They all have distinctive qualities that go hand in hand with the title. These companies are the epitome of what investors look for — they have steady revenue growth, tireless efficiency and profitability pursuits, and unchanging financial stability in the face of market swings. The goal is to break down why these companies are opportunities right now and expected to double by 2026. Mitek (MITK) The software company Mitek (NASDAQ:MITK) offers digital identity and fraud prevention products. Mitek had adjuste ...

Finding profitable ventures that guarantee long-term wealth-building is still crucial. Three next-generation tech stocks have stood out as promising investments throughout this hunt. These companies, which are involved in software development, information technology and energy, provide solid prospects for expansion and long-term financial success. The first one has outstanding success, exceeding sales volume targets, which indicates strong asset management and operational competence. Meanwhile, the second c ...

Mitek Systems (MITK) reported second-quarter fiscal 2024 earnings of 24 cents per share compared with 30 cents a year ago. The bottom line fell short of the Zacks Consensus Estimate of 27 cents per share. Revenues increased 2% year over year to $47 million from $46.1 million a year ago. The top-line beat the consensus estimate by 1.03%. Innovative product mix strategies, along with healthy adoption of its fraud management solutions, are cushioning the top-line performance. Flagship products such as Check Fr ...

Core Insights - A new partnership between Viewpointe and Mitek Systems aims to combat rising check fraud in the banking industry [1][3] - Check fraud has surged by 385% since 2020, with projected losses reaching $24 billion by the end of this year [2] Company Overview - Viewpointe specializes in managed content and data services for highly regulated enterprises, particularly in the financial sector [5] - Mitek is a leader in digital access and identity verification technologies, trusted by 99% of U.S. banks for mobile check deposits [6] Partnership Details - The partnership will enhance fraud detection capabilities for mutual customers, allowing for quicker integration and response to check fraud [2][4] - Mitek's Check Fraud Defender utilizes advanced technologies such as machine learning and artificial intelligence to analyze data and reduce fraud losses [3][4] Industry Impact - This collaboration is positioned to set new standards in fraud prevention across financial institutions, addressing the escalating threats of check fraud [3][4] - The initiative reflects a proactive approach to safeguarding financial transactions and consumer safety in the digital banking landscape [3][4]

N-iX strengthens Fraud Prevention Services through Extended Partnership with Mitek Systems NORTH MIAMI BEACH, Fla., May 13, 2024 /PRNewswire/ -- N-iX, a global software solutions and engineering services company, announces the enhancement of its partnership with Mitek Systems, a global leader in digital identity and fraud prevention. N-iX is set to leverage Mitek's industry-leading technologies to offer its clients an improved level of service, addressing the essential need for secure and efficient digital ...

Fiscal 2024 Full Year Guidance Mitek is reiterating its previously provided guidance for its fiscal year ending September 30, 2024, as follows: Mitek Reports Fiscal 2024 Second Quarter Financial Results and Reiterates 2024 Fiscal Full Year Guidance Company Announces $50 Million Share Repurchase Plan SAN DIEGO, CA, May 13, 2024 - Mitek Systems, Inc. (NASDAQ: MITK, www.miteksystems.com, "Mitek" or the "Company"), a global leader in digital identity and fraud prevention, today reported financial results for it ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number 001-35231 MITEK SYSTEMS, INC. (Exact name of registrant as specified in its charter) Delaware 87-0418827 (State or other jurisdiction of incorpo ...

In 2022, the global cost of cybercrimes came in at $8.44 trillion, according to the Federal Bureau of Investigations (FBI) and the International Monetary Fund (IMF). By 2027, that could balloon to $23.84 trillion. Cybersecurity threats continue to mount in the face of unpreparedness by governments, large and small companies, schools and the average person. They serve as a key catalyst for cybersecurity stocks.“A top Biden cybersecurity official urged the nation’s ports in a joint call on Wednesday to have t ...

Mitek Systems (MITK) reported first-quarter fiscal 2024 earnings of 14 cents per share compared with 31 cents a year ago.Revenues decreased 19.2% year over year to $36.9 million from $45.7 million a year ago.The top-line decline was mainly due to tougher year-over-year comparisons. In the first quarter of fiscal 2023, the company secured a big multi-year mobile check deposit reorder with a single customer. The led to the pulling forward of $7 million of future revenues in the first quarter of fiscal 2023. I ...

Financial Data and Key Metrics Changes - Top line revenue for fiscal Q1 2024 was $36.9 million, a decrease of 19% year-over-year, primarily due to a large multi-year mobile check deposit reorder that impacted revenue recognition [13] - Software and hardware revenue declined 39% to $16 million, while services and other revenue grew 8% to $20.9 million, driven by strong growth in SaaS revenue [13][14] - GAAP net loss for fiscal Q1 2024 was $5.8 million, compared to net income of $4.7 million in the prior fiscal year, while non-GAAP net income was $6.3 million, down from $14.3 million [15][16] Business Line Data and Key Metrics Changes - Deposits revenue declined 30% year-over-year to $21.1 million, but would have grown about 4% when adjusting for the multi-year contract [34] - Identity revenue grew 3% year-over-year to $15.8 million, driven by SaaS products, despite some pressure from legacy products and market commoditization [14] Market Data and Key Metrics Changes - The demand for biometric authentication technology is increasing due to the rise in fraud, with check fraud losses in the Americas exceeding $20 billion in 2023 [7][10] - The Check Fraud Defender product is gaining traction, with over 20 customers contracted by the end of the March quarter, targeting over 50 by the end of fiscal 2024 [8][9] Company Strategy and Development Direction - The company aims to leverage AI-powered data solutions to address the growing fraud management needs in various markets, with a focus on regulated businesses [5][6] - Mitek is positioned to expand its revenue and profitability by providing advanced machine learning and AI solutions to combat fraud while enhancing customer trust [11] Management's Comments on Operating Environment and Future Outlook - Management expects growth to accelerate in the second half of fiscal 2024, driven by new products like Check Fraud Defender and improvements in identity verification solutions [6][20] - The company anticipates reaching standalone profitability in its Identity business by the fourth fiscal quarter [36] Other Important Information - The company has improved its financial controls and reporting, allowing it to maintain timely SEC filings [32] - The total gross margin for fiscal Q1 2024 was 85%, down from 89% in the previous year, due to a shift in product mix [35] Q&A Session Summary Question: Can you walk us through the building blocks that give you confidence in the full-year guidance? - Management highlighted the importance of looking at business performance over a longer time span and noted that new products like Check Fraud Defender are expected to drive growth in the second half of the fiscal year [19][20] Question: Can you provide more detail on the Check Fraud Defender deals and sales cycles? - Management explained that the Check Fraud Defender was co-created with a top bank, and initial sales cycles were over 12 months, but they are now seeing quicker cycles with contracted customers [22] Question: What is the expected growth mix for mobile check deposits? - Management refrained from providing specific breakdowns but indicated that growth would come from both price increases and transaction volume [27][28] Question: What are the expectations for the ID business moving towards breakeven? - Management did not provide specific guidance for fiscal 2025 but indicated that there would not be material changes to past performance [70] Question: How is the company thinking about capital allocation moving forward? - Management stated that they are reviewing capital allocation regularly and will provide updates after filing the Q2 report [42]