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