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Press Release Jan 28,2021 Mitek Reports 18 % Revenue Growth in Record First Quarter << Back Results driven by 40 % increase in identity verification revenue SAN DIEGO , Jan. 28 , 2021 ( GLOBE NEWSWIRE ) -- Mitek ( NASDAQ : MITK , www.miteksystems.com ) , a global leader in mobile capture and digital identify verification solutions , today reported record financial results for its first quarter of fiscal 2021 ended December 31 , 2020. Total first quarter revenue increased 18 % year over year fueled by an increase in demand for both mobile deposit and identity verification solutions as commerce increasingly shifts to digital channels . Fiscal First Quarter 2021 Financial Highlights • Total revenue increased 18 % year over year to $ 26.0 million in a record first quarter . • GAAP net income was $ 2.2 million , or $ 0.05 per diluted share . • Non - GAAP net income increased 23 % year over year to $ 6.2 million , or $ 0.14 per diluted share . • Cash flow from operations was $ 8.7 million . • Total cash and investments were $ 72.6 million at the end of the fiscal first quarter . Commenting on the results , Max Carnecchia , CEO of Mitek , said : " We are very pleased with our strong start to fiscal 2021 , with 40 % growth in our identity verification revenue in the first quarter driven by expansion of existing customer relationships and new business . Our deposit solutions also continue to see increasing consumer adoption as transacting online is becoming imperative in today's world . Mitek's strong financial performance reflects the team's commitment to helping our customers and partners accelerate their digital transformation . " Identity verification has never been more relevant . Almost all aspects of modern life now use digital channels , so the need to establish trust in the digital identities of customers , citizens , partners , and employees is rapidly rising . Mitek is committed to providing convenience while preventing fraud in the digital world . Our technology ensures that more businesses can transact digitally and secure their platforms through easy , fast and secure identity verification . Also , Mitek remains the clear market leader with our remote check deposit solution , with thousands of financial organizations using our products , and more than four billion transactions processed . " Conference Call Information Mitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time ( 4:30 p.m. Eastern Time ) to discuss the company's financial results . To access the live call , dial 866-269-4260 ( US and Canada ) or +1 323-347-3277 ( International ) and give the participant passcode 9287133 . A live and archived webcast of the conference call will be accessible on the Investor Relations section of the company's website at www.miteksystems.com . In addition , a phone replay will be available approximately two hours following the end of the call , and it will remain available for one week . To access the call replay dial - in information , please click here . About Mitek