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STOCKHOLDERS’ EQUITY
 9 Months Ended
Jun. 30, 2026
Equity [Abstract]  
STOCKHOLDERS’ EQUITY
6. STOCKHOLDERS’ EQUITY
Stock-Based Compensation Expense
The following table summarizes stock-based compensation expense related to restricted stock units (“RSUs”), performance-based restricted stock unit awards (“Performance RSUs”), stock options, and Employee Stock Purchase Plan (“ESPP”) shares, which was allocated as follows (amounts in thousands):
Three Months Ended June 30,Nine Months Ended June 30,
2026202520262025
Cost of revenue$327 $181 $990 $504 
Selling and marketing976 950 2,167 2,959 
Research and development604 1,287 851 3,749 
General and administrative2,983 2,004 8,574 6,027 
Stock-based compensation expense$4,890 $4,422 $12,582 $13,239 
As of June 30, 2026, the Company had $38.5 million of unrecognized compensation expense expected to be recognized over a weighted-average period of approximately 2.4 years.
2020 Incentive Plan
In January 2020, the Company’s Board of Directors (the “Board”) adopted the Mitek Systems, Inc. 2020 Incentive Plan (the “2020 Plan”) upon the recommendation of the Compensation Committee of the Board. On March 4, 2020, the Company’s stockholders approved the 2020 Plan. The total number of shares of Common Stock reserved for issuance under the 2020 Plan is 9,608,000 shares plus such number of shares, not to exceed 107,903, as remained available for issuance under the 2002 Stock Option
Plan, 2006 Stock Option Plan, 2010 Stock Option Plan, and 2012 Incentive Plan (collectively, the “Prior Plans”) as of January 17, 2020, plus any shares underlying awards under the Prior Plans that are terminated, forfeited, cancelled, expire unexercised or are settled in cash after January 17, 2020. As of June 30, 2026, (i) 3,004,261 RSUs and 1,427,530 Performance RSUs were outstanding under the A&R 2020 Plan (as defined below), and (ii) 4,664,777 shares of Common Stock were reserved for future grants under the A&R 2020 Plan. There were no stock options or RSUs outstanding under the Prior Plans as of June 30, 2026.
At each of the 2023 Annual Meeting of Stockholders and the 2026 Annual Meeting of Stockholders, the Company’s stockholders approved an amendment and restatement of the 2020 Plan to increase the number of shares authorized for issuance thereunder by 5,108,000 shares and 4,100,000 shares, respectively (the 2020 Plan as so amended and restated, the “A&R 2020 Plan”).
Employee Stock Purchase Plan
In January 2018, the Board adopted the Employee Stock Purchase Plan (the “ESPP”). On March 7, 2018, the Company’s stockholders approved the ESPP. At the 2026 Annual Meeting of Stockholders, the Company’s stockholders approved the Amended and Restated Employee Stock Purchase Plan, which increased the number of shares authorized for issuance thereunder by 1,000,000 shares. As a result, the total number of shares of Common Stock reserved for issuance thereunder is 2,000,000 shares. As of June 30, 2026, (i) 1,085,834 shares have been issued to participants pursuant to the ESPP and (ii) 914,166 shares of Common Stock were reserved for future purchases under the ESPP.
The ESPP enables eligible employees to purchase shares of Common Stock at a discount from the market price through payroll deductions, subject to certain limitations. Eligible employees may elect to participate in the ESPP only during an open enrollment period. The offering period immediately follows the open enrollment window, at which time ESPP contributions are withheld from the participant's regular paycheck. The ESPP provides for a 15% discount on the market value of the stock at the lower of the grant date price (first day of the offering period) and the purchase date price (last day of the offering period). Stock-based compensation expense related to the ESPP was immaterial in each of the three and nine months ended June 30, 2026 and 2025.
Director Restricted Stock Unit Plan
In January 2011, the Board adopted the Mitek Systems, Inc. Director Restricted Stock Unit Plan, as amended and restated (the “Director Plan”). On March 10, 2017, the Company’s stockholders approved an amendment to the Director Plan to increase the number of shares of Common Stock available for future grants. The Director Plan expired on December 31, 2022. As of June 30, 2026, 56,443 RSUs were vested but not issued under the Director Plan.
Inducement Grants
As of June 30, 2026 (i) 230,715 RSUs and (ii) 788,250 Performance RSUs were outstanding related to equity granted pursuant to inducement grants.
Stock Options
The following table summarizes stock option activity under the Company’s equity plans during the nine months ended June 30, 2026:
Number of
Shares
Weighted-Average
Exercise Price
Weighted-Average
Remaining
Contractual Term
(in years)
Aggregate Intrinsic Value
(in thousands)
Outstanding at September 30, 2025158,589 $9.28 4.8$204 
Granted— — 
Exercised(158,589)9.28 814 
Canceled— — 
Outstanding at June 30, 2026— — 0— 
Vested at June 30, 2026— — 0— 
Exercisable at June 30, 2026— — 0— 
The Company did not recognize any stock-based compensation expense related to outstanding stock options during each of the nine months ended June 30, 2026 and 2025. As of June 30, 2026, the Company had no unrecognized compensation expense related to outstanding stock options.
Aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the fiscal period in excess of the weighted-average exercise price, multiplied by the number of options outstanding and exercisable. There were no options granted during either of the nine months ended June 30, 2026 or 2025.
Restricted Stock Units
The following table summarizes RSU activity under the Company’s equity plans during the nine months ended June 30, 2026:
Number of
Shares
Weighted-Average
Fair Market Value
Per Share
Outstanding at September 30, 20252,926,842 $9.94 
Granted1,575,644 9.61 
Settled(770,943)10.29 
Canceled(440,124)9.70 
Outstanding at June 30, 20263,291,419 9.73 
The cost of RSUs is determined using the fair value of Common Stock on the award date and the compensation expense is recognized ratably over the vesting period. The Company recognized $2.5 million and $2.6 million in stock-based compensation expense related to outstanding RSUs during the three months ended June 30, 2026 and 2025, respectively. The Company recognized $6.7 million and $8.3 million in stock-based compensation expense related to outstanding RSUs during the nine months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had $22.9 million of unrecognized compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of approximately 2.7 years.
Performance Restricted Stock Units
The following table summarizes Performance RSU activity under the Company’s equity plans during the nine months ended June 30, 2026:
Number of
Shares
Weighted-Average
Fair Market Value
Per Share
Outstanding at September 30, 20252,022,284 $9.49 
Granted1,125,938 8.68 
Settled(640,232)11.44 
Canceled(292,210)10.12 
Outstanding at June 30, 20262,215,780 8.44 
The cost of Performance RSUs is determined using a Monte Carlo simulation to estimate the fair value on the grant date, and the compensation expense is recognized ratably over the vesting period. The Company recognized $2.2 million and $1.7 million in stock-based compensation expense related to outstanding Performance RSUs during the three months ended June 30, 2026 and 2025, respectively. The Company recognized $5.3 million and $4.6 million in stock-based compensation expense related to outstanding Performance RSUs during the nine months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had $15.6 million of unrecognized compensation expense related to outstanding Performance RSUs expected to be recognized over a weighted-average period of approximately 1.9 years.
Share Repurchase Program
On May 13, 2024, the Board authorized and approved a share repurchase program for up to $50.0 million of the currently outstanding shares of our Common Stock, which was effective as of May 16, 2024 and expired on May 16, 2026 (“2024 Share Repurchase Program”). On February 5, 2026, the Company announced that the Board of Directors had authorized an additional program to repurchase up to $50 million of the then outstanding shares of our Common Stock, which became effective on May 16, 2026 upon the completion of the 2024 Share Repurchase Program and will remain effective for a period of up to two years (“2026 Share Repurchase Program”). The timing, price and actual number of shares of Common Stock repurchased will depend on a variety of factors including price, market conditions, and corporate and regulatory requirements. The repurchases may be made from time to time (i) through open market purchases, block trades, privately negotiated transactions, one or more trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or any combination of the foregoing, in each case in accordance with applicable laws, rules and regulations; or (ii) in such other manner as will comply with the provisions of the Exchange Act. The share repurchase programs do not require the Company to repurchase shares of its Common Stock and it may be discontinued, suspended or amended at any time.
The Company made purchases of $2.0 million, or 123,956 shares, during the three months ended June 30, 2026 at an average price of $16.31 per share and subsequently retired the shares in July 2026. The Company made purchases of $19.8 million, or 1,962,527 shares, during the nine months ended June 30, 2026 at an average price of $10.09 per share and subsequently retired the shares, including the shares retired in July. The Company made no purchases during the three months ended June 30, 2025. The
Company made purchases of $3.3 million, or 369,978 shares, during the nine months ended June 30, 2025 at an average price of $8.99 per share and subsequently retired the shares.
Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income (loss) is recorded in the stockholders’ equity section of our consolidated balance sheets and is excluded from net income (loss). Accumulated other comprehensive income (loss) consists of unrealized gains and losses on marketable debt securities classified as available-for-sale and foreign currency translation adjustments for the Company’s subsidiaries with functional currencies other than the U.S. dollar.
The following table shows the components of accumulated other comprehensive income (loss), net of income taxes, as of June 30, 2026 and September 30, 2025 (amounts in thousands):
June 30, 2026September 30, 2025
Unrealized gain (loss) on available-for-sale debt securities
$(2)$48 
Foreign currency translation adjustments
(2,746)538 
Total accumulated other comprehensive income (loss)
$(2,748)$586