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Mitek Systems Inc (MITK)
NASDAQ:MITK
Earnings Data
Report Date
May 01, 2025TBA Not Confirmed
Period Ending
2025 (Q2)Consensus EPS Forecast
0.26Last Year’s EPS
0.24Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 10, 2025
|% Change Since: -24.50%
|Next Earnings Date:May 01, 2025
Earnings Call Sentiment|Positive
The earnings call conveyed a positive outlook with strong growth in identity revenue, SaaS revenue, and Check Fraud Defender expansion. However, challenges remain in the deposit products segment due to renewal timing variability. Overall, the company's strategic initiatives are starting to yield positive results, with expectations for continued growth and improved profitability.Company Guidance
During the Mitek Fiscal 2025 First Quarter Earnings Conference Call, significant guidance was provided on the company's strategic direction and financial performance. The company reported total revenue of $37.3 million for Q1, with identity products revenue growing by 13% year-over-year and SaaS revenue increasing 29% year-over-year. The CEO, Ed West, highlighted a four-pillar strategy focusing on strengthening the foundation for durable growth, scaling their identity platform, expanding fraud solutions, and maintaining operational excellence. The company aims for SaaS revenue to approach half of their total revenue by fiscal 2026. Additionally, the Check Fraud Defender (CFD) product saw its annual contract value nearing $12 million, with ambitions to double it in fiscal 2025. Mitek's CFO, Dave Lyle, reiterated the revenue guidance range of $170 million to $180 million for fiscal 2025 and adjusted EBITDA margins between 25% to 28%. The call emphasized Mitek's commitment to innovation in fraud prevention and identity solutions, leveraging AI and biometrics to tackle emerging threats.Strong Identity Revenue Growth
Identity products revenue increased by 13% year-over-year, driven by a 26% year-over-year increase in identity SaaS revenue, showcasing growth in transaction volumes across MiVIP and Mobile Verify.
Check Fraud Defender Expansion
Check Fraud Defender's annual contract value (ACV) is approaching $12 million, reflecting considerable growth with a new top 10 FI signing, indicating substantial untapped growth opportunity.
Improved Profitability and Cash Flow
Adjusted EBITDA increased 32% year-over-year with a 21% margin. Free cash flow conversion improved to 83%, reflecting disciplined management of costs and positive changes in net working capital.
SaaS Revenue Growth
Total SaaS revenue grew 29% year-over-year, with deposit SaaS revenue up 64% and identity SaaS revenue up 26%, indicating strong growth in subscription-based offerings.
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MITK Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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MITK Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 10, 2025 | $11.02 | $10.16 | -7.80% |
| Dec 16, 2024 | $9.49 | $10.93 | +15.17% |
| Aug 08, 2024 | $11.29 | $8.42 | -25.42% |
| May 13, 2024 | $13.37 | $14.18 | +6.06% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Mitek Systems Inc (MITK) report earnings?
Mitek Systems Inc (MITK) is schdueled to report earning on May 01, 2025, TBA Not Confirmed.
What is Mitek Systems Inc (MITK) earnings time?
Mitek Systems Inc (MITK) earnings time is at May 01, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is MITK EPS forecast?
MITK EPS forecast for the fiscal quarter 2025 (Q2) is 0.26.
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