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Mitek Reports 46% Revenue Growth in Record First Quarter

Tuesday, January 29, 2019 (Mitek / Mitek)

SAN DIEGO, CA, January 29, 2019 - Mitek, a global leader in mobile capture and digital identity verification solutions, today announced its financial results for the first quarter of fiscal 2019 ended December 31, 2018.

Fiscal First Quarter 2019 Financial Highlights
  • Total revenue increased 46% year over year to $17.7 million.
  • GAAP net loss of $(3.2) million, or $(0.08) per share.
  • Non-GAAP net income of $1.0 million, or $0.03 per diluted share.
  • Cash flow from operations was $2.3 million.
  • Total cash and investments of $19.7 million at the end of the fiscal first quarter.

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

“Our quarterly financial results include solid double-digit revenue growth in both of our product families and reflect the continued positive momentum we are generating and the hard work of our entire team. We continue to dominate the mobile check deposit market with our industry leading solution. And in ID verification, we believe that our Mobile Verify is providing the onramp to the digital economy. This large market is fast growing, mission critical, and in its early days with only one clear leader – Mitek.  We remain very focused on building on our market leadership with our patented technology, global customer relationships and proven ability to innovate and scale.”

Fiscal 2019 Financial Guidance

For the fiscal year ending September 30, 2019, the Company is reiterating its previously provided guidance for full year total revenue of $83 million to $86 million, which would represent growth between 31% and 35% year over year and continues to expect to generate a non-GAAP profit margin of approximately 18% to 20%.

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