0000807863FALSE00008078632025-02-102025-02-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 10, 2025
 
MITEK SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
 
 
Delaware001-3523187-0418827
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
   
770 First Avenue, Suite 425
San Diego,California 92101
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (619) 269-6800
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareMITKNasdaq Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐


Item 2.02 Results of Operations and Financial Condition.
On February 10, 2025, Mitek Systems, Inc. (the “Company”, “we”, “us” and “our”) issued a press release announcing the Company’s financial results for the first fiscal quarter ended December 31, 2024. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
99.1 
104
Cover Page Interactive Data File, formatting Inline Extensible Business Reporting Language (iXBRL)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
  Mitek Systems, Inc.
    
February 10, 2025 By:/s/ Dave Lyle
   Dave Lyle
   Chief Financial Officer



Mitek Reports Fiscal 2025 First Quarter Financial Results
Raises Lower-End of Adjusted EBITDA Margin Guidance Range for Fiscal 2025

SAN DIEGO, CA, February 10, 2025 - Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity verification, mobile capture and fraud management, today reported financial results for its first quarter ended December 31, 2024 and raised the lower end of its Adjusted EBITDA margin guidance range for its fiscal 2025 full year ending September 30, 2025 (“fiscal 2025”).

“We delivered a solid first quarter, with results ahead of our expectations in our SaaS products, which grew 29% year over year, offset by year-over-year variances in software license sales,” said Ed West, Mitek’s CEO. “We are encouraged by the performance of our Identity product portfolio, the continued resilience of our Deposit solutions, and the accelerating momentum of our fraud offerings. Our cultural and technological integration efforts are now well underway, which we believe are strengthening the company’s foundation for durable, profitable revenue growth in fiscal 2026 and beyond.”

Fiscal 2025 First Quarter Financial Highlights

GAAP
•Revenue of $37.3 million was relatively flat year-over-year, compared to $36.9 million a year ago.
•Gross profit of $28.0 million was relatively flat year-over-year, compared to $28.1 million a year ago.
•GAAP gross profit margin was 75.1%, compared to 76.2% a year ago.
•GAAP net loss was $4.6 million, compared to a GAAP net loss of $5.8 million a year ago.
•GAAP net loss per diluted share was $0.10, compared to a GAAP net loss of $0.13 a year ago.
•Total cash and investments was $137.9 million at December 31, 2024, a decrease of $3.9 million from $141.8 million at September 30, 2024.
•Mitek repurchased 0.4 million shares at an average per share price of $8.99, totaling approximately $3.3 million.

Non-GAAP
•Non-GAAP gross profit was flat at $31.5 million for both periods.
•Non-GAAP gross profit margin was 84.5%, compared to 85.4% a year ago.
•Adjusted EBITDA was $7.8 million, compared to $5.9 million a year ago.
•Adjusted EBITDA margin was 21%, compared to 16% a year ago.
•Non-GAAP net income was $6.6 million, compared to $6.3 million a year ago.
•Non-GAAP net income per diluted share was $0.15, compared to $0.14 a year ago.
•Free cash flow was $0.2 million, compared to negative $9.7 million a year ago, and was $40.2 million for the twelve months ended December 31, 2024, compared to $15.7 million for the corresponding period a year ago.

Fiscal 2025 Full Year Guidance

Mitek is updating its guidance for its fiscal 2025 year ending September 30, 2025, as follows:

•Mitek is maintaining its fiscal 2025 full-year revenue guidance of between $170 million and $180 million.
•Mitek is raising the lower end of its fiscal 2025 full-year adjusted EBITDA margin guidance by 100 basis points, resulting in a new guidance range of 25%-28%.










Conference Call Information

Mitek management will host a conference call and live webcast for analysts and investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results for its fiscal 2025 first quarter. To access the live call, dial 844-481-3005 (US and Canada) or +1 412-317-1889 (International) and ask to be joined to the Mitek call. A live and archived conference call webcast will also be accessible on the Investor Relations section of the Company’s website at www.miteksystems.com. A phone replay will be available approximately two hours after the end of the call and will remain available for one week. The phone call replay can be accessed by dialing 877-344-7529 (US or Canada) or +1 412-317-0088 (International) and entering the passcode: 9576188.

About Mitek Systems, Inc.

Mitek (NASDAQ: MITK) is a global leader in digital access, founded to bridge the physical and digital worlds. Mitek’s advanced identity verification technologies and global platform make digital access faster and more secure than ever, providing companies new levels of control, deployment ease and operation, while protecting the entire customer journey. With solutions trusted by 7,900 organizations around the world, including the majority of North American financial institutions which rely on our mobile check deposit solutions, Mitek helps companies reduce risk and meet regulatory requirements. Learn more at www.miteksystems.com. [(MITK-F)]

Follow Mitek on LinkedIn and YouTube, and read Mitek’s latest blog posts here.

