Company to Host Call on September 14th Following its Second Quarter Earnings Release
Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, “Mitek” or the “Company”), a global leader in digital identity and digital fraud prevention, today reported financial results for its first quarter of fiscal 2023 ended December 31, 2022. Total revenue increased 41% year over year, reaffirming Mitek’s market-leading position.
Fiscal First Quarter 2023 Financial Highlights
- Total revenue increased 41% year over year to a record $45.7 million due in part to a large, multi-year mobile deposit contract signed and partially recognized during the quarter.
- GAAP net income was $4.7 million, or $0.10 per diluted share.
- Non-GAAP net income was $14.3 million, or $0.31 per diluted share.
- Cash flow from operations was $5.3 million.
- Total cash and investments were $107.6 million on December 31, 2022.
Mitek CEO Max Carnecchia’s Comments
“Our strong performance in the first quarter highlights the continued relevance of our industry-leading solutions in the large and growing markets we address. As new types of fraud and scams emerge and existing ones see a resurgence, like check fraud, I’m proud of Mitek’s innovation and speed in responding to these growing threats. Our Identity revenue was up 15% year over year in the first quarter despite the difficult macro environment, reinforcing our solid position as a leader in the ever-changing identity and fraud landscape. Further bolstering our financial performance, our Deposits business delivered a particularly strong quarter, up 59% year over year, largely due to the signing of a large multi-year contract that locked in favorable pricing for Mitek over four years. Due to the unique terms of this one contract, we recognized additional license revenue relating to future periods of approximately $7.0 million in the first quarter. Looking ahead, we expect to release our fiscal 2023 second quarter results on September 14th, and we will host a conference call at that time to discuss the first half performance.”
Fiscal 2023 Guidance
Mitek is raising its fiscal 2023 guidance for the year ending September 30, 2023, and now expects revenue to be in the range of $169.0 million to $171.0 million, an increase of approximately 18% year over year from the mid-point of the guidance range. In addition, Mitek now expects its non-GAAP operating margin for fiscal 2023 to be in the range of 30.0% to 31.0%.
Conference Call Information
Mitek management plans on hosting a conference call and live webcast for analysts and investors following the release of its fiscal second quarter earnings release on September 14, 2023, at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the first six months results. The company will provide the conference call details in a separate press release prior to the call.
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