Mitek books record revenues on biometric verification demand, Supercom and Cyberlink report earnings
Mitek revenues increased by 24 percent on a year-over-year basis in its second fiscal quarter of 2021, to a company record $28.8 million dollars between its mobile deposit and biometric identity verification business lines.
The company’s revenue specifically from transactional identity verification jumped by 50 percent, according to the company announcement. Overall GAAP net income for the quarter was $1 million, or $0.02 per diluted share. Non-GAAP net income increased by 34 percent to $7.3 million, or $0.16 per diluted share.
A successful convertible debt offering by Mitek during the quarter yielded approximately $150 million for the company’s balance sheet.
“We are pleased to report another strong quarter across the board for Mitek driven by solid revenue growth from both our deposits and identity businesses,” states Mitek CEO Max Carnecchia. “This is our second consecutive quarter of more than 45 percent growth in our transactional identity verification revenue, highlighting our strong performance in this expanding market. Our deposit solutions also delivered solid revenue growth as consumer adoption continues to increase. Mitek’s record second quarter financial performance reflects the team’s commitment to helping our customers and partners accelerate their digital transformation while at the same time mitigating fraud.”
Mitek CTO Stephen Ritter recently spoke to Biometric Update about the need to build consumer biometric systems such as for smart homes based on a deep understanding of the relative strengths and weaknesses of different modalities and approaches.
SuperCom reports mixed 2020 results and increasing momentum
SuperCom has reported a major gain in its full-year 2020 results by EBITDA, with a $2.8 million gain compared to a loss of $0.5 million a year earlier. Revenues from SuperCom’s biometrics, IoT and cybersecurity technologies decreased to $11.8 million, down 29 percent from $16.5 million in 2019, a difference the company attributes to the effects of the COVID-19 pandemic.
The company responded to the business disruption of the pandemic by cutting costs and launching its PureHealth solution. SuperCom also says its supply chain has become more resilient.
Recent highlights for SuperCom include several adoptions of its biometric PureSecurity solution for offender monitoring, and the selection of its PureHealth biometric solution for Israel’s COVID quarantine scheme.
“In 2020, we focused on being agile and adapting to the new challenges presented to us by the COVID-19 pandemic,” said Ordan Trabelsi, CEO of SuperCom. “As government restrictions and limitations impacted our revenues and ability to fully provide our services, we adapted our operations and offerings to meet rapidly changing demands. We were pleased to see an increase in margins and profitability in parallel to a decline in revenues, representing the hard work of our operating teams to optimize costs while continuing to deliver outstanding services and solutions and win new contracts.”
Trabelsi says the company is seeing increased activity in its target markets as pandemic-related limitations are scaled back.
CyberLink reveals share of revenues from biometrics
While most of that revenue came from CyberLink’s optical disk drives, PC solutions and mobile apps, 3.5 percent, or NT13.2 million ($0.47 million) came from the “new business” category which includes the FaceMe facial recognition engine.
FaceMe biometrics were recently integrated with Vypin access control kiosks.