
Mitek Systems, Inc. Reports Q4 2024 Financial Results and Provides FY 2025 Guidance
Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification, mobile capture, and fraud management, has announced its financial results for the fourth quarter ended September 30, 2024, along with its guidance for the fiscal year 2025.
“Mitek has a rich history with financial institutions and other highly regulated businesses that require enterprise-level solutions,” said Ed West, Mitek’s recently appointed CEO. “This experience, combined with our market-leading technologies, innovation, and expertise, positions us well after a transformative year. We are advancing our AI-driven solutions and expanding fraud and identity detection capabilities to address growing threats in the digital economy. In the near term, we are focused on refining strategies, optimizing resources, and building a foundation for long-term growth to drive shareholder value.”
Q4 2024 Financial Performance
Mitek reported strong financial performance for the fourth quarter, driven by solid revenue growth and profitability:
- GAAP Revenue: $43.2 million, up 15% from $37.7 million in Q4 2023.
- GAAP Operating Income: $7.7 million, compared to a loss of $3.3 million last year.
- GAAP Operating Margin: 18%, versus a negative margin of 9% a year ago.
- GAAP Net Income: $8.6 million, compared to a net loss of $1.4 million in Q4 2023.
- GAAP Net Income per Share: $0.18, compared to a loss of $0.03 per share last year.
Mitek ended the quarter with $141.8 million in cash and investments, an increase of $8.6 million from the prior quarter. The company also repurchased 1.4 million shares for $14.2 million at an average price of $9.94 per share.
On a non-GAAP basis, Mitek achieved:
- Adjusted EBITDA: $15.4 million, up from $5.9 million in Q4 2023.
- Adjusted EBITDA Margin: 36%, compared to 16% last year.
- Non-GAAP Operating Income: $15.0 million, up from $5.4 million.
- Non-GAAP Operating Margin: 35%, compared to 14% last year.
- Non-GAAP Net Income: $15.5 million, compared to $6.9 million in Q4 2023.
- Non-GAAP Net Income per Share: $0.33, up from $0.15 last year.
Mitek CFO Dave Lyle commented, “We delivered solid year-over-year revenue growth, profitability, and cash generation, reflecting the team’s hard work and operational focus. We remain committed to driving efficient long-term growth while continuing to deliver value to our customers.”
Fiscal Year 2024 Highlights
For the full fiscal year, Mitek reported:
- GAAP Revenue: $172.1 million, consistent with $172.6 million in FY 2023.
- GAAP Operating Income: $2.2 million, down from $15.6 million last year.
- GAAP Net Income: $3.3 million, compared to $8.0 million in FY 2023.
- GAAP Net Income per Share: $0.07, down from $0.17 last year.
The company repurchased 2.2 million shares for $24.2 million at an average price of $10.78 per share under its authorized repurchase plan.
Non-GAAP metrics for FY 2024 included:
- Adjusted EBITDA: $46.7 million, compared to $55.0 million in FY 2023.
- Adjusted EBITDA Margin: 27%, versus 32% last year.
- Non-GAAP Net Income: $45.4 million, compared to $44.4 million in FY 2023.
- Non-GAAP Net Income per Share: $0.96, up slightly from $0.95 last year.
Free cash flow for the year was $30.3 million, maintaining consistency with $30.6 million in FY 2023.
Fiscal Year 2025 Guidance
Mitek anticipates fiscal 2025 revenue between $170 million and $180 million and an adjusted EBITDA margin of 24% to 28%.
Conference Call Details
The company will host a conference call today at 2:00 p.m. PT (5:00 p.m. ET) to discuss the results. Participants can join by dialing 844-481-3005 (US/Canada) or +1 412-317-1889 (International) and requesting the Mitek call. A webcast and replay will be available in the Investor Relations section of Mitek’s website.
About Mitek Systems, Inc.
Mitek is a global leader in digital access solutions, offering advanced technologies to bridge physical and digital interactions. Trusted by 7,900 organizations worldwide, including many North American financial institutions, Mitek provides innovative identity verification and fraud prevention solutions that enhance security and simplify customer experiences.
Forward-Looking Statements and Non-GAAP Measures
The company’s forward-looking statements, including FY 2025 guidance, are subject to various risks and uncertainties. These include market acceptance of products, economic conditions, and integration challenges from acquisitions. The company also emphasizes the use of non-GAAP financial measures to provide meaningful insights into operational performance.
For more details, visit www.miteksystems.com.