Aware, Inc. has issued its corporate update for the 2021 fiscal year, showing a continued upward trajectory.
Revenues for the year came in at $16.9 million, a 49 percent increase over its 2020 results. And the company continued to reduce its net loss. Having shrunk from a net loss of $8.3 million in 2019 to a loss of $7.6 million in 2020, Aware’s net loss has now come down to $5.8 million in 2021.
“Our results for 2021 reflect the early success of our growth strategy and transformation into a subscription-based SaaS platform company,” explained CEO Robert Eckel, adding that Aware found itself “delivering the highest revenue in more than five years and generating robust growth in recurring revenue.” Eckel went on to note that Aware had also expanded its sales pipeline through new partnerships, and said that its acquisition of Fortress Identity “accelerates the development and market adoption of our SaaS solutions.”
It’s also worth highlighting Aware’s Knomi solution, which enables remote onboarding by using facial recognition to match an end user’s selfie photo to their official ID. Amid booming interest in this approach to remote identity verification, Aware saw a 345 percent increase in transactions processed using Knomi during 2021.
Knomi has also helped Aware to get 2022 off to a strong start, winning the Aware the 2022 BIG Innovation Award from the Business Intelligence Group. And for his part, Eckel indicated that he is optimistic about what the rest of the new year has in store for the company.
“In 2022, our focus remains on executing our growth strategy as we advance our SaaS offerings and continue to evaluate strategic initiatives,” he said. “We have the industry expertise and leading-edge authentication solutions to capitalize on the growing adoption of biometrics. We believe our strong operational momentum has us well-positioned to continue growing our topline revenue at a rate exceeding the biometric market CAGR of about 15%.”
As for Aware’s results for Q4 of 2021 specifically, the company saw revenues of $4 million, compared to $4.2 million in the previous quarter and $3.4 million in Q4 of 2020. Its net result for the quarter was a net loss of $1.3 million, compared to a net loss of $1.6 million in Q3 and a net loss of $1.6 million in Q4 of 2020.
Mar. 7, 2022 – by Alex Perala