Tue, Oct. 6, 1:02 PM| Tue, Oct. 6, 1:02 PM | 4 Comments
Mon, Sep. 21, 11:06 AM
- An unnamed "global banking and payment technology provider" has placed a $1.4M reorder for transactions involving Mitek's (MITK +2.4%) Mobile Deposit photo-based check-deposit solution.
- The deal, said to be the third reorder from the client, involves $1.2M in software license revenue and $200K in maintenance revenue. Mitek, which claims Mobile Deposit is licensed by 4,100+ banks used by 50M+ consumers, states its client "supplies Mobile Deposit to some of the country's largest banks and prepaid card providers."
Thu, Jul. 23, 5:24 PM
- With an FQ3 beat in tow, Mitek (NASDAQ:MITK) is hiking its FY15 (ends in September) sales guidance by $1M to $23.5M-$24.5M, above a $23.1M consensus.
- Mitek's mainstay Mobile Deposit solution is now licensed by over 4K financial institutions, up from 3,705 at the end of FQ2. Software revenue +47% Y/Y to $4.68M; services +19% to $1.76M.
- Sales/marketing spend fell 9% Y/Y to $1.65M; R&D fell 15% to $1.35M, and G&A 22% to $1.8M. Mitek ended FQ3 with $24M in cash/short-term investments, and no debt. The deferred revenue balance stood at $4M.
- Shares have risen to $4.14 AH.
- FQ3 results, PR
Thu, Jul. 23, 4:16 PM
Wed, Jul. 22, 5:35 PM
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Tue, May 26, 6:39 PM
- Mitek (NASDAQ:MITK) is acquiring IDchecker, a Dutch provider of cloud-based identity document verification and facial recognition tools, for $5.85M in cash, $2.75M in stock, and up to $2M in additional stock payments through Sep. 2016 if certain targets are hit.
- Mitek states IDchecker's Strong ID solution "authenticates 3,500 different types of passports, driver licenses and identity cards from nearly every country in the world," and complements Mitek's Photo Verify tech and MiSnap mobile image capture SDK. Customers are said to include "a large international money transfer service, a leading worldwide payments company, and a preeminent global information services provider."
- Shares haven't yet moved in AH trading.
Fri, May 1, 6:15 PM
- Mitek (NASDAQ:MITK) followed up on its FQ2 beat by guiding on its CC (transcript) for FY15 (ends Sep. '15) revenue of $22.5M-$23.5M, in-line with a 3-analyst $22.9M consensus. Nonetheless, shares fell 1.8% in regular trading; they were down as much as 8% earlier in the day.
- The company ended FQ2 with 3,705 financial institutions signed as Mobile Deposit clients, up 12% Q/Q. Live clients rose 16% to 3,181. Mobile Deposit demand drove a 28% Y/Y increase in software revenue to $4M. Maintenance/professional services revenue rose 23% to $1.7M.
- Boosting EPS: Operating expenses totaled $5.19M, below guidance of $5.25M-$5.75M and (thanks to the USAA settlement) down 25% Y/Y. FQ3 opex guidance is also at $5.25M-$5.75M.
- FQ2 results, PR
Thu, Apr. 30, 4:12 PM
Thu, Apr. 23, 3:27 PM
- Only a handful of tech companies are seeing major declines amid a 0.6% gain for the Nasdaq. A somewhat larger number are seeing big gains.
- Today's notable tech gainers include wireless IP licensing firm WiLAN (WILN +5.3%), Chinese social networking/gaming services firm Renren (RENN +4.8%), authentication hardware/software vendor Vasco (VDSI +4.1%), mobile banking tech provider Mitek (MITK +5.6%), and e-commerce listing/monetization services firm ChannelAdvisor (ECOM +5.7%).
- Renren is up 10% over the last two days. Beaten-down ChannelAdvisor has rallied ahead of its May 4 Q1 report. WiLAN's gains come ahead of its April 29 Q1 report.
- Previously covered: Chinese online real estate, Nuance, Solar3D, Medidata, F5, Citrix, Logitech, Rocket Fuel
- Notable decliners: Chip stocks, MobileIron, Avnet, Cognex, Ericsson
Tue, Mar. 24, 3:18 PM
- Today's notable tech gainers include chip packaging/testing firm ChipMOS (IMOS +3.7%), and headphone maker Skullcandy (SKUL +3.9%), mobile banking tech provider Mitek (MITK +6.5%), search toolbar/mobile ad platform provider Perion (PERI +8.8%), Chinese social network/game provider Renren (RENN +4.8%), peripherals giant Logitech (LOGI +4%), security IP licensing firm Finjan (FNJN +13.7%).
