Adjustments for Non-Cash Items (USD, thousands)

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Capital Expenditures (CapEx) (USD, thousands)

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a01fba49945b88ecb348aabe6d0e2cbcd2900d8023d2cb256f14847631d53385

Mitek Systems, Inc. (MITK) is a technology company that develops and sells software solutions primarily focused on mobile deposit and identity verification. The company offers a range of software and hardware products, as well as services, to facilitate secure and efficient financial transactions. Mitek's offerings include innovative technologies such as Mobile Deposit® and IDLive® software products, which are integral to their business operations.  **[0000807863-24-000142_mitk-20240930.htm:14]** **[0000950123-24-002926_mitk-20230930.htm:60]** **[0000807863-24-000142_mitk-20240930.htm:53]** 

1. **Deposits** - Provides software and hardware products, including Mobile Deposit®, to facilitate secure and efficient deposit transactions.
   - **Deposits Software & Hardware** - Offers solutions for mobile and remote deposit capture.
   - **Deposits Services & Other** - Includes maintenance and support services related to deposit solutions.

2. **Identity Verification** - Delivers software and hardware products, such as CheckReader™ and IDLive®, for verifying identities and preventing fraud.
   - **Identity Verification Software & Hardware** - Supplies tools for identity verification and fraud prevention.
   - **Identity Verification Services & Other** - Offers SaaS-based solutions and other services to enhance identity verification processes.

1e3a89fb36073244da6da42fec03c39e120f43c1a17c772de943c91e7423de1d

| Name               | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                                                                                                                                                                   |
|--------------------|--------------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Scott Carter       | Interim Chief Executive Officer and Executive Chair of the Board         | June 1, 2024     | Scott Carter has been serving as the Interim CEO and Executive Chair of the Board at Mitek since June 1, 2024. He has been a director since March 2022 and previously served as Executive Chair from January 2023 to December 1, 2023. He has held leadership roles at ID Analytics and Brain Corp.  **[0000807863-24-000059_mitk-2024331xexx992xq224tr.htm:0]** **[0000807863-24-000059_mitk-20240509.htm:2]** **[0000807863-24-000086_mitk-20240814.htm:12]** **[0000950123-24-002926_mitk-20230930.htm:88]**                                            |
| Edward H. West     | Chief Executive Officer and Member of the Board of Directors             | October 1, 2024  | Edward H. West was appointed as CEO and a Member of the Board of Directors of Mitek on October 1, 2024. He has over 25 years of executive experience, having previously served as CEO of Cardtronics plc and held leadership roles at Delta Air Lines and Education Management Corp.  **[0000807863-24-000101_mitk-20241001.htm:1]** **[0000807863-24-000101_mitek-pressreleaseceoannou.htm:0]**                                                                    |
| David Lyle         | Chief Financial Officer                                                  | January 2, 2024  | David Lyle has served as CFO of Mitek since January 2, 2024. He has over 28 years of experience in the technology industry, with 16 years as a CFO for public companies, including Surgalign Spine Technologies and Airgain, Inc..  **[0000807863-24-000086_mitk-20240814.htm:32]** **[0000807863-23-000168_mitk-20231219xexx991.htm:0]** **[0000807863-23-000168_mitk-20231219.htm:1]**                                                                                                                 |
| Jason L. Gray      | Chief Legal Officer, Chief Compliance Officer, and Corporate Secretary   | January 2023     | Jason L. Gray has served in his current roles at Mitek since January 2023. He previously held the same roles from November 2018 to March 2022 and was Chief Administrative Officer, General Counsel, and Corporate Secretary from March 2016 to November 2018.  **[0000807863-24-000088_mitk-20230930xxtofilewproxy.htm:83]** **[0000807863-24-000086_mitk-20240814.htm:32]** **[0000950123-24-002926_mitk-20230930.htm:96]** **[0000807863-23-000075_mitk-20220930xxtofilewithd.htm:85]** **[0000807863-23-000073_mitk-20230821xdef_14a.htm:56]** **[0000807863-23-000056_mitk-20230810xpre_14a.htm:56]** **[0000807863-23-000049_mitk-20220930.htm:101]**                                                                    |
| Michael E. Diamond | Senior Vice President, General Manager—Digital Banking                   | January 2016     | Michael E. Diamond has served as Senior Vice President, General Manager—Digital Banking at Mitek since January 2016. He previously held roles as Chief Revenue Officer and Senior Vice President, Sales and Business Development at Mitek.  **[0000807863-24-000086_mitk-20240814.htm:33]** **[0000807863-24-000088_mitk-20230930xxtofilewproxy.htm:84]** **[0000950123-24-002926_mitk-20230930.htm:97]**                                                                                                      |
| Christopher Briggs | Senior Vice President, Identity Product Marketing                        | April 2022       | Christopher Briggs has served as Senior Vice President, Identity Product Marketing at Mitek since April 2022. Prior to joining Mitek, he was Chief Product Officer at Airside and held various leadership roles at Equifax and Experian.  **[0000807863-24-000086_mitk-20240814.htm:33]** **[0000807863-24-000086_mitk-20240814.htm:32]** **[0000807863-24-000088_mitk-20230930xxtofilewproxy.htm:84]** **[0000950123-24-002926_mitk-20230930.htm:97]**                                                                                                    |
| James (J.D.) Fay   | Member of the Board of Directors and Audit Committee                      | October 21, 2024 | James (J.D.) Fay was appointed as a Member of the Board of Directors and the Audit Committee at Mitek on October 21, 2024. He has over 20 years of experience in financial strategy and operations and is currently the CFO at Matterport, Inc..  **[0000807863-24-000119_mitek-pressreleasejdfaybod.htm:0]** **[0000807863-24-000119_mitk-20241021.htm:1]**                                                                                                    |
| Kimberly Stevenson | Member of the Board of Directors, Audit Committee, and Chair of the Compensation Committee | November 2020    | Kimberly S. Stevenson has served as a director of Mitek since November 2020. She was the Lead Independent Director from January 2023 to December 2023 and resumed this role in June 2024. She is a member of the Audit Committee and Chair of the Compensation Committee.  **[0000807863-24-000086_mitk-20240814.htm:12]** **[0000807863-24-000101_mitk-20241001.htm:1]** **[0000807863-24-000086_mitk-20240814.htm:15]**                                                                          |
| James C. Hale      | Current Member of the Board of Directors (not standing for re-election in 2025) | November 2014    | James C. Hale has served as a director of Mitek since November 2014. He was a member of the advisory board from September 2012 until November 2014. He co-founded Columbus Strategic Advisors, LLC and Financial Technology Ventures (now FTV Capital).  **[0000807863-24-000088_mitk-20230930xxtofilewproxy.htm:76]** **[0000807863-24-000086_mitk-20240814.htm:14]** **[0000950123-24-002926_mitk-20230930.htm:89]** **[0000807863-23-000075_mitk-20220930xxtofilewithd.htm:76]** **[0000807863-23-000073_mitk-20230821xdef_14a.htm:16]** **[0000807863-23-000056_mitk-20230810xpre_14a.htm:16]** **[0000807863-23-000049_mitk-20220930.htm:92]**                                                                           |

