Mitek Reports First Quarter Fiscal 2014 Financial Results
- Revenue up 35% year-over-year for first quarter of fiscal 2014
- Mobile Deposit® licensed financial institutions grew to 1,780 banks signed, 1,362 banks live
- 18th and 19th patents issued for mobile imaging technologies
Mitek Systems, Inc. (Nasdaq:MITK) , today announced its financial results for the first quarter of fiscal 2014, which ended December 31, 2013.
“Strong user trends drove our solid first quarter results. A record 557 banks went live with Mobile Deposit in the quarter, illustrating this product is becoming mainstream,” said James B. DeBello, president and CEO of Mitek. “We are excited about the launch of Mitek’s Mobile Photo Payments, our first solution designed for direct billers. As we expand into new areas, Mitek is continuing to develop its innovative mobile imaging platform that will serve the evolving needs of the mobile only consumer.”
Total revenue for the first quarter of fiscal 2014 was $4.5 million compared to total revenue of $3.3 million in the first quarter of fiscal 2013, driven by strong demand for Mitek’s Mobile Deposit product.
GAAP net loss for the first quarter of fiscal 2014 was $1.5 million, or $0.05 per share, compared to GAAP net loss of $1.4 million, or $0.05 per share, in the first quarter of fiscal 2013. Non-GAAP net loss for the first quarter of fiscal 2014 was $0.6 million, or $0.02 per share, compared to non-GAAP net loss of $0.7 million, or $0.03 per diluted share, in the first quarter of fiscal 2013.
Total operating expenses for the first quarter of fiscal 2014 were $5.9 million compared to $4.7 million for the first quarter of fiscal 2013. The increase in total operating expenses was primarily driven by investments in personnel to grow the business as well as litigation expense related to protecting the Company’s intellectual property.
Highlights
- 18th and 19th patents issued by USPTO for Mobile Image Quality Assurance and additional Mobile Capture methods; 23 patents are pending
- Mobile Photo Bill Pay® licensed financial institutions grew to 20 banks signed with 13 banks live
- FirstBank first regional bank to offer Mobile Photo Bill Pay®
- Announced collaborations with Kony to deliver Mobile Photo Bill Pay® and Experian® to offer frictionless and safe Mobile Photo Account Opening™