- Notable decliners include e-commerce services firm ChannelAdvisor (ECOM -5.6%), program guide/content protection IP firm Rovi (ROVI -4.3%), telecom equipment vendor Calix (CALX -3.5%), and Fibre Channel/Ehternet switch vendor Brocade (BRCD -3.4%).
- Likely helping Finjan: An H.C. Wainwright note stating the company has committed $5M to a Jerusalem Venture Partners (JVP) cybersecurity fund; Alibaba announced yesterday it's investing in JVP. Logitech announced a $100 wireless mouse today. Skullcandy is once more within striking distance of a 52-week high of $11.83.
- Previously covered: Twitter, solar stocks, Sonus/AudioCodes/BroadSoft, Neonode, Arista, Taser, Ciena, Zagg, Gogo, Digital Ally
Tue, Mar. 17, 3:17 PM
- Today's notable tech gainers include 4G modem/M2M hardware provider Sierra Wireless (SWIR +4%), Chines online auto site Bitauto (BITA +5.3%), energy tech hardware provider PowerSecure (POWR +5.4%), Chinese analog/mixed-signal chipmaker Vimicro (VIMC +7.7%), and enterprise cloud healthcare software provider Castlight (CSLT +5.8%).
- Notable decliners include mobile banking tech developer Mitek (MITK -7.8%), Chinese online classifieds leader 58.com (WUBA -4%), Taiwanese chip packaging/testing services firm ChipMOS (IMOS -3.4%), and financial site TheStreet (TST -5.7%).
- Sierra had closed yesterday near its lowest levels since Feb. 9. Bitauto had fallen sharply over the last two weeks due to the spending/margin concerns triggered by its Q4 report. Beaten-down Castlight is adding to the Friday gains it saw after filing its 10-K. ChipMOS rallied strongly on Friday after posting a Q4 EPS beat.
- Previously covered: Universal Display, NeoPhotonics, Vivint, Rocket Fuel, Vasco, Micron, Veeva, Qunar/Ctrip, GoPro, Chinese solar stocks, Himax, ExOne, magicJack
Fri, Jan. 30, 6:09 PM
- After having risen sharply over the prior four trading days, Mitek (NASDAQ:MITK) sold off in the wake of its FQ1 beat. Shares still finished the week up 14%.
- On the CC (transcript), CFO Russ Clark guided for FQ2 operating expenses of $5.25M-$5.75M, and litigation spend of $200K-$300K. Mitek's total FQ1 costs/expenses amounted to $5.26M (-12% Y/Y). The company suggests R&D and (to a lesser extent) sales spending growth is mostly responsible for the guidance.
- CEO Jim DeBello states 33M U.S. consumers used Mobile Deposit last year, and sees the user base rising to 47M by the end of 2015. The U.K. and Brazil, each of whom are expected to sign off on image check deposit legislation, are seen as growth opportunities, as is broader usage of the MiSnap automatic image capture platform and risk mitigation solutions that allow banks to raise check deposit size limits.
- FQ1 results, details
Thu, Jan. 29, 6:55 PM
- Mitek (NASDAQ:MITK) ended FQ1 with 3,304 financial institutions signed as Mobile Deposit clients, up from 3,026 at the end of FQ4. 2,744 clients were live.
- The company states both Mobile Deposit and Mobile Photo Account Opening contributed to its FQ1 revenue growth. Software revenue rose by nearly $600K Y/Y to $3.7M, and maintenance/professional services revenue by $350K to $1.6M.
- Costs/expenses fell 12% to $5.26M. Mitek ended 2014 with $26.9M in cash/short-term investments, and no debt.
- Shares had rallied strongly this week going into earnings. They're at $4.18 AH.
- FQ1 results, PR
Thu, Jan. 29, 4:09 PM
Wed, Jan. 28, 5:35 PM
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Wed, Jan. 28, 2:12 PM| Wed, Jan. 28, 2:12 PM | 4 Comments
MITK vs. ETF Alternatives
Mitek Systems Inc is engaged in the development, sale and service of its proprietary software solutions related to mobile imaging applications and intelligent recognition software. Its mobile imaging software solutions are available for iOS and Android.
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