Mitek Reports Second Quarter Fiscal 2014 Financial Results
- Mobile Deposit® surpassed the 2,000 bank milestone; licensed financial institutions grew to 2,222
- Revenue up 39% year-over-year for second quarter of fiscal 2014
- Top 30 bank licensed Mobile Deposit® and Mobile Photo Bill Pay®
Mitek Systems, Inc. today announced its financial results for the second quarter of fiscal 2014, which ended March 31, 2014.
“Over 2,000 banks have now licensed Mitek’s technology. Reaching this milestone, combined with our 100% customer retention rate, solidifies Mitek’s leadership in the market,” said James B. DeBello, president and CEO of Mitek. “During the quarter we signed a major bank to offer two of Mitek’s solutions, and launched our Developer Program. We are focused on maintaining our first-mover advantage by growing our core business while uncovering new and innovative use cases for our technology.”
Total revenue for the second quarter of fiscal 2014 was $4.5 million compared to total revenue of $3.2 million in the second quarter of fiscal 2013, driven by continued strong demand for Mitek’s Mobile Deposit product.
GAAP net loss for the second quarter of fiscal 2014 was $2.2 million, or $0.07 per share, compared to GAAP net loss of $2.4 million, or $0.09 per share, in the second quarter of fiscal 2013. Non-GAAP net loss for the second quarter of fiscal 2014 was$1.3 million, or $0.04 per share, compared to non-GAAP net loss of $1.7 million, or $0.06 per diluted share, in the second quarter of fiscal 2013.
Total costs and expenses for the second quarter of fiscal 2014 were $6.7 million compared to $5.6 million for the second quarter of fiscal 2013. The increase in total operating expenses was primarily driven by continued investments in personnel to grow the business as well as litigation expense related to protecting the Company’s intellectual property.