Aware Inc. Q3 2024 Revenue Hits $14.7M

TL;DR

Aware Inc. Q3 revenue $14.7M, retained earnings $21.5M. Stock comp details disclosed.

AI Summary

Aware Inc. reported its Q3 2024 results, with total revenue for the nine months ending September 30, 2024, reaching $14.7 million. The company's retained earnings as of September 30, 2023, were $21.5 million, and as of December 31, 2022, they stood at $20.1 million. The filing also details share-based compensation awards granted in 2023 and 2024.

Why It Matters

This filing provides a snapshot of Aware Inc.'s financial performance for the third quarter of 2024, offering insights into revenue trends and equity compensation practices.

Risk Assessment

Risk Level: low — This is a routine quarterly filing with standard financial disclosures and no immediate red flags.

Key Numbers

• $14.7B — Revenue (9 months ended 9/30/24) (Indicates the company's top-line performance over the period.)
• $21.5B — Retained Earnings (9/30/23) (Shows accumulated profits available to the company.)
• $20.1B — Retained Earnings (12/31/22) (Provides a comparative point for retained earnings growth.)

Key Players & Entities

• Aware Inc. (company) — Filer of the 10-Q report
• $14.7 million (dollar_amount) — Total revenue for the nine months ending September 30, 2024
• $21.5 million (dollar_amount) — Retained earnings as of September 30, 2023
• $20.1 million (dollar_amount) — Retained earnings as of December 31, 2022
• September 30, 2024 (date) — End of the reporting period for revenue
• September 30, 2023 (date) — Date for retained earnings balance
• December 31, 2022 (date) — Date for retained earnings balance

FAQ

Key Financial Figures

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

Filing Documents

• awre-20240930.htm (10-Q) — 1453KB
• awre-ex31_1.htm (EX-31.1) — 11KB
• awre-ex31_2.htm (EX-31.2) — 11KB
• awre-ex32_1.htm (EX-32.1) — 9KB
• 0000950170-24-120107.txt ( ) — 6141KB
• awre-20240930.xsd (EX-101.SCH) — 839KB
• awre-20240930_htm.xml (XML) — 1132KB

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 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 17 Item 4.

Controls and Procedures

Controls and Procedures 21 PART II OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 11,223 $ 10,002 Marketable securities 16,167 20,913 Accounts receivable, net 4,038 2,454 Unbilled receivables, net 1,408 1,401 Prepaid expenses and other current assets 1,012 1,054 Total current assets 33,848 35,824 Property and equipment, net 515 579 Intangible assets, net 2,080 2,391 Goodwill 3,120 3,120 Right of use asset 4,040 4,260 Other long-term assets 122 122 Total assets $ 43,725 $ 46,296 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 816 $ 280 Accrued expenses 1,303 1,706 Current portion of operating lease liabilities 651 637 Deferred revenue 5,062 4,926 Total current liabilities 7,832 7,549 Long-term deferred revenue 345 611 Long-term operating lease liabilities 3,657 3,838 Total long-term liabilities 4,002 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 21,194,071 as of September 30, 2024 and 21,017,892 as of December 31, 2023 212 210 Additional paid-in capital 100,057 99,405 Accumulated deficit ( 68,751 ) ( 65,512 ) Accumulated other comprehensive income 373 195 Total stockholders' equity 31,891 34,298 Total liabilities and stockholders' equity $ 43,725 $ 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 September 30, Nine Months Ended September 30, 2024 2023

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

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View this 10-Q filing on SEC EDGAR