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Apr 29 , 2021 4:05 PM Eastern Daylight Time Mitek Reports Record Second Quarter Revenue With Total Revenue Up 24 % Year Over Year SAN DIEGO -- ( BUSINESS WIRE ) -- Mitek ( NASDAQ : MITK , www.miteksystems.com ) , a global leader in mobile capture and digital identify verification solutions , today reported record financial results for its second quarter of fiscal 2021 ended March 31 , 2021. Total second quarter revenue increased 24 % year over year fueled by an increase in demand for both mobile deposit and identity verification solutions as commerce continues its shift to digital channels . Fiscal Second Quarter 2021 Financial Highlights • • • • • • • Total revenue increased 24 % year over year to $ 28.8 million in a record second quarter . Transactional identify verification revenue increased 50 % year over year . GAAP net income was $ 1.0 million , or $ 0.02 per diluted share . Non - GAAP net income increased 34 % year over year to $ 7.3 million , or $ 0.16 per diluted share . Cash flow from operations was $ 7.3 million . Completed successful convertible debt offering adding approximately $ 150 million in cash to the balance sheet . Total cash and investments were $ 219.5 million at the end of the fiscal second quarter . Commenting on the results , Max Carnecchia , CEO of Mitek , said : “ We are pleased to report another strong quarter across the board for Mitek driven by solid revenue growth from both our deposits and identity businesses . This is our second consecutive quarter of more than 45 % growth in our transactional identity verification revenue , highlighting our strong performance in this expanding market . Our deposit solutions also delivered solid revenue growth as consumer adoption continues to increase . Mitek's record second quarter financial performance reflects the team's commitment to helping our customers and partners accelerate their digital transformation while at the same time mitigating fraud . " Mitek is committed to providing convenience while preventing fraud in the digital world . The Company's technology ensures that more businesses can transact digitally and secure their platforms through easy , fast and secure identity verification . 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 also remains the clear market leader in remote check deposit solutions , with thousands of financial organizations using its solutions , and approximately five 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 .