Mitek Systems Beats Q4 Earnings and Revenue Estimates, Stock Up

Core Insights - Mitek Systems, Inc. (MITK) reported non-GAAP earnings of 33 cents per share for Q4 fiscal 2024, up from 15 cents a year ago, exceeding the Zacks Consensus Estimate of 17 cents [1] - Revenues increased by 15% year over year to $43.2 million, surpassing the consensus estimate by approximately 5% [2] - The company is focusing on integrating past acquisitions and enhancing products to drive revenue growth and reduce costs [3] Financial Performance - Software & Hardware revenues, accounting for 42% of total revenues, rose by around 20% year over year to$ 18.3 million [4] - Services and other revenues, making up 58% of total revenues, increased to $24.8 million from$ 22.4 million in the prior year [5] - Non-GAAP operating income was $15 million, compared to$ 5.4 million in the year-ago quarter, with a non-GAAP operating margin of 35% [6] Balance Sheet and Cash Flow - As of September 30, 2024, MITK had cash and cash equivalents and investments totaling $141.8 million, a$ 6.8 million increase year over year [7] - The company generated a free cash flow of $30.3 million during the quarter and repurchased 2.2 million shares for$ 24.2 million [7] Outlook - For fiscal 2025, the company projects revenues in the range of $170-$ 180 million, with an adjusted EBITDA margin expected between 24% to 28% [8]