Notice Regarding Forward-Looking Statements

Statements contained in this news release relating to the Company or its management’s intentions, hopes, beliefs, expectations or predictions of the future, including, but not limited to, statements relating to the Company’s fiscal 2025 guidance, are forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, risks related to the Company’s ability to withstand negative conditions in the global economy, a lack of demand for or market acceptance of the Company’s products, the impact of the Company’s acquisition of HooYu Ltd. including any operational or cultural difficulties associated with the integration of the businesses of Mitek and HooYu Ltd., the Company’s ability to continue to develop, produce and introduce innovative new products in a timely manner, the Company’s ability to capitalize on a growing market, quarterly variations in revenue, the profitability of certain sectors of the Company, the performance of the Company’s growth initiatives, the outcome of any pending or threatened litigation or investigation, and the timing of the implementation and launch of the Company’s products by the Company’s signed customers.

Additional risks and uncertainties faced by the Company are contained from time to time in the Company’s filings with the U.S. Securities and Exchange Commission (SEC), including, but not limited to, the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024, as filed with the SEC on December 16, 2024 and its quarterly reports on Form 10-Q and current reports on Form 8-K, which you may obtain for free on the SEC’s website at www.sec.gov. Collectively, these risks and uncertainties could cause the Company’s actual results to differ materially from those projected in its forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company disclaims any intention or obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Investor Contact:
Todd Kehrli or Jim Byers
PondelWilkinson, Inc.
tkehrli@pondel.com
jbyers@pondel.com








Note Regarding Use of Non-GAAP Financial Measures

This news release contains non-U.S. generally accepted accounting principles (“GAAP”) financial measures for non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP net income, non-GAAP net income per share, non-GAAP operating income, non-GAAP operating margin, adjusted EBITDA, adjusted EBITDA margin and non-GAAP operating expense that exclude acquisition-related costs and expenses, litigation and other legal costs, executive transition costs, stock compensation expense, non-recurring audit fees, enterprise risk, portfolio positioning and other related costs, restructuring costs and amortization of debt discount and issuance costs. These financial measures are not calculated in accordance with GAAP and are not based on any comprehensive set of accounting rules or principles. In evaluating the Company’s performance, management uses certain non-GAAP financial measures to supplement financial statements prepared under GAAP. Management believes these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management and the Board of Directors of the Company utilize these non-GAAP financial measures to gain a better understanding of the Company’s comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Management believes these non-GAAP financial measures, when read in conjunction with the Company’s GAAP financial statements, are useful to investors because they provide a basis for meaningful period-to-period comparisons of the Company’s ongoing operating results, including results of operations against investor and analyst financial models, which helps identify trends in the Company’s underlying business and provides a better understanding of how management plans and measures the Company’s underlying business.

The Company has not provided a reconciliation of its forward outlook for non-GAAP operating margin with its forward-looking GAAP operating margin in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to quantify share-based compensation expense, which is excluded from our non-GAAP operating margin, as it requires additional inputs such as the number of shares granted and market prices that are not ascertainable due to the volatility of the Company’s share price. Additionally, a significant portion of the Company’s operations are in foreign countries and the transactional currencies are primarily Euros and British pound sterling and the Company is not able to predict fluctuations in those currencies without unreasonable efforts. The Company expects these items may have a potentially significant impact on future GAAP financial results.

We define free cash flow as net cash provided by operating activities, less cash used for purchases of property and equipment. We define free cash flow margin as free cash flow as a percentage of revenue. In addition to the reasons stated above, we believe that free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment in order to enhance the strength of our balance sheet and further invest in our business and potential strategic initiatives. A limitation of the utility of free cash flow as a measure of our liquidity is that it does not represent the total increase or decrease in our cash balance for the period. We use free cash flow in conjunction with traditional U.S. GAAP measures as part of our overall assessment of our liquidity, including the preparation of our annual operating budget and quarterly forecasts and to evaluate the effectiveness of our business strategies. There are a number of limitations related to the use of free cash flow as compared to net cash provided by operating activities, including that free cash flow includes capital expenditures, the benefits of which are realized in periods subsequent to those when expenditures are made. We may refer to certain financial metrics on a Last Twelve Months (“LTM”) basis. LTM figures represent the sum of the most recently reported four fiscal quarters and are used to provide a view of the company's financial performance over the past year.

Mitek encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate Mitek’s business.







