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Mitek’s much-delayed financials show a loss but a gain for revenue

Mitek’s much-delayed financials show a loss but a gain for revenue
 

There, now was that so hard? Digital ID verifier Mitek Systems has finally released its fiscal 2022 financials. The company faced delisting from the Nasdaq exchange for its delay.

Executives had said they were switching independent registered public accounting firms. Its previous contractor resigned a year ago. The switch reportedly had been disruptive.

But the news is out and it’s not all bad.

Revenue for the year, ended September 30, rose 20 percent compared to fiscal 2021 thanks to new revenue from the buyout of HooYu. The company also is reporting that demand has increased for its ID verification and deposits software.

For the fiscal year 2022, Mitek reported a profit of $3 million, or $0.07 per basic and diluted share, on revenue of $143.9 million. That compares with a fiscal 2021 profit of $7.9 million, or $0.18 per share, on revenue of $119 million.

It reported a fourth-quarter net loss of $311,000, or a basic and diluted loss of $0.01 per share, on revenue of $38.7 million. That compares with a profit of $1.8 million, or $0.04 per share, on revenue of $33.2 million during the same period in 2021.

Mitek recently joined a consortium to pilot a network of selfie biometrics providers sharing real-time fraud intelligence.

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