#Mitek Systems Q4 FY24 #EarningsReport Summary | $MITK (+2.05%)

Mitek Systems, Inc., a leader in digital identity verification, reported robust growth in revenue, profitability, and operational efficiency for Q4 FY24. Strategic investments in AI-driven fraud detection and identity solutions solidified its position in the digital economy.

📊 Income Statement Highlights (vs. Q4 FY23):

▫️Net Income: $8.57M vs. -$1.44M (+693.84%)

▫️Total Revenue: $43.22M vs. $37.66M (+14.79%)

▫️Adjusted EPS: $0.33 vs. $0.15 (+120%)

▫️Gross Margin: 78.00% vs. 74.90% (+3.10%)

▫️Non-GAAP Operating Income: $15.04M vs. $5.32M (+182.78%)

▫️Adjusted EBITDA: $15.42M vs. $5.86M (+163.11%)

▫️Software & Hardware Revenue: $18.34M vs. $15.29M (+20%)

▫️Service Revenue: $24.88M vs. $22.37M (+11.23%)

▫️Identity Verification Revenue: $19.54M (+12.55%)

Other Key Items:

▫️Mitek repurchased 1.4M shares at an average price of $9.94/share.

💼 Balance Sheet Highlights (vs. FY23):

▫️Total Assets: $413.75M (+2.07%)

▫️Total Liabilities: $198.95M (-0.62%)

▫️Equity: $214.80M (+4.69%)

▫️Cash and Cash Equivalents: $93.46M (+58.63%)

▫️Short-term Investments: $36.88M (-50.66%)

▫️Convertible Senior Notes: $143.60M (+5.97%)

🔮 Future Outlook:

▫️FY25 revenue expected to range between $170M and $180M.

▫️Adjusted EBITDA margin forecasted between 24%-28%.

▫️Continued investment in AI technology and operational optimization to ensure sustained growth and shareholder value.