Mitek, a San Diego-based identity verification software company focused on mobile technology, on July 28 posted a 19 percent year-over-year decline in third-quarter GAAP net income amid a 41 percent jump in revenue.
For the three months ended June 30, the company reported GAAP net income of $739,000, or 2 cents per diluted share, on revenues of $9.1 million. Mitek said its non-GAAP net income in the third quarter, $2.4 million, or 7 cents per diluted share. was up 12 percent over the same period a year earlier.
Total cash and investments grew by 4 percent to $33.2 million at the end of the third quarter, Mitek said.
Mitek Chairman and CEO James DeBello called the company’s third-quarter performance strong results driven by its new mobile ID product and industry-leading Mobile Deposit software.
“During the quarter, we licensed our mobile ID solutions to several new logos, including another new Fortune 500 company,” DeBello said in a news release.
“With our market momentum, competitive advantages and strong balance sheet,” he said, “we are well positioned for continued growth throughout the remainder of the year and beyond.”
Mitek’s shares trade on the NASDAQ Stock Market under the symbol MITK.