MITEK SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(amounts in thousands except per share data)
Three Months Ended December 31,
20242023
Revenue
Software and hardware$11,985 $15,980 
Services and other25,269 20,937 
Total revenue37,254 36,917 
Operating costs and expenses
Cost of revenue—software and hardware (exclusive of depreciation & amortization)67 40 
Cost of revenue—services and other (exclusive of depreciation & amortization)5,877 5,494 
Selling and marketing9,695 9,856 
Research and development8,323 8,874 
General and administrative11,901 15,538 
Amortization and acquisition-related costs3,657 3,983 
Restructuring costs808 48 
Total operating costs and expenses40,328 43,833 
Operating income (loss)(3,074)(6,916)
Interest expense2,398 2,263 
Other income (expense), net563 1,642 
Income (loss) before income taxes(4,909)(7,537)
Income tax benefit (provision)297 1,744 
Net income (loss)$(4,612)$(5,793)
Net income (loss) per share—basic$(0.10)$(0.13)
Net income (loss) per share—diluted$(0.10)$(0.13)
Shares used in calculating net loss per share—basic and diluted45,195 46,294 
Shares used in calculating net loss per share—diluted45,195 46,294 









MITEK SYSTEMS, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(amounts in thousands except share data)
December 31, 2024September 30, 2024
ASSETS
Current assets:
Cash and cash equivalents$90,617 $93,456 
Short-term investments30,591 36,884 
Accounts receivable, net32,348 31,682 
Contract assets, current portion15,588 15,818 
Prepaid expenses5,054 4,514 
Other current assets2,639 2,697 
Total current assets176,837 185,051 
Long-term investments16,667 11,410 
Property and equipment, net2,418 2,564 
Right-of-use assets2,653 4,662 
Goodwill and intangible assets172,508 185,711 
Deferred income tax assets19,272 19,145 
Contract assets, non-current portion3,897 3,620 
Other non-current assets1,707 1,590 
Total assets$395,959 $413,753 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$4,983 $7,236 
Accrued payroll and related taxes7,544 10,324 
Accrued liabilities508 424 
Accrued interest payable498 205 
Value added tax payables1,768 1,222 
Deferred revenue, current portion21,694 21,231 
Lease liabilities, current portion639 805 
Other current liabilities912 700 
Total current liabilities38,546 42,147 
Convertible senior notes145,706 143,601 
Deferred revenue, non-current portion692 753 
Lease liabilities, non-current portion2,317 4,230 
Deferred income tax liabilities3,642 3,889 
Other non-current liabilities4,139 4,332 
Total liabilities195,042 198,952 
Stockholders’ equity:
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding— — 
Common stock, $0.001 par value, 120,000,000 shares authorized, 45,211,865 and 44,998,939 issued and outstanding, as of December 31, 2024 and September 30, 2024, respectively45 45 
Additional paid-in capital251,967 247,326 
Accumulated other comprehensive loss(12,950)(2,302)
Accumulated deficit(38,145)(30,268)
Total stockholders’ equity200,917 214,801 
Total liabilities and stockholders’ equity$395,959 $413,753 







MITEK SYSTEMS, INC.
DISAGGREGATION OF REVENUE BY PRODUCT AND TYPE
(Unaudited)
(amounts in thousands)
Three Months Ended December 31,
20242023
Deposits
Deposits software and hardware
Software$11,097 $14,048 
Hardware— — 
Total deposits software and hardware11,097 14,048 
Deposits services
SaaS2,221 1,355 
Maintenance5,685 5,495 
Professional services and other282 179 
Total deposits services8,188 7,029 
Total deposits revenue$19,285 $21,077 
Identity
Identity software and hardware
Software$888 $1,913 
Hardware— 19 
Total identity software and hardware888 1,932 
Identity services
SaaS16,207 12,898 
Maintenance425 600 
Professional services and other449 410 
Total identity services17,081 13,908 
Total identity revenue$17,969 $15,840 
Consolidated results
Total software and hardware
Software$11,985 $15,961 
Hardware— 19 
Total software and hardware11,985 15,980 
Total services
SaaS18,428 14,253 
Maintenance6,110 6,095 
Professional services and other731 589 
Total services25,269 20,937 
Total revenue$37,254 $36,917 







