Mitek reiterated earnings guidance for the fiscal year ending September 30, 2024. The company expects full-year revenue to be in the range of $180.0 million to $185.0 million, a 6% growth rate at the midpoint of the range. In fiscal 2023, Mitek signed a large multi-year mobile deposit reorder with one customer that locked in favorable pricing over a four-year period. Due to the unique terms of this contract, Mitek recognized additional license revenue relating to future years of approximately $7.0 million in fiscal 2023. If the Company backs out the future year revenue from fiscal 2023 revenue and attributes the portion of the $7.0 million that would have been recognized in fiscal 2024 to the midpoint of its fiscal 2024 revenue guidance, the fiscal 2024 revenue guidance would represent growth of approximately 12.0% at the midpoint.

From a quarterly trending perspective, the company expects top line revenue to be lowest in fiscal first quarter, ramping in second quarter and again in third quarter and with fourth quarter expected to be in the range of third quarter revenue. Quarter-to-quarter changes due to deal timing may influence these expectations. From a year-over-year perspective, expects most of the year-over-year revenue growth quarters to be in the fiscal third quarter and fourth quarter.