10-Q · May 1, 2026
In Q1 2026, Aware, Inc. reported a revenue decline to $3.4 million, missing estimates and reflecting a decrease from $3.6 million a year ago. The company also recorded a larger loss per share of -$0.16 due to rising…
Earnings analysis · 10-K
AWRE earnings analysis
Filed May 26, 2026 · Our reading of the company's report
The latest report
AWRE's 10-K reported continued revenue struggles, with a decline to $17.3M in 2025, amid rising operating costs and losses. The gross margin slightly decreased to 94.7%, alongside ongoing restructuring for $4 million in…
Read full summary
AWRE's 10-K reported continued revenue struggles, with a decline to $17.3M in 2025, amid rising operating costs and losses. The gross margin slightly decreased to 94.7%, alongside ongoing restructuring for $4 million in annual savings. The company faces significant challenges but sees potential long-term growth with its new technology products and management team.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.07
What stood out
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New CEO's Appointment
Ajay Amlani became CEO on February 3, 2025, bringing extensive industry experience to lead Aware towards recovery.
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Technological Validation
Independent evaluation confirmed strong performance for Intelligent Liveness technology, crucial for future product positioning.
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Insider Buying Signals
Multiple insider purchases, including a $100,515 investment, suggest management confidence despite current challenges.
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Restructuring Savings Target
Management anticipates $4 million in annual savings from restructuring efforts initiated in early 2026.
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Cash Flow Improvement
Free cash flow showed improvement in Q4 2025, reaching $926,000 compared to negative flows earlier in 2025.
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Product Roadmap Focus
Company emphasizes a strategic shift towards enhanced AI-driven products in the identity verification market.
What to watch
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Increased Operating Loss
Total net loss for 2025 reached $3.9 million, indicating ongoing financial instability.
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Revenue Performance Below Expectations
Revenue for 2025 of $17.3 million failed to meet operational targets, limiting financial flexibility.
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Dependency on Government Contracts
Increased risk due to over-reliance on government contracts, leading to heightened vulnerability.
Management's outlook
Annual outlook for 2026 deferred to earnings press release / call.
Earlier filings 4
10-K · March 6, 2026
Aware, Inc. (AWRE) presents a business with high gross margins and a broad biometric product portfolio while still operating at a loss and showing customer concentration in receivables. Q4 2025 results showed revenue of…
10-Q · October 31, 2025
Aware reported Q3 revenue of $5.129M, +33% year-over-year and up roughly $1.0M from the prior quarter, with gross margin of 90.4% and a materially improved operating margin of -25.3% vs -50.4% in Q2 2025. GAAP diluted…
10-Q · May 2, 2025
Aware reported Q1 revenue of $3,608,000 (down from $4,421,000 a year ago and down from ~$4.797M in the prior quarter), GAAP diluted EPS of $(0.08) and a high gross margin of 93.2%. Operating performance weakened…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.