Aware Inc, a global leader in biometric platform technology, unveiled its financial results for the third quarter (Q3) concluding on September 30, 2023. Following this announcement, the company experienced a remarkable surge in its stock value.
At the time of this publication, Aware Inc stock (AWRE) has witnessed a surge.
Aware Inc
Current Price: $1.44
Change : +0.39
Change (%): (37.14%)
Volume: 2.8M
Source: Tomorrow Events Market Data
During this period, Aware reported a noteworthy surge in total revenue, hitting $6.4 million. This marks an impressive 112% surge from the $3.0 million recorded in the third quarter of the preceding year, primarily propelled by a surge in software license revenue.
For the nine-month period concluding on September 30, 2023, total revenue demonstrated a 16% uptick, amounting to $13.9 million, compared to the $11.9 million registered during the equivalent period the prior year. The third quarter of 2023 exhibited an operational cash flow of $2.5 million, a notable rebound from the $2.0 million in cash utilization during the corresponding period of the prior year.
Net income for the third quarter of 2023 reached $1.1 million, equating to $0.05 per diluted share. This showcases a substantial improvement from the net loss of $2.7 million, or $(0.13) per diluted share, reported in the second quarter of the same year. The company’s robust financial position is highlighted by $27.5 million in cash and cash equivalents, as well as marketable securities.
Notably, Aware Inc (AWRE) recently secured a significant contract with the U.S. government, amounting to $3.4 million, inclusive of five years of annual maintenance options that could potentially elevate the total contract value to $5.1 million. Additionally, the company unveiled a formal partner program, aimed at diversifying revenue streams by leveraging Aware’s cutting-edge biometric solutions. Moreover, Aware Inc (AWRE) bolstered its AwareID® platform by integrating facial identification capabilities, enhancing backend support, and refining the user experience.
Building on the results for the initial nine months of 2023, and insights into the fourth quarter ending on December 31, 2023, the Company reiterates its full-year guidance, anticipating a 15% growth in total revenue and annual recurring revenue (ARR), with the goal of concluding the year with a balanced operating cash flow.
Q3 results of Aware demonstrate a resounding success story, showcasing substantial growth and strategic initiatives that position the company at the forefront of the biometric technology industry.
