Mitek Sys Inc Stock Price, News & Analysis

Mitek reported a 24% increase in total revenue year-over-year, reaching $39.3 million in Q3 2022. The company launched the Mitek Verified Identity Platform (MiVIP), enhancing digital access security. Despite revenue growth, Mitek recorded a GAAP net loss of $0.9 million ($0.02 per diluted share) while reporting a non-GAAP net income of $10.2 million ($0.23 per diluted share). Total cash and investments stood at $90.6 million at quarter end, showcasing the company's strong liquidity position.

Mitek (NASDAQ: MITK) will release its financial results for Q3 of fiscal 2022 on July 28, 2022, after market close. The event will showcase the company's performance for the quarter ending June 30, 2022.

The management will host a conference call for analysts and investors at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) on the same day to discuss the results. Access to the live call is available via specific dial-in numbers provided.

Mitek has launched the Mitek Verified Identity Platform (MiVIP), enhancing identity verification for companies to protect customers throughout their digital journey. Recent statistics highlight that almost 50% of U.S. citizens faced identity theft from 2020 to 2022, costing billions. MiVIP streamlines the onboarding process, allowing for faster identity verification, optimized workflows, and quick integration in hours thanks to its low code/no code architecture. With its advanced technologies, Mitek remains a trusted partner for 99% of U.S. banks and 7,500 global organizations.

Mitek (NASDAQ: MITK), a leader in digital identity and fraud prevention solutions, announced that CEO Max Carnecchia will present at the 42nd Annual Growth Stock Conference in Chicago on June 7 at 9:20 a.m. Central Time. The presentation will be available via webcast for replay on the company's investor relations website. Mitek's solutions help organizations verify identities during digital transactions, serving over 7,500 clients. For meeting requests, contact MKR Investor Relations or your William Blair representative.

Mitek (NASDAQ: MITK) has appointed Chris Briggs as Head of Product, aimed at enhancing its biometric and fraud detection capabilities. This strategic move follows Mitek's recent acquisitions, including HooYu and ID R&D, which bolster its identity solutions. Briggs, an industry veteran with over 25 years of experience from firms like Experian and Equifax, will lead product strategy as Mitek expands in the rapidly evolving digital identity sector. His role is pivotal in refining Mitek's offerings to ensure safety amid changing regulations.

Mitek Systems, Inc. (NASDAQ: MITK) reported a 21% year-over-year revenue increase to $34.7 million for Q2 fiscal 2022, concluding March 31, 2022. The company achieved an 88% rise in GAAP net income, reaching $1.9 million ($0.04 per diluted share), while non-GAAP net income grew 49% to $10.8 million ($0.24 per diluted share). In March, Mitek acquired HooYu, the UK’s leading KYC technology provider, enhancing its digital identity services and fraud prevention capabilities. Total cash and investments stood at $93.4 million, affirming Mitek's robust financial position.

Mitek (NASDAQ: MITK) is set to release its Q2 fiscal 2022 financial results on April 28, 2022, after market close. The call will be held at 1:30 p.m. Pacific Time and will focus on discussing these results. Investors can participate by dialing 888-204-4368 or +1 323-994-2093 for international callers, using passcode 5221376. The event will also be available via a live webcast on Mitek's Investor Relations website. The company is known for its digital identity verification solutions, serving over 7,500 organizations globally.

Mitek (NASDAQ: MITK) has acquired HooYu, a UK leader in KYC technology, enhancing its identity verification platform to combat fraud. This acquisition integrates biometric verification, ID document validation, and real-time database checks to help businesses identify customers accurately. Given that nearly $2 trillion is laundered annually, this move positions Mitek to meet growing regulatory demands. The global digital identity solutions market is projected to grow from $23.3 billion in 2021 to $49.5 billion by 2026, highlighting the strategic importance of this acquisition.

Mitek Systems (NASDAQ: MITK) announced the election of Scott Carter and Rahul Gupta to its board of directors, alongside the appointment of Scott Marcus as general counsel. Carter, ex-CEO of ID Analytics, brings growth expertise, while Gupta previously led RevSpring and has deep financial services experience. Marcus, appointed on March 7, 2022, has over 20 years in corporate law. The changes follow the retirement of board members Alex W. Hart and Bill Aulet, aiming to strengthen leadership amid increasing regulatory demands in digital identity verification.