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Mitek reports record gains for 2021 on expanded digital ID solutions market

Mitek reports record gains for 2021 on expanded digital ID solutions market

Mitek’s total revenue for 2021 has increased by 18 percent year-on-year, driven by increased demand for the company’s biometric digital identity and mobile solutions. The company released financial data regarding its fourth quarter of 2021 as well as the financial year as a whole.

Specifically, revenues from transactional identity verification with the company’s selfie biometrics continued growing at a rate of 33 percent year-on-year, and deposit solutions grew 23 percent over the same period, spurred by an increase in consumer adoption. Q4 revenues were up by 9 percent to $33.3 million.

The new data also shows a cash flow from operations of $37.4 million for the whole year, of which  $12.3 million was recorded in the last quarter.

GAAP net income was $10.1 million, or $0.05 per diluted share for the quarter, and $8.4 million, or $0.19 per diluted share for the year.

In addition, Mitek reported that the company’s total cash and investments were $227.4 million at the end of the quarter.

“Fiscal 2021 was a breakout year for Mitek. We again achieved record revenue, earnings, and cash flow from operations, as we innovated faster and served more customers than ever before,” commented the company’s CEO Max Carnecchia.

Moving forward, the executive said Mitek will continue to solidify its effort in the digital ID market.

“Launching into fiscal 2022, we are strongly positioned, with both our market-leading offerings and innovative product roadmap, to expand further into the identity authentication market and deliver the essential technologies required to help our customers fight identity fraud across the omnichannel,” Carnecchia concluded.

Mitek has been very active in 2021, acquiring ID R&D in June, and announcing plans to buy back $15 million in outstanding common stock the same month.

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