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Mitek Systems Inc. (MITK+0.35%) has filed its Form 10-K filing for the fiscal year ended September 30, 2024.
The filing reports total revenue of $172.1 million, a slight decrease from $172.6 million in the previous fiscal year. The revenue was primarily driven by the company's software and hardware sales, alongside services and other revenue streams.
Mitek's net income for the year was $3.3 million, or $0.07 per diluted share, compared to $8.0 million, or $0.17 per diluted share, in the prior year. The decline in net income is attributed to increased expenses in research and development and general and administrative costs.
The company reported cash provided by operating activities of $31.7 million, a slight increase from $31.6 million in the previous year. This reflects strong operational cash flow management.
Mitek continues to serve over 7,900 financial services organizations globally, providing solutions in fraud prevention and digital identity verification. The company emphasizes its strategic acquisitions, including ID R&D, Inc. and HooYu Ltd., to enhance its capabilities in AI-driven biometrics and identity verification.
The company has identified material weaknesses in its internal control over financial reporting, which it is in the process of remediating. These include issues related to financial statement close processes and revenue recognition controls.
Mitek has a share repurchase program in place, authorizing the buyback of up to $50 million of its common stock. During the fiscal year, the company repurchased approximately 2.2 million shares.
The company is involved in various legal proceedings, including a claim against UrbanFT, Inc. and ongoing patent-related litigation involving its customers. Mitek is actively defending its interests in these matters.
Mitek's balance sheet shows total assets of $413.8 million, with cash and cash equivalents of $93.5 million. The company holds investments valued at $48.3 million, primarily in U.S. Treasury securities and corporate debt.
Looking ahead, Mitek is focused on expanding its market presence and enhancing its product offerings through continued investment in research and development and strategic acquisitions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mitek Systems Inc. annual 10-K report dated December 16, 2024. To report an error, please email earnings@qz.com.