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Mitek Systems Misstates Sales One Year After Revenue Recognition Flagged
Image capture firm has misstated its financials in each of the past three years.
October 1, 2023
Once again Mitek Systems (MITK), a provider of mobile image capture and digital identity verification solutions, is restating its financials. The latest revision is the result of a change in the company's estimate of its variable consideration related to overages on certain SaaS revenue contracts.
Mitek disclosed its latest accounting trouble after the market closed on a Friday.
Mitek also botched its share count calculation for the quarter ended March 31, 2023. Revisions include an increase in the count by 147,000 shares in the quarter and 299,000 shares to shares used in calculating diluted net income per share for the six months ended March 31, 2023.
During the six month period, Mitek:
—Understated revenue $0.8 million, or 0.8%
—Understated operating income $0.8 million, or 4.7%
—Understated net income per diluted share $0.02, or 9%
Mitek could not file its 2023 annual report on time due to accounting issues and delayed its annual meeting.
It’s the third time we’ve flagged Mitek.
In October 2022, Mitek Systems misstated its financials for the second time in eighteen months. In January 2022, Mitek’s auditor issued a revenue recognition warning as the company conceded additional accounting trouble could be on the horizon.
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