Mitek Systems, Inc. reported its financial results for the first quarter ended December 31, 2024, on February 10, 2025. The company achieved total revenue of $37.254 million, a 0.9% increase from $36.917 million in Q1 2024. Mitek reported a GAAP net loss of $4.612 million, or -$0.10 per diluted share, an improvement from a GAAP net loss of $5.793 million, or -$0.13 per diluted share, in the prior year's quarter.
SaaS products demonstrated strong performance, growing 29% year-over-year. The Identity product portfolio's revenue increased 13.4% year-over-year to $17.969 million, driven by SaaS growth. Conversely, the Deposits segment experienced an 8.5% decline in revenue to $19.285 million. CEO Ed West noted encouragement from the performance of Identity products and the resilience of Deposit solutions.
Mitek updated its guidance for the full fiscal year 2025, raising the lower end of its Adjusted EBITDA margin guidance range to 28%-29%. The full-year revenue guidance remained consistent at $174 million to $177 million. This updated outlook reflects the company's confidence in its ongoing cultural and technological integration efforts, which are aimed at strengthening the foundation for durable, profitable revenue growth.
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