Mitek Systems Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Mitek Systems Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and business operations.</b>

AI Summary

MITEK SYSTEMS INC (MITK) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Mitek Systems Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the second quarter of fiscal year 2024. The company's fiscal year ends on September 30th. Mitek Systems Inc. is incorporated in Delaware. The company's principal business address is in San Diego, California.

Why It Matters

For investors and stakeholders tracking MITEK SYSTEMS INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Mitek's financial health and operational progress for the second quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the computer peripheral equipment sector.

Risk Assessment

Risk Level: — MITEK SYSTEMS INC shows moderate risk based on this filing. The company's financial performance and strategic direction are subject to market conditions and competitive pressures within the technology sector, as indicated by its SIC code for Computer Peripheral Equipment.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess Mitek's performance and potential risks.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-10 — Filing Date (Filed as of Date)
• 0930 — Fiscal Year End (Fiscal Year End)

Key Players & Entities

• MITEK SYSTEMS INC (company) — Filer name
• 0000807863 (company) — Central Index Key
• 3577 (company) — Standard Industrial Classification Code
• DE (company) — State of Incorporation
• SAN DIEGO (company) — Business Address City
• 619-269-6800 (company) — Business Phone

FAQ

Industry Context

Mitek Systems operates within the computer peripheral equipment sector, a segment of the broader technology industry.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the Securities and Exchange Commission (SEC) for publicly traded companies.

What Investors Should Do

1. Review Mitek's financial statements for the quarter ended March 31, 2024.
2. Analyze any disclosed risk factors that may impact future performance.
3. Compare current quarter results with historical data to identify trends.

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. No prior period comparison data is available from this specific document.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share MITK The NASDAQ Capital Marke

Filing Documents

• mitk-20240331.htm (10-Q) — 1313KB
• mitk-2024331xexx311.htm (EX-31.1) — 10KB
• mitk-2024331xexx312.htm (EX-31.2) — 10KB
• mitk-2024331xexx321.htm (EX-32.1) — 7KB
• 0000807863-24-000053.txt (&nbsp;) — 7710KB
• mitk-20240331.xsd (EX-101.SCH) — 44KB
• mitk-20240331_cal.xml (EX-101.CAL) — 75KB
• mitk-20240331_def.xml (EX-101.DEF) — 277KB
• mitk-20240331_lab.xml (EX-101.LAB) — 696KB
• mitk-20240331_pre.xml (EX-101.PRE) — 494KB
• mitk-20240331_htm.xml (XML) — 1126KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets at March 31, 2024 (Unaudited) and September 30, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the Three and Six Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the Three and Six Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for th e Six Months Ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 33

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 37

Signatures

Signatures 39 PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. MITEK SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands except share data) March 31, 2024 (Unaudited) September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 80,939 $ 58,913 Short-term investments 42,987 74,700 Accounts receivable, net 52,061 32,132 Contract assets, current portion 15,140 18,355 Prepaid expenses 7,783 3,513 Other current assets 2,705 2,396 Total current assets 201,615 190,009 Long-term investments 6,337 1,304 Property and equipment, net 2,708 2,829 Right-of-use assets 3,313 4,140 Intangible assets, net 58,851 64,674 Goodwill 126,389 123,548 Deferred income tax assets 13,521 11,645 Contract assets, non-current portion 2,692 5,579 Other non-current assets 1,604 1,647 Total assets $ 417,030 $ 405,375 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,056 $ 7,589 Accrued payroll and related taxes 9,592 10,554 Accrued interest payable 210 305 Income tax payables 190 4,329 Deferred revenue, current portion 25,728 17,360 Lease liabilities, current portion 1,168 1,902 Acquisition-related contingent consideration — 7,976 Other current liabilities 1,318 1,482 Total current liabilities 47,262 51,497 Convertible senior notes 139,492 135,516 Deferred revenue, non-current portion 1,020 957 Lease liabilities, non-current portion 2,590 2,867 Deferred income tax liabilities 6,690 6,476 Other non-current liabilities 3,830 2,874 Total liabilities 200,884 200,187 Stockholders' equity: Preferred stock, $ 0.001 par value, 1,000,000 shares authorized, none issued and outstanding — — Common stock, $ 0.001 par value, 120,000,000 and 120,000,000 shares authorized, 46,790,611 and 45,591,199 issued and outstanding, as of March 31, 2024 and September 30, 2023, respectively 47 46 Additional paid-in capital 240,521 228,691 Accumulated other comprehensive loss ( 9,599 ) ( 14,237 ) Accumulated deficit ( 14,823 ) ( 9,312 ) Total stock

View Full Filing

View this 10-Q filing on SEC EDGAR