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Mitek Reports Record Fourth Quarter and Fiscal 2014 Financial Results

Mitek Reports Record Fourth Quarter and Fiscal 2014 Financial Results

Record Results Driven by Mobile Deposit® Growth

Key Facts:

  • Revenue up approximately 30% year-over-year for fiscal 2014, driven by Mobile Deposit® growth
  • Quarterly revenue up 26% year-over-year; achieved quarterly GAAP and Non-GAAP profitability
  • Mobile Deposit® surpassed 3,000 banks, growing to 3,026 financial institutions now signed
  • New products capture images of driver’s licenses and other ID’s to optimize enrollment and authentication
  • Portfolio of 20 patents issued, 23 patents pending a strong foundation for continued innovation

Mitek Systems, Inc. (Nasdaq:MITK) today announced its financial results for the fourth quarter and full fiscal year 2014, which ended September 30, 2014.

“We ended fiscal 2014 with record quarterly revenue of $5.5 million, leading to GAAP and Non-GAAP profitability. Record annual revenue of $19.2 million was largely driven by Mitek’s Mobile Deposit, which is now licensed by over 3,000 financial institutions and used by an estimated 33 million Americans,” said James B. DeBello, president and CEO of Mitek (MITK). Continuing to focus on Mobile Deposit, Mobile Photo Account Opening and identity capture solutions, we are positioning our mobile imaging platform to help institutions serve the burgeoning wave of mobile consumers.

Total revenue for the fourth quarter of fiscal 2014 was $5.5 million compared to total revenue of $4.4 million in the fourth quarter of fiscal 2013. Total revenue for fiscal 2014 was $19.2 million compared to $14.8 million in fiscal 2013, driven by continued strong demand for Mitek’s Mobile Deposit® product.

GAAP net income (loss) for the fourth quarter of fiscal 2014 was $2,050, or break-even per diluted share, compared to GAAP net income (loss) of $(1.5) million, or $(0.05) per share, in the fourth quarter of fiscal 2013. GAAP net income (loss) for fiscal 2014 was $(5.3) million, or $(0.17) per share, compared to GAAP net income (loss) of $(7.3) million, or $(0.26) per share, in fiscal 2013.

Non-GAAP net income (loss) for the fourth quarter of fiscal 2014 was $1.9 million, or $0.06 per share, compared to non-GAAP net income (loss) of $(0.1) million, or breakeven per diluted share, in the fourth quarter of fiscal 2013. Non-GAAP net income (loss) for fiscal 2014 was $1.9 million, or $0.06 per share, compared to non-GAAP net income (loss) of $(2.1) million, or $(0.08) per diluted share, in fiscal 2013.

Total operating costs and expenses for the fourth quarter of fiscal 2014 were $5.6 million compared to $5.9 million in the fourth quarter of fiscal 2013. Total operating expenses for fiscal 2014 were $24.6 million compared to $22.1 million in fiscal 2013. The year-over-year increase in total operating expenses was primarily driven by higher investments in personnel to grow the business as well as litigation expense related to protecting the Company’s intellectual property.

The Company ended fiscal 2014 with cash, cash equivalents and investments of $26.1 million, compared to $29.0 million at the end of fiscal 2013.