Here are 1-3 brief analogies for Mitek Systems:

• DocuSign for identity verification: Just as DocuSign digitized and secured the process of signing documents, Mitek digitizes and secures the process of verifying identities online using ID documents and biometrics.
• Stripe for mobile check deposits: Similar to how Stripe provides the underlying technology and APIs for businesses to accept online payments, Mitek provides the foundational technology for banks to enable customers to deposit checks using their mobile phones.

• Mobile Deposit: Allows users to remotely deposit checks into their bank accounts using a smartphone camera.
• Digital Identity Verification (IDV): Provides businesses with technology to verify the identity of individuals remotely, often using document capture, facial biometrics, and liveness detection to prevent fraud.

Mitek Systems (MITK) primarily sells its solutions to other companies (B2B) rather than directly to individuals. Their technology, which includes mobile capture and digital identity verification, is integrated into the services offered by these customer companies to their own end-users.

While Mitek generally does not publish an exhaustive list of all its individual customer companies due to confidentiality, they serve thousands of organizations globally. Their major customers fall into categories such as:

• Financial Institutions: This is Mitek's largest customer segment, including commercial banks, retail banks, and credit unions. They utilize Mitek's technology for mobile check deposit, digital account opening, and identity verification. Mitek publicly states it serves 15 of the top 20 U.S. banks.
• Fintech Companies: This category includes neobanks, payment processors, online lenders, digital wallets, and cryptocurrency platforms that require robust identity verification and document capture capabilities for user onboarding and transactions.
• Other Enterprises: Businesses across various sectors that require secure digital identity verification solutions for compliance, fraud prevention, and enhanced customer experience. This can include telecommunications, insurance, healthcare, and government services.

Based on historical reports and Mitek's significant market presence in mobile deposit and digital identity, prominent examples of large public companies that have utilized or continue to utilize Mitek's technology include:

• Wells Fargo & Co. (Symbol: WFC)
• JPMorgan Chase & Co. (Symbol: JPM)
• Citigroup Inc. (Symbol: C)
• Bank of America Corp. (Symbol: BAC)

These large financial institutions represent a significant portion of Mitek's customer base in the mobile deposit and digital identity space, though Mitek's reach extends to many other unnamed institutions globally.

Ed West, Chief Executive Officer & Director

Ed West was appointed CEO of Mitek Systems in October 2024. He has over 30 years of experience in financial services, technology, education, and aviation. Prior to Mitek, he served as President and CEO of Cardtronics from 2018 to 2021, having previously been the company's CFO from 2016 to 2018. At Cardtronics, he led the integration of technology-driven solutions and created new revenue streams before the company's acquisition by NCR in 2021. He also held roles as Executive Vice President and CFO at Delta Air Lines and served as President and CEO of Education Management Corp (EDMC) from 2012 to 2015, after joining EDMC in 2006.

Dave Lyle, Chief Financial Officer

Dave Lyle was appointed CFO of Mitek Systems in January 2024. He brings 28 years of technology industry experience, including 16 years as CFO of public companies. His previous CFO roles include Surgalign Holdings, Airgain, and Sunniva. Lyle also served as CFO at Maxwell Technologies until its acquisition by Tesla in 2019 and at Entropic Communications until its acquisition by MaxLinear. Earlier in his career, he held corporate finance positions at Intel and Broadcom.

Garrett Gafke, Chief Operating Officer

Garrett Gafke was appointed Chief Operating Officer of Mitek Systems in April 2025. He is recognized for his pioneering work in the digital identity domain. Gafke joined Mitek from IdentityMind, where he significantly contributed to shaping the digital identity landscape.

Alexey Khitrov, Chief Technology and Innovation Officer

Alexey Khitrov serves as the Chief Technology and Innovation Officer at Mitek Systems. He is also the President of ID R&D Inc. and a Member of the Board at MDM Print. Khitrov previously served as President at SpeechPro.

Michael Diamond, General Manager, SVP Digital Banking

Michael Diamond serves as the Senior Vice President and General Manager of Digital Banking at Mitek Systems. He has also been a General Manager of Payments Solutions at Mitek Systems.

The key risks to Mitek Systems (MITK) are:

1. Financial Reporting and Corporate Governance Challenges: Mitek Systems has identified significant financial and corporate risks, notably a "big accounting error" discovered in Fiscal 2021 related to contingent consideration liability from an acquisition. This kind of lapse can impair operational performance, erode investor trust, potentially lead to a decrease in stock price, or even result in delisting from NASDAQ. The company also faces potential financial distress, as indicated by its Altman Z-Score, and its Return on Invested Capital (ROIC) being below its Weighted Average Cost of Capital (WACC) suggests inefficiencies in capital utilization.
2. Rapidly Evolving AI-Enabled Fraud and Intense Competition: Mitek operates in the fraud prevention and digital identity verification space, which is characterized by a relentless "arms race" against sophisticated and rapidly advancing AI-enabled fraud, including synthetic identity fraud. This environment necessitates continuous and costly research and development investments to keep pace with evolving threats. The global losses from digital fraud are increasing, posing a direct and ongoing threat to Mitek's core product lines. Additionally, intensifying competition within the digital identity market could erode Mitek's revenue streams.
3. Revenue Predictability and Business Model Transition Risks: Mitek faces challenges related to the predictability of its revenue. This includes "lumpiness" in its profitable Deposits segment and the long sales cycles associated with newer offerings like Check Fraud Defender, particularly with large financial institutions, which can slow down validation and procurement. The mobile deposit business, while stable, also has periodic fluctuations and a potential for secular decline in transaction volumes over time. The company's ongoing transition to a Software-as-a-Service (SaaS) model is also not yet complete, with SaaS still constituting a minority of total revenue.

