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Mike

Research Analyst at Northland Securities

Mike Grondahl is Head of Equities/Director of Research and Senior Research Analyst at Northland Securities, specializing in financial technology, business services, and growth sectors including fintech and crypto-related companies. He covers specific companies such as Applied Digital (APLD), Green Dot (GDOT), Euronet Worldwide (EEFT), Bitdeer Technologies (BTDR), Sezzle (SEZL), and Bitfarms (BITF), with a strong performance track record including a 47% success rate, average return per rating of +18.10% over one year, and top rankings like #8 in TipRanks’ 2020 Top 100 Wall Street Analysts and #10 in 2024 Top 10 US Stock Analysts. Grondahl joined Northland Capital Markets in January 2016 as Head of Equity Research, advanced to Head of Institutional Equity Sales, Trading and Research in 2017, and took his current role in 2025, bringing over 25 years of institutional research experience from prominent investment banks and buy-side firms, plus prior public accounting at Ernst & Young and Deloitte & Touche. He holds FINRA SIE, Series 7, Series 24, Series 63, and Series 86/87 registrations, and graduated summa cum laude from the University of St. Thomas.

Mike's questions to MITEK SYSTEMS (MITK) leadership

Question · Q1 2026

Mike from Northland Securities asked about the expansion of Mitek's sales force headcount and marketing budget, and sought more details on the progress and conversion timelines of larger Check Fraud Defender pilot programs.

Answer

CEO Ed West confirmed expanded headcount, including hunters, channel partners, and SDRs, while CFO Dave Lyle noted ongoing investments in R&D and go-to-market throughout 2026, emphasizing efficiency gains from a unified sales force. Regarding Check Fraud Defender, Ed West highlighted billions of annual transactions through pilots, deepening customer engagement, and the increasing value of the data asset, but stated there's no fixed average life for pilots, with updates provided as progress continues.

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