ag) SaaS Revenue Up 15% Y/Y LTM Quarterly Revenue Trend ¢ Millior si7im_—-S175M STM seam steam St67™M_— S172 $172M $158M $145M $131M $126M FQ122 FQ2'22 FQ3'22 FY22 FQ123 FQ2'23. FQ3'23.— FY23 FQ124 FQ2'24 FQ3'24 FY24 FQ125 FQ2'25 Professional Services SaaS MSoftwareLice
Slide 15: Deposits Total Revenue Up 11% Y/Y
Deposits Total Revenue Up 11% Y/Y Deposits SaaS Revenue Up 55% Y/Y LTM Quarterly Revenue Trend $108M $105M $104M $98M $o5M seam $87M 79M $83M 77% 75% nz 75% 75% Ne o 27 07 WA 5% FQI22 FQ222 FQ3'22 FY22 FQl23. FQ2'23.-FQ3'23 FY23 FQ124 ™ Professional Services ™SaaS Software License Mwutek 100M $96M ®
Slide 16: Deposits Software Revenue Up 8% Y/Y
Deposits Software Revenue Up 8% Y/Y tow In line with longer term trends of ~$70M rl |<! LTM Quarterly Revenue Trend ¢ Millior sioim —- S104M $99M S94M $96M 594M S96M el $89M $90M $83M $20M $79M $80M S$19M $23M $76M $22M $22M - 1 Ween oe oe 8 eee eee ee $82M $75M $73M $68M $71M $58M $63M FQU22 FQ2'22
Slide 17: Identity Total Revenue Up 4% Y/Y
Identity Total Revenue Up 4% Y/Y cy: kK} Identity SaaS Revenue Up 11% Y/Y LTM Quarterly Revenue Trend in Millions $69M S65M S66M $60M $58M $54M $48M 10% 81% FQi22 FQ2'22 FQ322 FY22 FQ123 FQ2'23 FQ3'23 = -FY23 FQ124 FQ2'24 FQ3'24 FY24 FQ125 FQ2'25 ™ Professional Services SaaS M™SoftwareLicense ™ Main
Slide 18: Strong Unit Economics
Strong Unit Economics Non-GAAP Gross Margins Last 4 Years tw SS ag Last 4 Quarters i 100% 100% 99% 99% 100% 98% 98% . 9 ne ta -_ & 88% 9) 88% 86% 87% 86% % % ‘ 80% 9, 77% 76% 75% 78% 4% 75% FY21 FY22 FY23 FY24 FQ3'24 FQ4'24 FQ?25 FQ2'25 —®Total Gross Margin —® Software and Hardware Gross Margin —™ S
Slide 19: Efficiency and Reduced Cost Structure
Efficiency and Reduced Cost Structure tw ZS AQ] Yielding Significant Margin Improvement LTM Adjusted EBITDA and Adjusted EBITDA Margins 36% 35% ss 33% 34% 32% 32% ae 31% 31% 27% 26% 23% 9 $61M $53M S45M| 2% $41M S4aMmiaeM S42M| / FQ4'21 FQI22 FQ2'22 FQ3'22 FY22 FQI23 FQ223 FQ3'23 FY23 FQT24 FQ2'24 F
Slide 20: Free Cash Flow Conversion Surpasses 80%
Free Cash Flow Conversion Surpasses tw ZS AQ] 80% Driven by Operational Efficiency Gains Free Cash Flow Conversion® ‘d $ 45% : ney 3% _ ; $61M Eg S02M 653M $55M S4om $47M| S44M S44 Mim 94M S37M aM s42M sad $36M $38M $37MMES37M $31M $30M SS0M I SS0M Ti oo soem Aa BR 27m S16M S16M $13M FQ4'21 FQI22 FQ
Slide 21: Strong Cash Generation and Prudent Capital Allocation
Strong Cash Generation and Prudent Capital Allocation; co =e Ag) Net Cash Position at End of FQ2’25 Cash and Equivalents Bridge? Debt Bridge um SM S152M $130M — SiceM sea ($27M) {+ Free Cash Flow + Other = 2025 Cash and Equivalents 2026 Debt tion of Debt Discount = Share Equivalents | ——~_Net Cash B
Slide 22: Fiscal Q2'25 Key Takeaways
Fiscal Q2’25 Key Takeaways Strengthening foundation for scalable, profitable growth Identity portfolio nearing breakeven with improving unit economics Fraud products are gaining traction, led by Check Fraud Defender (CFD) Disciplined execution driving recurring revenue SaaS mix shift, and strong cas
Slide 23: FY25 Financial Outlook
FY25 Financial Outlook Mitek
Slide 24: Financial Outlook for FY'25
Financial Outlook® for FY’25 Total Revenue $173M $172M —_$170M-180M $145M $120M - FY21 FY22 FY23 FY24 FY25E FY’25 Revenue Phasing (as % of total) “Moderately 21% %, ale =x exceed Q4" ™1Q25 2Q25 ™3Q25E ™4Q25E Mwutek 7 i } L Adjusted EBITDA Margin 31% 31% 32% FY21 FY22 FY23 FY24 FY25E Adjusted Operati
Slide 25: Investment Highlights
Investment Highlights 0 ln hs Secular Industry Tailwinds Strong SaaS Revenue Growth Platform Selling Motion Driving Land and Expand Pd ag 2: Industry Leading Innovation Trusted Technology Leader Strong Profitability & Free Cash Flow Mitek 25
Slide 26: Appendix
Appendix | fwutek
Slide 27: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes information about non-GAAP gross profit, non-GAAP gross margin, adjusted EBITDA and adjusted EBITDA margin that exclude amortization of acquisition-related intangibles, litigation and other legal costs, executive transition costs, stock-based co
Slide 28: GAAP to Non-GAAP Financial Reconciliation
GAAP to Non-GAAP Financial Reconciliation (figures in 00's) Non-GAAP Gross Profit Reconciliation Cost of revenue (exclusive of depreciation and amortization) Depreciation and amortization (GAAP gross profit for services and other 16.621 Depreciation and amortization 2,093 ‘Stock:-based compesnation
Slide 29: San Diego (HQ) Contact
NASDAQ : MITK ir@miteksystems.com San Diego (HQ) 770 1st Ave Suite 425, San Diego, CA 92101 +1 619.269.6800 Mitek