Press release
Mitek Reports Fiscal 2024 Third Quarter Financial Results
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 fraud prevention, today reported financial results for its third quarter ended June 30, 2024 and revised its previously provided guidance for its 2024 fiscal year ending September 30, 2024.\n\n\nFiscal 2024 Third Quarter Financial Highlights\n\n\n\nTotal revenue was $45.0 million, compared to $43.1 million a year ago, or 4% year-over-year growth.\n\n\n\nGAAP operating income was $0.7 million, an operating margin of 2%, compared to GAAP operating income of $1.8 million, an operating margin of 4% a year ago.\n\n\n\nGAAP net income was $0.2 million, or $0.00 per diluted share, compared to GAAP net loss of $0.4 million, or $0.01 per diluted share a year ago.\n\n\n\nNon-GAAP operating income was $11.6 million and non-GAAP operating margin was 26%, compared to non-GAAP operating income of $12.0 million and a non-GAAP operating margin of 28% a year ago.\n\n\n\nNon-GAAP net income increased 27% to $12.0 million, or $0.25 per diluted share, compared to $9.5 million, or $0.20 per diluted share a year ago.\n\n\n\nCash flow from operations was $13.0 million, compared to $16.6 million a year ago.\n\n\n\nTotal cash and investments was $133.2 million at June 30, 2024, an increase of $2.9 million from $130.3 million at March 31, 2024.\n\n\n\nMitek repurchased 819,623 shares at an average per share price of $12.25, totaling approximately $10.0 million.\n\n\n\nMitek Executive Chairman and Interim CEO Scott Carter’s Comments\n\n\n“While we grew total revenue 4% year over year with Deposits leading the way, I am disappointed in our fiscal Q3 Identity product revenue and revenue outlook for fiscal year 2024. Although we had challenges in Identity, which we are addressing, I remain confident that our superior technology, strategic investments and upcoming product launches position us well to drive growth and deliver long-term shareholder value.”\n\n\nFiscal 2024 Full Year Guidance\n\n\nMitek is revising its previously provided guidance for its fiscal year ending September 30, 2024, as follows:\n\n\n\nMitek now expects full-year revenue to be between $169 million and $173 million, a decrease of 1% at the midpoint of the range when compared to last year’s revenue. In fiscal 2023, Mitek signed a large...