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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.

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