Aware, Inc.
- Open
- 1.23
- Day high
- 1.28
- Day low
- 1.22
- Prev close
- 1.22
- Volume
- 8K
- Mkt cap
- $28M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.4
- P/S
- 1.7
- Yield
- —
- Per share
- —
- ▲Insiders net buying $59K over the last 3 months (8 open-market buys, 0 sales)
- 🏛Institutions reducing (13F)
Aware, Inc. (AWRE) is a Technology company listed on NASDAQ. The stock is down 48% over the past year. Over the trailing 3 months, insiders filed 8 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering AWRE.
Aware, Inc. (AWRE) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AWRE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 29, 2026 | $-0.10 | $-0.12 | -20.0% | $3M | -12.4% |
| Apr 29, 2026 | — | $-0.16 | — | $3M | — |
| Mar 4, 2026 | — | $-0.07 | — | $5M | — |
| Oct 29, 2025 | — | $-0.05 | — | $5M | — |
| Jul 30, 2025 | — | $-0.08 | — | $4M | — |
| Apr 30, 2025 | — | $-0.08 | — | $4M | — |
| Mar 5, 2025 | — | $-0.06 | — | $5M | — |
| Oct 30, 2024 | — | $-0.06 | — | $4M | — |
| Aug 8, 2024 | — | $-0.05 | — | $4M | +5.9% |
| May 2, 2024 | — | $-0.05 | — | $4M | — |
| Mar 12, 2024 | $-0.02 | $-0.07 | -250.0% | $4M | +6.7% |
| Nov 1, 2023 | $-0.06 | $0.02 | +133.3% | $6M | +55.6% |
AWRE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 12, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 5,000 | $1.25 |
| Aug 12, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 994 | $1.23 |
| Aug 12, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 109 | $1.25 |
| Aug 7, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 39 | $1.26 |
| Aug 7, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 10,030 | $1.24 |
| Aug 4, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 10,060 | $1.18 |
| Aug 4, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 10,433 | $1.21 |
| Jul 29, 2026 | Beecham James Douglesdirector | Grant | 27,027 | — |
| Jul 2, 2026 | STAFFORD JOHN S IIIdirector | Option | 19,559 | — |
| Jul 2, 2026 | Johnstone Brent Pdirector | Option | 22,059 | — |
| Jul 2, 2026 | Connolly Brian Ddirector | Option | 22,500 | — |
| Jul 2, 2026 | Faubert Peter R.director | Option | 21,029 | — |
| Jul 2, 2026 | Evee Garydirector | Option | 23,529 | — |
| Jun 16, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 9,826 | $1.42 |
| May 26, 2026 | Amlani Ajay Kdirector, officer: President & CEO | Buy | 2,600 | $1.23 |
Source: AWRE SEC Form 4 filings, latest Aug 12, 2026. For informational purposes only — not investment advice.
See the full AWRE insider & 13F page →AWRE research & analysis
Aware, Inc. company profile
Overview
Aware, Inc. (NASDAQ:AWRE) is a biometrics software company founded in 1986 and headquartered in Bedford, Massachusetts. The company went public in 1996 and has evolved from a traditional software licensing business into a platform-focused company emphasizing recurring revenue models. Aware develops and sells biometric authentication and identification software that enables organizations to verify and authenticate individuals using biological characteristics such as fingerprints, facial features, iris patterns, and voice recognition.
Business
Aware operates in the biometrics software industry, which involves using unique biological characteristics to identify and authenticate individuals. Biometric authentication has become increasingly important as organizations seek more secure alternatives to traditional passwords and PINs. The technology works by capturing, analyzing, and comparing biological traits that are unique to each person. The company's core offerings span several product categories. Software Development Kits (SDKs) form a foundational part of their business, providing developers with pre-built biometric search, matching, and enrollment capabilities that can be integrated into larger systems. These SDKs handle the complex mathematical algorithms needed to process and compare biometric data. AwareID represents their software-as-a-service platform that provides biometric face and voice analysis for identity verification, including "liveness detection" to prevent spoofing attempts using photos or recordings. Knomi is their mobile biometric authentication framework designed for smartphones and tablets. BioSP serves as their biometric services platform for larger-scale deployments. For law enforcement and government applications, Aware offers AwareABIS (Automated Biometric Identification System) and the AFIX suite for small-scale law enforcement biometric identification. WebEnroll provides browser-based biometric enrollment and data management. The company also maintains legacy imaging products, including JPEG2000 compression technology for medical and advanced imaging applications, though this represents a smaller portion of their business. Revenue is roughly divided between recurring revenue (approximately 69% of total revenue as of recent quarters) and one-time license sales. Recurring revenue includes software maintenance contracts and subscription-based services, while license revenue comes from upfront software sales and project-based implementations.
