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Mitek Systems Inc (MITK)
NASDAQ:MITK
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Earnings Data
Report Date
Jan 29, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
$0.13Last Year’s EPS
$0.14Same Quarter Last Year
Strong Buy
Based on 6 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Dec 16, 2024
|% Change Since: 20.44%
|Next Earnings Date:Jan 29, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a mix of positive and negative aspects. There was significant progress in Q4 revenue growth, MiVIP platform adoption, and Check Fraud Defender's success. However, identity products revenue stagnation, pricing pressure, and challenges from executive turnover were notable lowlights. Overall, the sentiment reflects optimism due to recent growth and strategic plans but acknowledges past and ongoing challenges.Company Guidance
During Mitek's Fiscal 2024 Fourth Quarter and Year-End Earnings Call, detailed guidance was shared for the upcoming fiscal year. The company projected revenue for fiscal 2025 to be between $170 million and $180 million, with an adjusted EBITDA margin ranging from 24% to 28%. Mitek's focus is on returning to double-digit revenue growth, particularly through its identity products and Check Fraud Defender, which saw a 60% increase in annualized contract value (ACV) year-over-year, reaching over $10 million. The guidance also highlighted the aim to increase the percentage of SaaS revenue, which constituted approximately 37% of total revenue in fiscal 2024, with a goal for SaaS revenue to approach half of total revenue by fiscal 2026. The company anticipates that achieving $80 million to $85 million in run-rate identity product revenue will be the fulcrum point for margin accretion. Additionally, Mitek plans to invest strategically in innovation and customer experience, while slightly reducing identity spending levels to improve profitability.Q4 Revenue Growth
Fiscal Q4 2024 revenue was $43.2 million, representing a 15% year-over-year growth.
MiVIP Platform Success
MiVIP platform transaction volumes more than doubled in several Tier 1 accounts following the first year of adoption.
Check Fraud Defender Growth
Check Fraud Defender's Annualized Contract Value grew nearly 60% year-over-year, exceeding $10 million at fiscal '24's close.
Operational Cost Efficiencies
Achieved a reduction in direct cost per transaction for identity by over 25% in FY '24.
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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 |
|---|---|---|---|
| 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% |
| Apr 15, 2024 | $14.83 | $13.39 | -9.71% |
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 Jan 29, 2025, TBA Not Confirmed.
What is Mitek Systems Inc (MITK) earnings time?
Mitek Systems Inc (MITK) earnings time is at Jan 29, 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 (Q1) is $0.13.
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