Press release
Mitek Delivers Record Revenue, Up 41% Year Over Year, for Fiscal 2023 First Quarter; Raises Fiscal 2023 Full Year Guidance
Company to Host Call on September 14th Following its Second Quarter Earnings Release SAN DIEGO--(BUSINESS WIRE)-- Mitek Systems, Inc. (NASDAQ: MITK,
About this update from Mitek Systems, Inc.
[{"type":"text","content":"\nCompany to Host Call on September 14th Following its Second Quarter Earnings Release\n\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 first quarter of fiscal 2023 ended December 31, 2022. Total revenue increased 41% year over year, reaffirming Mitek’s market-leading position.\n\n\nFiscal First Quarter 2023 Financial Highlights\n\n\n\nTotal revenue increased 41% year over year to a record $45.7 million due in part to a large, multi-year mobile deposit contract signed and partially recognized during the quarter.\n\n\n\nGAAP net income was $4.7 million, or $0.10 per diluted share.\n\n\n\nNon-GAAP net income was $14.3 million, or $0.31 per diluted share.\n\n\n\nCash flow from operations was $5.3 million.\n\n\n\nTotal cash and investments were $107.6 million on December 31, 2022.\n\n\n\nMitek CEO Max Carnecchia’s Comments\n\n\n“Our strong performance in the first quarter highlights the continued relevance of our industry-leading solutions in the large and growing markets we address. As new types of fraud and scams emerge and existing ones see a resurgence, like check fraud, I’m proud of Mitek’s innovation and speed in responding to these growing threats. Our Identity revenue was up 15% year over year in the first quarter despite the difficult macro environment, reinforcing our solid position as a leader in the ever-changing identity and fraud landscape. Further bolstering our financial performance, our Deposits business delivered a particularly strong quarter, up 59% year over year, largely due to the signing of a large multi-year contract that locked in favorable pricing for Mitek over four years. Due to the unique terms of this one contract, we recognized additional license revenue relating to future periods of approximately $7.0 million in the first quarter. Looking ahead, we expect to release our fiscal 2023 second quarter results on September 14th, and we will host a conference call at that time to discuss the first half performance.”\n\n\nFiscal 2023 Guidance\n\n\nMitek is raising its fiscal 2023 guidance for the year ending September 30, 2023, and now expects revenue to be in the range of $169.0 million to $171.0 million, an increase of approximately...