Press release
Mitek Reports Preliminary Fiscal 2023 Full Year Financial Results and Provides Guidance for Fiscal 2024
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 preliminary financial results for its full fiscal year ended September 30, 2023, and provides guidance for its 2024 fiscal year ending September 30, 2024.\n\n\nPreliminary Fiscal 2023 Full-Year Financial Highlights\n\n\n\nTotal revenue increased 19% year over year to $171.9 million.\n\n\n\nGAAP net income was $7.8 million, or $0.17 per diluted share.\n\n\n\nNon-GAAP net income was $43.8 million, or $0.94 per diluted share.\n\n\n\nCash flow from operations was $31.4 million.\n\n\n\nTotal cash and investments were $134.9 million on September 30, 2023.\n\n\n\nThese preliminary unaudited financial results for the fiscal year ended September 30, 2023 are estimates based on currently available information and the Company has not yet completed its year end audit of such financial results. These preliminary unaudited estimates of the Company’s revenue, net income, cash flow and cash and investments have been prepared by and are the responsibility of management. The Company’s actual results may differ from these preliminary estimates after the completion of our year end audit by our independent registered public accounting firm, and related final adjustments and review by the Company’s staff and management. The Company’s independent registered public accounting firm has not conducted a review of and does not express an opinion or any other form of assurance with respect to these preliminary estimates.\n\n\nMitek CEO Max Carnecchia’s Comments\n\n\n\"We are happy to announce that we exceeded our fiscal 2023 revenue guidance and delivered full-year revenue growth of 19% and a non-GAAP operating margin of 31% for our fiscal year ended September 30, 2023. Our Deposits revenue grew 21% for our full fiscal year, while Identity revenue grew 18% year over year. Also, for the full fiscal year 2023, Mitek’s net revenue retention rate was over 115%, which again underscores the value our solutions deliver in the growing markets we serve. We also generated significant cash flow and strengthened our balance sheet in fiscal 2023, and with our market leading product portfolio in place, we believe that we do not need to do additional acquisitions to further penetrate the...