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AWRE

Aware, Inc.

AWRE

Aware, Inc. • NASDAQ
$2.15 ▼ -1.83% (-0.04)
Market Cap $45.95 M
52w High $2.95
52w Low $1.37
Dividend Yield 0%
P/E -7.96
Volume 3.30K
Outstanding Shares 21.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $5.128M ▲ $5.929M ▲ $-1.05M ▲ -20.476% ▲ $-0.05 ▲ $-902K ▲
Q2-2025 $3.895M ▲ $5.517M ▲ $-1.769M ▼ -45.417% ▼ $-0.083 ▼ $-1.6M ▲
Q1-2025 $3.608M ▼ $5.215M ▼ $-1.598M ▼ -44.29% ▼ $-0.075 ▼ $-1.708M ▼
Q4-2024 $4.797M ▲ $5.956M ▲ $-1.192M ▼ -24.849% ▲ $-0.056 ▼ $-1.333M ▼
Q3-2024 $3.849M $5.046M $-1.167M -30.32% $-0.055 $-1.325M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.5M ▼ $40.275M ▲ $13.037M ▲ $27.238M ▼
Q2-2025 $23.679M ▼ $38.097M ▼ $10.047M ▼ $28.05M ▼
Q1-2025 $24.833M ▼ $39.895M ▼ $10.426M ▼ $29.469M ▼
Q4-2024 $27.814M ▲ $42.644M ▼ $11.748M ▼ $30.896M ▼
Q3-2024 $27.39M $43.725M $11.834M $31.891M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.05M ▲ $-2.353M ▼ $1.339M ▲ $6K ▲ $-1.008M ▲ $-2.353M ▼
Q2-2025 $-1.769M ▼ $-1.151M ▲ $32K ▲ $-35K ▲ $-1.154M ▲ $-1.151M ▲
Q1-2025 $-1.598M ▼ $-2.94M ▼ $-1.525M ▼ $-53K ▲ $-4.518M ▼ $-2.985M ▼
Q4-2024 $-1.192M ▼ $683K ▲ $1.25M ▲ $-184K ▼ $1.749M ▲ $683K ▲
Q3-2024 $-1.168M $-765K $44K $-13K $-288K $-765K

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
License and Service
License and Service
 $0 ▲$0 ▲$0 ▲$0 ▲
Maintenance
Maintenance
 $0 ▲$0 ▲$0 ▲$0 ▲
Service Other
Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Subscription Based Contracts
Subscription Based Contracts
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the past several years, with only modest growth. The company consistently generates a healthy gross margin, meaning its core software and services are priced well above direct delivery costs. However, operating expenses – mainly people, product, and go‑to‑market – have kept the business in a small but steady operating loss. Recent results show progress toward break‑even, but the company has not yet demonstrated sustained profitability, and earnings per share remain negative. The story here is one of a small, niche software business still working to scale its revenue base enough to comfortably cover fixed costs.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively clean. Total assets have been steady, equity remains positive, and the company carries essentially no financial debt. Cash levels are lower than a few years ago but have stabilized recently, which suggests some discipline on spending. The absence of leverage reduces financial risk, but the modest size of the asset and equity base also highlights that this is a small company without a large capital cushion. Overall, the balance sheet supports ongoing operations but does not provide unlimited room for prolonged losses.

Cash Flow

Cash Flow Cash flow from the business has hovered around break‑even, with earlier periods showing modest cash burn and recent periods looking more stable. Capital spending needs are very light, which is typical for a software company and helps preserve cash. That said, the business has not consistently generated strong, positive cash flow, so funding growth still depends on tightly managing expenses and maintaining or improving revenue. The cash profile is manageable but leaves limited room for major missteps or a sharp downturn in demand.

Competitive Edge

Competitive Edge Aware operates in a specialized corner of the software market: biometric identity and authentication. Its long history with government and law‑enforcement agencies gives it credibility, proven technology, and relationships that are difficult for newcomers to replicate. The company offers multi‑modal biometrics, strong liveness detection, and flexible deployment options, all of which matter to security‑sensitive customers. At the same time, Aware competes against much larger, well‑funded technology and security vendors, especially as biometrics become more mainstream in financial services and consumer apps. Its pure‑play focus and interoperability are strengths, but its smaller scale and narrower brand recognition are ongoing competitive challenges.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point for Aware. The company has evolved from fingerprint compression roots into a broader platform covering face, voice, and other biometric modes, with an emphasis on advanced liveness detection and anti‑spoofing. It is pushing into AI‑ and machine‑learning‑driven improvements, cloud‑based offerings, and subscription models such as biometric‑as‑a‑service. Products like Knomi, AwareABIS, and AwareID show a mix of deep technical capability and practical deployment flexibility. The key question is execution: turning this R&D and IP portfolio into scalable, recurring commercial revenue while keeping pace with rapid advances from much larger AI and security players and navigating regulatory and privacy expectations.

Summary

Aware is a small, specialized biometrics software company with solid technology, a conservative balance sheet, and a long history in mission‑critical government use cases. Financially, it is close to—but not yet at—consistent profitability, with flat revenue and small operating losses offset by high gross margins and low capital needs. The shift toward cloud, subscription, and commercial markets represents both its main opportunity and its main risk: success could bring more predictable growth and cash flow, while slow adoption or intense competition could prolong the path to scale. Overall, Aware looks like a focused, technically credible player working to translate its innovation and legacy strengths into a more durable, recurring revenue business model.

NEWS

October 29, 2025 · 4:00 PM UTC

Aware Reports Third Quarter and Nine-Month 2025 Financial Results

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October 15, 2025 · 8:30 AM UTC

Aware Sets Third Quarter 2025 Webcast for Wednesday, October 29, 2025, at 5:00 p.m. Eastern Time

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October 14, 2025 · 8:30 AM UTC

Aware Among the First to Earn FIDO Alliance Certification for Secure Identity Ahead of Authenticate 2025

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October 2, 2025 · 4:05 PM UTC

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