Press release
Mitek Delivers Record Fiscal Second Quarter Revenue, Up 35% Year Over Year; Reiterates Fiscal Full Year Guidance
SAN DIEGO--(BUSINESS WIRE)-- Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity and
About this update from Mitek Systems, Inc.
[{"type":"text","content":" SAN DIEGO--(BUSINESS WIRE)--\nMitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity and digital fraud prevention, today reported financial results for its second quarter of fiscal 2023 ended March 31, 2023. Total revenue increased 35% year over year, reaffirming Mitek’s market-leading position.\n\n\nFiscal 2023 Second Quarter Financial Highlights\n\n\n\nTotal revenue increased 35% year over year to $45.3 million in a record second quarter.\n\n\n\nGAAP net income was $4.4 million, or $0.10 per diluted share.\n\n\n\nNon-GAAP net income was $13.1 million, or $0.29 per diluted share.\n\n\n\nCash flow from operations was $6.3 million.\n\n\n\nTotal cash and investments were $114.5 million on March 31, 2023.\n\n\n\nFiscal 2023 First Six Months Financial Highlights\n\n\n\nTotal revenue increased 38% year over year to $91.0 million.\n\n\n\nGAAP net income was $9.2 million, or $0.20 per diluted share.\n\n\n\nNon-GAAP net income was $27.4 million, or $0.60 per diluted share.\n\n\n\nCash flow from operations was $11.6 million.\n\n\n\nMitek CEO Max Carnecchia’s Comments\n\n\n\"Our strong performance in the second quarter highlights the market-leading position of our solutions in the large and growing markets we address. Our Identity revenue was up 35% year over year in the second quarter, reinforcing our position as a leader in the ever-changing identity and fraud landscape. Our Deposits business also delivered another strong quarter, with revenue up 35% year over year. Looking ahead, we expect revenue growth in the second half of the year to moderate as a result of timing of deals falling in the first half of the year, as well as the difficult macroeconomic environment; however with our strong first half performance we are reiterating our full year guidance which calls for 18% revenue growth year over year at the midpoint and non-GAAP operating margins in the range of 30% to 31%.\"\n\n\nFiscal 2023 Full Year Guidance\n\n\nMitek is reiterating its fiscal 2023 guidance for the year ending September 30, 2023, expecting revenue to be in the range of $169.0 million to $171.0 million, an increase of approximately 18% year over year from the mid-point of the guidance range. Mitek expects its non-GAAP operating margin for fiscal 2023 to be in the range of 30.0% to 31.0%.\n\n\nConfer...