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Mitek achieves 25% revenue growth in fiscal Q1

Mitek achieves 25% revenue growth in fiscal Q1

Mitek Systems registered a 25 percent revenue growth and a notable surge in non-GAAP net income for the first quarter of fiscal 2020, which ended on December 31, 2019, the company announced.

Some of the company’s financial highlights in the given timeframe include a 25 percent year-over-year total revenue increase to $22.1 million and a GAAP net income of $0.6 million, respectively $0.01 per diluted share.

The non-GAAP net income was $5.0 million, respectively $0.12 per diluted share, a 377 percent year-over-year increase. Operating cash flow was $5.2 million, while total cash and investments equaled $39.9 million at the end of the fiscal first quarter.

“We continue to report record revenues with Q1 delivering another record first quarter,” said Max Carnecchia, CEO of Mitek. “Our commitment to ensuring business value for our customers is also reflected in solid double-digit growth from both our mobile deposit and identity verification products and increased profitability in our business overall.”

Mitek Systems predicts the full year total revenue for the fiscal year ending September 30. 2020 to be between $98 million and $102 million, suggesting a 16 to 21 percent year-over-year growth. The non-GAAP operating margin is estimated at nearly 20 to 22 percent.

Mitek recently announced a $10 million share repurchase program, which will last until December 16, 2020. While the company is not committed to carry out the purchases, the decision seems to reflect confidence in the market position of its mobile capture and digital identity verification products.

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