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Sep 30, 2023
Mitek Q4 2023 Earnings Report
Reported a decrease in revenue and net loss compared to the same quarter last year, but full year revenue and profitability increased.
Key Takeaways
Mitek reported a 5% decrease in total revenue for Q4 2023, amounting to $37.7 million, along with a GAAP net loss of $1.4 million, or $0.03 per diluted share. Non-GAAP net income decreased by 30% year over year to $6.9 million, or $0.15 per diluted share. However, the company's fiscal year 2023 saw record revenue and profitability, with total revenue increasing by 19% to $172.6 million.
Total revenue decreased 5% year over year to $37.7 million.
GAAP operating loss was $3.3 million, compared to operating income of $3.8 million for fiscal fourth quarter 2022.
GAAP net loss was $1.4 million, or $0.03 per diluted share.
Non-GAAP net income decreased 30% year over year to $6.9 million, or $0.15 per diluted share.
Mitek
Mitek
Forward Guidance
Mitek is reiterating its previously provided guidance for its fiscal year ending September 30, 2024.
Positive Outlook
- Mitek expects full-year revenue to be in the range of $180.0 million to $185.0 million, a 6% growth rate at the midpoint of the range.
- If backing out future year revenue from fiscal 2023 and attributing a portion to fiscal 2024, revenue guidance would represent growth of approximately 12.0% at the midpoint.
- Mitek expects its non-GAAP operating margin for fiscal 2024 to be between 30.0% and 31.0%.
- The company has several growth drivers in place leveraging advanced AI and machine learning to meet evolving customer needs.
- Mitek aims to enhance trust and convenience in digital interactions.
Challenges Ahead
- Mitek recognized additional license revenue relating to future years of approximately $7.0 million in fiscal 2023 due to unique terms of a contract.
- The company's fiscal 2024 revenue guidance includes adjustments related to a large multi-year mobile deposit reorder with one customer.
- The company's ability to withstand negative conditions in the global economy.
- A lack of demand for or market acceptance of the Company’s products
- The outcome of any pending or threatened litigation, and the timing of the implementation and launch of the Company’s products by the Company’s signed customers.