Mitek: quarterlies, annuals, SEC actions

August 12, 2024 – Mitek’s biometrics and digital identity verification offerings generated disappointing revenues in the third quarter of 2024, contributing less than expected to total revenues of $45 million, up 4 percent on a year-over-year basis.

Identity verification software and hardware brought in $869,000 during the quarter, down from over $3.1 million in the same quarter of 2023. Identity verification services were nearly flat, at $14.8 million, compared to $15.1 million in last year’s Q3.

Mitek Executive Chairman and Interim CEO Scott Carter says he is disappointed with the Q3 revenue from the company’s digital identity product, as well as its revenue outlook for the full fiscal year. He says the company is addressing its challenges on the identity side of the business.

Carter said on an earnings call that a shortfall in revenues from ID R&D’s biometric products was partly behind a revision of Mitek’s 2024 full-year outlook. This is partly due to longer sales cycles for “a number of promising 6 and 7-figure opportunities” for ID R&D’s biometrics.

Mitek provides bullish 2024 guidance in Q1 report

April 4, 2024 – Mitek is getting back on track with its financial reporting, which may be more reflective of the company’s position than a traditional year-over-year comparison of quarterly financial results. Mitek preliminarily reports revenues of $36.9 million in the first quarter of fiscal 2024 from its biometrics and mobile deposit software, compared to $45.7 million in Q1 2023, but both figures are significantly impacted by a single transaction. The company reports a GAAP net loss of $6.9 million in the past quarter.

“As previously discussed, in the first quarter of last year we had a large one-time multi-year mobile deposit reorder that pulled forward about $7 million of future year revenue into that quarter, including $2.7 million that would have been recognized in fiscal Q1’24, creating a very difficult year over year comparison,” says Mitek CEO Max Carnecchia.

Revenues from both Mitek’s deposit and digital identity products is growing by 10 to 12 percent, Carnecchia says, and the company expects revenues of $46 million to $47 million in Q2. For full-year 2024, Mitek anticipates revenues of $180 million to $185 million, compared to $172.6 million in 2023.

Mitek granted request for continued Nasdaq listing

April 4, 2024 – Mitek will keep its listing on the Nasdaq after agreeing to file a quarterly report on Form 10-Q for its fiscal fourth quarter of 2023 on April 15, 2024. The company has already reported results for the quarter and full year, including best-ever revenues and increased profits from its biometrics and financial services products.

A Nasdaq Hearings Panel granted Mitek’s request to maintain its listing, giving it time to return to compliance with Nasdaq Listing Rule 5250(c)(1) after the latest in a series of missed deadlines.

Mitek reports dramatic financial gains

March 20, 2024 – Just a year ago, reporting any financial results at all was beyond Mitek.  Read the full story here.

Mitek hasn’t filed its fourth-quarter report yet

Feb 16, 2024 – Mitek says it has been told by Nasdaq exchange officials that it again is not complying with listing requirements. Full story here.

Mitek wins stay on Nasdaq delisting

January 18, 2024 – Face biometrics and computer vision provider Mitek‘s problem filing required financial reports continues. Executives were granted their requested suspension stay from the Nasdaq exchange due to the delays. Previous reporting problems will force Mitek to miss the ID verification company’s deadline for filing government-required quarterly information for the period ended December 31.

Nasdaq officials plan to meet March 19 for “a final determination.”

On December 18, Mitek said it would appeal Nasdaq’s decision to delist it due to the delay in releasing its annual report for the fiscal year ended September 30. Not long after the announcement, the company announced it had hired a new chief financial officer.

On December 8, the firm reported in a preliminary report 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 was a 2.6-times increase over the $3 million reported for fiscal 2022.

Another financial reporting deadline missed by Mitek

Dec 8, 2023 – A preliminary and delayed report on fiscal 2023 for Mitek is out and while the numbers available are positive, the document has holes. Full story here.

Another missed quarterly report for Mitek; Nasdaq issues warning again

December 20, 2023 – Digital identity firm Mitek may have finally filed its three missing quarterly financial reports to the Nasdaq market, but it missed filing the fourth-quarter report. That means the company again is being warned about imminent delisting from the market.

