AUS
NZ
UK
CA
USA
IND
Highlights
- Q4 FY24 revenue grew by 15% year-over-year to $43.2 million.
- GAAP operating income of $7.7 million, compared to a loss of $3.3 million in Q4 FY23.
- Full-year revenue for FY24 remains stable at $172.1 million, with expectations for FY25 revenue between $170 million and $180 million.
Mitek Systems, Inc. (NASDAQ:MITK), a global leader in digital identity verification, mobile capture, and fraud management, today announced its financial results for the fourth quarter and full fiscal year ended September 30, 2024. The company also provided guidance for its upcoming fiscal year, highlighting steady growth despite challenges faced earlier in the year.
Q4 FY24: Strong Performance and Return to Profitability
For the fourth quarter of fiscal year 2024, Mitek reported a notable 15% year-over-year increase in revenue, reaching $43.2 million compared to $37.7 million in the same period last year. This growth was driven by strong demand for the company’s mobile capture and fraud management solutions.
The company returned to profitability in Q4, reporting GAAP operating income of $7.7 million, a significant turnaround from an operating loss of $3.3 million in the same quarter of the previous year. GAAP operating margin improved to 18% compared to a negative margin of 9% in Q4 FY23.
Mitek also posted GAAP net income of $8.6 million for the quarter, reversing the net loss of $1.4 million recorded in Q4 FY23. This equated to a GAAP net income per diluted share of $0.18, compared to a net loss per diluted share of $0.03 in the prior year. The company ended the quarter with $141.8 million in cash and investments, an increase of $8.6 million from the prior quarter.
FY24 Full-Year Results: Stable Revenue Amidst Challenges
For the full fiscal year 2024, Mitek reported revenue of $172.1 million, a slight decline from the $172.6 million recorded in FY23. While revenue remained largely stable, GAAP operating income decreased to $2.2 million, down from $15.6 million in FY23, reflecting some operational challenges throughout the year.
The company’s GAAP operating margin decreased to 1%, compared to 9% in the previous year. GAAP net income for FY24 was $3.3 million, compared to $8.0 million in FY23. Similarly, net income per diluted share for the year fell to $0.07, down from $0.17 in the prior year.
Despite the decrease in profitability, Mitek’s solid revenue performance in Q4 demonstrated a return to a stronger financial footing.
Outlook for Fiscal Year 2025
Looking ahead to fiscal year 2025, Mitek expects full-year revenue to be between $170 million and $180 million, consistent with its focus on sustainable growth. The company also anticipates an adjusted EBITDA margin of between 24% and 28%, reflecting its ongoing efforts to optimize operations and drive profitability.
