Company to Host Conference Call Today
Mitek Systems, Inc. (Nasdaq: MITK, www.miteksystems.com, “Mitek”
or the “Company”), a global leader in digital identity and digital
fraud prevention, today reported that on June 13, 2023, it received
a Staff Delisting Determination (the “Notice”) from the Listing
Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that the Nasdaq Listing Qualifications
Department (the “Staff”) has initiated a process to delist the
Company’s securities from Nasdaq as a result of the Company’s not
being in compliance with Nasdaq Listing Rule 5250(c)(1) (the
“Listing Rule”), which requires listed companies to timely file all
required periodic financial reports with the Securities and
Exchange Commission (the “SEC”). The Company had previously
received an exception from Nasdaq to allow the Company until June
12, 2023 (the “Compliance Deadline”) to regain compliance the
Listing Rule. The Notice was issued because the Company has not
filed its Form 10-K for the fiscal year ended September 30, 2022
(the “Form 10-K”) and its Quarterly Reports on Form 10-Q for the
quarters ended December 31, 2022 and March 31, 2023 (the “Form
10-Qs”) in a timely manner and did not meet the terms of the
exception by the Compliance Deadline. Provided that the Company
requests a hearing before an independent Nasdaq Hearings Panel (the
“Panel”) by no later than 4:00 p.m. Eastern Time on June 20, 2023,
the Notice will not immediately result in the suspension of trading
or delisting of the Company’s securities.
Accordingly, Mitek intends to timely request a hearing before
the Panel. Hearings are typically scheduled to occur approximately
30 to 45 days after the date of the hearing request. The hearing
request will automatically stay any trading suspension or delisting
action for an additional 15 calendar days following the date of the
request; however, Nasdaq has a procedure to request an extension of
the stay through the hearing date and the expiration of any
extension period granted by the Panel following the hearing, and
the Company plans to make such request. Further, while the Staff’s
discretion to grant the Company additional time to make its filings
has been exhausted (as described below), the Panel has the
discretion to grant the Company an additional extension of up to
180 calendar days from the date of the Notice to file the Form 10-K
and the Form 10-Qs. However, there can be no assurance that the
Panel will grant the Company’s request for a stay pending the
hearing process or any further extension following the hearing.
Mitek has developed a detailed plan to present to the Panel in an
effort to regain compliance with the Listing Rule and obtain an
extended stay.
As noted above, Nasdaq had granted the Company a period of 180
calendar days from the prescribed due date of the Form 10-K, or
until June 12, 2023, to file the Form 10-K and the Form 10-Qs to
regain compliance with the Listing Rule. The delay in the Company’s
filing of its periodic reports is the result of a change in the
Company’s auditors and not a result of any misconduct. As
previously disclosed in the Company’s Current Report on Form 8-K
filed on May 27, 2022, the Company received formal notice of the
resignation of its previous independent registered public
accounting firm, and as disclosed in the Current Report on Form 8-K
filed on July 18, 2022, engaged a new independent registered public
accounting firm to act as the Company's independent auditor. As a
result of the Company’s transition to a new independent registered
public accounting firm and the delays related to the filing of the
Company’s Quarterly Report on Form 10-Q for the period ended June
30, 2022, filed on October 28, 2022 and the Amendment No. 1 to the
Company’s Quarterly Report on Form 10-Q for the period ended March
31, 2022, filed on October 28, 2022, the Company needed additional
time to complete its procedures related to the Form 10-K, including
compiling and analyzing supporting documentation in various areas
that are necessary for the Company’s independent registered public
accounting firm to complete its audit procedures relating to the
Form 10-K.
Fiscal 2022 Preliminary Results
Mitek is reiterating its previously provided estimates that
revenue for the year ended September 30, 2022 will be in the range
of $143.0 million to $144.0 million, an increase of between 19-20%
compared to revenue of $119.8 million in the prior year ended
September 30, 2021. In addition, Mitek expects its full-year fiscal
2022 non-GAAP operating margin to be in the range of 29% to
30%.
This preliminary financial data has been prepared by and is the
responsibility of the Company. Neither the Company nor its
independent registered public accounting firm has completed its
review or audit of these preliminary estimated financial results.
For the year ended September 30, 2022, the Company’s actual results
may differ materially from these preliminary financial results and
may be outside the estimated ranges.