Mitek has the opportunity to appeal the decision with Nasdaq.

A preliminary and delayed report on Mitek ‘s fiscal 2023 arrived earlier this month and while the numbers available were positive, the document has holes. Very few GAAP figures have been published by Mitek. Non-GAAP numbers are more common in the document, but even they are scarce.

In September, Mitek announced it was supplying its biometric ID verification software to Equifax for its fraud data checks.

Mitek says it’s on track for 18% jump in annual revenue

October 27, 2023 – Remote identity verification and cheque deposit company Mitek says its third-quarter performance ensures its fiscal 2023 will meet its earlier revenue projection of 18 percent year-over-year growth.

The company reported an unaudited net loss of $428,000, or $0.01 per basic and diluted share, on revenue of $43.1 million for the quarter ended June 2023. This compares with a loss of $215,000, or break even per share, on revenue of $39.1 million for the same period a year ago.

That’s warming news and Mitek’s core performance indicators over the first three quarters look even better.

The company reported a profit of $9.4 million, or $0.21/$0.20 per basic/diluted share, on revenue of $134.8 million. That compares with a profit of $3.3 million, or $0.07 basic and diluted, on revenue of $105.1 million.

Mitek’s Q2 catch-up shows continued gains

Sept 18, 2023 – Mitek has reported a profit of $4.4 million on revenues of $45.3 million in the second quarter of its fiscal 2023, as the remote identity verification and cheque deposit company catches up on filing its financial results.

Net income was 10 cents per share, and earnings adjusted for one-time costs and gains were 29 cents per share.

The positive Q2 report followed a first quarter result of $4.7 million in net income on $45.7 million in revenue. Mitek revenues have been rising, both specific to digital identity and overall.

The filings were delayed, at least in part, by a change in accounting firm.

Mitek also reiterated its guidance of between $169 and $171 million in revenue over the course of 2023.

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

Sept 7, 2023 – For clear reasons not offered by Mitek executives, they have missedmultiple government and stock exchange deadlines for filing financial reports. Full story here.

Bit by bit, Mitek fights Nasdaq delisting. Decision due in weeks

Aug 17, 2023 – Mitek is still technically at odds with its securities listing exchange, Nasdaq. Still unable to file its previous three financial reports, Mitek could face being delisted. Full story here.

Mitek’s Nasdaq suspension stayed, ‘final’ delisting hearing next month

July 6, 2023 – The suspension of digital ID vendor Mitek Systems from the Nasdaq exchange has been stayed, according to Mitek. Full story here.

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

June 30, 2023 – Mitek Systems has finally released its fiscal 2022 financials. The company faced delisting from the Nasdaq exchange for its delay. Full story here.

Mitek stands on the edge of delisting from Nasdaq yet again

June 13, 2023 – Mitek Systems has yet file required quarterly reports with Nasdaq, the exchange on which it is traded, and exchange officials have “initiated a process to delist” the company’s securities. Full story here.

Another biometrics firm misses its Q1 financials report deadline

May 31, 2023 – New Jersey-based biometric systems provider BIO-key told the Securities and Exchange Commission May 16 its first quarter financials report will be delayed an unspecified period.

Nasdaq, the exchange on which its shares trade, sent a notice to BIO-key May 23 that it is in breach of exchange requirements about timely financials report submission. Nasdaq’s note is just that for now, but if noncompliance continues penalties can be significant.

In their alert to the SEC, executives issued boilerplate language about not being able to file performance figures on time without unreasonable expense and effort.

BIO-key has to show a plan to distribute the information, at which point Nasdaq officials can extend the deadline by up to 180 calendar days from the original deadline.

Mitek said the same to regulators earlier this month about its quarterly report when it could not produce the information on time.

Mitek has missed filing its quarterly financial report

May 16, 2023 – The same happened with its annual government report for the year ended September 30 and the quarter ended December 31. Full story here.

More financial and industry news about Mitek Systems here.

Article Topics

biometrics  |  digital identity  |  financial results  |  Mitek  |  stocks