Press release
Mitek Reports Record Revenue and Earnings for Full Year Fiscal 2021
Company Continues to Expand its Market Leading Fraud Fighting Offerings into the Identity Authentication Market SAN DIEGO--(BUSINESS WIRE)-- Mitek (NASDAQ:
About this update from Mitek Systems, Inc.
[{"type":"text","content":"\nCompany Continues to Expand its Market Leading Fraud Fighting Offerings into the Identity Authentication Market\n\n SAN DIEGO--(BUSINESS WIRE)--\nMitek (NASDAQ: MITK) (www.miteksystems.com), a global leader in digital fraud prevention, today reported financial results for both its fiscal 2021 fourth quarter and full year ended September 30, 2021. Total revenue for the full year fiscal 2021 increased 18% year over year, driven by increased demand for both digital identity verification solutions and mobile deposit, as commerce continues its rapid shift to digital channels.\n\nFiscal Fourth Quarter 2021 Financial Highlights\n\n\nTotal revenue increased 9% year over year to a record $33.3 million.\n\n\nGAAP net income was $2.2 million, or $0.05 per diluted share.\n\n\nNon-GAAP net income was $10.1 million, or $0.22 per diluted share.\n\n\nCash flow from operations was $12.3 million.\n\n\nTotal cash and investments were $227.4 million at the end of the quarter.\n\n\nFiscal 2021 Full Year Financial Highlights\n\n\nTotal revenue increased 18% year over year to a record $119.8 million.\n\n\nGAAP net income was $8.4 million, or $0.19 per diluted share.\n\n\nNon-GAAP net income increased 19% year over year to a record $34.2 million, or $0.76 per diluted share.\n\n\nFull year cash flow from operations was a record $37.4 million.\n\n\n\"Fiscal 2021 was a breakout year for Mitek,” said CEO Max Carnecchia. “We again achieved record revenue, earnings and cash flow from operations, as we innovated faster and served more customers than ever before. Launching into fiscal 2022, we are strongly positioned, with both our market leading offerings and innovative product roadmap, to expand further into the identity authentication market and deliver the essential technologies required to help our customers fight identity fraud across the omnichannel.”\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.\n\nTo access the live call, dial 800-367-2403 (US and Canada) or +1 334-777-6978 (International) and give the participant passcode 8698102.\n\nA live and archived webcast of the conference call will be accessible on the Investor Relations section of the company’s website at www.miteks...