MITK, a digital identity verification software company, faces a secular growth opportunity driven by rising AI-based identity fraud, particularly benefiting its new product, Check Fraud Defender (CFD). Despite recent underperformance, I assign MITK a buy rating with a $10.6 target price, projecting a 15% upside by FY 2025. Slowed revenue growth resulting in net losses created appearance of underperformance due to revenue timing issues. But no meaningful structural issues exist. Balance sheet remains strong.
Mitek Systems, Inc. (NASDAQ:MITK ) Q1 2025 Earnings Conference Call February 10, 2025 5:00 PM ET Company Participants Todd Kehrli - Investor Relations, PondelWilkinson Ed West - Chief Executive Officer Dave Lyle - Chief Financial Officer Conference Call Participants Jake Roberge - William Blair Mike Grondahl - Northland Securities Allen Klee - Maxim Group Surinder Thind - Jefferies Operator Good afternoon, and welcome to the Mitek Fiscal 2025 First Quarter Earnings Conference Call. All participants will be in listen-only mode.
Mitek Systems (MITK) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.14 per share a year ago.
SAN DIEGO--(BUSINESS WIRE)-- #BoardOfDirectors--Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification, mobile capture, and fraud management, today announced the nomination of Mark Rossi to its board of directors. Mr. Rossi will also serve as a member of the board's audit committee, pending shareholder approval at the company's upcoming annual meeting. Mr. Rossi brings over four decades of strategic, financial, and operational expertise, having served on the boards of approximately 25.
SAN DIEGO--(BUSINESS WIRE)--Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification, mobile capture and fraud management, today announced that it will conduct a conference call on Monday, February 10th at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss its financial results for the fiscal first quarter ended December 31, 2024. The financial results will be issued in a press release before the call. Mitek CEO Ed West and CFO Dave Lyle will host the call, f.
SAN DIEGO--(BUSINESS WIRE)--Mitek Systems, Inc. (NASDAQ: MITK), a global leader in digital identity verification, mobile capture and fraud management, today announced that it will participate in the 27th Annual Needham Growth Conference on January 14th in New York. Ed West, CEO, and Dave Lyle, CFO, will host one-on-one meetings with investors that day. To schedule a meeting with the Company, please contact your representative at Needham or MKR Investor Relations. Mitek (NASDAQ: MITK) is a globa.
Mitek's strong quarter featured impressive cost control and solid revenue growth, particularly in Check Fraud Defender and ID products. Check Fraud Defender's annualized contract value grew nearly 60% year-over-year, with expectations to double in fiscal 2025, a basis for sustained CFD revenue growth. Operating expenses have decreased considerably, and Mitek is focused on high-return growth opportunities, including M&A to enhance their technology stack and product offerings.
Mitek Systems is a cyber fraud player with strong free cash flow, trading at a compelling 15x forward free cash flow valuation. The new CEO's strategic initiatives and potential double-digit revenue growth by fiscal 2026 could drive significant upside. The company's robust EBITDA margins and manageable net debt position support the bullish outlook.
Mitek Systems (MITK) came out with quarterly earnings of $0.33 per share, beating the Zacks Consensus Estimate of $0.17 per share. This compares to earnings of $0.15 per share a year ago.
MITK unveils the DFD tool (available with the Mitek Verified Identity Platform) to aid businesses in combating GenAI-driven identity fraud, including deepfakes.