Revenue model
Aware generates revenue through multiple business models that have evolved significantly over recent years. The company has strategically shifted from a traditional software licensing model toward recurring revenue streams, which now comprise approximately 69% of total revenue. Recurring revenue comes from two primary sources: software maintenance contracts that provide ongoing support and updates to existing customers, and subscription-based services through their cloud platforms like AwareID. This recurring model provides more predictable cash flows and higher customer lifetime value. License revenue derives from one-time software sales, typically for larger implementations or government contracts. These can be substantial but irregular - for example, the company secured a $1 million license sale to a European government in Q4 2024. Professional services include project management, system integration, customization, and implementation services, typically bundled with larger software deployments. The company's customers span government agencies (including law enforcement, border control, and national security organizations) and commercial enterprises (particularly in financial services, healthcare, e-commerce, gaming, and access control). Government customers often represent larger, longer-term contracts, while commercial customers may start smaller but offer expansion opportunities. Factors that could increase margins include successful scaling of their SaaS platforms (which have higher margins than professional services), increased adoption of their partner ecosystem (reducing direct sales costs), and economies of scale as recurring revenue grows. Margin pressures could come from increased competition in biometric authentication, the need for continuous R&D investment to maintain technological leadership, customer concentration risks, and the costs associated with maintaining security and compliance standards required for biometric data handling.
Competitive moat
Aware's competitive moat appears moderate but faces significant challenges in an increasingly competitive biometric authentication market. The company's primary advantages stem from its long operating history since 1986, which has allowed it to build deep expertise in biometric algorithms and accumulate a substantial patent portfolio. Their experience with government and law enforcement customers creates some switching costs, as these organizations require proven, reliable solutions with extensive compliance capabilities. The company's technology platform approach offers some differentiation through its "Awareness Platform" - a unified, modular architecture that allows customers to integrate multiple biometric modalities and algorithms. This flexibility can create stickiness as customers build their systems around Aware's infrastructure. However, the moat faces substantial threats. The biometric authentication market has become increasingly commoditized, with major technology companies like Apple, Google, and Microsoft integrating biometric capabilities directly into their platforms. Cloud hyperscalers like Amazon Web Services and Microsoft Azure offer biometric services that compete directly with Aware's offerings, often with greater resources and broader platform integration. The company's small size (approximately $35 million market cap) limits its ability to compete on R&D spending against larger technology companies. Additionally, open-source biometric solutions and new entrants leveraging advanced AI capabilities pose ongoing competitive threats. While Aware has government relationships and domain expertise, these advantages may not be sufficient to maintain market position against well-funded competitors with superior distribution channels and platform integration capabilities.
Risks & safety
The margin of safety appears moderate, with some positive factors offset by operational challenges. • Liquidity position: Strong with $8.5 million in cash and short-term investments as of Q1 2025, down from $13.0 million in Q4 2024 • Current ratio: Excellent at 6.35x, indicating strong ability to meet short-term obligations • Debt levels: Minimal debt-to-equity ratio of 0.0% as of Q1 2025 • Cash burn: Concerning negative free cash flow of -$3.0 million in Q1 2025, though this improved from -$3.2 million for full year 2024 • Valuation metrics: Trading at 1.14x book value and negative P/E due to losses; Graham net-net ratio of 0.82 suggests potential undervaluation • Revenue trends: Declining from $18.2 million (2023) to $17.4 million (2024), with Q1 2025 showing continued softness • Operating leverage: High fixed costs relative to revenue create significant operating leverage risk during revenue declines
Recent development
Over the past few years, Aware has undergone significant strategic transformation focused on three key areas. The company has shifted from a traditional software licensing model to a recurring revenue platform approach, with recurring revenue now representing 69% of total revenue compared to lower percentages in prior years. Product portfolio evolution has centered around the introduction of the "Awareness Platform" - a unified, modular biometric architecture that allows customers to integrate multiple biometric modalities. The company launched AwareID as a cloud-based SaaS platform and enhanced their Knomi mobile authentication framework. They've also expanded their BioSP platform with multimodal biometric capabilities and introduced integrations with platforms like WordPress Marketplace. Go-to-market strategy transformation has involved building a formal partner ecosystem with over 65 active partners globally, implementing a "science-forward selling approach" with domain experts embedded in market verticals, and focusing on strategic accounts with long-term growth potential rather than pursuing all opportunities. The company has also strengthened its leadership team with new executives including a Chief Revenue Officer and Board Chairman. Market expansion efforts have targeted new commercial verticals including financial services, e-commerce, healthcare, gaming, and access control, while maintaining their traditional government and law enforcement customer base. They've secured notable wins including expanded relationships with U.S. federal agencies, European international police organizations, and new customers in Latin America and the Middle East. However, these strategic initiatives have yet to translate into consistent revenue growth, with total revenue declining from $18.2 million in 2023 to $17.4 million in 2024, and Q1 2025 showing continued softness at $3.6 million compared to $4.4 million in the prior year quarter.
AWRE company profile · for informational purposes only — not investment advice.
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