Mitek Brings in Record Revenue in 2021

Mitek is still enjoying the benefits of the increased demand for remote onboarding technology. The company’s revenues are up considerably in its latest quarterly report, which covers the three-month period that ended on September 30. The report also includes Mitek’s full year-end results, since the most recent quarter is the fourth quarter of the company’s fiscal year. 

With that in mind, Mitek brought in $33.3 million in revenue in its fourth quarter, and a total of $119.8 million for the entire fiscal year. The Q4 figure is up nine percent year-over-year compared to the same period in 2020, while the year-end figure is up an even more impressive 18 percent.

Mitek’s net GAAP income was $2.2 million for the fourth quarter, and $8.4 million for the year. Those numbers climb to $10.1 million and $34.2 million, respectively, in a non-GAAP scenario. Meanwhile, its cash flow from its core operations is $12.3 million in Q4 and $37.4 million for the 2021 fiscal year. The company discussed its results in more detail during a webcast and conference call on November 4. Interested parties can find an archived version of the webcast in the Investor Relations section of the Mitek website.

“Fiscal 2021 was a breakout year for Mitek,” said CEO Max Carnecchia. “We again achieved record revenue, earnings and cash flow from operations, as we innovated faster and served more customers than ever before. Launching into fiscal 2022, we are strongly positioned to expand further into the identity authentication market and deliver the essential technologies required to help our customers fight identity fraud.”

The $33.3 million fourth quarter revenue figure is up slightly from the $31.8 million that the company generated in Q3. Some of its recent highlights include its acquisition of ID R&D, as well as the launch of its new Check Fraud Defender solution back in June. The rising demand for remote onboarding tech reflects the rise of the hybrid work environment in the wake of COVID-19.

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November 9, 2021 – by Eric Weiss