Mitek Reports 37% Year Over Year Increase in Revenue

Mitek (NASDAQ:MITK), a global leader in mobile capture and digital identity verification solutions announced its financial results for the third quarter of fiscal 2018 ended June 30, 2018.

The company said that its revenue increased 37 percent year over year to a record US$16.1 million. The company had a GAAP net loss of US 2.8 million or 0.08 per share.

As quoted in the press release:

“We had an excellent third quarter with revenues increasing 37% year over year, while reporting our eighteenth consecutive quarter of non-GAAP profitability,” said James DeBello, Chairman and CEO of Mitek. “Banks, marketplaces and lenders continue to trust Mitek’s solutions to enable their digital commerce. Thanks to the team’s relentless focus on penetrating this market, we won a record number of new customers, validating the growing market opportunity for our trusted ID verification solution Mobile Verify. With the acquisition of A2iA during the quarter, we also advanced Mobile Deposit’s leading market position while accelerating the development of our next generation Identity solutions.”

Fiscal Third Quarter 2018 Financial Highlights:

• Non-GAAP net income of $2.1 million, or $0.06 per diluted share.
• Total cash and investments of $18.0 million at the end of the fiscal third quarter.

Fiscal 2018 Financial Guidance

For the fiscal year ending September 30, 2018, the Company expects full year total revenue of $62 million to $63 million, which would represent growth between 37% and 39% year over year, and expects to generate a non-GAAP profit margin of approximately 15% to 16%.

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