Mitek Systems, Inc. - MITK STOCK NEWS

The latest research by ID R&D reveals that computers outperform humans in detecting biometric spoofing attacks, such as photos and videos. The AI systems achieved a 0% error rate across 175,000 images, while humans misidentified 30% of printed images. Machines were nearly 10 times faster, taking less than 0.5 seconds per image compared to 4.8 seconds for humans. The study emphasizes the effectiveness of AI-based facial liveness detection in identity verification, significantly reducing false positives for genuine users to just 1%.

Mitek (NASDAQ: MITK) reported a strong financial performance for Q1 FY2022, with total revenue increasing 25% year over year to a record $32.5 million. GAAP net income rose 44% to $3.1 million, or $0.07 per diluted share, while non-GAAP net income surged 65% to $10.2 million, or $0.22 per diluted share. The company's cash flow from operations was $2.3 million, and total cash and investments stood at $218.2 million by quarter-end. Mitek emphasizes the effectiveness of its digital identity verification solutions in combating online fraud across various sectors.

Mitek (NASDAQ: MITK) will release its Q1 2022 financial results on January 27, 2022, after market close. The company will host a conference call to discuss these results at 1:30 p.m. PT. Mitek specializes in digital fraud prevention with advanced solutions for identity verification, used by over 7,500 organizations. Their technology aims to reduce risks and comply with regulations while enhancing revenue from digital transactions.

Mitek (NASDAQ: MITK) reported an 18% increase in total revenue for fiscal 2021, reaching $119.8 million, driven by demand for digital identity verification solutions. In Q4 2021, total revenue rose 9% year over year to $33.3 million, with GAAP net income at $2.2 million ($0.05 per share) and non-GAAP net income at $10.1 million ($0.22 per share). With cash flow from operations hitting $37.4 million for the year, Mitek showcased its strong positioning in the identity authentication market, as stated by CEO Max Carnecchia.

IDVoice® from ID R&D, a Mitek company, is now integrated into the latest Vivoka Voice Development Kit (VDK), simplifying the development of applications utilizing advanced voice biometrics. The VDK facilitates developers in creating secure voice applications with accurate anti-spoofing measures. This advancement is poised to enhance personalization and authentication across various IoT platforms, bolstering user experience.

Mitek (NASDAQ: MITK) will release its financial results for the fourth quarter and full fiscal year 2021 on November 4, 2021, after market close. Management will conduct a conference call at 1:30 p.m. PT to discuss these results. The call can be accessed via phone or webcast through their website. Mitek specializes in mobile capture and digital identity verification, with over 7,500 organizations using their services. This announcement highlights the company's ongoing commitment to providing innovative solutions in the digital transaction space.

ID R&D has launched IDLive Doc, the first standalone document liveness detector aimed at combating fraud in digital identity verification. This AI-driven solution can be integrated into onboarding and eKYC systems within hours, enhancing security for financial institutions and gig economy firms. By detecting document screen replay attacks, it adds a significant layer of fraud prevention, ensuring only genuine documents are verified. Available as a beta version, IDLive Doc underscores ID R&D’s commitment to innovation in biometric technology and fraud prevention.

Mitek (NASDAQ: MITK), a leader in mobile capture and digital identity verification, has announced that CEO Max Carnecchia and CFO Frank Teruel will participate in a fireside chat at the Jefferies Virtual Software Conference on Tuesday, September 14, at 1:00 p.m. Eastern Time. The event will include virtual one-on-one meetings with investors throughout the day. Attendees can watch the live webcast via Mitek’s investor relations website. Mitek provides identity verification solutions for over 7,500 organizations, enhancing digital transaction security and compliance.

Mitek (NASDAQ: MITK) reported a record revenue of $31.8 million for Q3 2021, a 25% year-over-year increase. GAAP net income was $3.0 million or $0.07 per diluted share, while non-GAAP net income surged 56% to $10.6 million or $0.23 per diluted share. Cash flow from operations stood at $9.0 million with total cash and investments reaching $215.5 million. The company also highlighted strong growth in identity verification revenue (up 33%) and deposit solutions (up 23%). Mitek acquired ID R&D and launched Check Fraud Defender, enhancing its fraud prevention capabilities.