Mitek Systems Stock On Track To Open At 4-Month High Following Q4 Beat, Positive Guidance: Retail Mood Brightens
Mitek CEO said in the near term the company is focused on refining strategies and optimizing resources to ensure organic growth and operational excellence.
FollowMicro-cap stock Mitek Systems, Inc, ($MITK) rallied strongly in Tuesday’s premarket trading after the San Diego, California-based company announced solid fiscal year 2024 fourth-quarter results.
Mitek, a mobile capturer and digital identity verification solutions provider, reported non-GAAP earnings per share (EPS) of $0.33, up from the year ago’s $0.15 and the consensus estimate of $0.17.
Revenue increased 15% year-over-year (YoY) to $43.2 million versus the average analysts’ estimate of $41.3 million.
The company ended the quarter with cash and investments of $141.8 million.
Mitek CFO Dave Lyle said, “We reported a solid quarter of year-over-year revenue growth, profitability, and cash generation driven by our team’s hard work and operational focus.”
The company’s full-year revenue was $172.1 million, closer to the high end of the guidance range of $169 million—$173 million. The $0.96 non-GAAP EPS the company reported for the full year exceeded the consensus estimate of $0.80.
Mitek’s newly-appointed CEO Ed West said, “By advancing our AI-driven solutions and expanding our fraud and identity detection capabilities, we are well positioned to address the growing fraud threats of the digital economy.”
“In the near term, we are focused on refining strategies and optimizing resources to ensure organic growth and operational excellence, while building a foundation for long-term success and driving shareholder value,” added West.”
Looking ahead, the company expects fiscal year 2025 revenue of $170 million-$180 million, surrounding the consensus estimate of $176.5 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) margin is expected to be 24%-28%.
MITK sentiment and message volume December 17, 2024, as of 6:18 am ET | Source: Stocktwits
On Stocktwits, sentiment toward the stock has improved from ‘neutral’ a day ago to ‘bullish’ (65/100). Message volume remained at ‘extremely high’ levels.
In premarket trading, as of 6:18 a.m. ET, Mitek shares jumped 14.75% to $10.89, the highest level since Aug. 8. The stock has fallen over 27% this year.
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