Mitek Sys Inc Stock Price, News & Analysis

Mitek (NASDAQ: MITK), a leader in mobile capture and digital identity verification, has announced that CEO Max Carnecchia and CFO Frank Teruel will participate in a fireside chat at the Jefferies Virtual Software Conference on Tuesday, September 14, at 1:00 p.m. Eastern Time. The event will include virtual one-on-one meetings with investors throughout the day. Attendees can watch the live webcast via Mitek’s investor relations website. Mitek provides identity verification solutions for over 7,500 organizations, enhancing digital transaction security and compliance.

Mitek (NASDAQ: MITK) reported a record revenue of $31.8 million for Q3 2021, a 25% year-over-year increase. GAAP net income was $3.0 million or $0.07 per diluted share, while non-GAAP net income surged 56% to $10.6 million or $0.23 per diluted share. Cash flow from operations stood at $9.0 million with total cash and investments reaching $215.5 million. The company also highlighted strong growth in identity verification revenue (up 33%) and deposit solutions (up 23%). Mitek acquired ID R&D and launched Check Fraud Defender, enhancing its fraud prevention capabilities.

Mitek (NASDAQ: MITK) will announce its financial results for the third quarter of fiscal 2021, ending June 30, 2021, on July 29, 2021. Following the release, management will host a conference call at 1:30 p.m. PT to discuss the results. Investors can join the call by dialing 800-367-2403 (US) or +1 334-777-6978 (International). An archived webcast will be available on Mitek's Investor Relations website. Mitek specializes in mobile capture and digital identity verification solutions, serving over 7,500 organizations worldwide.

Mitek (NASDAQ: MITK) has launched Check Fraud Defender, an AI-powered, cloud-hosted solution designed to combat check fraud for financial institutions. This innovation is crucial as attempted check fraud reached $15.1 billion in 2018, representing 60% of fraud against deposit accounts. Check Fraud Defender utilizes advanced image science to detect forgeries that traditional tools may miss, helping institutions reduce false positives and optimize fraud detection processes. Early adopters, including one of the top 25 U.S. banks, report up to 90% savings in manual review time.

Mitek (NASDAQ: MITK) announced a share repurchase program of up to $15 million for its common stock, funded by cash on hand and operational cash flow. As of March 31, 2021, the company had approximately $219.5 million in cash and investments, with about 43.1 million shares outstanding. CEO Max Carnecchia expressed confidence in Mitek's growth strategy and the initiative aims to counteract dilution from recent acquisitions. The program is effective immediately and will run until June 30, 2022, subject to market conditions.

Mitek Systems (NASDAQ: MITK) has appointed Susan Repo to its board of directors and Frank Teruel as chief financial officer, effective July 16, 2021. Repo, former CFO at ICEYE, brings extensive experience from Tesla and other tech firms, enhancing Mitek's strategic direction. Teruel, with over 20 years in finance, was COO at ADARA and led ThreatMetrix from $5 million in revenue to an $830 million sale. These appointments follow Mitek’s acquisition of ID R&D, a move reinforcing its commitment to identity verification and digital security. Teruel received $1.2 million in stock units as part of his inducement package.

Mitek (NASDAQ: MITK) has acquired ID R&D, a leader in AI-driven voice and face biometrics, for up to $49 million in cash and stock. This strategic move enhances Mitek's digital identity verification capabilities, crucial in combating advanced identity theft methods, including deepfakes. With the identity verification market projected to reach $15.8 billion in the U.S. by 2025, the integration aims to simplify authentication processes for businesses and consumers. ID R&D will continue its operations independently while contributing to Mitek’s comprehensive security solutions.

Mitek (NASDAQ: MITK) announced that CEO Max Carnecchia and CFO Jeff Davison will present at the William Blair 41st Annual Growth Stock Virtual Conference on June 2nd at 5:00 p.m. ET. The presentation will be streamed live and available for replay on Mitek's investor relations website. Investors can also schedule one-on-one meetings with the management team throughout the day. Mitek specializes in mobile capture and digital identity verification, aiding over 7,500 organizations in reducing risk during digital transactions.

Mitek (NASDAQ: MITK) announced that CEO Max Carnecchia and CFO Jeff Davison will present at the 16th Annual Needham Virtual Technology and Media Conference on May 18th at 2:15 p.m. ET. The presentation will be streamed live, with a replay available on the company's investor relations website. Mitek specializes in mobile capture and digital identity verification solutions, helping over 7,500 organizations enhance trust and comply with regulations during digital transactions. For meeting inquiries, contact Mitek's investor relations via email.