Fiscal 2023 Guidance
Mitek expects revenue for the year ending September 30, 2023 to
be in the range of $162.0 million to $165.0 million, an increase of
approximately 14% year over year from the mid-point of the guidance
range. In addition, Mitek expects its full-year fiscal 2023
non-GAAP operating margin to be in the range of 29.5% to 30.5%.
Max Carnecchia, CEO of Mitek, commented:
“The process of bringing our new auditors on board, and getting
our filings current, has taken much longer than anticipated;
however, I would like to emphasize that we continue to have very
collaborative interactions with the BDO audit team and appreciate
the increased rigor of their audit process. While a little painful
in the short run, it sets us up well for future success as we scale
our business. We want to assure our customers, employees, and
investors that our business is sound, and we expect to have our
filings current as soon as possible. For fiscal 2022, we delivered
significant growth in our total revenue, and our non-GAAP operating
margins and cash flow remained strong. As a result, our cash and
cash equivalents at the end of March 31, 2023 was $114.5 million,
up 26% from the $90.6 million at the end of June 2022 when we last
reported. In our current fiscal year, we expect to grow our total
revenue and deliver solid non-GAAP operating margins and cash flow.
Mitek has more than 7,800 financial organizations that use our
solutions to provide trusted and convenient experiences to their
millions of customers, and we remain that strong and trusted
partner today.”
Conference Call Information
Mitek management will host a conference call and live webcast
for analysts and investors today at 2:00 p.m. Pacific Time (5:00
p.m. Eastern Time) to discuss the Company’s financial results. To
access the live call, dial 1-877-270-2148 (US and Canada) or
1-412-902-6510 (International) and ask to join the Mitek call.
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. The phone call replay
can be accessed by dialing 1-877-344-7529 (US or Canada) or
1-412-317-0088 (International) and entering the passcode:
8835099.
About Mitek Systems, Inc.
Mitek (NASDAQ: MITK) is a global leader in digital identity and
digital fraud prevention, with technology to bridge the physical
and digital worlds. Mitek’s advanced identity verification
technologies and global platform make digital access faster and
more secure than ever, providing companies new levels of control,
deployment ease and operation, while protecting the entire customer
journey. More than 7,800 organizations use Mitek to enable trust
and convenience for mobile check deposit, new account opening and
more. Learn more at www.miteksystems.com.
Follow Mitek on LinkedIn, Twitter and YouTube, and read Mitek’s
latest blog posts here.
Notice Regarding Forward-Looking Statements
Statements contained in this news release relating to the
Company or its management’s intentions, hopes, beliefs,
expectations or predictions of the future, including, but not
limited to, statements relating to the filing of the Form 10-K and
Form 10-Qs and the Company’s ability and intent to regain
compliance with the Nasdaq continued listing standards, the
Company’s intention to request a hearing before the panel and to
request a stay of any trading suspension or delisting action, the
Company’s future success, the ability of the Company to scale its
business, the Company’s expectations of its revenue growth and cash
flow, the Company’s estimates for the year ended September 30, 2023
and the fiscal 2023 guidance, constitute forward looking
statements. Such forward-looking statements are subject to a number
of risks and uncertainties, including, but not limited to, risks
related to the Company’s ability to file the Form 10-K and Form
10-Qs, the Company’s ability to regain compliance with the Nasdaq
continued listing standards and that Nasdaq may not grant a stay
from trading suspension or delisting pending the hearing date or
grant an extension beyond such hearing date or that any such
extension, if granted, would be sufficient enough time for the
Company to come back into compliance with the Listing Rule.
Additional risks and uncertainties faced by the Company are
contained from time to time in the Company’s filings with the U.S.
Securities and Exchange Commission (SEC), including, but not
limited to, the Company’s Annual Report on Form 10-K for the fiscal
year ended September 30, 2021, as filed with the SEC on December
13, 2021 and its Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K, which you may obtain for free on the SEC’s website at
www.sec.gov. Collectively, these risks and uncertainties could
cause the Company’s actual results to differ materially from those
projected in its forward-looking statements and you are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date hereof. The Company disclaims any
intention or obligation to update, amend or clarify these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20230613010445/en/
Investor Contact: Todd Kehrli or Jim Byers MKR Investor
Relations, Inc. mitk@mkr-group.com
Mitek Systems (NASDAQ:MITK)
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