Aware posted its highest quarterly returns since 2018 in its most recent fiscal report. The company brought in $4.7 million in revenue in the quarter that ended on March 31, a tally that is six percent higher than the $4.4 million that it brought in in the first quarter of 2021, and 17 percent higher than the $4 million generated in the final quarter of last year.
According to Aware, that improvement speaks to the success of its new subscription model. Subscription revenue is up 73 percent year-over-year, while total recurring revenue is up 30 percent in the same period. Those recurring revenues now account for 57 percent of Aware’s total over the past twelve months, up from 54 percent over the 12 months spanning 2021. At the same time, the company’s net loss has been relatively consistent, and sits at $1.3 million for each of the last two quarters.
“Our first quarter results demonstrate the additional progress we have made towards building a solid recurring revenue base as we continue to transition into a subscription-based SaaS platform company,” said Aware CEO Robert Eckel. “We are continuing to expand our reach into new geographies and markets through our reseller partnerships. As our financial results have demonstrated, our partner strategy has facilitated higher adoption of Aware’s offerings due to those partners’ well-established relationships and deep insights into their customers’ needs.”
Some of Aware’s highlights for the quarter include its new partnerships with MIRACL and Anonybit. The MIRACL deal is a reseller arrangement that could lead to future joint development (Aware has invested $2.5 million in MIRACL’s parent company), while Anonybit is a decentralized identity specialist with a solution that breaks a biometric template into several parts to make them more difficult to spoof or steal.
April 28, 2022 – by Eric Weiss