Aware continued on its upward trajectory in the second quarter of the year. The company brought in $4.3 million in revenue in the quarter that ended on June 30. That number is comparable to the $4.4 million that the company collected in Q1, but more than double the $1.9 million that it generated in the second quarter of 2020.
By the same token, Aware’s losses for the quarter were only $1.5 million, compared to a $3.1 million loss for the same period in 2020. Revenues for the full six-month period now sit at $8.7 million, which is a considerable improvement over last year’s $5.4 million.
Aware credited those results to the success of its subscription-based business model, which has produced better returns as the volume of transactions has increased. In that regard, Aware has now processed more than 18 million transactions in the first six months of the year, a figure that already eclipses the 11 million that it fielded in all of 2020.
Other highlights for the quarter include the integration of the AFIX product line, and major partnerships with Iris ID and Imprivata. The former is working with Aware to deliver a solution that is compatible with the FBI’s Next Generation Identification Iris Service, while the latter is using Aware’s Knomi authentication tech to onboard users of its own electronic prescriptions for controlled substances (EPCS) platform.
“We’ve taken meaningful steps to align our organization with our ongoing transformation, which we believe will enable us to continue making key internal investments while maintaining a robust balance sheet,” said Aware CEO Bob Eckel. “As we grow our recurring subscription-based revenues, we are making significant progress on rolling out additional new core business offerings by year end. We expect these offerings to open additional channels, enabling us to market a wide array of applications to end users of all sizes and capabilities.”
July 29, 2021 – by Eric Weiss