Mitek Systems, Inc. - MITK STOCK NEWS

Mitek (NASDAQ: MITK) has launched Check Fraud Defender, an AI-powered, cloud-hosted solution designed to combat check fraud for financial institutions. This innovation is crucial as attempted check fraud reached $15.1 billion in 2018, representing 60% of fraud against deposit accounts. Check Fraud Defender utilizes advanced image science to detect forgeries that traditional tools may miss, helping institutions reduce false positives and optimize fraud detection processes. Early adopters, including one of the top 25 U.S. banks, report up to 90% savings in manual review time.

Mitek (NASDAQ: MITK) announced a share repurchase program of up to $15 million for its common stock, funded by cash on hand and operational cash flow. As of March 31, 2021, the company had approximately $219.5 million in cash and investments, with about 43.1 million shares outstanding. CEO Max Carnecchia expressed confidence in Mitek's growth strategy and the initiative aims to counteract dilution from recent acquisitions. The program is effective immediately and will run until June 30, 2022, subject to market conditions.

Mitek Systems (NASDAQ: MITK) has appointed Susan Repo to its board of directors and Frank Teruel as chief financial officer, effective July 16, 2021. Repo, former CFO at ICEYE, brings extensive experience from Tesla and other tech firms, enhancing Mitek's strategic direction. Teruel, with over 20 years in finance, was COO at ADARA and led ThreatMetrix from $5 million in revenue to an $830 million sale. These appointments follow Mitek’s acquisition of ID R&D, a move reinforcing its commitment to identity verification and digital security. Teruel received $1.2 million in stock units as part of his inducement package.

Mitek (NASDAQ: MITK) has acquired ID R&D, a leader in AI-driven voice and face biometrics, for up to $49 million in cash and stock. This strategic move enhances Mitek's digital identity verification capabilities, crucial in combating advanced identity theft methods, including deepfakes. With the identity verification market projected to reach $15.8 billion in the U.S. by 2025, the integration aims to simplify authentication processes for businesses and consumers. ID R&D will continue its operations independently while contributing to Mitek’s comprehensive security solutions.

Mitek (NASDAQ: MITK) announced that CEO Max Carnecchia and CFO Jeff Davison will present at the William Blair 41st Annual Growth Stock Virtual Conference on June 2nd at 5:00 p.m. ET. The presentation will be streamed live and available for replay on Mitek's investor relations website. Investors can also schedule one-on-one meetings with the management team throughout the day. Mitek specializes in mobile capture and digital identity verification, aiding over 7,500 organizations in reducing risk during digital transactions.

Mitek (NASDAQ: MITK) announced that CEO Max Carnecchia and CFO Jeff Davison will present at the 16th Annual Needham Virtual Technology and Media Conference on May 18th at 2:15 p.m. ET. The presentation will be streamed live, with a replay available on the company's investor relations website. Mitek specializes in mobile capture and digital identity verification solutions, helping over 7,500 organizations enhance trust and comply with regulations during digital transactions. For meeting inquiries, contact Mitek's investor relations via email.

Mitek (NASDAQ: MITK) reported record financial results for Q2 fiscal 2021 ending March 31, 2021, with a revenue increase of 24% year-over-year to $28.8 million. The transactional identity verification revenue surged by 50%, highlighting strong demand for digital solutions. GAAP net income reached $1.0 million or $0.02 per diluted share, while non-GAAP net income grew 34% to $7.3 million, or $0.16 per diluted share. The company strengthened its balance sheet with a successful convertible debt offering, adding $150 million in cash.

Mitek (NASDAQ: MITK) will release its financial results for the second quarter of fiscal 2021 on April 29, 2021, after the market closes. A conference call for analysts and investors will follow at 1:30 PM PT (4:30 PM ET) to discuss these results. Mitek is a leader in mobile capture and digital identity verification, serving over 7,500 organizations globally. The company aims to enhance identity verification processes during digital transactions, thereby reducing risks and increasing revenue streams. Further details are available on their website.

Mitek (NASDAQ: MITK), a leader in mobile capture and digital identity verification, announced CEO Max Carnecchia will present at Maxim Group's Inaugural Emerging Growth Virtual Conference from March 17-19, 2021. He will participate in a fireside chat with analyst Allen Klee on March 19 from 10:30 am to 11:00 am ET. Mitek's innovative solutions help over 7,500 organizations verify identities in digital transactions, reducing risk and ensuring compliance. For more information, visit www.miteksystems.com.