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Mitek Reports Fiscal 2024 Fourth Quarter and Full Year Financial Results and Provides Guidance for Fiscal 2025

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(NASDAQ: MITK, "Mitek" or the "Company"), a global leader in digital identity verification, mobile capture and fraud management, today reported financial results for its fourth quarter ended September 30,
Mitek Systems, Inc. reported its fiscal 2024 fourth quarter and full-year financial results, highlighting a revenue increase to $47.1 million for the quarter, up 2% year-over-year, and $178.4 million for the full year, up 18%. Despite the revenue growth, the company faced a GAAP net loss of $1.0 million for the quarter, contrasting with a net income of $1.1 million in the same period last year. For the full year, GAAP net income was $3.8 million, down from $10.7 million in fiscal 2023. Non-GAAP net income for the quarter was $11.0 million, or $0.25 per diluted share, and $43.2 million, or $0.97 per diluted share for the year. Mitek also noted a significant increase in mobile deposit transactions, with over 1.2 billion processed in fiscal 2024, up 20% from the previous year. The company's CEO, Max Carnecchia, expressed optimism about future growth, driven by new product launches and strategic partnerships, despite challenges like higher interest rates and economic uncertainty.

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