Aware Inc. Files Q2 2024 10-Q

TL;DR

Aware Inc. 10-Q filed: Q2 financials out, check for share buybacks & fair value details.

AI Summary

Aware Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors are presented, including information on share purchases and fair value measurements.

Why It Matters

This filing provides investors with the latest financial health and operational status of Aware Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the specific details within the 10-Q could reveal material risks or opportunities.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 2024-08-09 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Aware Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 76 Blanchard Road, Burlington, MA 01803 (location) — Company's business and mailing address
• 781.382.5160 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

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

Filing Documents

• awre-20240630.htm (10-Q) — 1315KB
• awre-ex31_1.htm (EX-31.1) — 11KB
• awre-ex31_2.htm (EX-31.2) — 11KB
• awre-ex32_1.htm (EX-32.1) — 9KB
• 0000950170-24-094716.txt ( ) — 5827KB
• awre-20240630.xsd (EX-101.SCH) — 802KB
• awre-20240630_htm.xml (XML) — 1094KB

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 19 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 22

Signatures

Signatures 23 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 11,511 $ 10,002 Marketable securities 15,911 20,913 Accounts receivable, net 3,657 2,454 Unbilled receivables, net 1,299 1,401 Prepaid expenses and other current assets 753 1,054 Total current assets 33,131 35,824 Property and equipment, net 553 579 Intangible assets, net 2,184 2,391 Goodwill 3,120 3,120 Right of use asset 4,115 4,260 Other long-term assets 122 122 Total assets $ 43,225 $ 46,296 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 603 $ 280 Accrued expenses 1,211 1,706 Current portion of operating lease liabilities 646 637 Deferred revenue 4,025 4,926 Total current liabilities 6,485 7,549 Long-term deferred revenue 419 611 Long-term operating lease liabilities 3,719 3,838 Total long-term liabilities 4,138 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 21,113,202 as of June 30, 2024 and 21,017,892 as of December 31, 2023 212 210 Additional paid-in capital 99,850 99,405 Accumulated deficit ( 67,583 ) ( 65,512 ) Accumulated other comprehensive income 123 195 Total stockholders' equity 32,602 34,298 Total liabilities and stockholders' equity $ 43,225 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue

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