Mitek Systems Q3 2024 Filing: Financials Revealed

TL;DR

MITK Q3 2024 10-Q is in. Check financials for 9 months ending June 30.

AI Summary

Mitek Systems Inc. reported its Q3 2024 results for the period ending June 30, 2024. The company's filing indicates financial data for the nine months ended June 30, 2024, and compares it to the same period in 2023. Specific revenue figures and profit margins are detailed within the report, alongside balance sheet information as of June 30, 2024, and March 31, 2024.

Why It Matters

This 10-Q filing provides investors with a detailed look at Mitek Systems' financial performance and position as of the end of the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing contains detailed financial statements and disclosures, which are standard for a 10-Q but require careful analysis to understand the company's financial health and future prospects.

Key Numbers

• 2024-06-30 — End of Fiscal Q3 (Reporting period for the 10-Q)
• 2023-09-30 — Fiscal Year End (Company's fiscal year end date)
• 2024-03-31 — End of Fiscal Q2 (Balance sheet comparison date)

Key Players & Entities

• MITEK SYSTEMS INC (company) — Filer
• 20240630 (date) — Period of Report
• 20240808 (date) — Filing Date
• SAN DIEGO, CA (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• mitk-20240630.htm (10-Q) — 1365KB
• mitk-20240630xexx311.htm (EX-31.1) — 10KB
• mitk-20240630xexx312.htm (EX-31.2) — 10KB
• mitk-20240630xexx321.htm (EX-32.1) — 7KB
• 0000807863-24-000082.txt ( ) — 8163KB
• mitk-20240630.xsd (EX-101.SCH) — 46KB
• mitk-20240630_cal.xml (EX-101.CAL) — 76KB
• mitk-20240630_def.xml (EX-101.DEF) — 306KB
• mitk-20240630_lab.xml (EX-101.LAB) — 742KB
• mitk-20240630_pre.xml (EX-101.PRE) — 524KB
• mitk-20240630_htm.xml (XML) — 1163KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets at June 30 , 2024 (Unaudited) and September 30, 2023 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the Three and Nine Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the Three and Nine Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended June 30, 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 34

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 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

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) June 30, 2024 (Unaudited) September 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 84,351 $ 58,913 Short-term investments 38,718 74,700 Accounts receivable, net 41,609 32,132 Contract assets, current portion 16,805 18,355 Prepaid expenses 11,520 3,513 Other current assets 2,681 2,396 Total current assets 195,684 190,009 Long-term investments 10,157 1,304 Property and equipment, net 2,597 2,829 Right-of-use assets 2,848 4,140 Intangible assets, net 55,163 64,674 Goodwill 126,271 123,548 Deferred income tax assets 13,268 11,645 Contract assets, non-current portion 1,793 5,579 Other non-current assets 1,446 1,647 Total assets $ 409,227 $ 405,375 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,275 $ 7,589 Accrued payroll and related taxes 10,889 10,554 Accrued interest payable 500 305 Income tax payables 132 4,329 Deferred revenue, current portion 23,746 17,360 Lease liabilities, current portion 747 1,902 Acquisition-related contingent consideration — 7,976 Restructuring accrual 42 — Other current liabilities 1,577 1,482 Total current liabilities 43,908 51,497 Convertible senior notes 141,531 135,516 Deferred revenue, non-current portion 1,257 957 Lease liabilities, non-current portion 2,409 2,867 Deferred income tax liabilities 6,696 6,476 Other non-current liabilities 3,790 2,874 Total liabilities 199,591 200,187 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, 46,148,999 and 45,591,199 issued and outstanding, as of June 30, 2024 and September 30, 2023, respectively 46 46 Additional paid-in capital 244,110 228,691 Accumulated other comprehensive loss ( 9,874 ) ( 14,237 ) Accumulated deficit ( 24,646

View Full Filing

View this 10-Q filing on SEC EDGAR