Press release
Mitek Delivers Record Revenue in Fiscal Third Quarter, Up 24% Year Over Year
Mitek Launches MiVIP, the Mitek Verified Identity Platform, During the Third Quarter, Making Digital Access Faster and More Secure Than Ever SAN
About this update from Mitek Systems, Inc.
[{"type":"text","content":"\nMitek Launches MiVIP, the Mitek Verified Identity Platform, During the Third Quarter, Making Digital Access Faster and More Secure Than Ever\n\n 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 third quarter of fiscal 2022 ended June 30, 2022. Total revenue increased 24% year over year as commerce continues its rapid shift to digital channels.\n\nFiscal Third Quarter 2022 Financial Highlights\n\n\nTotal revenue increased 24% year over year to $39.3 million in a record third quarter.\n\n\nGAAP net loss was $0.9 million, or $0.02 per diluted share.\n\n\nNon-GAAP net income was $10.2 million, or $0.23 per diluted share.\n\n\nTotal cash and investments were $90.6 million at the end of the quarter.\n\n\n“As consumers transact more business online than ever, identity verification has become essential to safe digital access,” said CEO Max Carnecchia. “In 2021, the combined impact of traditional identity fraud and identity fraud scams cost companies $52 billion and affected 42 million U.S. consumers.1 During the quarter, we launched MiVIP, the Mitek Verified Identity Platform, making digital access faster and more secure than ever while giving companies comprehensive, secure control over their entire customer identity journey, saving them time and money,” Carnecchia continued. “Mitek’s new platform is the culmination of our best technologies, our most recent acquisition, and our ongoing commitment to putting our customers in control of their consumers’ experiences.”\n\n“Our customers feel the weight of staggering fraud losses, significant operational costs, and the brand damage associated with identity fraud, all while trying to maintain a seamless customer experience,” said CFO Frank Teruel. “MiVIP provides our customers the tools to quickly deploy and balance these constant tensions.”\n\nConference Call Information\n\nMitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the Company’s financial results. To access the live call, dial 877-270-2148 (US and Canada) or +1 412-902-6510 (International) and ask to join the Mitek call.\n\nA live and archived webcast of the...