SAN DIEGO Mitek Systems, provider of popular remote deposit capture technology, reported a second quarter loss of $2.4 million, down slightly from $2.8 million loss for the second quarter last year, even as revenue almost tripled.
Second quarter revenue was $3.2 million, compared to $1.2 million for the year-ago period.
Total operating expenses for the second quarter were $5.6 million compared to $4.1 million for the second quarter of fiscal 2012, due to higher investments in personnel to grow the business as well as litigation-related expense. The company is in a patent infringement suit with USAA insurance over rights to the RDC technology, which they developed together.
For the first six months of the fiscal year Mitek reported a 39% increase in revenue to $6.5 million, but a 33% increase in losses to $3.8 million.
