FB pixel

Another financial reporting deadline missed by Mitek

Another financial reporting deadline missed by Mitek
 

A preliminary and delayed report on fiscal 2023 for Mitek is out and while the numbers available are positive, the document has holes.

Very few GAAP figures have been published by Mitek. Non-GAAP numbers are more common, but still scarce.

The firm reports a profit of $7.8 million from its biometric ID verification and mobile deposit software, or $0.17 per diluted share for the year ended September 2023, which is a 2.6-times increase over the $3 million reported for fiscal 2022.

Total revenue rose 19 percent over fiscal 2022 to $171.9 million, according to the company. Revenue for digital identity products rose 18 percent over the same period.

If the preliminary figures hold, fiscal 2024 looks like it will not be a year of robust growth in comparison. Mitek‘s guidance is for revenue to be $180 million to $185 million.

There are not a lot of comparables in the announcement.

Executives with the biometric fintech firm with blamed the partial figures on previous problems it experienced in filing audited quarterly fiscal reports in the fiscal year ended September 30.

Nasdaq issued delisting warnings because of the filing postponements, and the company says the latest delay could prompt more regulatory heat.

Article Topics

 |   |   |   | 

Latest Biometrics News

 

New FaceTec CLO among avalanche of appointments in biometrics and fraud protection

New executives have been named by biometrics providers FaceTec, Pindrop and Fingerprint Cards, along with C-level appointments by Prove and…

 

Indonesia issues call for World Bank-backed digital identification project

Indonesia is looking for a company providing consulting services as a part of its upcoming digital transformation project backed by…

 

Affinidi data sharing framework leverages privacy-preserving open standards

Affinidi, a company specializing in data and identity management, unveiled the Affinidi Iota framework at the WeAreDevelopers World Congress. This…

 

Sri Lanka set for January biometric passport launch, plans airport upgrades

Sri Lanka is preparing to begin issuing biometric passports with electronic chips embedded as of January, 2025, according to a…

 

Vending machines with biometric age verification roll out in Germany, US

Vending machines are growing in popularity as a way to sell age-restricted products around the world, with Diebold Nixdorf algorithms…

 

San Francisco police hit with lawsuit over facial recognition use

In 2019, San Francisco became the first city in the U.S. to ban facial recognition technology, forcing the police and…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events