Business
Aware, Inc. Reports Second Quarter 2019 Financial Results
BEDFORD, Mass., July 30, 2019 /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., July 30, 2019 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services, today reported financial results for its second quarter ended June 30, 2019. \nRevenue for the second quarter of 2019 was $3.0 million compared to $3.8 million in the same quarter last year. Operating loss in the second quarter of 2019 was $1.2 million compared to an operating loss of $0.4 million in the second quarter of 2018. \nThe decrease in revenue and higher operating loss in the current three month period compared to the corresponding period last year was primarily due to: i) lower biometrics software license sales, ii) lower imaging software license sales; and iii) lower services revenue. This was partially offset by lower total costs and expenses. \nNet loss in the second quarter of 2019 was $0.9 million, or $0.04 per diluted share, which compares to a net loss of $0.2 million, or $0.01 per diluted share, in the same period a year ago.\nRevenue for the first six months of 2019 was $6.74 million compared to $6.67 million in the same six month period last year. Operating loss for the first six months of 2019 was $1.2 million compared to operating loss of $1.1 million in the same six month period last year. The increase in revenue was primarily due to higher services revenue that was partially offset by lower imaging software license sales. The higher operating loss was primarily due to higher total costs and expenses that was partially offset by higher revenue and income from a patent arrangement.\nNet loss for the first six months of 2019 and 2018 was $0.7 million, or $0.03 per diluted share for both periods.\nKevin Russell, Aware's chief executive officer and president, said, \"Our revenue results for the second quarter did not meet our expectations. Our quarterly revenue and earnings fluctuate based on the timing of the delivery of licenses and services for projects. Financial results this quarter reflect these fluctuations. We continue to make investments in product and business development with respect to enhancing our biometric solutions in the government, commercial and mobile markets and are encouraged by the level of interest in our product offerings and, in particular, Knomi™, our mobile biometric authentication framework solution.\"\nAbout AwareAware is a leading provider of biometri...