Mitek corrects Q1 filing; revenue $36.9M, GAAP loss $5.8M, FY24 guidance reiterated

MITEK SYSTEMS INC

2024-Q2 EPS reported -$0.12 revenue$83,885,000

Total revenue $36.9M vs $45.7M YoY; GAAP net loss $5.8M ($0.13) vs net income $4.7M ($0.10) prior year.
Non-GAAP net income $6.3M ($0.14) vs $14.3M ($0.31) YoY; cash flow from ops -$9.5M, cash & investments $123.9M.
Preliminary Q2 FY2024 revenue expected $46M-$47M; full-year guidance reaffirmed: rev $180M-$185M, non-GAAP op margin 30%-31%.
Correction: $4.6M ID R&D earnout reclassified as driver of cash decrease, not ops cash flow.
CEO cites $7M one-time mobile deposit reorder in prior year as tough comp; expects 10-12% normalized growth for deposits & identity.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MITEK SYSTEMS INC reported first quarter ended December 31, 2023 results: revenue $36.9 million, net income $5.8 million, EPS negative $0.13 per diluted share. Guidance reaffirmed.

Period: first quarter ended December 31, 2023
Revenue: $36.9 million
Net income: $5.8 million
EPS: negative $0.13 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com , “Mitek” or the “Company”), a global leader in digital identity and fraud prevention, today reported financial results for its first quarter ended December 31, 2023, and provided select preliminary results for its second quarter ended March 31, 2024. Mitek also reiterated its previously provided guidance for its 2024 fiscal year ending September 30, 2024. Fiscal 2024 First Quarter Financial Results • Total revenue was $36.9 million, compared to $45.7 million a year ago. • GAAP operating loss was $6.9 million, an operating margin of negative 19%, compared to GAAP operating income of $8.4 million, an operating margin of 18% a year ago. • GAAP net loss was $5.8 million, or negative $0.13 per diluted share, compared to GAAP net income of $4.7 million, or $0.10 per diluted share a year ago. • Non-GAAP operating income was $5.6 million and non-GAAP operating margin was 15%, compared to non-GAAP operating income of $18.4 million and a n

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

MITEK SYSTEMS INC reported second fiscal quarter ended March 31, 2024 results: revenue $46 million to $47 million.

Period: second fiscal quarter ended March 31, 2024
Revenue: $46 million to $47 million
Result: preliminary results

Exact text from the filing

Mitek expects fiscal second quarter revenue to be in the range of $46 million to $47 million.

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Source: SEC EDGAR

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