Mitek (MITK -16.3%) is staring at big losses after reporting FQ4 revenue of $1.2M (-60% Y/Y) and EPS of -$0.09 - the latter missed consensus by $0.02 - as the mobile banking software firm struggles with the fallout of its collapsed deal with USAA. In spite of the revenue drop, opex rose 30% Y/Y due to rising R&D and legal expenses. During its earnings call, Mitek noted it added 156 new financial institutions as customers in FQ4, but added large banks are taking longer than expected to roll out its software.
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