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Dec 31, 2023
Mitek Q1 2024 Earnings Report
Mitek's financial performance for the first quarter of fiscal year 2024 was reported, revealing a decrease in revenue and a shift to operating and net losses compared to the previous year, but the company reiterated its full-year guidance.
Key Takeaways
Mitek reported a decrease in total revenue to $36.9 million compared to $45.7 million year over year. The company experienced a GAAP operating loss of $6.9 million and a GAAP net loss of $5.8 million, or negative $0.13 per diluted share, a stark contrast to the previous year's profits. They reiterated the full year guidance.
Total revenue decreased to $36.9 million from $45.7 million year over year.
GAAP operating loss was $6.9 million, compared to an $8.4 million income in the previous year.
GAAP net loss amounted to $5.8 million, or negative $0.13 per diluted share.
Non-GAAP net income was $6.3 million, or $0.14 per diluted share, compared to $14.3 million, or $0.31 per diluted share last year.
Forward Guidance
Mitek reiterates its previously provided guidance for its fiscal year ending September 30, 2024, expecting full-year revenue to be in the range of $180.0 million to $185.0 million and non-GAAP operating margin to be between 30.0% and 31.0%.
Positive Outlook
- Full-year revenue is expected to be in the range of $180.0 million to $185.0 million.
- Normalized Deposits product revenue is expected to grow 10 to 12% year over year.
- Identity product revenue is expected to grow 10 to 12% year over year.
- Growth is anticipated to occur in the second half of the fiscal year, with continued growth in fiscal 2025.
- Non-GAAP operating margin for fiscal 2024 is expected to be between 30.0% and 31.0%.
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