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Mitek playing catch-up with financials, reports a profitable first quarter

Mitek playing catch-up with financials, reports a profitable first quarter

For most public companies, a satisfying quarterly financial report involves rising revenue and profit. For biometric ID verification and mobile capture company Mitek right now, it means just getting the forms filed.

For clear reasons not offered by Mitek executives, they have missed multiple government and stock exchange deadlines for filing financial reports.

In fact, they announced results September 5 for their first quarter of fiscal 2023, which closed December 31. The news for that period is positive and executives have raised their guidance for the fiscal year. Second-quarter numbers will show September 14, according to the company.

Revenue was up 41 percent in the first quarter, ended in December.

Mitek reported net income of $4.7 million, or $0.11 per basic and $0.10 per diluted, on revenue of $45.7 million. This compares with a net income of $3.1 million, or $0.07 basic and diluted, on revenue of $32.4 million for the first quarter of fiscal 2022.

CEO Max Carnecchia says Mitek’s digital identity revenue was up by 15 percent year-over-year. The company expects full-year 2023 revenues to be between $169 million and $171 million.

Financials for the company were so tardy that the company flirted with being delisted from the Nasdaq.

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