961c317294f819936e312d9e1a1d414ee56ebee9a6539a1fac9f3deaf5966aaa

1. Given that your identity products contributed $68.5 million in revenue in fiscal '24  **[MITK_3411710_18]** , and you mentioned achieving profitability at $80-$85 million, with expectations to reach that in fiscal '26  **[MITK_3411710_18]** , what are the specific challenges preventing you from accelerating profitability in the identity segment sooner?
2. With the planned reductions in spend in the identity business despite its strategic importance  **[MITK_3411710_20]** , how do you plan to balance the need for investment in innovation and growth with cost efficiencies without compromising your competitive edge?
3. You have a dominant position in mobile check deposit with over 7,000 out of 8,700 banks using your solution  **[MITK_3411710_11]** **[MITK_3411710_10]** ; can you elaborate on your pricing strategy and whether there is potential for leveraging your market position to drive revenue growth through price increases?
4. As you transition some Check Fraud Defender customers from on-premise to SaaS, you anticipate GAAP revenue headwinds  **[MITK_3411710_5]** ; how significant is this impact expected to be, and how will it affect your overall revenue growth targets for fiscal '25?
5. Considering that you are focusing on integrating acquired technologies and consolidating multiple identity verification systems  **[MITK_3411710_22]** **[MITK_3411710_1]** , what are the risks associated with this integration process, and could it lead to further delays or increased costs in achieving your profitability goals in the identity segment?

