Mitek Systems, Inc. (“Mitek,” the “Company,” “we,” “us,” and “our”) provides digital identity verification and fraud prevention solutions, which are relied upon by more than 7,000 organizations globally, including financial institutions, financial technology companies, and other digital enterprises. The Company operates in one line of business.

The accompanying condensed consolidated balance sheet as of June 30, 2026, the condensed consolidated statements of operations and comprehensive income (loss), and stockholders’ equity for the three and nine months ended June 30, 2026 and 2025, and the condensed consolidated statements of cash flows for the nine months ended June 30, 2026 and 2025 are unaudited.

These financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X and, accordingly, they do not include all information and footnote disclosures required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements. The Company believes the footnotes and other disclosures made in the financial statements are adequate for a fair presentation of the results of the interim periods presented. The financial statements include all adjustments (solely of a normal recurring nature) which are, in the opinion of management, necessary to make the information presented not misleading.

These unaudited interim condensed consolidated financial statements and the accompanying notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the U.S. Securities and Exchange Commission (the “SEC”) on December 11, 2025 (the “2025 Annual Report”).

The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

A reclassification has been made to the prior periods’ consolidated financial statements in order to conform to the current period presentation. Income tax payables were presented in the other current liabilities line and accrued liabilities were presented separately in the consolidated balance sheet as of September 30, 2025; however, income tax payables have been presented separately and accrued liabilities is now included in other current liabilities in the consolidated balance sheet as of June 30, 2026.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets, liabilities, revenue, expenses, deferred taxes, and related disclosures. On an ongoing basis, management reviews its estimates based upon currently available information. Actual results could differ materially from those estimates. These estimates include, but are not limited to, assessing the collectability of accounts receivable, estimation of the value of stock-based compensation awards, assessing for impairment of goodwill, useful lives of intangible assets, standalone selling price related to revenue recognition, estimated variable consideration in contracts, and income taxes.

Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and assess performance. The Company’s CODM is comprised of its Chief Executive Officer, Chief Financial Officer and Chief Operating Officer.

The Company provides software and service offerings focused on fraud prevention and check verification. The Company has grown its product and service offerings through both organic development and acquisitions, which have allowed the Company to expand its offerings, presence and reach in the fraud prevention and check verification markets. While the Company has a number of

product and service offerings, and operates in multiple countries, the Company has determined it has one operating segment. This determination is based on how the CODM evaluates the Company’s financial information, allocates resources, and assesses the performance of these resources, on a consolidated basis. While there are different product and service offerings, the Company manages the development, sale, deployment, and support of its offerings in a similar manner.

The Company’s significant segment expenses are those expenses reflected in the operating income line on the condensed consolidated statements of operations and comprehensive income (loss). Other segment items include other income (expense), net and the benefit (provision) for income taxes. The Company’s measure of segment profit or loss is net income. The measure of segment assets is total consolidated assets as reported on the condensed consolidated balance sheets.

For the three and nine months ended June 30, 2026 and 2025, the following potentially dilutive common shares were excluded from the calculation of net income per share, as they would have been antidilutive (amounts in thousands):


	Three Months Ended June 30,		Nine Months Ended June 30,
	2026	2025	2026	2025
Stock options	1	352	62	361
RSUs	1,787	2,458	1,864	2,077
ESPP common stock equivalents	51	125	25	40
Performance options	—	759	—	729
Performance RSUs	1,325	1,545	1,425	1,154
Convertible senior notes	—	7,448	3,383	7,448
Warrants	6,121	7,448	7,005	7,448
Total potentially dilutive common shares outstanding	9,285	20,135	13,764	19,257

The calculation of basic and diluted net income per share is as follows (amounts in thousands, except per share data):


	Three Months Ended June 30,				Nine Months Ended June 30,
	2026		2025		2026		2025
Net income	$	8,367	$	2,396	$	20,675	$	6,936
Weighted-average shares outstanding—basic	45,175		45,894		45,311		45,632
Common stock equivalents	3,534		954		3,265		1,158
Weighted-average shares outstanding—diluted	48,709		46,848		48,576		46,790
Net income per share:
Basic	$	0.19	$	0.05	$	0.46	$	0.15
Diluted	$	0.17	$	0.05	$	0.43	$	0.15

The following table presents revenue concentration from customers accounting for over 10% of total revenue for each period presented. Two different customers accounted for over 10% of total revenue for the three and nine months ended June 30, 2026, respectively and only one customer accounted for over 10% of total revenue for the three and nine months ended June 30, 2025, as presented in each period (amounts in thousands, except percentages):


Period	Revenue from Largest Customers		Percentage of Total Revenue
Three Months Ended June 30, 2026	$	6,542	12	%
Three Months Ended June 30, 2025	$	6,134	13	%
Nine Months Ended June 30, 2026	$	20,846	14	%
Nine Months Ended June 30, 2025	$	22,640	17	%

The corresponding accounts receivable balances of customers from which revenues were individually in excess of 10% of total revenue were $6.3 million and $4.8 million for two customers at June 30, 2026, and $5.7 million for one customer at June 30, 2025.

From a geographic perspective, approximately 75% and 78% of the Company’s total long-term assets as of June 30, 2026 and September 30, 2025, respectively, are associated with the Company’s international subsidiaries. Excluding goodwill and other intangible assets, approximately 16% and 17% of the Company’s total long-term assets as of June 30, 2026 and September 30, 2025, respectively, are associated with the Company’s international subsidiaries.

The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Company’s 2025 Annual Report. There have been no changes to these accounting policies through June 30, 2026.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends existing income tax disclosure guidance, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. The ASU is effective for the Company’s annual reporting period beginning after October 1, 2025, with early adoption permitted and can be applied on either a prospective or retrospective basis. The enhanced income tax disclosures will be included in the Company’s Annual Report on Form 10-K for the fiscal year ending September 30, 2026.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregation of certain costs in a separate note to the financial statements, such as the amounts of employee compensation, depreciation and intangible asset amortization, included in each relevant expense caption in annual and interim consolidated financial statements. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and for interim periods beginning after December 15, 2027 on a retrospective or prospective basis, with early adoption permitted. The Company is evaluating the effect that ASU 2024-03 will have on its financial statement disclosures.

In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which simplifies the forecasting process for current assets by providing a practical expedient allowing a company to assume economic conditions as of the balance sheet date will not change for the remaining life of the asset when forecasting expected credit losses on current accounts receivable and contract assets. ASU 2025-05 is effective for annual periods beginning after December 15, 2025 and for interim periods within those annual periods. The Company is evaluating the effect that ASU 2025-05 will have on its financial statement disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which improves the operability of the guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future. ASU 2025-06 is effective for annual periods beginning after December 15, 2027 and for interim periods within those annual periods on a prospective, retrospective, or modified transition basis, with early adoption permitted. The Company is evaluating the effect that ASU 2025-06 will have on its financial statement disclosures.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270). The ASU improves the navigability of the required interim disclosures and clarifies when the guidance is applicable, as well as provides additional guidance on what disclosures should be provided in interim reporting periods. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods beginning after December 15, 2028. The Company is evaluating the impact this ASU will have on its consolidated financial statements, which is not expected to be material.

No other new accounting pronouncement issued or effective during the nine months ended June 30, 2026 had, or is expected to have, a material impact on the Company’s condensed consolidated financial statements.