Mitek Systems Inc. Restructuring Costs Total $808K in Q1

TL;DR

Mitek spent $808K on restructuring in Q1, balance is now zero.

AI Summary

Mitek Systems Inc. reported restructuring costs of $808,000 during the three months ended December 31, 2024. These costs were primarily related to employee severance obligations. The company had no remaining restructuring accrual balance as of December 31, 2024, as all incurred costs were paid out during the period.

Why It Matters

This filing details specific restructuring expenses, indicating potential operational changes or workforce adjustments within Mitek Systems Inc. during the reported quarter.

Risk Assessment

Risk Level: low — The filing focuses on a specific, completed restructuring event with a clear financial impact and no ongoing accrual.

Key Numbers

• $808K — Restructuring Costs (Incurred during the three months ended December 31, 2024.)
• $0 — Restructuring Accrual Balance (As of December 31, 2024, indicating all costs were paid.)

Key Players & Entities

• MITEK SYSTEMS INC (company) — Filer
• 600 B STREET SUITE 100 SAN DIEGO CA 92101 (company) — Business Address
• $808,000 (dollar_amount) — Restructuring Costs Incurred
• December 31, 2024 (date) — End of Reporting Period for Restructuring Costs
• September 30, 2024 (date) — Beginning of Reporting Period for Restructuring Costs

FAQ

Key Financial Figures

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

Filing Documents

• mitk-20241231.htm (10-Q) — 1076KB
• mitk-20241231xexx311.htm (EX-31.1) — 10KB
• mitk-20241231xexx312.htm (EX-31.2) — 10KB
• mitk-20241231xexx321.htm (EX-32.1) — 7KB
• 0000807863-25-000022.txt ( ) — 7432KB
• mitk-20241231.xsd (EX-101.SCH) — 48KB
• mitk-20241231_cal.xml (EX-101.CAL) — 74KB
• mitk-20241231_def.xml (EX-101.DEF) — 285KB
• mitk-20241231_lab.xml (EX-101.LAB) — 728KB
• mitk-20241231_pre.xml (EX-101.PRE) — 514KB
• mitk-20241231_htm.xml (XML) — 991KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Page No. Item 1.

Financial Statements

Financial Statements 1 Condensed Consolidated Balance Sheets at December 31, 2024 (Unaudited) and September 30, 2024 1 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) for the Three Months Ended December 31, 2024 and 2023 2 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the Three Months Ended December 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended December 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements (Unaudited) 5 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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 26 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 29 Item 1A.

Risk Factors

Risk Factors 29 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 33 PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS. MITEK SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (amounts in thousands except share data) December 31, 2024 (Unaudited) September 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 90,617 $ 93,456 Short-term investments 30,591 36,884 Accounts receivable, net 32,348 31,682 Contract assets, current portion 15,588 15,818 Prepaid expenses 5,054 4,514 Other current assets 2,639 2,697 Total current assets 176,837 185,051 Long-term investments 16,667 11,410 Property and equipment, net 2,418 2,564 Right-of-use assets 2,653 4,662 Intangible assets, net 47,600 54,137 Goodwill 124,908 131,574 Deferred income tax assets 19,272 19,145 Contract assets, non-current portion 3,897 3,620 Other non-current assets 1,707 1,590 Total assets $ 395,959 $ 413,753 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,983 $ 7,236 Accrued payroll and related taxes 7,544 10,324 Accrued liabilities 508 424 Accrued interest payable 498 205 Value added tax payables (1) 1,768 1,222 Deferred revenue, current portion 21,694 21,231 Lease liabilities, current portion 639 805 Other current liabilities (1) 912 700 Total current liabilities 38,546 42,147 Convertible senior notes 145,706 143,601 Deferred revenue, non-current portion 692 753 Lease liabilities, non-current portion 2,317 4,230 Deferred income tax liabilities 3,642 3,889 Other non-current liabilities 4,139 4,332 Total liabilities 195,042 198,952 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, 45,211,865 and 44,998,939 issued and outstanding, as of December 31, 2024 and September 30, 2024, respectively 45 45 Additional paid-in capital 251,967 247,326 Accumulated other comprehensive loss ( 12,950 ) ( 2,302 ) Accumulated deficit ( 38,145 ) ( 30,268 ) Total stockholders' e

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View this 10-Q filing on SEC EDGAR