Mitek Systems (MITK) Tops Q1 EPS by 1c, Revenues Beat

Mitek Systems (NASDAQ: MITK) reported Q1 EPS of $0.14, $0.01 better than the analyst estimate of $0.13. Revenue for the quarter came in at $26 million versus the consensus estimate of $25.18 million.

Fiscal First Quarter 2021 Financial Highlights

• Total revenue increased 18% year over year to $26.0 million in a record first quarter.
• GAAP net income was $2.2 million, or $0.05 per diluted share.
• Non-GAAP net income increased 23% year over year to $6.2 million, or $0.14 per diluted share.
• Cash flow from operations was $8.7 million.
• Total cash and investments were $72.6 million at the end of the fiscal first quarter.

Commenting on the results, Max Carnecchia, CEO of Mitek, said:

“We are very pleased with our strong start to fiscal 2021, with 40% growth in our identity verification revenue in the first quarter driven by expansion of existing customer relationships and new business. Our deposit solutions also continue to see increasing consumer adoption as transacting online is becoming imperative in today’s world. Mitek’s strong financial performance reflects the team’s commitment to helping our customers and partners accelerate their digital transformation.

“Identity verification has never been more relevant. Almost all aspects of modern life now use digital channels, so the need to establish trust in the digital identities of customers, citizens, partners, and employees is rapidly rising. Mitek is committed to providing convenience while preventing fraud in the digital world. Our technology ensures that more businesses can transact digitally and secure their platforms through easy, fast and secure identity verification. Also, Mitek remains the clear market leader with our remote check deposit solution, with thousands of financial organizations using our products, and more than four billion transactions processed.”

For earnings history and earnings-related data on Mitek Systems (MITK) click here.

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