Mitek Systems (MITK) Tops Q3 EPS by 6c, Revenues Beat

Mitek Systems (NASDAQ: MITK) reported Q3 EPS of $0.16, $0.06 better than the analyst estimate of $0.10. Revenue for the quarter came in at $25.4 million versus the consensus estimate of $23.2 million.

Fiscal Third Quarter 2020 Financial Highlights

• Total revenue increased 16% year over year to $25.4 million in a record quarter.
• GAAP net income was $1.3 million, or $0.03 per diluted share.
• Non-GAAP net income increased 43% year over year to $6.8 million, or $0.16 per diluted share.
• Cash flow from operations was $9.0 million.
• Total cash and investments were $52.2 million at the end of the fiscal third quarter.

Commenting on the results, Max Carnecchia, CEO of Mitek, said:

“Our record revenue and strong financial performance demonstrate the benefits of our technology solutions in this rapidly shifting digital economy. We are committed to helping our customers and partners navigate the challenging environment as they accelerate their digital transformation.”

Mitek is committed to providing convenience while preventing fraud in the digital world. The company’s technology ensures that more businesses can transact digitally and secure their platforms through easy, fast and secure identity verification. Also, Mitek remains the clear market leader with its remote check deposit solution, with more than 7,000 financial organizations using its products, and more than four billion transactions.

For earnings history and earnings-related data on Mitek Systems (MITK) click here.

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