Mitek Reiterates Earnings Guidance for the Fiscal Year Ending September 30, 2024 and Provides Revenue Guidance for the First, Second, Third and Fourth Quarter 2024
March 19, 2024 at 04:08 pm EDT
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Mitek reiterated earnings guidance for the fiscal year ending September 30, 2024. The company 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. In fiscal 2023, Mitek signed a large multi-year mobile deposit reorder with one customer that locked in favorable pricing over a four-year period. Due to the unique terms of this contract, Mitek recognized additional license revenue relating to future years of approximately $7.0 million in fiscal 2023. If the Company backs out the future year revenue from fiscal 2023 revenue and attributes the portion of the $7.0 million that would have been recognized in fiscal 2024 to the midpoint of its fiscal 2024 revenue guidance, the fiscal 2024 revenue guidance would represent growth of approximately 12.0% at the midpoint.
From a quarterly trending perspective, the company expects top line revenue to be lowest in fiscal first quarter, ramping in second quarter and again in third quarter and with fourth quarter expected to be in the range of third quarter revenue. Quarter-to-quarter changes due to deal timing may influence these expectations. From a year-over-year perspective, expects most of the year-over-year revenue growth quarters to be in the fiscal third quarter and fourth quarter.
Mitek Systems, Inc. is a provider of mobile image capture and digital identity verification solutions. It is a software development company with expertise in computer vision, artificial intelligence, and machine learning. Its digital technology solutions are provided in two parts: a software development kit for mobile image capture and a cloud software platform which uses artificial intelligence, and machine learning to classify and extract data to enable mobile check deposit as well as aid the authentication of identity documents including passports, identity cards, and driver's licenses using a camera-equipped device. Its products include Mobile Deposit, Mobile Verify, Mobile Fill, CheckReader, Check Fraud Defender, Check Intelligence, Mitek Verified Identity Platform, MiPass, ID_CLOUD, IDLive Face, IDVoice, IDLive Voice and IDLive Doc. The Company serves more than 7,900 financial services organizations and marketplace and financial technology (fintech) brands around the globe.
Mitek Reiterates Earnings Guidance for the Fiscal Year Ending September 30, 2024 and Provides Revenue Guidance for the First, Second, Third and Fourth Quarter 2024