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Jun 30, 2024
Mitek Q3 2024 Earnings Report
Reported financial results for the third quarter of fiscal year 2024 and revised guidance for fiscal year 2024.
Key Takeaways
Mitek reported a 4% year-over-year increase in total revenue, driven by Deposits, but experienced challenges in Identity product revenue. The company is revising its full-year revenue guidance to $169 million - $173 million and Non-GAAP operating margin to 23% - 25%.
Total revenue was $45.0 million, a 4% increase compared to $43.1 million a year ago.
GAAP operating income was $0.7 million, with an operating margin of 2%.
GAAP net income was $0.2 million, or $0.00 per diluted share.
Non-GAAP net income increased 27% to $12.0 million, or $0.25 per diluted share.
Mitek
Mitek
Forward Guidance
Mitek is revising its previously provided guidance for its fiscal year ending September 30, 2024.
Positive Outlook
- Full-year revenue is expected to be between $169 million and $173 million.
- If the Company adjusts for the impact of the $7 million revenue item as described above, the Company estimates that it would represent a Non-GAAP operating margin of approximately 25% at the midpoint.
- Mitek now expects its Non-GAAP operating margin for fiscal 2024 to be between 23% and 25%.
- Excluding the impact of a large multi-year mobile deposit reorder in fiscal 2023, revenue growth is estimated at approximately 5% at the midpoint.
- Strategic investments and upcoming product launches position the company well to drive growth and deliver long-term shareholder value.
Challenges Ahead
- Full-year revenue is expected to decrease of 1% at the midpoint of the range when compared to last year’s revenue.
- Disappointed in fiscal Q3 Identity product revenue.
- Revenue outlook for fiscal year 2024 has been revised due to challenges in Identity.
- Mitek recognized additional license revenue relating to future years of approximately $7 million in fiscal 2023 due to the unique terms of a contract.
- The company is facing challenges in Identity.