Mitek Reports Third Quarter Fiscal 2015 Financial Results

Record quarterly revenue of $6.4 million, up 38% year-over-year

Highlights

  • Record quarterly revenue of $6.4 million, up 38% year-over-year
  • Ten consecutive quarters of year-over-year revenue growth
  • GAAP profit of $0.9 million, recording fourth consecutive profitable quarter
  • Mobile Deposit® surpasses a new milestone, licensed by over 4,000 financial institutions
  • Acquired IDchecker, a global provider of identity document verification and facial recognition solutions

Mitek Systems, Inc. (NASDAQ:MITK) today announced its financial results for the third quarter of fiscal 2015, which ended June 30, 2015.

“Our quarterly revenue grew 38% year-over-year to over $6 million, demonstrating our success at providing a superior mobile experience,” said James B. DeBello, president and CEO of Mitek (MITK). “Our acquisition of IDchecker solidifies Mitek’s position as a global leader in mobile capture and identity solutions, increasing our recurring revenues with a cloud-based model.”

Total revenue for the third quarter of fiscal 2015 was $6.4 million compared to total revenue of $4.7 million in the third quarter of fiscal 2014, driven by Mitek’s Mobile Deposit® and identity solutions.

GAAP net income for the third quarter of fiscal 2015 was $917,000, or $0.03 per diluted share, compared to GAAP net loss of $(1.6) million, or $(0.05) per share, in the third quarter of fiscal 2014. Non-GAAP net income for the third quarter of fiscal 2015 was $2.2 million, or $0.07 per diluted share, compared to non-GAAP net income of $139,000, or breakeven per diluted share, in the third quarter of fiscal 2014.

Fiscal 2015 Outlook

Fiscal 2015 revenue is expected to be between $23.5 million to $24.5 million, an increase of $1 million to both ends of the prior guidance range.