Mitek Systems, Inc. reported its financial results for the fourth quarter and full fiscal year ended September 30, 2024, on December 16, 2024. For Q4 2024, total revenue increased 14.8% year-over-year to $43.222 million, up from $37.656 million in Q4 2023. The company achieved GAAP net income of $8.573 million, or $0.19 per diluted share, a significant improvement from a GAAP net loss of $1.444 million, or -$0.03 per diluted share, in the prior year's quarter.
For the full fiscal year 2024, total revenue was $172.083 million, a slight decrease of 0.3% from $172.552 million in fiscal 2023. GAAP net income for the full year was $3.278 million, or $0.07 per diluted share, compared to $8.027 million, or $0.18 per diluted share, in fiscal 2023. The company's CFO, Dave Lyle, highlighted solid revenue growth, profitability, and cash generation driven by operational focus.
Mitek provided guidance for its fiscal year ending September 30, 2025, projecting total revenue between $174 million and $177 million. The company also guided for an adjusted EBITDA margin of 28% to 29% for fiscal 2025, reflecting confidence in continued operational efficiencies. Check Fraud Defender's annualized contract value grew nearly 60% year-over-year and is expected to double in fiscal 2025, indicating strong momentum in this product area.
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