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This statistic highlights Mitek Systems’ Revenue Breakdown Worldwide, split across Deposits revenue and Identity verification segments, reported on a quarterly basis from Q1 2018 onwards.
The delivery of licenses and related services to customers (for both on-premise and transactional software as a service (“SaaS”) products) are primary revenue-generating sources for the company. It also includes the delivery of hardware and professional services. When the company satisfies a performance obligation by transferring control over a product or service to a customer which may be at a point in time or overtime then the revenue is recognized.
|Business Vertical||Q1 2021||Q4 2021||Q1 2022||Revenue contribution in Q1 2022|
(All figures in millions, except percentages)
Mitek Systems’ total revenue increased from $15.62 million in Q1 2021 to $32.47 million in Q1 2022, indicating a 107.95% growth on a year-on-year basis. The revenue declined by 25.57% as compared to $43.63 million earned in Q4 2021.
For distinct software license agreements, the Company recognizes software license revenue upon evidence of a contract exists and after delivery. The period in which the hardware revenue is shipped the Hardware revenue is recognized in that period.
Over the period in which services are performed, the revenue is recognized for services and others. The Company’s model includes an up-front fee and a periodic commitment from the customer. This periodic commitment commences upon completion of the implementation through the remainder of the customer life.
Mitek Systems’ generates revenue from the following business verticals:
Total Deposits revenue includes revenue from Deposits software and hardware & Deposits services and others. Revenue from Deposits software and hardware were $13.63 million and revenue from Deposits services were $5.42 million.
Deposits Software and hardware revenue is generated from on-premise software license sales, as well as sales of hardware scanner boxes and on-premise appliance products. Deposits Services and other revenue is generated from the sale of transactional SaaS products and services, maintenance associated with the sale of software and hardware, and consulting and professional services.
Mitek Systems’ revenue from Deposits revenue increased by 77.15% from $10.76 million in Q1 2021 to $19.05 million in Q1 2022 on a year-on-year basis. However, it declined by 28.87% on a quarter-on-quarter basis, i.e. from $26.79 million in Q4 2021 to $19.05 million in Q1 2022. This business vertical contributed to 58.67% of the company’s total revenue in Q1 2022.
Total Identity Verification revenue includes revenue from Identity Verification software and hardware & Identity Verification services and others. Revenue from Identity Verification software and hardware was $1.81 million and revenue from Identity Verification services was $11.60 million.
Identity Verification Software and hardware revenue are generated from on-premise software license sales, as well as sales of hardware scanner boxes and premise appliance products. Identity Verification Services and other revenue is generated from the sale of transactional SaaS products and services, maintenance associated with the sale of software and hardware, and consulting and professional services.
Mitek Systems’ revenue from Identity Verification increased by 176.10% from $4.86 million in Q1 2021 to $13.42 million in Q1 2022 on a year-on-year basis. However, it declined by 20.33% on a quarter-on-quarter basis, i.e. from $43.63 million in Q4 2021 to $13.42 million in Q1 2022. This business vertical contributed to 41.33% of the company’s total revenue in Q1 2022.
About Mitek Systems
Mitek is a leading innovator of digital identity verification solutions and mobile image capture. They are a software development company with expertise in computer vision, artificial intelligence, and machine learning. The Company currently serves more than 7,500 financial services organizations and leading marketplace and financial technology (“fintech”) brands around the globe. Mitek deliver trusted and convenient online experiences, detect and reduce fraud, and document Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) regulatory compliance. Their solutions are embedded in native mobile apps and web browsers to facilitate digital consumer experiences.
For banks, financial services organizations, and the world’s leading marketplace and sharing platforms it has become possible to verify an individual’s identity during digital transactions using Mitek’s identity verification and authentication technologies and services. This verification allows them to reduce risk and meet regulatory requirements. Their advanced mobile deposit system enables secure, fast, and convenient deposit services. To optimize the security of mobile check deposits, new account openings, and more thousands of organizations use Mitek solutions.
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* Billed annually, local taxes extra.
* Local taxes extra.