MITEK SYSTEMS INCMITK

MITEK SYSTEMS INC Leases Disclosure

10-KFiled Dec 11, 20252 min read
10. LEASES
The Company leases office and research and development facilities under non-cancelable operating leases for various terms through 2031. Certain lease agreements include renewal options, rent abatement periods, and rental increases throughout the term. Operating lease costs are included within cost of revenue, selling and marketing, research and development, and general and administrative expenses, dependent upon the nature and use of the ROU asset, in the Company’s consolidated statements of operations and comprehensive income (loss).

The following table provides the components of lease cost recognized in the consolidated statements of operations and comprehensive income (loss) for the periods presented (amounts in thousands):
Twelve Months Ended September 30,
202520242023
Operating lease costs
$747$1,784$2,025
Short-term lease costs
528384150
Variable lease costs
203249169
Total lease costs$1,478$2,417$2,344
Supplemental cash flow information related to leases was as follows (amounts in thousands):
Twelve Months Ended September 30,
202520242023
Right of use assets acquired under new operating leases$429$1,947$—
Cash paid for amounts included in the measurement of lease liabilities
8451,9602,368
Other information related to leases as of the balance sheet dates presented was as follows:
Twelve Months Ended September 30,
20252024
Weighted-average remaining lease term (years) - operating leases4.05.3
Weighted-average discount rate - operating leases7.8 %3.6 %
Maturities of operating lease liabilities as of September 30, 2025 were as follows (amounts in thousands):
Operating Leases
2026$1,081 
2027990 
2028479 
2029314 
2030323 
Thereafter286 
Total lease payments$3,473 
Less: amount representing interest(503)
Present value of future lease payments$2,970 

Historical Timeline

Fiscal YearFiled
2025Dec 11, 2025Showing above
2024Dec 16, 2024
2023Mar 19, 2024
2022Jul 31, 2023

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

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