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This statistic highlights Mitek Systems’ Revenue by Segment, split between Software and hardware, and Services and others, reported on a quarterly basis.
The following table highlights Mitek Systems’ Revenue by Segment in Q4 2020, Q3 2021 & Q4 2021:
|Segment||Q4 2020||Q3 2021||Q4 2021||Contribution in Q4 2021|
|Software and hardware||1797.0%||1697.0%||1778.0%||53.44%|
|Services and others||1267.0%||1481.0%||1549.0%||47%|
(All figures in millions, except percentages)
On a QoQ basis, the total revenue generated increased by 4.7%. However, on a YoY basis, there was an 8.5% increase in the total revenue.
Software and Hardware
Software and hardware revenue is generated from on-premise software license sales, sales of hardware scanner boxes, and on-premise appliance products. The majority of revenue generated comes from this segment. For software license agreements that are distinct, revenue is recognized upon delivery and after evidence of a contract existing. Hardware revenue is recognized when the product is shipped.
Software and hardware revenue increased by $5.9 million, or 11%, to $60.1 million in 2021 compared to $54.2 million in 2020. This increase is primarily due to an increase in sales of Mobile Deposit, ID_CLOUD, CheckReader, and IDLive Face software products. The increase was partially offset by a decrease in revenue from identity verification hardware products.
Services and Others
Services and other revenue are generated from the sale of transactional SaaS products and services. It also includes maintenance associated with the sale of software and hardware, along with consulting and professional services. Mitek Systems recognizes services and other revenue over the period in which such services are performed. Their model typically includes an up-front fee and a periodic commitment from the customer that commences upon completion of the implementation through the remainder of the customer life.
If the up-front fee is not distinct, revenue is deferred until the date the customer commences use of their services. At such a point, the up-front fee is recognized ratably over the life of the customer arrangement. However, they do not view the signing of the contract or the provision of initial setup services as discrete earnings events.
On a YoY basis, revenue from Services and others increased by $2.82 million. This was a 22.3% increase as compared to a 4.6% QoQ increase. This growth was primarily due to continued growth in Mobile Verify transactional SaaS revenue, as well as an increase in Mobile Deposit transactional SaaS revenue.
About the Company
Mitek is an eminent innovator of mobile image capture and digital identity verification solution. They are a software development company with expertise in computer vision, artificial intelligence, and machine learning, serving more than 7,500 financial services organizations worldwide. To ensure a high level of security against evolving digital fraud threats, in May 2021, Mitek acquired ID R&D, an award-winning provider of AI-based voice and face biometrics and liveness detection.
Mitek’s identity verification and authentication technology and services make it feasible for banks, financial services organizations, and others to verify an individual’s identity during digital transactions. This also allows them to reduce risk and meet regulatory requirements.
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