Q1 2024 Mitek Systems Inc Earnings Call Transcript
Key Points
- Mitek Systems Inc (MITK) expects deposits product revenue to grow 10% to 12% year over year on a normalized basis.
- Identity product revenue is anticipated to grow 10% to 12% year over year on an organic basis.
- The Check Fraud Defender product offering is exceeding expectations with over 20 customers contracted by the end of the fiscal quarter.
- Mitek Systems Inc (MITK) is winning new channels within banks and driving new benefits and efficiency gains for banking customers.
- The company is now current with SEC filings and has improved financial controls and reporting in place.
- The fiscal Q1 2024 revenue declined 19% year over year to $36.9 million, primarily due to a large multi-year mobile check deposit reorder from the previous fiscal year.
- Software and hardware revenue declined 39% to $16 million in fiscal Q1 2024.
- Total gross margin for fiscal Q1 2024 was down to 85% from 89% in fiscal Q1 2023.
- GAAP operating expenses for fiscal Q1 2024 increased to $38.3 million from $32.3 million a year ago.
- GAAP net loss for fiscal Q1 2024 was $5.8 million, or a loss of $0.13 per basic share.
Hello, and welcome to Mitek's fiscal 2024 first-quarter earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to hand the call to Todd Kehrli of MKR Investor Relations.
Todd, please go ahead.
Thank you, operator. Good afternoon, and welcome to Mitek's fiscal 2024 first-quarter earnings conference call. With me on today's call are Mitek's CEO, Max Carnecchia; and CFO, Dave Lyle. Before I turn the call over to Max and Dave, I'd like to cover a few quick items.
Today, Mitek issued a press release announcing its financial results for its fiscal 2024 first quarter, as well as preliminary results for its fiscal second quarter ended March 31, 2024. That release is available on the company's website at miteksystems.com. This call is being broadcast live over the Internet for all interested parties, and the webcast will be archived on the Investor Relations page of the company's website.
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