Mitek Builds Momentum in First Quarter of Fiscal 2022

Mitek has continued to ride a wave of demand for remote onboarding solutions into the first quarter of its 2022 fiscal year, reporting a 25 percent year over year increase in revenues.

That growth brought revenues for the quarter, which ended December 31, 2021, to $32.5 million, a record for the company. Mitek’s GAAP net income increased 44 percent year over year to $3.1 million, while non-GAAP income went up 65 percent, to $10.2 million.

The figures suggest growing momentum for Mitek after the company reported a nine percent year-over-year increase in revenues in its previous fiscal quarter, and revenue growth of 18 percent for the overall 2021 fiscal year. In announcing the latest results, Mitek credited growing demand for both its digital identity verification and mobile deposit solutions amid a broader trend of digital transformation.

“Biometrics are transforming the way we deliver authentication solutions,” explained Mitek CEO Max Carnecchia. “I am proud that the world’s leading brands trust Mitek to protect their companies and their customers from growing online fraud.”

Mitek’s solutions revolve around the use of facial recognition to match end users’ selfie images to pictures of their official identity documents, enabling reliable and convenient remote identity verification. It’s an approach that has become particularly popular among sectors such as financial services, where identity verification is critically important, as business has shifted into digital channels.

On that note, Mitek CFO Frank Teruel asserted that the company’s record Q1 revenues are “evidence of the positive impact our technology is making on financial services and marketplace businesses, mitigating business operation costs and fraud losses.”

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January 28, 2022 – by Alex Perala