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Mitek Systems (MITK)

Mitek Systems Inc. is a global leader in mobile capture and digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek's identity verification solutions enable organizations to verify an individual's identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,500 organizations use Mitek to enable trust and convenience for mobile check deposit, new account opening and more. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe.

Company profile

Ticker
MITK
Exchange
CEO
Scipio Carnecchia
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
IDChecker, Inc. • ID R&D, Inc. • Mitek Systems Private Limited • A2iA Corp. • Mitek Holding B.V. • A2iA SAS • ICAR Vision Systems, S.L. • Mitek Systems B.V. • A2iA LLC • ICAR Sistemas Informaticos e de Identificacao LTDA ...
IRS number
870418827

MITK stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

10 Aug 22
12 Aug 22
30 Sep 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Sep 21 Sep 20 Sep 19 Sep 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 23.98M 23.98M 23.98M 23.98M 23.98M 23.98M
Cash burn (monthly) 76.67K 2.5M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 337.63K 10.99M n/a n/a n/a n/a
Cash remaining 23.65M 12.99M n/a n/a n/a n/a
Runway (months of cash) 308.4 5.2 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Jul 22 Frank Teruel Common Stock Sell Dispose S No No 0 5,747 0 67,092
25 Mar 22 Diamond Michael E Common Stock Sell Dispose S No No 14.22 572 8.13K 205,671
22 Mar 22 Diamond Michael E Common Stock Sell Dispose S No No 14.2 3,696 52.48K 206,243
22 Mar 22 Gray Jason Common Stock Sell Dispose S No No 14.2 3,589 50.96K 118,921
22 Mar 22 Carnecchia Scipio Maximus Common Stock Sell Dispose S No No 14.2 9,957 141.39K 313,482
21 Mar 22 Diamond Michael E Common Stock Option exercise Acquire M No No 0 12,376 0 208,714
21 Mar 22 Diamond Michael E RSU Common Stock Option exercise Dispose M No No 0 12,376 0 54,583
21 Mar 22 Gray Jason Common Stock Option exercise Acquire M No No 0 8,939 0 121,345
21 Mar 22 Gray Jason RSU Common Stock Option exercise Dispose M No No 0 8,939 0 22,250
21 Mar 22 Carnecchia Scipio Maximus Common Stock Option exercise Acquire M No No 0 27,503 0 322,214
87.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 155 164 -5.5%
Opened positions 14 25 -44.0%
Closed positions 23 33 -30.3%
Increased positions 53 53
Reduced positions 56 49 +14.3%
13F shares Current Prev Q Change
Total value 520.99M 4.35B -88.0%
Total shares 38.58M 38.43M +0.4%
Total puts 48.5K 64.2K -24.5%
Total calls 88.9K 123.5K -28.0%
Total put/call ratio 0.5 0.5 +4.9%
Largest owners Shares Value Change
BLK Blackrock 3.2M $46.97M -0.9%
LGEN Legal & General 3.06M $44.83M +3.0%
Go Etf Solutions 2.99M $53.13M 0.0%
Legal & General Investment Management 2.96M $0 0.0%
Blue Grotto Capital 2.61M $38.36M +14.6%
Toronado Partners 2.61M $38.24M +6.7%
Toronado Fund 2.38M $24.69M 0.0%
Vanguard 2.38M $34.91M -0.4%
Independent Advisor Alliance 1.33M $19.46M +17.2%
STT State Street 956.93K $14.04M +1.5%
Largest transactions Shares Bought/sold Change
Millennium Management 149.88K -388.7K -72.2%
Blue Grotto Capital 2.61M +333.97K +14.6%
Independent Advisor Alliance 1.33M +194.97K +17.2%
Toronado Partners 2.61M +164.28K +6.7%
LGT Group Foundation 596.99K +143.63K +31.7%
GS Goldman Sachs 203.81K -127.52K -38.5%
LGEN Legal & General 3.06M +89.73K +3.0%
Wisconsin Capital Management 264.3K -80.1K -23.3%
Norwood Investment Partners 644.7K -76.97K -10.7%
Russell Investments 353.05K +75.41K +27.2%