The following are clear emerging threats to Mitek Systems (MITK):

• Expansion of Platform-Native Digital Identity Solutions from Major Tech Companies: The growing integration and acceptance of digital identity solutions directly embedded within major technology platforms, such as Apple's "ID in Wallet" feature (allowing users to store and present government-issued IDs digitally), poses a significant threat. As these platform-native solutions expand geographically and in functionality, gaining wider adoption and trust from businesses and government entities for identity verification purposes (e.g., age verification, account opening), they could become a dominant and frictionless alternative. This could commoditize or bypass the need for third-party identity verification vendors like Mitek, as the identity verification process shifts directly to the device and its operating system, much like the iPhone integrated many functions previously provided by separate devices or services.

• Emergence and Adoption of Government-Backed Digital Identity Systems: Many countries globally are actively developing or have launched national digital identity schemes (e.g., various European Union initiatives under eIDAS 2.0, India's Aadhaar, potential federal digital ID initiatives in the United States). As these government-issued digital IDs become more prevalent, standardized, and legally recognized as the primary means of identity verification across various sectors, they could fundamentally alter the market. This shift could significantly reduce the market demand for private sector identity verification solutions for foundational identity proofing, making government-issued digital credentials the preferred or mandatory method for identity verification, rather than relying on third-party verification of physical documents or biometrics.

Mitek Systems (NASDAQ: MITK) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Acceleration of SaaS Revenue: Mitek is strategically shifting towards a Software-as-a-Service (SaaS) model, with SaaS revenue growth accelerating year-over-year. The company reported a 23% year-over-year increase in SaaS revenue in Q3 fiscal 2025, representing over 41% of total revenue for the last 12 months. Mitek aims for SaaS revenue to constitute a majority of its total revenue by fiscal 2026, indicating a focus on a more stable and predictable revenue stream.
2. Growth in Identity Verification and Fraud Prevention Solutions: There is growing demand for Mitek's Identity and Fraud solutions, particularly advancements in fraud prevention and identity verification services. The company's Identity product portfolio is nearing profitability, with trailing 12-month Identity revenue reaching $75 million, a 13% year-over-year increase. Products like the MiVIP platform and Check Fraud Defender are expected to drive significant growth, with Check Fraud Defender's annual contract value projected to more than double in fiscal 2025. Mitek's focus on advancing AI-driven solutions and expanding fraud and identity detection capabilities positions it well against increasing fraud threats in the digital economy.
3. Expansion of Existing Customer Relationships and New Business in Deposit Solutions: While the overall growth in deposit products revenue has seen some fluctuations due to deal timing, Mitek's core deposit software products continue to provide stability, supported by resilient transaction volumes. The company has a strong net revenue retention rate, indicating success in expanding existing customer relationships. New business and continued adoption of its mobile deposit solutions, particularly within banking and financial services, are expected to contribute to revenue.
4. Unified Platform for Identity, Authentication, and Fraud: Mitek is focused on building a unified platform that integrates Identity, Authentication, and Fraud solutions. This strategic integration aims to provide comprehensive, enterprise-level solutions, making digital access faster and more secure. This approach is expected to enhance customer offerings and drive long-term, durable growth.

Share Repurchases

• Mitek Systems authorized a two-year share repurchase program for up to $50 million of its common stock, announced in May 2024.
• In fiscal year 2024, the company repurchased 2.2 million shares for approximately $24.2 million under the program authorized in May 2024.
• On June 15, 2021, Mitek announced a share repurchase program authorizing up to $15 million of its common stock, which expired on June 30, 2022.

Share Issuance

• Mitek's common shares outstanding decreased from 45,591,199 as of September 30, 2023, to 44,998,939 as of September 30, 2024, indicating a net reduction primarily due to repurchases offsetting any issuances related to equity compensation.
• Additional paid-in capital increased from $228,691 thousand at September 30, 2023, to $247,326 thousand at September 30, 2024, which typically includes proceeds from stock option exercises and stock-based compensation.

Outbound Investments

• In March 2022, Mitek acquired HooYu Ltd., a KYC (Know Your Customer) technology provider based in the United Kingdom, for $129 million, bolstering its identity verification capabilities.
• In May 2021, Mitek acquired ID R&D, Inc., a provider of AI-based voice and face biometrics and liveness detection, significantly expanding its identity verification capabilities.

Capital Expenditures

• Mitek Systems reported capital expenditures of $1.44 million for fiscal year 2024.
• Capital expenditures were $1.03 million in fiscal year 2023.
• In fiscal year 2022, capital expenditures amounted to $1.13 million.