Losses Widen At Mobile Banking Pioneer Mitek

Published January 31, 2013, 8:23 p.m. EST

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Updated August 26, 2020, 10:28 p.m. EDT

1 Min Read

SAN DIEGO Mitek Systems reported a $1.4 million loss for its fiscal first quarter yesterday, amid declining revenue related to last year’s split with insurance giant USAA.

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The first quarter loss compared to net income of $26,000 for first quarter 2011.

First quarter revenue declined by 6%, to $3.3 million.

Mitek is in a legal battle with USAA over patent rights to mobile banking technology, which the two developed jointly. The fight prompted USAA to end its relationship with Mitek last year.

During the first quarter of fiscal 2013, the company signed a number of large software licenses for its Mobile Deposit, Mobile Photo Bill Pay and other mobile imaging products. However, Mitek said a portion of the revenue from these licenses is recurring in nature and will be recognized in future periods.

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