Business
Aware, Inc. Reports Fourth Quarter and 2019 Financial Results
BEDFORD, Mass., Feb. 11, 2020 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services, today reported financial
About this update from Aware, Inc.
[{"type":"text","content":"BEDFORD, Mass., Feb. 11, 2020 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services, today reported financial results for its quarter and year ended December 31, 2019. \nRevenue for the fourth quarter of 2019 was $2.4 million compared to $4.1 million in the same quarter last year. Operating loss in the fourth quarter of 2019 was $1.7 million compared to operating income of $0.3 million in the fourth quarter of 2018. \nThe decrease in revenue was primary due to lower biometrics software license revenue and lower biometrics services revenue, and to a lesser extent lower biometrics maintenance revenue. This was partially offset by slightly higher imaging software license revenue and imaging maintenance revenue. Lower biometrics software license revenue was primarily due to lower revenue from the license agreement we entered into with a systems integrator in the second quarter of 2018, and to a lesser extent generally lower biometrics license sales to our other biometrics customers. Lower biometrics services revenue was primarily due to: i) lower services revenue from the project with aforementioned systems integrator; and ii) fewer service projects in the current year quarter as compared to the corresponding period of 2018. The operating loss in the fourth quarter of 2019 as compared to operating income in the fourth quarter of 2018 was primarily due to: i) lower revenue in the fourth quarter of 2019; and ii) higher total costs and expenses in the fourth quarter of 2019.\nNet loss in the fourth quarter of 2019 was $7.5 million, or $0.35 per diluted share, which compares to a net income of $0.6 million, or $0.03 per diluted share, in the same period a year ago. \nRevenue for the year ended December 31, 2019 was $12.2 million compared to $16.1 million in 2018. Operating loss for 2019 was $4.1 million compared to operating income of $0.4 million in 2018. \nThe decrease in revenue was primarily due to lower biometrics software license revenue and to a lesser extent lower biometrics services revenue, biometric maintenance revenue and imaging software license revenue. This was partially offset by higher imaging maintenance revenue. Lower biometrics software license revenue was primarily due to: i) a software license agreement we entered into with a large commercial customer in the third quarte...