Q3 2024 Mitek Systems Inc Earnings Call Transcript
Key Points
- Mitek Systems Inc (MITK) reported a 4% year-over-year increase in total revenue for fiscal Q3 2024, reaching $45 million.
- The company's mobile check deposit revenue grew by 18% year-over-year, driven by strong transaction volumes and earlier than expected renewals.
- Check Fraud Defender (CFD) continues to expand its customer base, with over 40 banks under contract, including a top five US bank.
- Mitek Systems Inc (MITK) has a nearly 100% customer renewal rate for its identity solutions, indicating strong customer satisfaction and demand.
- The company is launching a new deep fake detection product, leveraging ID R&D technology, to address the growing issue of digital fraud.
- Identity product revenue declined by 14% year-over-year, primarily due to softness in ID R&D biometrics revenue and pricing pressure on Mobile Verify.
- The company experienced execution challenges in scaling its ID R&D product portfolio, leading to missed revenue targets.
- Two large banking clients delayed promotional campaigns, impacting expected revenue from Mitek Systems Inc (MITK)'s identity products.
- The fiscal 2024 revenue guidance was lowered to $169 million to $173 million, down from the previous range of $180 million to $185 million.
- The identity product portfolio is not expected to be profitable in fiscal Q4 2024, prompting a reassessment of profitability targets.
Welcome to the Mitek fiscal 2024 third-quarter financial results call. (Operator Instructions)
I would now like to turn the call over to your host, Todd Kehrli, MKR Investor Relations. You may begin.
Thank you, operator. Good afternoon, and welcome to Mitek's fiscal 2024 third-quarter earnings conference call. With me on today's call are Mitek's Executive Chairman and Interim CEO Scott Carter, and CFO Dave Lyle. Before I turn the call over to Scott, I'd like to cover a few quick items.
Today. Mitek issued a press release announcing its financial results for fiscal 2020 for third quarter ended June 30, 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.
I want to remind everyone that on today's call, management will discuss certain factors likely to influence the business going forward or
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
