Mitek Q3 2021 Earnings Report

Reported record revenue with a 25% year-over-year increase, driven by increased demand for identity verification and mobile deposit solutions.

Key Takeaways

Mitek reported record revenue for Q3 2021, with a 25% increase year-over-year. The growth was fueled by strong performance in both identity verification and deposit solutions. The company also acquired ID R&D and introduced Check Fraud Defender during the quarter.

Total revenue increased 25% year-over-year to a record $31.8 million.

GAAP net income was $3.0 million, or $0.07 per diluted share.

Non-GAAP net income increased 56% year-over-year to $10.6 million, or $0.23 per diluted share.

Total cash and investments were $215.5 million at the end of the quarter.

Total Revenue

$31.8M

Previous year: $25.4M