9a9579eedeb7a700e0614bdc70241f7d8c4573943a179ee5ea835d9b47a3d101

### Q4 2024 Earnings Call
- **Issued Period**: Q4 2024
- **Guided Period**: FY 2025
- **Guidance**:
  1. **Revenue Guidance**: Fiscal 2025 revenue expected to range between **$170 million and $180 million**, implying approximately **2% year-over-year growth at the midpoint**.  **[MITK_3411710_17]** **[MITK_3411710_5]** 
  2. **Adjusted EBITDA Margin Guidance**: Fiscal 2025 adjusted EBITDA margin is guided to a range of **24% to 28%**.  **[MITK_3411710_5]** 
  3. **Operating Expenses**: Non-GAAP operating expenses expected to be approximately **$26 million in Q1 2025**, with increases in **R&D and sales** starting in Q2 2025.  **[MITK_3411710_6]** 
  4. **Revenue Phasing**: First half of fiscal 2025 similar to fiscal 2024, with heavier concentration in the **second fiscal quarter**.  **[MITK_3411710_6]** 
  5. **Deposit Products Revenue**: Expected to remain **relatively steady year-over-year**.  **[MITK_3411710_5]** 
  6. **Identity Products Revenue**: Growth driven by **SaaS identity solutions**, particularly **MiVIP**.  **[MITK_3411710_6]** **[MITK_3411710_5]** 
  7. **Check Fraud Defender (CFD)**: Transition to consortium model may create a **small GAAP revenue headwind**.  **[MITK_3411710_5]** 

### Q3 2024 Earnings Call
- **Issued Period**: Q3 2024
- **Guided Period**: FY 2024 and FY 2025
- **Guidance**:
  1. **Fiscal 2024 Revenue**: Range reset to **$169 million to $173 million**.  **[MITK_3397869_6]** 
  2. **Fiscal 2024 Non-GAAP Operating Margin**: Expected to be **23% to 25%**.  **[MITK_3397869_6]** 
  3. **Fiscal 2024 Non-GAAP G&A Operating Expense**: Approximately **$8.5 million** in fiscal Q4.  **[MITK_3397869_6]** 
  4. **Fiscal 2025 Q1 Revenue**: Expected to be down year-over-year.  **[MITK_3397869_6]** 
  5. **Fiscal 2025 Revenue Growth**: Growth expected to resume in fiscal Q2 2025, with identity products returning to double-digit growth for the full fiscal year.  **[MITK_3397869_6]** 

### Q2 2024 Earnings Call
- **Issued Period**: Q2 2024
- **Guided Period**: FY 2024
- **Guidance**:
  1. **Fiscal Year 2024 Revenue Guidance**: Range of **$180 million to $185 million**.  **[MITK_3388797_6]** **[MITK_3379825_4]** 
  2. **Fiscal Year 2024 Non-GAAP Operating Margin Guidance**: Range of **30% to 31%**.  **[MITK_3388797_6]** **[MITK_3379825_4]** 
  3. **Identity Business Profitability**: Expected in fiscal Q4 2024.  **[MITK_3388797_6]** **[MITK_3379825_4]** 
  4. **Non-GAAP G&A Expense for Fiscal Q4 2024**: Approximately **$8.5 million**.  **[MITK_3388797_6]** 
  5. **Quarterly Revenue Trends**: Sequential growth expected in Q3, with Q4 revenue similar to Q3.  **[MITK_3379825_4]** 
  6. **Tax Rate for Fiscal Year 2024**: **25% plus or minus** of GAAP pretax net income.  **[MITK_3379825_4]** 

### Q1 2024 Earnings Call
- **Issued Period**: Q1 2024
- **Guided Period**: FY 2024 and Q2 2024
- **Guidance**:
  1. **Fiscal Year 2024 Revenue Guidance**: Range of **$180 million to $185 million**.  **[MITK_3379825_4]** 
  2. **Fiscal Q2 2024 Revenue Guidance**: Range of **$46 million to $47 million**.  **[MITK_3379825_4]** 
  3. **Fiscal Year 2024 Non-GAAP Operating Margin Guidance**: Range of **30% to 31%**.  **[MITK_3379825_4]** 
  4. **Identity Business Profitability**: Expected in fiscal Q4 2024.  **[MITK_3379825_4]** 
  5. **Tax Rate Guidance**: **25% plus or minus** of GAAP pretax net income.  **[MITK_3379825_4]** 
  6. **Deposits Product Revenue Growth**: **10% to 12% year-over-year**.  **[MITK_3379825_0]** 
  7. **Identity Product Revenue Growth**: **10% to 12% year-over-year**.  **[MITK_3379825_0]** 
  8. **Quarterly Revenue Trends**: Growth expected in Q3, with Q4 revenue similar to Q3.  **[MITK_3379825_4]** 

