AWRE

MKT CAP:$30M

Aware, Inc.

Market Cap

$30M

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$1.32-$0.63 (-32.31%)

Apr 21, 2026

Company Details

Aware, Inc. provides biometrics software products and solutions in the United States, Brazil, the United Kingdom, and internationally. It offers biometrics software products, including biometric search and matching software development kits...

CEO

Ajay K. Amlani

IPO Date

Aug 9, 1996

Website

www.aware.com

Key Metrics TTM

Revenue

$17M

-0.5% YoY

Net Income

-$6M

EPS (Diluted)

-$0.28

Free Cash Flow

-$6M

Revenue / Share

$0.81

Gross Margin

92.3%

Operating Margin

-37.9%

Net Margin

-34.0%

FCF Margin

-32.2%

P/S

1.7x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 6, 2026

$17M-0.6%EPS -$0.28

Q4 2025

Mar 6, 2026

$5M-2.8%EPS -$0.07

Q3 2025

Oct 31, 2025

$5M+33.2%EPS -$0.05

Q2 2025

Aug 1, 2025

$4M-9.9%EPS -$0.08

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5M	$4M	-$1M
Q2 22	$4M	$4M	-$1M
Q3 22	$3M	$3M	$2M
Q4 22	$4M	$4M	-$2M
Q1 23	$4M	$4M	-$2M
Q2 23	$3M	$3M	-$3M
Q3 23	$6M	$6M	$747.0K
Q4 23	$4M	$4M	-$4M
Q1 24	$4M	$4M	-$1M
Q2 24	$4M	$4M	-$1M
Q3 24	$4M	$4M	-$1M
Q4 24	$5M	$4M	-$1M
Q1 25	$4M	$3M	-$2M
Q2 25	$4M	$4M	-$2M
Q3 25	$5M	$5M	-$1M
Q4 25	$5M	$4M	-$1M

Valuation

Quarter	P/S	P/E
Q1 22	1.7x	—
Q2 22	1.7x	—
Q3 22	1.9x	—
Q4 22	1.8x	—
Q1 23	1.9x	—
Q2 23	2.0x	—
Q3 23	1.7x	—
Q4 23	1.6x	—
Q1 24	1.6x	—
Q2 24	1.5x	—
Q3 24	1.7x	—
Q4 24	1.7x	—
Q1 25	1.8x	—
Q2 25	1.8x	—
Q3 25	1.7x	—
Q4 25	1.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$2M	-$2M
Q2 22	-$177.0K	-$188.0K
Q3 22	-$2M	-$2M
Q4 22	-$481.0K	-$1M
Q1 23	-$1M	-$2M
Q2 23	-$2M	-$2M
Q3 23	$2M	$2M
Q4 23	$3M	$3M
Q1 24	-$2M	-$2M
Q2 24	-$668.0K	-$713.0K
Q3 24	-$765.0K	-$765.0K
Q4 24	$683.0K	$683.0K
Q1 25	-$3M	-$3M
Q2 25	-$1M	-$1M
Q3 25	-$2M	-$2M
Q4 25	$1M	$926.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$11.0K
Q3 22	$133.0K
Q4 22	$586.0K
Q1 23	$16.0K
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$45.0K
Q3 24	$0
Q4 24	$0
Q1 25	$45.0K
Q2 25	$0
Q3 25	$0
Q4 25	$120.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+6.2%	+1.9%
Q2 22	-0.6%	-3.7%
Q3 22	-27.8%	-90.1%
Q4 22	+1.7%	+10.2%
Q1 23	-8.2%	+3.2%
Q2 23	-24.9%	+9.5%
Q3 23	+111.6%	+886.7%
Q4 23	+7.7%	+45.6%
Q1 24	+2.7%	-8.0%
Q2 24	+35.7%	-7.5%
Q3 24	-39.7%	-5.6%
Q4 24	+9.7%	-29.2%
Q1 25	-18.4%	-3.9%
Q2 25	-9.9%	+3.4%
Q3 25	+33.2%	+20.8%
Q4 25	-2.8%	-2.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$430.0K	9.2%
Q2 22	$0	0.0%
Q3 22	$548.0K	18.2%
Q4 22	$351.0K	8.6%
Q1 23	$335.0K	7.8%
Q2 23	$403.0K	12.7%
Q3 23	$359.0K	5.6%
Q4 23	$0	0.0%
Q1 24	$164.0K	3.7%
Q2 24	$243.0K	5.6%
Q3 24	$220.0K	5.7%
Q4 24	$505.0K	10.5%
Q1 25	$180.0K	5.0%
Q2 25	$382.0K	9.8%
Q3 25	$342.0K	6.7%
Q4 25	$263.0K	5.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$2M	$1M	$2M
Q2 22	$2M	$2M	$1M
Q3 22	$2M	$2M	$2M
Q4 22	$2M	$2M	$2M
Q1 23	$2M	$2M	$2M
Q2 23	$2M	$2M	$2M
Q3 23	$2M	$2M	$2M
Q4 23	$2M	$2M	$2M
Q1 24	$2M	$1M	$2M
Q2 24	$2M	$1M	$2M
Q3 24	$2M	$1M	$2M
Q4 24	$2M	$2M	$2M
Q1 25	$2M	$2M	$2M
Q2 25	$2M	$2M	$2M
Q3 25	$2M	$2M	$2M
Q4 25	$2M	$2M	$2M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	6.2%	-22.7%	-16.5
Q2 22	-0.6%	-26.7%	-27.3
Q3 22	-27.8%	-102.4%	-130.2
Q4 22	1.7%	-42.3%	-40.7
Q1 23	-8.2%	-40.0%	-48.2
Q2 23	-24.9%	-87.5%	-112.4
Q3 23	111.6%	1.2%	112.8
Q4 23	7.7%	-37.7%	-30.0
Q1 24	2.7%	-25.4%	-22.7
Q2 24	35.7%	-27.8%	8.0
Q3 24	-39.7%	-34.4%	-74.1
Q4 24	9.7%	-27.8%	-18.1
Q1 25	-18.4%	-47.3%	-65.7
Q2 25	-9.9%	-41.1%	-51.0
Q3 25	33.2%	-17.6%	15.6
Q4 25	-2.8%	-23.3%	-26.1

