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Dec 31, 2022
Mitek Q1 2023 Earnings Report
Mitek reported record revenue with a 41% year-over-year increase for the fiscal year 2023 first quarter.
Key Takeaways
Mitek's fiscal year 2023 first quarter saw record revenue, up 41% year-over-year to $45.7 million. This growth was driven by a large, multi-year mobile deposit contract and strong performance in both the Identity and Deposits segments. The company is raising its fiscal year 2023 revenue guidance.
Total revenue increased 41% year-over-year to a record $45.7 million.
GAAP net income was $4.7 million, or $0.10 per diluted share.
Non-GAAP net income was $14.3 million, or $0.31 per diluted share.
The company is raising its fiscal 2023 guidance for the year ending September 30, 2023, and now expects revenue to be in the range of $169.0 million to $171.0 million.
Forward Guidance
Mitek is raising its fiscal 2023 guidance for the year ending September 30, 2023, and now expects revenue to be in the range of $169.0 million to $171.0 million. In addition, Mitek now expects its non-GAAP operating margin for fiscal 2023 to be in the range of 30.0% to 31.0%.
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