fe6ba871a13450c79b57c692ffc06eee89a27a7037fd6fa6fa4fff78b0193f89

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

| **Program Details**       | **Program 1**            |
|---------------------------|--------------------------|
| **Approval Date**         | **May 13, 2024**  **[0000807863-24-000142_mitk-20240930.htm:49]** **[0000807863-24-000142_mitk-20240930.htm:116]**  |
| **End Date/Duration**     | **May 16, 2026**  **[0000807863-24-000142_mitk-20240930.htm:49]** **[0000807863-24-000142_mitk-20240930.htm:116]**  |
| **Total Additional Amount** | **$50 million**  **[0000807863-24-000142_mitk-20240930.htm:49]** **[0000807863-24-000142_mitk-20240930.htm:116]**  |
| **Remaining Authorization** | **$22.7 million** as of 2025-01-08  **[0000807863-24-000142_mitk-20240930.htm:62]**  |
| **Details**               | Repurchases influenced by **price, market conditions, and corporate/regulatory requirements**. Can be executed via open market, block trades, privately negotiated transactions, or Rule 10b5-1 plans. Program can be discontinued, suspended, or amended at any time.  **[0000807863-24-000082_mitk-20240630.htm:51]**  |

120b3f1d8aaa2a3654bf0f669ab25996f67a1aa44b9327f8e650527fcf220e25

1. **Growth Guidance and Outlook**  
   **Q:** Why does guidance imply only 2% growth; what's the outlook for deposits and identity?  
   **A:** Management expects deposits to be relatively flat, with growth in **Check Fraud Defender** offsetting declines elsewhere. In the identity segment, they face headwinds like legacy ICAR reductions and pricing pressure but aim to outpace these challenges. They are confident in accelerating growth and targeting double-digit growth going into 2026.  **[MITK_3411710_17]** 

2. **Identity Division Profitability**  
   **Q:** Will identity reach profitability at $85 million revenue by 2026?  
   **A:** The identity division needs to reach **$80–85 million** in revenue to become profitable, requiring an additional **$14 million**. Management expects to achieve this level going into fiscal 2026.  **[MITK_3411710_18]** 

3. **Check Fraud Defender Opportunity**  
   **Q:** What is the opportunity with data on 17% of accounts but less than 1% penetration?  
   **A:** With data sets built on **17%** of accounts yet less than **1%** of financial institutions participating, the network effect enhances the solution's value as more data is added. This represents significant growth potential as they expand the consortium and enrich data assets.  **[MITK_3411710_15]** 

4. **Organic Growth Strategy**  
   **Q:** Is the 13% CAGR still a medium-term opportunity?  
   **A:** Management believes achieving a **low-teens** CAGR is feasible and aims to return to double-digit growth. They are focusing on organic growth by aligning products with market needs, leveraging existing customer relationships, and continuing to invest in innovation to build momentum.  **[MITK_3411710_8]** 

5. **Operating Expenses and Margin Outlook**  
   **Q:** What is the outlook for operating expenses and margins in fiscal '25?  
   **A:** Operating expenses are expected to increase by an additional **mid-single-digit millions** over fiscal '24, mainly due to investment in **Check Fraud Defender**. However, efficiencies in the identity segment are anticipated, and management sees potential for margin expansion beyond 2025 if they execute their plan.  **[MITK_3411710_13]** **[MITK_3411710_21]** 

6. **Competition and Pricing Power**  
   **Q:** Have you found a competitor in mobile check deposit, and what about pricing power?  
   **A:** Mitek holds a dominant position with over **7,000** financial institutions. While there are other providers, they continue to deliver significant value. They will ensure pricing remains competitive and aligned with the value offered, but did not specify future price increases.  **[MITK_3411710_10]** **[MITK_3411710_11]** 

7. **Integration and Transformation Plan**  
   **Q:** How significant is the integration effort, and how are you managing costs?  
   **A:** The company is streamlining operations to focus on driving organic growth and scaling margins. They are integrating platforms, enhancing algorithms, and aligning the sales team to high-margin products. These actions are included in current guidance, and any significant investments will be communicated if they arise.  **[MITK_3411710_19]** **[MITK_3411710_20]** 

