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, Inc. experienced notable fluctuations in its income statement metrics. Between 2020 and 2023, revenue consistently increased from approximately USD 26 million to a striking USD 172.6 million, reflecting steady year-over-year growth initially and a dramatic surge of over 275% from 2022 to 2023. This revenue jump was paralleled by improvements in operating income and net income, with operating income rising from USD 1.54 million in 2020 to USD 15.56 million in 2023 and net income moving from USD 2.17 million to USD 8.03 million over the same period. Moreover, gross profit trended strongly upward during the initial years, climbing from about USD 21.84 million in 2020 to USD 166.28 million in 2023, suggesting that the company was effectively managing its cost of revenue during this period. However, the year 2024 presents a stark contrast relative to the previous period. Despite revenue remaining nearly flat (declining marginally to USD 172.08 million), gross profit dropped precipitously to only USD 2.23 million—indicating a dramatic, more than 98% decline—and operating income mirrored this figure exactly. Net income also fell to USD 3.28 million following its peak in 2023. These significant year-over-year swings, particularly the decline in profitability margins, suggest potential concerns regarding cost structure or operational adjustments that adversely affected earnings. Overall, while the robust growth seen through 2023 points to a period of strong market performance, the sharp downturn in key margins in 2024 raises questions about the sustainability of the company’s profitability and calls for careful review of underlying operational changes.
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.