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Mitek reports dramatic financial gains on stronger digital ID revenue

Mitek reports dramatic financial gains on stronger digital ID revenue

Just a year ago, reporting any financial results at all was beyond Mitek. Now, the company is reporting record revenue and profits more than double what they were in the previous fiscal year in its full-year 2023 results.

Mitek booked $172.6 million in revenue during fiscal 2023, up 19 percent from full-year 2022, and net income of $8 million, or $0.17 per diluted share, a 117 percent increase. Operating income was up 28 percent, and operating margin by 9 percent. The company booked similar profits in 2021, at $7.9 million, but on revenue of $119 million.

Revenue from Mitek’s check deposit technology was up by 20 percent, while identity revenue increased 17 percent in fiscal 2023, which ended September 30.

The fourth quarter of Mitek’s 2023 again stands out for delivering a net loss; $1.4 million or $0.03 per diluted share. The company reported a net less of $311,000 for Q4 2022 in its previous full-year results, but that figure has been adjusted to a net gain of $351,000 in the latest figures.

Nasdaq threatened to delist Mitek last year over repeated delays in filing its earnings reports, and the company was still catching-up as of September.

“Having achieved product market fit, with established proof points for growth in our new products, including Check Fraud Defender, MiVIP, MiPass and ID R&D products, we have several growth drivers in place leveraging advanced AI and machine learning to meet evolving customer needs, while enhancing trust and convenience in digital interactions,” says Mitek CEO Max Carnecchia.

Mitek has reiterated its previous financial guidance for fiscal 2024.

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