Press release
Mitek Reports 25% Revenue Growth in Record First Quarter and Significant Increase in Non-GAAP Net Income
SAN DIEGO, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and digital identity verification
About this update from Mitek Systems, Inc.
[{"type":"text","content":"SAN DIEGO, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and digital identity verification solutions, today announced its financial results for the first quarter of fiscal 2020 ended December 31, 2019.\n Fiscal First Quarter 2020 Financial Highlights Total revenue increased 25% year over year to $22.1 million in a record first quarter.GAAP net income was $0.6 million, or $0.01 per diluted share.Non-GAAP net income was $5.0 million, or $0.12 per diluted share, an increase of 377% year over year.Cash flow from operations was $5.2 million.Total cash and investments were $39.9 million at the end of the fiscal first quarter. Commenting on the results, Max Carnecchia, CEO of Mitek, said: “We continue to report record revenues with Q1 delivering another record first quarter. Our commitment to ensuring business value for our customers is also reflected in solid double-digit growth from both our mobile deposit and identity verification products and increased profitability in our business overall.” Fiscal 2020 Financial Guidance For the fiscal year ending September 30, 2020, the company is reiterating its previously provided guidance for full year total revenue to be between $98 million and $102 million, which would represent growth of approximately 16% to 21% year over year. The company expects to generate a non-GAAP operating margin of approximately 20% to 22%. Conference Call Information Mitek 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 800-367-2403 (US and Canada) or +1 334-777-6978 (International) and give the participant passcode 3456782. A live and archived webcast of the conference call will be accessible on the Investor Relations section of the company’s website at www.miteksystems.com. In addition, a phone replay will be available approximately two hours following the end of the call, and it will remain available for one week. To access the call replay dial-in information, please click here. About Mitek Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification solutions built on the latest advancements in AI and machine learning. Mitek’s identity verification solu...