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Aware Shows Improved Bottom Line in Q4 Update

February 11, 2021

Aware Shows Improved Bottom Line in Q4 Update

Aware, Inc. has issued its corporate update for the fourth quarter of 2020, ended December 31st. The results appear to indicate a continuing recovery from the impact of COVID-19.

Revenues increased from $2.5 million in the third quarter of 2020 to $3.4 million in Q4. They were also an improvement over Q4 of 2019, when Aware saw revenues of $2.5 million.

Aware’s operating loss, meanwhile, shrank from $2.5 million in Q3 of 2020 to $1.9 million in Q4, though the loss was still greater than the $1.7 million loss Aware saw in Q4 of 2019. In announcing the results, Aware attributed the higher operating loss primarily to expenses including growth-focused investments in R&D and sales.

The company reported an overall net loss of $1.6 million in Q4 of 2020 – an improvement over the net loss of $1.8 million in Q3 of 2020 and a major reduction compared to the net loss of $7.5 million a year ago, in Q4 of 2019.

Looking to the full fiscal year, Aware saw lower year-over-year revenues, at $11.3 million, compared to $12.2 million in 2019. But its net result was a net loss of $7.6 million, compared to a net loss of $8.3 million in fiscal 2019.

“Operationally, we made significant progress executing our multi-pronged growth strategy by streamlining our offerings and readying them to align with subscription and consumption-based models, expanding strategic partnerships with industry leaders across multiple verticals, and reinvigorating the commercial side of the business,” explained Aware CEO Bob Eckel. “As a result, we’ve nearly doubled the pipeline, quintupled high-margin recurring subscription revenue, and have completed Aware’s first acquisition.”

The update arrives after Aware’s announcement last month that its fingerprint recognition technology had attained MINEX III Level 1 and 2 compliance.

–

February 11, 2021 – by Alex Perala

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Filed Under: News, Stocks Tagged With: Aware, Aware Inc., Biometric, biometrics, corporate updates, fingerprint biometrics, fiscal updates, Q4 2020, Q4 reports, Q4 updates

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