Mitek Systems Inc., which reported that its loss widened in its fiscal third quarter, says its software is becoming popular for mobile remote deposit capture.
"We are rapidly seeing our technology emerge as the platform of choice," James DeBello, Mitek's president and chief executive, said in a press release Monday. Mitek has partnerships with several major financial services technology providers and a growing order pipeline for sales of its check-capture system, which lets consumers deposit checks by photographing them on mobile phones, he said.
In its third quarter, which ended June 30, Mitek suffered from "lower bookings … caused by timing of a delayed order," DeBello said.
The San Diego company said net sales dropped about 10% year over year in the quarter, to $822,000. Its net loss was $644,000, versus $86,000 a year earlier.
Mitek said it had $166,000 in noncash expenses, including $75,000 in stock-based compensation. Costs overall rose 38%, to $1.4 million.