MITEK SYSTEMS, INC.
NON-GAAP GROSS PROFIT RECONCILIATION
(Unaudited)
(amounts in thousands)
Three Months Ended December 31,
20242023
Software and hardware
Revenue $11,985 $15,980 
 Cost of revenue (exclusive of depreciation and amortization) 67 40 
 Depreciation and amortization 1,190 1,136 
 GAAP gross profit for software and hardware 10,728 14,804 
 Depreciation and amortization 1,190 1,136 
Non-GAAP gross profit for software and hardware
$11,918 $15,940 
GAAP gross margin for software and hardware
89.5 %92.6 %
Non-GAAP gross margin for software and hardware
99.4 %99.7 %
 Services and other
 Services and other revenue $25,269 $20,937 
 Cost of revenue (exclusive of depreciation and amortization) 5,877 5,494 
 Depreciation and amortization 2,131 2,106 
 GAAP gross profit for services and other 17,261 13,337 
 Depreciation and amortization 2,131 2,106 
 Stock-based compensation expense
161 129 
 Non-GAAP gross profit for services and other $19,553 $15,572 
 GAAP gross margin for services and other 68.3 %63.7 %
 Non-GAAP gross margin for services and other 77.4 %74.4 %
Consolidated results
 Total revenue $37,254 $36,917 
 Cost of revenue (exclusive of depreciation and amortization) 5,944 5,534 
 Depreciation and amortization 3,321 3,242 
 GAAP gross profit 27,989 28,141 
 Depreciation and amortization 3,321 3,242 
 Stock-based compensation expense
161 129 
 Non-GAAP gross profit $31,471 $31,512 
 GAAP gross margin 75.1 %76.2 %
 Non-GAAP gross margin 84.5 %85.4 %







MITEK SYSTEMS, INC.
NON-GAAP OPERATING EXPENSE RECONCILIATION
(Unaudited)
(amounts in thousands)
Three Months Ended December 31,
20242023
Selling and marketing$9,695 $9,856 
Non-GAAP adjustments:
Stock-based compensation expense974 820 
Non-GAAP selling and marketing$8,721 $9,036 
Research and development$8,323 $8,874 
Non-GAAP adjustments:
Stock-based compensation expense1,124 1,041 
Non-GAAP research and development$7,199 $7,833 
General and administrative$11,901 $15,538 
Non-GAAP adjustments:
Stock-based compensation expense2,206 1,440 
Litigation and other legal costs(1)
233 2,169 
Executive transition costs494 209 
Non-recurring audit fees867 1,638 
Enterprise risk, portfolio positioning and other related costs(2)
— 996 
Non-GAAP general and administrative$8,101 $9,086 
Total Non-GAAP operating expense$24,021 $25,955 

(1)During the three month periods ended December 31, 2024 and 2023, our legal team used third party legal experts to perform and provide advice regarding a variety of activities including intellectual property litigation matters and risk analysis and in providing support for customers in their litigation, matters and options related to getting our SEC filings current, the process for a potential delisting from the Nasdaq Capital Market, ongoing litigation support, and various other projects.
(2)During the three months ended December 31, 2023, we used three third party experts to evaluate our product portfolio positioning, competitive landscape, enterprise risk and other related analyses.







MITEK SYSTEMS, INC.
GAAP NET INCOME TO ADJUSTED EBITDA RECONCILIATION
(Unaudited)
(amounts in thousands)
Three Months Ended December 31,
20242023
GAAP net income (loss)$(4,612)$(5,793)
 Add:
 Income tax (benefit) provision (297)(1,744)
 Other (income) expense, net (563)(1,642)
 Interest Expense 2,398 2,263 
 GAAP operating income (loss) $(3,074)$(6,916)
 Non-GAAP Adjustments
Depreciation and amortization $395 $391 
Amortization of intangibles 3,657 3,848 
Net changes in estimated fair value of acquisition-related contingent consideration— 136 
Litigation and other legal costs(1)
233 2,169 
Executive transition costs494 209 
Stock-based compensation expense4,465 3,430 
Non-recurring audit fees867 1,638 
Enterprise risk, portfolio positioning and other related costs(2)
— 996 
Restructuring costs(3)
808 48 
 Adjusted EBITDA $7,845 $5,949 
Total revenue
$37,254 $36,917 
Adjusted EBITDA margin
21 %16 %

(1)During the three month periods ended December 31, 2024 and 2023, our legal team used third party legal experts to perform and provide advice regarding a variety of activities including intellectual property litigation matters and risk analysis and in providing support for customers in their litigation, matters and options related to getting our SEC filings current, the process for a potential delisting from the Nasdaq Capital Market, ongoing litigation support, and various other projects.
(2)During the three months ended December 31, 2023, we used three third party experts to evaluate our product portfolio positioning, competitive landscape, enterprise risk and other related analyses.
(3)Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were $0.8 million in the three months ended December 31, 2024 and were related to expenses incurred to relocate employees and a restructuring that occurred in the first quarter of fiscal 2025. Restructuring costs were $48,000 in the three months ended December 31, 2023.







