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Mitek Systems, Inc. (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification solutions driven by advancements in artificial intelligence and machine learning. Serving over 7,800 financial services organizations and leading fintech brands globally, Mitek's innovative solutions are integrated into the apps of more than 6,100 enterprises and used by over 80 million consumers.
Mitek specializes in developing proprietary software solutions that enhance digital transactions. The firm's core products include Mobile Deposit, which allows consumers to deposit checks using their mobile devices, and Mobile Verify, which verifies user identities online, aiding organizations in building safer digital communities. Additionally, Mitek's CheckReader automatically extracts data from check images received through various deposit channels such as branches, ATMs, RDC, and mobile.
By offering advanced identity verification solutions, Mitek assists financial institutions, payment companies, and businesses in highly regulated markets to mitigate financial risk and comply with regulatory requirements. The company also enhances user experience through advanced data prefill and automation of the onboarding process.
To learn more about Mitek Systems, Inc. and stay updated with the latest news, visit www.miteksystems.com.
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Mitek (MITK) to file its Annual Report on Form 10-K for fiscal year 2023, hosting a conference call to discuss financial results and earnings press release on March 19, 2024.
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Mitek Systems, Inc. (NASDAQ: MITK) launches MiControl, a fraud management console enhancing check fraud detection. MiControl boosts productivity by sixfold, reduces losses, and enhances online security for consumers.
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Mitek Systems, Inc. received a Staff Determination from Nasdaq due to delays in filing financial reports, risking delisting. The Company plans to appeal and aims to regain compliance by filing the necessary reports.
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Mitek Systems, Inc. (MITK) has been appointed to the Digital ID & Authentication Council of Canada (DIACC), a non-profit coalition focused on developing a Canadian framework for digital identification and authentication. The appointment reflects Mitek's commitment to digital trust capabilities and aligns with DIACC's mission to enhance privacy and security in the global digital economy. The PR highlights the increasing digital fraud attempts in Canada, emphasizing the importance of DIACC's work in combating fraud and cybercrime. Mitek's involvement in this initiative showcases its dedication to contributing technological expertise and experience to further digital identity goals in Canada and beyond.
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Mitek Systems, Inc. (NASDAQ: MITK) has been granted an extension of the automatic stay of suspension of its common stock from The Nasdaq Stock Market LLC, pending a hearing scheduled for March 19, 2024, and a final determination regarding the Company’s listing status. The company is subject to a Mandatory Panel Monitor until November 6, 2024, requiring prompt delisting determination if it fails to comply with Nasdaq Listing Rule 5250(c). Mitek intends to appeal a delisting determination due to its failure to file the Form 10-K with the SEC and anticipates delays in filing its Quarterly Report on Form 10-Q for the period ended December 31, 2023.
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ID R&D (IDRD), a Mitek company, introduces voice clone detection as a new option for its IDLive® Voice liveness detection product, aiming to prevent fraud and crime, deter bad actors, and help preserve trust in the authenticity of digital audio communication. The software uses AI to determine whether a recording of speech was spoken by a person or a voice clone, addressing the growing concern of audio deepfakes and voice clones leading to criminal activities. The technology has applications in communications, healthcare, and productivity, but also poses risks of fraud and crimes such as account takeover, identity theft, misinformation, extortion, defamation, and appropriation of identity. President Biden's Executive Order on AI security and safety aims to protect Americans' privacy while embracing the potential of AI.
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Mitek Systems, Inc. (NASDAQ: MITK) won the Identity Verification and Know Your Customer category at FinTech Finance’s 2023 FF Awards. The award recognizes Mitek's tenure, financial strength, and reputation in the financial services industry. Mitek's leadership in identity verification, including facial biometrics, image capture technology, and ID card verification, allows customers to confidently onboard users, verify identities within seconds, and strengthen security against cybercrimes. Mitek products power and protect millions of identity evaluations and mobile deposits every day around the world.
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Mitek Systems, Inc. (Nasdaq: MITK) received a Staff Delisting Determination from Nasdaq due to the delay in filing its Annual Report on Form 10-K for the fiscal year ended September 30, 2023, which could lead to delisting of the Company's securities. The Company is subject to a Mandatory Panel Monitor until November 6, 2024, and intends to request a hearing before the Nasdaq Hearings Panel to regain compliance with the Rule.
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Mitek (MITK) sponsored an IDC InfoBrief revealing that using biometrics for online account access leads to higher consumer satisfaction and reduces online fraud. Digital payment fraud losses are projected to surpass $362 billion globally between 2023 and 2028. 83% of organizations have invested in improving consumer authentication technology, and 60% are in the process of enabling multi-layered authentication. Consumers are unsatisfied with traditional username/password processes, and 77% of those using biometrics on their smartphone or tablet are satisfied with biometric identity authentication.
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Mitek Systems, Inc. (MITK) reports 19% year-over-year increase in total revenue to $171.9 million for fiscal year 2023, with GAAP net income of $7.8 million and non-GAAP net income of $43.8 million. Cash flow from operations was $31.4 million, and total cash and investments were $134.9 million as of September 30, 2023. The company provides guidance for fiscal year 2024, expecting full-year revenue to be in the range of $180.0 million to $185.0 million and non-GAAP operating margin for fiscal 2024 to be in the range of 30.0% to 31.0%.
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FAQ
What is the current stock price of Mitek Systems (MITK)?
The current stock price of Mitek Systems (MITK) is $11.43 as of December 20, 2024.
What is the market cap of Mitek Systems (MITK)?
The market cap of Mitek Systems (MITK) is approximately 501.7M.
What does Mitek Systems, Inc. do?
Mitek Systems, Inc. specializes in mobile capture and digital identity verification solutions using artificial intelligence and machine learning.
Which industries does Mitek serve?
Mitek serves financial institutions, payment companies, and other businesses operating in highly regulated markets.
What are the main products of Mitek?
Mitek's main products include Mobile Deposit, Mobile Verify, and CheckReader.
How many organizations use Mitek's solutions?
Over 7,800 financial services organizations and fintech brands use Mitek's solutions.
How many consumers use Mitek's solutions?
More than 80 million consumers use Mitek's solutions.
What is Mitek's Mobile Deposit?
Mobile Deposit is a solution that allows consumers to deposit checks using their mobile devices.
What does Mitek’s Mobile Verify do?
Mobile Verify verifies a user's identity online, helping organizations build safer digital communities.
How does CheckReader benefit financial institutions?
CheckReader automatically extracts data from check images received through branches, ATMs, RDC, and mobile channels.
Why do businesses use Mitek's solutions?
Businesses use Mitek's solutions to mitigate financial risk, comply with regulatory requirements, and enhance user experience.
Where can I find more information about Mitek Systems, Inc.?
For more information, visit Mitek's official website at www.miteksystems.com.
Mitek Systems, Inc.
Nasdaq:MITK
MITK Rankings
MITK Stock Data
501.73M
43.27M
3%
77.97%
8.93%
Software - Application
Computer Peripheral Equipment, Nec
United States of America
SAN DIEGO