Mitek Systems ( (MITK) ) has released its Q1 earnings. Here is a breakdown of the information Mitek Systems presented to its investors.
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Mitek Systems, Inc., a leader in digital identity verification and fraud management, has announced its financial results for the first quarter of fiscal 2025, ending December 31, 2024. The company, which plays a significant role in mobile capture solutions for financial institutions globally, is focusing on integrating cultural and technological advancements to bolster future growth.
In the first quarter of fiscal 2025, Mitek Systems reported a stable revenue of $37.3 million, slightly up from $36.9 million in the previous year. The company’s SaaS products demonstrated a notable growth of 29% year-over-year, although this was balanced by reduced software license sales. Despite a GAAP net loss of $4.6 million, an improvement from the previous year’s loss of $5.8 million, Mitek’s adjusted EBITDA rose to $7.8 million from $5.9 million, reflecting enhanced operational efficiency.
Key highlights include a consistent non-GAAP gross profit of $31.5 million and a significant increase in free cash flow reaching $40.2 million over the last twelve months, compared to $15.7 million in the previous period. Mitek’s financial stability is also underscored by its cash and investments totaling $137.9 million. The company has maintained its revenue guidance for fiscal 2025 between $170 million and $180 million while raising the lower end of its adjusted EBITDA margin guidance to a range of 25%-28%.
Looking forward, Mitek Systems is optimistic about its strategic direction and ongoing initiatives aimed at securing durable and profitable revenue growth into fiscal 2026 and beyond. This outlook is driven by their robust identity product portfolio and the momentum of their fraud solutions, indicating a strong foundation for future advancements and market positioning.
