AWARE INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>AWARE INC. filed its Q1 2024 10-Q report detailing financial positions and activities.</b>

AI Summary

AWARE INC /MA/ (AWRE) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. AWARE INC. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing includes financial data for the period from January 1, 2024, to March 31, 2024. Key financial statement items such as Retained Earnings, Additional Paid In Capital, and Accumulated Other Comprehensive Income are detailed for various periods. Fair value measurements for assets including Money Market Funds, USTreasuries and Corporate Bonds are reported as of December 31, 2023, and March 31, 2024. Information regarding Share Purchases and grants under the 2023 Stock Option Plan is also included.

Why It Matters

For investors and stakeholders tracking AWARE INC /MA/, this filing contains several important signals. This filing provides investors with the latest financial performance and position of AWARE INC. as of the end of the first quarter of 2024. The detailed breakdown of financial statement components and fair value measurements allows for a comprehensive understanding of the company's assets and equity.

Risk Assessment

Risk Level: low — AWARE INC /MA/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Monitor future filings for revenue growth and profitability trends in AWARE INC.'s software and services segments.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report.)
• 2024-05-03 — Filing Date (Date the 10-Q was filed.)
• 2023-12-31 — Previous Year End Date (Reference date for comparative financial data.)
• 2023-03-31 — Prior Year Q1 End Date (Reference date for comparative financial data.)

Key Players & Entities

• AWARE INC. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Conformed period of report.
• 2024-05-03 (date) — Filed as of date.
• MA (location) — State of incorporation and business address.
• 76 Blanchard Road (address) — Business and mail address.
• Burlington (location) — City for business and mail address.

FAQ

Industry Context

AWARE INC. operates in the software industry, specifically focusing on prepackaged software solutions.

Regulatory Implications

The filing is a standard Form 10-Q, adhering to the regulations of the Securities and Exchange Commission (SEC) for quarterly reporting by public companies.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and footnotes.
2. Analyze revenue and expense trends in subsequent quarterly reports.
3. Track any disclosures related to market conditions or operational changes affecting AWARE INC.

Key Dates

• 2024-03-31: Quarterly Period End — Marks the end of the reporting period for the 10-Q.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing analyzed for the current period, providing a baseline for future comparisons.

Key Financial Figures

• $0.01 — nge on Which Registered Common Stock, $0.01 par value per share AWRE The Nasdaq

Filing Documents

• awre-20240331.htm (10-Q) — 1018KB
• awre-ex10_5.htm (EX-10.5) — 144KB
• awre-ex31_1.htm (EX-31.1) — 11KB
• awre-ex31_2.htm (EX-31.2) — 11KB
• awre-ex32_1.htm (EX-32.1) — 9KB
• 0000950170-24-052854.txt (&nbsp;) — 5013KB
• awre-20240331.xsd (EX-101.SCH) — 785KB
• awre-20240331_htm.xml (XML) — 798KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 4.

Controls and Procedures

Controls and Procedures 20 PART II OTHER INFORMATION 21 Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 6. Exhibits 23

Signatures

Signatures 24 2 PART 1. FINANC IAL INFORMATION

: CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1: CONSOLIDATED FINANCIAL STATEMENTS AWARE, INC. CONSOLIDATED B ALANCE SHEETS (in thousands, except share data) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 14,315 $ 10,002 Marketable securities 14,214 20,913 Accounts receivable, net 3,756 2,454 Unbilled receivables, net 1,568 1,401 Prepaid expenses and other current assets 986 1,054 Total current assets 34,839 35,824 Property and equipment, net 543 579 Intangible assets, net 2,288 2,391 Goodwill 3,120 3,120 Right of use asset 4,188 4,260 Other long-term assets 122 122 Total assets $ 45,100 $ 46,296 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 791 $ 280 Accrued expenses 1,031 1,706 Current portion of operating lease liabilities 642 637 Deferred revenue 4,941 4,926 Total current liabilities 7,405 7,549 Long-term deferred revenue 492 611 Long-term operating lease liabilities 3,779 3,838 Total long-term liabilities 4,271 4,449 Stockholders' equity: Preferred stock, $ 1.00 par value; 1,000,000 shares authorized, none outstanding — — Common stock, $ .01 par value; 70,000,000 shares authorized; issued and outstanding of 21,085,234 as of March 31, 2024 and 21,017,892 as of December 31, 2023 212 210 Additional paid-in capital 99,567 99,405 Accumulated deficit ( 66,494 ) ( 65,512 ) Accumulated other comprehensive income 139 195 Total stockholders' equity 33,424 34,298 Total liabilities and stockholders' equity $ 45,100 $ 46,296 The accompanying notes are an integral part of the consolidated financial statements. 3 AWARE, INC. CONSOLIDATED STATEM ENTS OF OPERATIONS and COMPREHNSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended March 31, 2024 2023 Revenue: Software licenses $ 2,147 $

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) Note 1 – Description of the Company and Basis of Presentation Description of the Company We are a global biometric platform company that uses data science, machine learning, and artificial intelligence to tackle everyday business and identity challenges through biometric solutions. Our portfolio enables government agencies and commercial entities to enroll, identify, authenticate and enable using biometrics, which comprise physiological characteristics, such as fingerprints, faces, irises and voices. Enroll: Register biometric identities into an organization's secure database Identify: Utilize an organization's secure database to accurately identify individuals using biometric data Authenticate: Provide frictionless multi-factor, passwordless access to secured accounts and databases with biometric verification Enable: Manage the lifecycle of secure identities through optimized biometric interchanges We have been engaged in this business since 1993. Our comprehensive portfolio of biometric solutions is based on innovative, robust products designed explicitly for ease of integration, including customer-managed and integration ready biometric frameworks, platforms, software development kits (SDKs) and services. Principal government applications of biometrics systems include border control, visa applicant screening, law enforcement, national defense, intelligence, secure credentialing, access control, and background checks. Principal commercial applications include mobile enrollment, user authentication, identity proofing, and secure transaction enablement. Our products span multiple biometric modalities including fingerprint, face, iris and voice, and provide interoperable, standards-compliant, field-proven biometric functionality. Our products are used to capture, verify, format, compress and decompress biometric images as well as aggregate, analyze, process, match and transport those images an

View Full Filing

View this 10-Q filing on SEC EDGAR