Press release
Mitek Surpasses $100 Million in Annual Revenue and Sets Financial Records
Strong growth fueled by increased demand for both mobile deposit and identity verification SAN DIEGO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK,
About this update from Mitek Systems, Inc.
[{"type":"text","content":"Strong growth fueled by increased demand for both mobile deposit and identity verification\nSAN DIEGO, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com) today reported record financial results for both its fiscal 2020 fourth quarter and full year ended September 30, 2020. Total fourth quarter revenue increased 22% and full year revenue increased 20% year over year. These results were fueled by an increase in demand for both mobile deposit and identity verification capabilities, as more people and businesses transact online.\n Fiscal Fourth Quarter 2020 Financial Highlights Total revenue increased 22% year over year to $30.6 million in a record quarter.GAAP net income was $5.0 million, or $0.12 per diluted share.Non-GAAP net income increased 31% year over year to a record $11.4 million, or $0.26 per diluted share.Cash flow from operations was $6.7 million.Total cash and investments were $62.0 million at the end of the fiscal fourth quarter. Fiscal 2020 Full Year Financial Highlights Total revenue increased 20% year over year to a record $101.3 million.GAAP net income was $7.8 million, or $0.18 per diluted share.Non-GAAP net income increased 66% year over year to a record $28.6 million, or $0.67 per diluted share.Full year cash flow from operations was $24.1 million. Commenting on the results, Max Carnecchia, CEO of Mitek, said: “Fiscal 2020 was another outstanding year for Mitek and our third consecutive year with record revenue for each quarter. Mitek’s strong financial performance reflects the team’s commitment to helping our customers and partners navigate this challenging environment as they accelerate their digital transformation.” Mitek is committed to providing convenience while preventing fraud in the digital world. The company’s technology ensures that more businesses can transact digitally and secure their platforms through easy, fast and secure identity verification. Also, Mitek remains the clear market leader with its remote check deposit solution, with thousands of financial organizations using its products, and more than four billion transactions processed. New Board Member Today, Mitek announced the appointment of Kimberly S. Stevenson to its Board of Directors. Ms. Stevenson is a technology innovator who has transformed processes at some of the industry’s leading companies including Leno...