Mitek reported earnings of 6 cents a share for the fiscal fourth quarter, beating the loss of 6 cents analysts expected for the quarter. Revenue grew 25.3% year over year to a record $5.5 million for the quarter, beating analysts' estimates of $4.95 million.
The software company ended the fourth quarter with 3,026 financial institutions signed onto its Mobile Deposit platform, up from 2,571 banks at the end of the fiscal third quarter.
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"Record annual revenue of $19.2 million was largely driven by Mitek's Mobile Deposit, which is now licensed by over 3,000 financial institutions and used by an estimated 33 million Americans," Mitek president and CEO James B. DeBello said in a statement.
TheStreet Ratings team rates MITEK SYSTEMS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate MITEK SYSTEMS INC (MITK) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its weak operating cash flow and generally disappointing historical performance in the stock itself."