Rule of 40

Revenue Segments

Quarter	License And Service	Maintenance	Service Other	License and Service	Service, Other	Subscription Based Contracts
Q1 22	$3M	$2M	$403.0K	—	—	—
Q2 22	$2M	$2M	$401.0K	—	—	—
Q3 22	$814.0K	$2M	$415.0K	—	—	—
Q4 22	—	$2M	—	$2M	$292.0K	—
Q1 23	$2M	$2M	$365.0K	—	—	—
Q2 23	—	$2M	—	$1M	$378.0K	—
Q3 23	—	$2M	—	$4M	$101.0K	—
Q1 24	—	$2M	—	$2M	$114.0K	—
Q2 24	—	$2M	—	$2M	$353.0K	—
Q3 24	—	$2M	—	$1M	$417.0K	—
Q1 25	—	—	—	$3M	—	$694.0K
Q2 25	—	$2M	—	$1M	$277.0K	—

Revenue by Geography

Quarter	Rest Of World	United States	Germany
Q1 23	$2M	$2M	—
Q2 23	$1M	$2M	$59.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$25M	$0	$25M
Q2 22	$25M	$0	$25M
Q3 22	$13M	$18M	$31M
Q4 22	$12M	$17M	$29M
Q1 23	$8M	$19M	$27M
Q2 23	$3M	$22M	$25M
Q3 23	$6M	$22M	$28M
Q4 23	$10M	$21M	$31M
Q1 24	$14M	$14M	$29M
Q2 24	$12M	$16M	$27M
Q3 24	$11M	$16M	$27M
Q4 24	$13M	$15M	$28M
Q1 25	$8M	$16M	$25M
Q2 25	$7M	$16M	$24M
Q3 25	$6M	$16M	$23M
Q4 25	$7M	$15M	$22M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	22M	+0.3%	+0.7%
Q2 22	22M	+0.1%	+0.7%
Q3 22	22M	+0.7%	+1.2%
Q4 22	21M	-1.9%	-0.9%
Q1 23	21M	-1.7%	-2.8%
Q2 23	21M	-0.3%	-3.2%
Q3 23	21M	+0.8%	-3.1%
Q4 23	21M	-0.6%	-1.8%
Q1 24	21M	+0.4%	+0.2%
Q2 24	21M	+0.0%	+0.6%
Q3 24	21M	+0.4%	+0.3%
Q4 24	21M	-0.1%	+0.7%
Q1 25	21M	+0.5%	+0.9%
Q2 25	21M	+0.4%	+1.2%
Q3 25	21M	-0.7%	+0.0%
Q4 25	21M	+1.0%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$57.9K	81
Q2 22	$52.3K	81
Q3 22	$37.2K	81
Q4 22	$49.5K	82
Q1 23	$52.5K	82
Q2 23	$38.8K	82
Q3 23	$77.8K	82
Q4 23	$59.9K	73
Q1 24	$60.6K	73
Q2 24	$59.2K	73
Q3 24	$52.7K	73
Q4 24	$75.0K	64
Q1 25	$56.4K	64
Q2 25	$60.9K	64
Q3 25	$80.1K	64
Q4 25	$58.3K	80

Revenue / Employee