Edwyn
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | $26 | $32 | $46 | $173 | $172 |
| Gross Profit | $22 | $28 | $41 | $166 | $2 |
| Operating Income | $2 | $5 | $8 | $16 | $2 |
| Net Income | $2 | $3 | $5 | $8 | $3 |
Over the five-year period, Mitek Systems’ revenue demonstrated robust growth until 2023. Revenues increased from USD 25.98 million in 2020 to a peak of about USD 172.55 million in 2023. Notably, the jump from 2022 (USD 45.70 million) to 2023 represents an extraordinary surge of nearly 277%, suggesting the company captured significant new business or market share during that period. Gross profit and operating income also trended upward from 2020 through 2023, with operating income rising from USD 1.54 million in 2020 to USD 15.56 million in 2023. However, the net income response was more subdued: while it grew from USD 2.17 million in 2020 to USD 8.03 million in 2023, the increase was not proportional to revenue, indicating potential margin compression or higher expense ratios during the period of rapid expansion. In 2024, the financial performance experienced a dramatic shift. Despite revenues remaining stable near USD 172 million, gross profit plunged to just USD 2.23 million, mirroring the operating income, and net income declined to USD 3.28 million. These year-over-year swings—exceeding 90% for gross profit and operating income and nearly 60% for net income compared to 2023—raise questions about cost management, pricing pressures, or potential one-time adjustments in their financials. In the broader context of the payments and digital identity industry, sustained revenue growth is important; however, the drastic deterioration in margins in 2024 may signal operational challenges that could impact the company’s long-term financial health and sustainability.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.