Mitek Systems, Inc. - MITK STOCK NEWS

Mitek Systems (NASDAQ: MITK) has won the Authentication Innovation Award in the 2024 AI Breakthrough Awards, recognizing its MiPass® technology. MiPass advances biometric authentication by combining face and voice biometrics with liveness detection, countering sophisticated fraud techniques like deepfakes. This solution addresses complex identity theft and fraud schemes by verifying users through four biometric dimensions: selfie face verification, passive face-liveness check, voice biometric, and voice liveness check. Chris Briggs, Mitek's SVP of Identity, highlighted the demand for robust yet user-friendly digital authentication methods. This award marks Mitek's fourth recognition for its innovation in fraud prevention this year.

Mitek Systems (NASDAQ: MITK) has been recognized on the 2024 AIFinTech100 list by FinTech Global as one of the most innovative AI solution providers in financial services. Selected from over 2,000 companies, this accolade highlights Mitek's advanced AI capabilities in digital identity verification and fraud prevention. According to Mitek's 2024 Identity Intelligence Index, 76% of banks believe fraud and scams have grown more sophisticated, with AI-generated fraud being a top concern for 37% of respondents. Mitek's solutions include identity verification, multi-modal biometric authentication, and deepfake detection to combat these threats. Chris Briggs, Mitek's SVP of Identity, emphasized their commitment to pioneering AI innovations to protect customers globally. The AIFinTech100 list aims to inform senior decision-makers about leading vendors in the market. The full list is available at www.AIFinTech100.com.

ID R&D, a Mitek Systems company, has been granted a new patent (US 11,941,097 B2) by the US Patent and Trademark Office for a method to unlock devices using unspoofable voice authentication. This technology leverages advanced neural networks to authenticate users by analyzing detailed voice characteristics and detecting fake voices.

This patent aims to protect against Gen-AI-related fraud, including deepfakes and voice clones, ensuring secure access to mobile devices, smart devices, and other IoT technology. The market for voice as an interface is projected to grow at a CAGR of 21.3% from 2023 to 2030.

Besides enhancing device security, the technology supports secure, voice-based interactions across various applications, such as smart homes and vehicles. ID R&D's president, Alexey Khitrov, emphasizes the importance of this innovation in streamlining user experience and preventing unauthorized access, reinforcing ID R&D's leadership in voice security technology.

Viewpointe has partnered with Mitek Systems (NASDAQ: MITK) to bolster check fraud detection for financial institutions. This collaboration aims to mitigate the alarming rise in check fraud, which has surged by 385% since 2020 and could result in $24 billion in losses by year-end, according to the U.S. Department of the Treasury and Propeller Insights. Leveraging Mitek's advanced technologies like AI and machine learning, the partnership seeks to offer a faster and easier integration process for mutual customers, enhancing their fraud detection capabilities. Both companies are committed to ensuring safer financial transactions.

N-iX, a global software solutions and engineering services company, has enhanced its partnership with Mitek Systems, a leader in digital identity and fraud prevention. By incorporating Mitek's advanced technologies, N-iX aims to offer improved services to its clients in digital identity verification and fraud prevention, setting new standards in the industry. The partnership emphasizes N-iX's commitment to innovation and excellence in the financial services and digital security sectors.

Mitek Systems, a leader in digital identity and fraud prevention, announced a $50 million share repurchase program. The Board of Directors authorized a two-year program to buy back common stock, demonstrating confidence in long-term growth. The program aims to capitalize on market opportunities and is funded by strong cash flow. Purchases may be made through various methods, with timing based on market conditions and regulatory requirements.

Mitek Systems, Inc. reported financial results for Q2 ending March 31, 2024, with total revenue of $47.0 million. GAAP net income was $0.3 million, while non-GAAP net income was $11.5 million. Cash flow from operations increased to $7.1 million. The company reiterated its full-year revenue guidance of $180.0-$185.0 million for fiscal 2024, expecting a 6% growth rate at the midpoint. Mitek also announced a $50 million share repurchase plan. CEO Max Carnecchia will be terminated on May 31, 2024, with Scott Carter appointed as Interim CEO.

Mitek (NASDAQ: MITK) announced the appointment of Scott Carter as Interim CEO, effective June 1, 2024, and the termination of current CEO Max Carnecchia's employment. The Board has engaged in a search for a new permanent CEO, emphasizing a smooth transition for the company's growth phase. Carter's extensive experience in technology and financial services positions Mitek well for continued success.

Mitek (NASDAQ: MITK) will file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2024 on May 10, 2024, and host an earnings call on May 13, 2024. The company will discuss its financial results for the fiscal 2024 second quarter, with a live webcast available on the Investor Relations section of the Company’s website.