Mitek Systems (NASDAQ: MITK) reported Q2 EPS of $0.16, $0.02 better than the analyst estimate of $0.14. Revenue for the quarter came in at $28.8 million versus the consensus estimate of $26.55 million.

Fiscal Second Quarter 2021 Financial Highlights

• Total revenue increased 24% year over year to $28.8 million in a record second quarter.
• Transactional identify verification revenue increased 50% year over year.
• GAAP net income was $1.0 million, or $0.02 per diluted share.
• Non-GAAP net income increased 34% year over year to $7.3 million, or $0.16 per diluted share.
• Cash flow from operations was $7.3 million.
• Completed successful convertible debt offering adding approximately $150 million in cash to the balance sheet.
• Total cash and investments were $219.5 million at the end of the fiscal second quarter.

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

“We are pleased to report another strong quarter across the board for Mitek driven by solid revenue growth from both our deposits and identity businesses. This is our second consecutive quarter of more than 45% growth in our transactional identity verification revenue, highlighting our strong performance in this expanding market. Our deposit solutions also delivered solid revenue growth as consumer adoption continues to increase. Mitek’s record second quarter financial performance reflects the team’s commitment to helping our customers and partners accelerate their digital transformation while at the same time mitigating fraud.”

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