14831fa7d99d2a6cea0c1d51c079ae9348dac4769c3d5d67c21fe186ce6abc33

United States

United Kingdom

All Other Countries

- International Sales

Total Revenue

e84d3607c21ebbf110028fc87924e496e8e585d2bd63495c452c7ec2d61a3d53

Software and Hardware

- Deposits

- Identity Verification

Services and Other

a63262088360ed032c7ec19e4efa5999e964d54ea6e6480164f8bb9ce8dccefc

- **Dominant Market Position in Mobile Check Deposit Solutions**: Mitek holds a dominant market share with over **7,000 financial institutions** using its mobile check deposit solution, providing a strong competitive advantage and significant value to clients.  **[MITK_3411710_10]**
- **Strong Growth Potential in Emerging Products like Check Fraud Defender**: The company's Check Fraud Defender (CFD) product saw **annualized contract value (ACV) grow by nearly 60% year-over-year**, exceeding **$10 million**, and they expect to more than **double ACV in fiscal 2025**, indicating significant growth opportunities.  **[MITK_3411710_12]**
- **Focused Strategy on Organic Growth and Margin Expansion Under Experienced Leadership**: Under new CEO Edward West, Mitek is prioritizing organic growth by refining its strategy, integrating products, and leveraging strong customer relationships for cross-selling opportunities. The company aims to return to **double-digit revenue growth** with a potential **low teens CAGR**, and expects **margin expansion** through cost efficiency plans.  **[MITK_3411710_8]** **[MITK_3411710_7]** **[MITK_3411710_21]** **[MITK_3411710_16]**

1d3c04146ceea79d4b1a2a06f00de7b4b1e47e51560b8149165077eed07e0553

- **Delayed Profitability in the Identity Segment**: The company expects its identity products to become profitable only when revenue reaches **$80 million to $85 million**, which is not anticipated until fiscal **2026**, indicating ongoing margin pressure in this key growth area.  **[MITK_3411710_18]**  Additionally, the identity segment faces headwinds from pricing pressures in stand-alone document verification and declines in legacy products, leading to limited expected growth in fiscal **2025**.  **[MITK_3411710_17]**
- **Increasing Operating Expenses Amid Flat Revenue**: Operating expenses are projected to increase by **mid-single-digit millions** in fiscal **2025** compared to fiscal **2024**, while revenue is expected to be relatively flat, potentially resulting in margin compression.  **[MITK_3411710_13]**  This raises concerns about the company's ability to improve profitability in the near term.
- **Management's Cautious Outlook on Growth**: Leadership has expressed the need to **"turn the ship"** after experiencing **"a lot of distractions, a lot of issues"** over the past few years, indicating underlying challenges.  **[MITK_3411710_8]**  Furthermore, management has refrained from providing guidance beyond fiscal **2025**, citing uncertainties, which may signal limited visibility into future growth prospects.  **[MITK_3411710_21]**

f3d537b64225b84a8800981168e05b05355478da0cc961694b19de8fa42bde94

- **Increased legal and compliance costs** are impacting profitability, with **$2 million higher legal expenses** in fiscal Q1 2024 due to ongoing litigation, SEC filings, and potential Nasdaq delisting issues.  **[MITK_3379825_10]**
- **Pricing pressures and intense competition** in the Identity Verification business are challenging growth, as **new logo acquisition has become a very hard-fought battle** and there is **per unit pricing pressure** in some heritage identity products.  **[MITK_3379825_11]**
- The company's **full-year guidance relies heavily on a significant back-half ramp**, driven by new products like Check Fraud Defender, which may pose a risk if the expected growth does not materialize as anticipated.  **[MITK_3379825_5]** **[MITK_3379825_7]**

