Mitek Reports First Quarter Fiscal 2015 Financial Results
- Quarterly revenue up 21% year-over-year; achieved quarterly profitability
- Mobile Deposit® grew to 3,304 financial institutions now signed, 2,744 live
- MiSnap” launched by additional top U.S. bank, increasing deployment to millions of users
- Licensing of Mobile Photo Account Opening” gains traction
Mitek Systems, Inc.(Nasdaq:MITK) (www.miteksystems.com) today announced its financial results for the first quarter of fiscal 2015, which ended December 31, 2014.
“As we report another quarter of solid financial performance, we are leveraging the success of Mobile Deposit to attack even bigger opportunities associated with identity capture and account opening,” said James B. DeBello, president and CEO of Mitek (MITK). “This past quarter we experienced strong demand for Mobile Deposit and our newest solution Mobile Photo Account Opening, and we expect to see this trend continue.”
Total revenue for the first quarter of fiscal 2015 was $5.4 million compared to total revenue of $4.5 million in the first quarter of fiscal 2014, driven by continued strong demand for Mitek’s mobile products including Mobile Deposit® and Mobile Photo Account Opening.
GAAP net income for the first quarter of fiscal 2015 was $146,000, or break-even per diluted share, compared to GAAP net loss of $(1.5) million, or $(0.05) per share, in the first quarter of fiscal 2014. Non-GAAP net income for the first quarter of fiscal 2015 was $1.5 million, or $0.05 per share, compared to non-GAAP net loss of $(135,000), or break-even per diluted share, in the first quarter of fiscal 2014.