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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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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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Abrigo (ABGO) partners with Mitek to combat check fraud, aiming to provide community financial institutions with advanced fraud prevention solutions. According to FinCEN, check fraud SAR filings increased 94% over 2021, exceeding 680,000 in 2022. Mitek's Check Fraud Defender uses patented imaging science, machine learning, and artificial intelligence to analyze checks from all channels to reduce losses related to check fraud. General availability will be announced in early 2024.
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Mitek Systems, Inc. (NASDAQ: MITK) receives a second open letter from Concerned Stockholder Group outlining actions to improve financial performance and stock valuation. The group calls for corporate governance enhancements, a large share repurchase, operational efficiency improvements, and a comprehensive strategic review. The Board has addressed some concerns but greater urgency is requested. The group reiterates the call for a $100 million Dutch tender offer to optimize capital structure and solidify management's commitment to stockholder value.
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Mitek (NASDAQ: MITK) released the 2023 Mobile Deposit Benchmark Report, revealing that nearly one-third of small businesses in the U.S. have fallen victim to check fraud in the past year, with 65% reporting losses exceeding $50,000. The report also highlighted heightened customer anxiety about personal information security and the rise of mail-related check fraud.
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Mitek Systems, Inc. has been named a Representative Vendor in the Gartner, Inc. 2023 Market Guide for User Authentication. Mitek's MiPass, IDLive Face, and IDVoice Verified provide capabilities for secure and effortless user authentication. Mitek's recognition in the Gartner Market Guide follows its acknowledgment in other industry reports.
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Mitek Systems reports Q3 2023 financial results, with total revenue increasing 10% YoY to $43.1 million. GAAP net loss was $0.4 million. Non-GAAP net income was $9.5 million. Total cash and investments were $131.0 million on June 30, 2023. CEO expects full-year revenue growth of 18% and non-GAAP operating margins of 30-31%.
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FAQ
What is the current stock price of Mitek Sys (MITK)?
The current stock price of Mitek Sys (MITK) is $9.37 as of February 28, 2025.
What is the market cap of Mitek Sys (MITK)?
The market cap of Mitek Sys (MITK) is approximately 424.4M.
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 Sys Inc
Nasdaq:MITK
MITK Rankings
MITK Stock Data
424.39M
44.22M
2.95%
77.93%
8.17%
Software - Application
Computer Peripheral Equipment, Nec
United States
SAN DIEGO