SAN DIEGO – Mitek Systems, one of the pioneers in mobile deposit capture, reported increased losses for its fiscal third quarter of $2 million as the fallout continues over the loss of its biggest customer, USAA.
Mitek reported a 7% increase in third quarter revenues to $3.2 million and an expansion of its Mobile Deposit customers.
“We believe that our return to revenue growth this quarter, along with signing a record number of new banks for Mobile Deposit and receiving reorders, are evidence of our continued and positive momentum,” said CEO James DeBello.
For the first three quarters of the year the company reported a 9% increase in revenues to $7.9 million, but a loss of $4.8 million, compared to a $940,000 net for the first three quarters of 2011.
The losses comes as the Mitek has stepped up its legal battle with USAA over the patent rights to the mobile remote capture technology that is spreading through credit unions and banks. The two sides have filed countersuit in federal court claiming legal right to the technology, which they developed together.