Aware, Inc. has announced its Q1 results for 2017, the quarter having concluded March 31st.
The company’s revenues decreased by about 10 percent compared to Q1 of 2016, dropping from $4.8 million to $4.3 million. Net income also decreased, from $0.6 million in Q1 of 2016 to $0.4 million in this latest quarter.
In a statement announcing the results, the company attributed its decrease in revenues to lower licensing sales of its imaging technology, a lack of hardware sales, and higher operating expenses, though it noted that licensing sales of its biometric software had increased. Aware Inc. CEO Kevin Russell asserted that the revenue results were nevertheless “consistent with our expectations,” adding, “Our pipeline for 2017 looks promising, but we are unable to predict when opportunities will result in revenue.”
Russell recently became the sole CEO and President of the company when its former co-CEO Richard Moberg retired from his position at the start March. Moberg remains a member of Aware, Inc.’s Board of Directors.
April 26, 2017 – by Alex Perala