Investment Thesis Mitek (MITK) has two business segments: the mobile checking deposits segment is 63% of their revenue and grew 11% and the digital identity verification solutions is 37% of their revenue and grew at 32% (36% adjusted for discontinuation of legacy offerings). Mitek has a 98% market share in the mobile checking deposits industry making them a monopoly. They have pricing power and will continue to raise prices with incremental revenue dropping down to the bottom line. The digital identity verification solutions segment is a fast-growing segment with a long runway. Mitek has multiple advantages which will make them a winner in this high-growth high-margin business as well.
Thanks for this insight!
Hi YMC! Do you still follow MITK? Any view on their auditor change and filling situation?