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Jul 29 , 2021 4:05 PM Eastern Daylight Time Mitek Reports Record Revenue Up 25 % Year Over Year and Rapid Adoption of Its Check Fraud Consortium Share in X SAN DIEGO -- ( BUSINESS WIRE ) -- Mitek ( NASDAQ : MITK , www.miteksystems.com ) , a global leader in mobile capture and digital identity verification solutions , today reported financial results for its third quarter of fiscal 2021 ended June 30 , 2021. Total third quarter revenue increased 25 % year over year , fueled by increased demand for both identity verification solutions and mobile deposit as commerce continues its shift to digital channels . Fiscal Third Quarter 2021 Financial Highlights • Total revenue increased 25 % year over year to a record $ 31.8 million . • GAAP net income was $ 3.0 million , or $ 0.07 per diluted share . • • • Non - GAAP net income increased 56 % year over year to $ 10.6 million , or $ 0.23 per diluted share . Cash flow from operations was $ 9.0 million . Total cash and investments were $ 215.5 million at the end of the quarter . Transactional identity verification revenue continued its solid performance growing 33 % year over year , and deposit solutions grew 23 % year over year as consumer adoption further expands . " We are pleased to report an all - time record revenue quarter with strong growth from both our identity and deposits businesses , " said Mitek CEO Max Carnecchia . " Mitek's consistent , strong and rapid growth reflects the team's commitment to helping our customers and partners accelerate their digital transformation and fight against fraud . With both the acquisition of ID R & D and the introduction of Check Fraud Defender this quarter , we continue our commitment to building trust in the digital world . " Mitek acquired ID R & D , the leading provider of Al - based voice and face biometrics and liveness detection , during the quarter to lead the fight against biometric identity fraud . The company also introduced Check Fraud Defender , the first Al - powered , cloud - hosted consortium for financial institutions . Twenty percent of the top 25 US banks have already licensed Check Fraud Defender technology and are experiencing up to a 90 % savings in manual review time following its initial deployment . Nearly 100 percent of U.S. banks trust Mitek technology today , making it uniquely qualified to provide this service which enables financial institutions to cooperate in the fight against skyrocketing check fraud . Mitek's technology ensures that more businesses can transact digitally and secure their platforms through easy , fast and continuous identity verification . 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 continues as the clear market leader in remote check deposit solutions , with thousands of financial organizations using its solutions , and approximately five billion transactions processed .