Overview
Mitek fiscal Q3 revenue up 2% yr/yr, beating analyst expectations, per LSEG data
SaaS revenue grows 23% yr/yr, indicating strong demand for identity solutions
Outlook
Mitek tightens full-year revenue guidance to $174 mln-$177 mln
Company narrows full-year adjusted EBITDA margin to 28%-29%
Result Drivers
SAAS REVENUE GROWTH - SaaS revenue increased by 23% yr/yr, driven by growing demand for identity and fraud solutions
DEPOSITS SOFTWARE STABILITY - Core Deposits software products provide stability with resilient transaction volumes, contributing to strong free cash flow
STRATEGIC SHIFT - Co is shifting to SaaS, streamlining operations, and aligning product investments around a unified platform for durable growth
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Beat | $45.73 mln | $44 mln (6 Analysts) |
Q3 EPS | $0.05 | ||
Q3 Net Income | $2.40 mln | ||
Q3 Operating Income | $3.81 mln | ||
Q3 Pretax Profit | $3.14 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the software peer group is "buy"
Wall Street's median 12-month price target for Mitek Systems Inc is $13.00, about 29.8% above its August 6 closing price of $9.12
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 8 three months ago
Press Release: ID:nBw7fylqLa
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)