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
Website
CEO
Scipio Carnecchia
Employees
Incorporated
Location
Fiscal year end
Sector
Industry (SIC)
Xerox • Xerox • Logitech International • Fortinet • Corsair Gaming • Palo Alto Networks • Stratasys • Forescout • Identiv • Mandiant ...
SEC CIK
Corporate docs
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
News

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1 Aug 22
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Press releases
Matterport Announces Second Quarter 2022 Financial Results, with Stronger-than-Expected Subscription Revenue and Non-GAAP EPS
10 Aug 22
Mitek Delivers Record Revenue in Fiscal Third Quarter, Up 24% Year Over Year
28 Jul 22
Mitek to Report Third Quarter Fiscal 2022 Financial Results on July 28, 2022
14 Jul 22
Susan Repo to Join the Matterport Board of Directors
11 Jul 22
Mitek to Present at the William Blair 42nd Annual Growth Stock Conference on June 7, 2022
1 Jun 22
Analyst ratings and price targets
Investment data
Securities sold
Number of investors
Calendar
10 Aug 22
12 Aug 22
30 Sep 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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Change in cash | |||||
Diluted EPS |
Annual (USD) | Sep 21 | Sep 20 | Sep 19 | Sep 18 | |
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Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
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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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
87.0% owned by funds/institutions
13F holders | Current |
---|---|
Total holders | 155 |
Opened positions | 14 |
Closed positions | 23 |
Increased positions | 53 |
Reduced positions | 56 |
13F shares | Current |
---|---|
Total value | 520.99M |
Total shares | 38.58M |
Total puts | 48.5K |
Total calls | 88.9K |
Total put/call ratio | 0.5 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 3.2M | $46.97M |
LGEN Legal & General | 3.06M | $44.83M |
Go Etf Solutions | 2.99M | $53.13M |
Legal & General Investment Management | 2.96M | $0 |
Blue Grotto Capital | 2.61M | $38.36M |
Toronado Partners | 2.61M | $38.24M |
Toronado Fund | 2.38M | $24.69M |
Vanguard | 2.38M | $34.91M |
Independent Advisor Alliance | 1.33M | $19.46M |
STT State Street | 956.93K | $14.04M |
Financial report summary
?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
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. junior Avg
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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
Current reports
8-K
Results of Operations and Financial Condition
28 Jul 22
8-K
Changes in Registrant's Certifying Accountant
18 Jul 22
8-K
Changes in Registrant's Certifying Accountant
27 May 22
8-K
Mitek Delivers 21% Year Over Year Revenue Growth and Transformative Acquisition of Orchestration Provider During the Quarter
28 Apr 22
8-K
Mitek acquires UK-based HooYu in all cash GBP 98 million deal
23 Mar 22
8-K
Mitek Systems Announces Election of New Board Members and Appointment of New General Counsel
8 Mar 22
8-K
Departure of Directors or Certain Officers
25 Feb 22
8-K
Mitek Reports 25% Year Over Year Revenue Growth and Another Record Quarter
27 Jan 22
8-K
Departure of Directors or Certain Officers
12 Jan 22
8-K
Mitek Reports Record Revenue and Earnings for Full Year Fiscal 2021
4 Nov 21
Registration and prospectus
S-8
Registration of securities for employees
7 Oct 21
S-8
Registration of securities for employees
27 Mar 20
S-8
Registration of securities for employees
27 Mar 19
D
$201.95K in equity, sold $201.95K, 2 investors
5 Jun 18
S-8
Registration of securities for employees
21 Mar 18
S-8
Registration of securities for employees
15 Aug 17
S-3/A
Shelf registration (amended)
2 Jan 17
S-3
Shelf registration
19 Dec 16
S-8
Registration of securities for employees
10 Mar 16
Proxies
Other
EFFECT
Notice of effectiveness
14 Jan 20
CORRESP
Correspondence with SEC
12 Jan 20
CORRESP
Correspondence with SEC
7 Jan 20
UPLOAD
Letter from SEC
2 Jan 20
CT ORDER
Confidential treatment order
5 Dec 17
CORRESP
Correspondence with SEC
2 Jan 17
EFFECT
Notice of effectiveness
2 Jan 17
UPLOAD
Letter from SEC
28 Dec 16
UPLOAD
Letter from SEC
8 May 16
CORRESP
Correspondence with SEC
6 Apr 16
Ownership
4
MITEK SYSTEMS / Frank Teruel ownership change
22 Jul 22
4
MITEK SYSTEMS / Michael E Diamond ownership change
29 Mar 22
4
MITEK SYSTEMS / Jason Gray ownership change
23 Mar 22
4
MITEK SYSTEMS / SCIPIO MAXIMUS CARNECCHIA ownership change
23 Mar 22
4
MITEK SYSTEMS / Stephen Ritter ownership change
23 Mar 22
4
MITEK SYSTEMS / Michael E Diamond ownership change
23 Mar 22
3
MITEK SYSTEMS / Scott Adam Marcus ownership change
8 Mar 22
4
MITEK SYSTEMS / Scott Adam Marcus ownership change
8 Mar 22
4
MITEK SYSTEMS / Scott R Carter ownership change
4 Mar 22
3
MITEK SYSTEMS / Scott R Carter ownership change
4 Mar 22
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.
Transcripts
2022 Q3
Earnings call transcript
29 Jul 22
2022 Q2
Earnings call transcript
28 Apr 22
2020 Q1
Earnings call transcript
28 Jan 22
2021 Q3
Earnings call transcript
5 Nov 21
2021 Q3
Earnings call transcript
30 Jul 21
2021 Q2
Earnings call transcript
30 Apr 21
2021 Q1
Earnings call transcript
29 Jan 21
2020 Q4
Earnings call transcript
5 Nov 20
2020 Q3
Earnings call transcript
30 Jul 20
2020 Q2
Earnings call transcript
30 Apr 20
Reddit threads
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