Mitek Systems ( (MITK) ) has released its Q4 earnings. Here is a breakdown of the information Mitek Systems presented to its investors.
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Mitek Systems, Inc., a global leader in digital identity verification and fraud management, offers advanced technology solutions to enhance digital access and security for enterprises worldwide. The company recently reported its financial results for the fourth quarter and full fiscal year 2024, showcasing strong revenue growth and improved profitability.
The company achieved a revenue of $43.2 million in the fourth quarter, marking a 15% increase from the previous year, with a GAAP net income of $8.6 million, a significant recovery from a loss of $1.4 million in the same period last year. For the full fiscal year, Mitek reported a revenue of $172.1 million, though it slightly declined from the previous year, with a net income of $3.3 million.
Key financial metrics highlight Mitek’s improved performance, with an adjusted EBITDA of $15.4 million for the fourth quarter, up from $5.9 million a year ago, and a 36% adjusted EBITDA margin. The company also repurchased 1.4 million shares, demonstrating strong cash management and shareholder value focus. Non-GAAP net income for the year was $45.4 million, up from $44.4 million the previous year, reflecting steady profitability.
Looking ahead, Mitek is optimistic about fiscal 2025, forecasting revenue between $170 million and $180 million, and an adjusted EBITDA margin between 24% and 28%, as they continue to refine strategies and enhance their AI-driven solutions to address digital fraud threats effectively.