Financial report summary

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Risks
  • We currently derive substantially all of our revenue from a few types of technologies. If these technologies and the related products do not achieve or continue to achieve market acceptance, our business, financial condition, and results of operations would be adversely affected.
  • We cannot predict the impact that the decline of the use of checks, changes in consumer behavior facilitated by advances in technologies, and the development of check alternatives, or the plateau of the penetration of active mobile banking users may have on our business.
  • Claims that our products infringe upon the rights, or have otherwise utilized proprietary information, of third parties may give rise to costly litigation against us or our customers who we may be obligated to indemnify, and we could be prevented from selling those products, required to pay damages, and obligated to defend against litigation or indemnify our customers.
  • If the patents we own or license, or our other intellectual property rights, do not adequately protect our technologies, we may lose market share to our competitors and be unable to operate our business profitably.
  • We face competition from several companies that may have greater resources than we do, which could result in price reductions, reduced margins, or loss of market share.
  • We must continue to engage in extensive research and development in order to remain competitive.
  • Defects or malfunctions in our products could hurt our reputation, sales and profitability.
  • Our lengthy sales cycles and the difficulty in predicting timing of sales or delays may impair our operating results.
  • Our historical order flow patterns, which we expect to continue, have caused forecasting difficulties for us. If we do not meet our forecasts or analysts’ forecasts for us, the price of our common stock may decline.
  • Entry into new lines of business, and our offering of new products and services, resulting from our acquisitions may result in exposure to new risks.
  • Adverse economic conditions or reduced spending on information technology solutions may adversely impact our revenue and profitability.
  • We expect to incur additional expenses related to the integration of ID R&D, Inc.
  • We may be unable to successfully integrate our business with the respective businesses of ICAR, A2iA, and ID R&D and realize the anticipated benefits of the acquisitions.
  • Our actual financial and operating results following the acquisitions of ICAR, A2iA, and ID R&D could differ materially from any expectations or guidance provided by us concerning our future financial and operating results.
  • Our annual and quarterly results have fluctuated greatly in the past and will likely continue to do so, which may cause substantial fluctuations in our common stock price.
  • We face risks related to the storage of our customers’ and their end users’ confidential and proprietary information. Our products may not provide absolute security. We may incur increasing costs in an effort to minimize those risks and to respond to cyber incidents.
  • Due to our operations in non-U.S. markets, we are subject to certain risks that could adversely affect our business, results of operations or financial condition.
  • Our international operations may increase our exposure to potential liability under anti-corruption, trade protection, tax, and other laws and regulations.
  • Fluctuations in foreign currency exchange and interest rates could adversely affect our results of operations.
  • We have a history of losses and we may not be able to maintain profitability in the future.
  • An “ownership change” could limit our ability to utilize our net operating loss and tax credit carryforwards, which could result in our payment of income taxes earlier than if we were able to fully utilize our net operating loss and tax credit carryforwards.
  • From time-to-time our Board explores and considers strategic alternatives, including financings, strategic alliances, acquisitions, or the possible sale of the Company. Our Board may not be able to identify or complete any suitable strategic alternatives, and announcements regarding any such strategic alternatives could have an impact on our operations or stock price.
  • Concentration of ownership among our current and former directors and executive officers may limit our other stockholder’s ability to influence significant corporate decisions.
  • Future sales of our common stock by our insiders may cause our stock price to decline.
  • A potential proxy contest for the election of directors at our annual meeting could result in potential operational disruption, divert our resources, and could potentially result in adverse consequences under certain of our agreements.
  • Our corporate documents and the DGCL contain provisions that could discourage, delay, or prevent a change in control of our company, prevent attempts to replace or remove current management, and reduce the market price of our stock.
  • Our restated certificate of incorporation and second amended and restated bylaws provide for indemnification of officers and directors at our expense and limits their liability, which may result in a major cost to us and hurt the interests of our stockholders because corporate resources may be expended for the benefit of officers and/or directors.
  • The Company has entered into a Section 382 Rights Agreement, and if the share purchase rights issued pursuant to such agreement are exercised, it could materially and adversely affect the market price of our common stock.
  • The market price of our common stock has been volatile and your investment in our stock could suffer a decline in value.
  • Because we do not intend to pay cash dividends, our stockholders will benefit from an investment in our common stock only if our stock price appreciates in value.
  • The COVID-19 outbreak could adversely impact our business.
  • If we are unable to retain and recruit qualified personnel, or if any of our key executives or key employees discontinues his or her employment with us, it may have a material adverse effect on our business.
  • Legislation and governmental regulations enacted in the U.S. and other countries that apply to us or to our customers may require us to change our current products and services and/or result in additional expenses, which could adversely affect our business and results of operations.
  • Future sales of our common stock could cause the market price of our common stock to decline.
  • If financial or industry analysts do not publish research or reports about our business, or if they issue negative or misleading evaluations of our stock, our stock price and trading volume could decline.
  • We have identified a material weakness in our internal control over financial reporting, and if our remediation of such material weakness is not effective, or if we fail to develop and maintain an effective system of disclosure controls and internal control over
  • financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.
Management Discussion
  • •Revenue for the three months ended March 31, 2022 was $34.7 million, an increase of 21% compared to revenue of $28.8 million in the three months ended March 31, 2021.
  • •Net income was $1.9 million, or $0.04 per diluted share, during the three months ended March 31, 2022, compared to net income of $1.0 million, or $0.02 per share, during the three months ended March 31, 2021.
  • •Cash provided by operating activities was $9.7 million for the six months ended March 31, 2022, compared to $16.1 million for the six months ended March 31, 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: aware, bureau, Carlo, compensatory, compete, Conference, conflict, database, disrupt, disruption, hearing, hereof, HooYu, Index, lapsed, launched, lieu, linking, military, Monte, platform, region, registration, resolution, retained, retired, Russell, Russian, sanction, true, Ukraine, Venue
Removed: authoritative, converting, eliminate, observation, premise, pursue, sum, unregistered, updated

Patents

Utility
Exterior wall system
26 Jul 22
An exterior wall section forms a portion of an exterior wall of a building.
Utility
Systems and methods for updating an image registry for use in fraud detection related to financial documents
19 Jul 22
A system comprising: a check Image Record (CIR) database configured to store, for each of a plurality of accounts, a CIR, wherein each CIR comprises feature information related to features extracted from a plurality of reference checks associated with the associated account of the plurality of accounts; memory configured to store instructions; and a processor coupled with the CIR database and the memory, the processor configured to run the instructions, which cause the processor to: receive an image of a test check associated with an account of the plurality of accounts, extract feature information from the image, compare the features with the feature information stored in the CIR database for the account associated with the test check, generate a fraud score, and update each CIR by determining.
Utility
Methods for mobile image capture of vehicle identification numbers in a non-document
5 Jul 22
Various embodiments disclosed herein are directed to methods of capturing Vehicle Identification Numbers (VIN) from images captured by a mobile device.
Utility
Rapid Assembly Construction Modules and Methods for Use
30 Jun 22
A module for use in constructing a building includes a ceiling assembly.
Utility
Method of Managing Proxy Objects
16 Jun 22
A method of managing proxy objects within CAD Models by attaching Meta Data to each Proxy and HD Object and translating 2D coordinates into 3D coordinates from within a 3D CAD model with additional data being added through a 360 viewer.