  
MITEK SYSTEMS, INC.
NON-GAAP NET INCOME RECONCILIATION
(Unaudited)
(amounts in thousands except per share data)
Three Months Ended December 31,
20242023
Net income (loss)$(4,612)$(5,793)
Non-GAAP adjustments:
Amortization of acquisition-related intangibles(1)
3,657 3,848 
Net changes in estimated fair value of acquisition-related contingent consideration(1)
— 136 
Litigation and other legal costs(2)
233 2,169 
Executive transition costs494 209 
Stock-based compensation expense4,465 3,430 
Non-recurring audit fees867 1,638 
Enterprise risk, portfolio positioning and other related costs(3)
— 996 
Restructuring costs(4)
808 48 
Amortization of debt discount and issuance costs2,147 1,970 
Income tax effect of pre-tax adjustments(1,919)(2,967)
Cash tax difference(5)
493 641 
Non-GAAP net income$6,633 $6,325 
Non-GAAP income per share—basic$0.15 $0.14 
Non-GAAP income per share—diluted$0.15 $0.14 
Shares used in calculating non-GAAP net income per share—basic45,195 46,294 
Shares used in calculating non-GAAP net income per share—diluted45,195 46,294 

(1)December 31, 2023 amounts reflect reclassifications to conform to the current year presentation.
(2)During the three month periods ended December 31, 2024 and 2023, our legal team used third party legal experts to perform and provide advice regarding a variety of activities including intellectual property litigation matters and risk analysis and in providing support for customers in their litigation, matters and options related to getting our SEC filings current, the process for a potential delisting from the Nasdaq Capital Market, ongoing litigation support, and various other projects.
(3)During the three months ended December 31, 2023, we used three third party experts to evaluate our product portfolio positioning, competitive landscape, enterprise risk and other related analyses.
(4)Restructuring costs consist of employee severance obligations and other related costs. Restructuring costs were $0.8 million in the three months ended December 31, 2024 and were related to expenses incurred to relocate employees and a restructuring that occurred in the first quarter of fiscal 2025. Restructuring costs were $48,000 in the three months ended December 31, 2023.
(5)The Company’s non-GAAP net income is calculated using a cash tax rate of 15% in fiscal 2025 and 9% in fiscal 2024. The estimated cash tax rate is the estimated annual tax payable on the Company’s tax returns as a percentage of estimated annual non-GAAP pre-tax net income. The Company uses an estimated cash tax rate to adjust for the historical variation in the effective book tax rate associated with the reversal of valuation allowances, and the utilization of research and development tax credits which currently have an overall effect of reducing taxes payable. The Company believes that the cash tax rate provides a more transparent view of the Company’s operating results. The Company’s effective tax rate used for the purposes of calculating GAAP net income for fiscal 2025 and 2024 was 6% and 23%, respectively.








MITEK SYSTEMS, INC.
NON-GAAP FREE CASH FLOW RECONCILIATION
(Unaudited)
(amounts in thousands)
Three months endedTwelve months ended December 31, 2024
March 31, 2024June 30, 2024September 30, 2024December 31, 2024
Net cash provided by (used in) operating activities$7,064 $12,985 $21,102 $565 $41,716 
Less:
Purchases of property and equipment, net(483)(431)(283)(335)(1,532)
Free Cash Flow$6,581 $12,554 $20,819 $230 $40,184 
Three months endedTwelve months ended December 31, 2023
March 31, 2023June 30, 2023September 30, 2023December 31, 2023
Net cash provided by (used in) operating activities$6,301 $16,552 $3,473 $(9,463)$16,863 
Less:
Purchases of property and equipment, net(218)(284)(378)(241)(1,121)
Free Cash Flow$6,083 $16,268 $3,095 $(9,704)$15,742 


STOCK-BASED COMPENSATION EXPENSE
(Unaudited)
(amounts in thousands)
Three Months Ended December 31,
20242023
Cost of revenue$161$129
Selling and marketing974820
Research and development1,1241,041
General and administrative2,2061,440
Total stock-based compensation expense$4,465$3,430








v3.25.0.1
Cover
Feb. 10, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 10, 2025
Registrant Name MITEK SYSTEMS, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-35231
Entity Tax Identification Number 87-0418827
Entity Address, Address Line One 770 First Avenue, Suite 425
Entity Address, Postal Zip Code 92101
Entity Address, State or Province CA
Entity Address, City or Town San Diego,
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol MITK
City Area Code 619
Local Phone Number 269-6800
Entity Emerging Growth Company false
Central Index Key 0000807863
Amendment Flag false
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