5b5cd4a5b2237aee4e69643fa1299f800ceb49ee082b5bcd16c549bd6360a01b

- The **General and Administrative (G&A) expenses have increased significantly**, reaching **20% of revenue, up from 12% two years ago**, and are expected to remain elevated in the near term, which may pressure profitability.  **[MITK_3388797_8]**
- The company faces **increased competition and pricing pressure** in its identity verification business, due to **desperate pricing strategies from competitors**, potentially impacting revenue and margins.  **[MITK_3388797_5]**
- The **CEO transition** without a specified timeline for hiring a permanent CEO may introduce uncertainty and potential disruption in leadership during a critical growth phase.  **[MITK_3388797_18]** ,  **[MITK_3388797_0]**

cc658d2389cb967bb6fdeef4b6cf5b7e067fffeab43493c40d94c428523a5bd7

- **Significant revenue shortfall due to delays in ID R&D biometrics deals, impacting profitability:** Mitek announced an expected revenue shortfall of around **$11 million to $12 million** for the fiscal year, primarily due to delays in closing **ID R&D biometrics deals**. These deals have high gross margins, so missing them directly affects the bottom line.  **[MITK_3397869_5]**
- **Underperformance of the Mobile ID business leading to strategic concerns:** Analysts expressed disappointment with the performance of the Mobile ID segment, questioning whether management has considered selling or splitting the company due to its underperformance.  **[MITK_3397869_10]** **[MITK_3397869_8]**
- **Pricing pressure and commoditization in Mobile Verify affecting margins and renewals:** Mitek is experiencing competitive pricing pressure in its Mobile Verify product, leading to lower renewal pricing despite increased transaction volumes. Additionally, high customer acquisition costs (CAC) for smaller customers are impacting profitability, indicating challenges in maintaining margins in this segment.  **[MITK_3397869_14]**

a4291023a944530d9ea5d5408d791dd7bb0f09685dfb3fe1beae8fe5aa46c435

- **Mitek's Check Fraud Defender (CFD) is gaining strong traction, with adoption by top 5 and top 10 banks**, demonstrating its high ROI and significant market potential. Customers are experiencing substantial savings, with some **saving tens of millions of dollars** within the first few months of use. ( **[MITK_3397869_10]** ,  **[MITK_3397869_15]** )
- **Strategic partnerships with Experian and Equifax are expanding Mitek's reach into adjacent markets**, such as healthcare, indicating significant growth opportunities beyond traditional financial services. A **large healthcare provider in the U.K.** has already been signed through these partnerships. ( **[MITK_3397869_17]** )
- **Integration of ID R&D biometrics technology with Mitek's core offerings is enhancing cross-selling opportunities and access to senior decision-makers in banks**. This integration is expected to drive better margins and growth, with underlying demand remaining strong in the identity verification market. ( **[MITK_3397869_9]** ,  **[MITK_3397869_11]** )

25f5d136c8af24bc19b719859cee7d4f89d8738337d71bdc19f6337bf861c4c3

- **Mitek's Identity business is on track to become cash flow positive in the fourth quarter of fiscal 2024**, which could lead to future **margin expansion and enhanced profitability**.  **[MITK_3388797_17]** **[MITK_3388797_16]**
- **The Check Fraud Defender (CFD) product is experiencing rapid growth**, with **over 25 signed customers**, including one of the top 100 banks, and is expected to reach the goal of approximately **50 customers by year-end**, indicating significant market traction and potential for **future revenue growth**.  **[MITK_3388797_7]** **[MITK_3388797_9]**
- **General and administrative expenses are expected to significantly improve starting in Q4**, as the company has been addressing elevated costs related to delayed SEC filings and remediation of material weaknesses, which could enhance future profitability and margins.  **[MITK_3388797_8]**

93b8cf148a37c123df64ec3017c17527311486f11e984516cee534c69dd9bab2

- **Check Fraud Defender (CFD) is exceeding expectations**, with over **20 customers contracted** by the March quarter and targeting over **50 customers by the end of fiscal 2024**, highlighting strong demand for this product addressing the critical issue of check fraud. This significant pipeline growth suggests **CFD has the potential to contribute $200 million in annual revenue within the next 5 to 7 years**.  **[MITK_3379825_8]** ,  **[MITK_3379825_6]**
- **Mitek's Identity business is moving towards breakeven in the fourth quarter**, with expectations of stand-alone profitability on a fully burdened basis, which should provide margin tailwinds and improve consolidated financial performance.  **[MITK_3379825_13]**
- **New products like MiVIP, MiPass, and ID R&D biometrics are gaining traction**, with the company seeing improved growth and increased market share in its identity orchestration platform, expected to drive higher returns over time. Growth from these newer identity authentication products is anticipated to ramp in the second half of fiscal 2024 and into fiscal 2025.  **[MITK_3379825_12]** ,  **[MITK_3379825_5]**

1df2fb89a70317c77d903fb33c69715beda879213db32b6ff00b74347f027f8e

Mitek Systems Inc (MITK)

Financials