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Mitek Systems Inc. (MITK+5.15%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports total revenue of $37.3 million for the quarter, a slight increase from $36.9 million in the same period the previous year. The increase was driven by a rise in services and other revenue, which offset a decline in software and hardware revenue.
Net loss for the quarter was $4.6 million, or $0.10 per diluted share, compared to a net loss of $5.8 million, or $0.13 per diluted share, in the same quarter of the previous year.
Cash provided by operating activities was $0.6 million for the quarter, compared to cash used in operating activities of $9.5 million in the previous year. This improvement was attributed to increased non-cash charges and decreased income tax payments.
Mitek reported $137.9 million in cash and cash equivalents and investments as of December 31, 2024, down from $141.8 million at the end of the previous quarter.
The company highlighted ongoing legal proceedings, including a claim against ICAR Vision Systems, S.L., and indemnification demands from customers related to patent infringement allegations by third parties.
Mitek continues to focus on its mobile image capture and digital identity verification solutions, serving over 7,900 financial services organizations globally.
The company remains committed to addressing previously identified material weaknesses in its internal controls over financial reporting, with remediation efforts ongoing.
Mitek's convertible senior notes due 2026 remain outstanding, with a carrying amount of $145.7 million as of December 31, 2024.
The company has a share repurchase program authorized for up to $50 million, with $3.3 million worth of shares repurchased during the quarter.
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. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.