Business
Aware, Inc. Reports Second Quarter 2020 Financial Results
BEDFORD, Mass., July 28, 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., July 28, 2020 /PRNewswire/ -- Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services, today reported financial results for its second quarter ended June 30, 2020. \nRevenue for the second quarter of 2020 was $1.9 million compared to $3.0 million in the same quarter last year. Operating loss in the second quarter of 2020 was $3.7 million compared to operating loss of $1.2 million in the second quarter of 2019. \nThe decrease in revenue in the current three-month period as compared to the corresponding period last year was primarily due to lower license and services revenue associated with implementation and procurement delays caused by the COVID-19 pandemic. The higher operating loss in the current three-month period as compared to the corresponding period last year resulted primarily from the aforementioned decrease in revenue and an increase in operating expenses, including previous investments in sales and engineering resources driving growth in new product areas and expenses related to turnover of executive administrative personnel and COVID-19.\nNet loss in the second quarter of 2020 was $3.1 million, or $0.15 per diluted share, which compares to a net loss of $0.9 million, or $0.04 per diluted share, in the same period a year ago.\nRevenue for the first six months of 2020 was $5.4 million compared to $6.7 million in the same six-month period last year. Operating loss for the first six months of 2020 was $5.0 million compared to operating loss of $1.2 million in the same six-month period last year. The 2020 decrease in revenue was primarily due to lower services revenue, resulting from delays in a major project that is expected to resume in the second half of this year. The higher operating loss in the current six-month period as compared to the corresponding period last year was primarily the result of lower revenues, previously mentioned investments in sales and engineering, and non-recurring first half expenses. Approximately $1.2 million of unusual expenses were incurred, $0.8 million of which was due to recruiting fees and severance payments, and over $0.2 million stemmed from COVID-19 related charges, including remote working costs and bad debt from disrupted businesses. \nNet loss for the first six months of 2020 was $4.2 million, or $0.20 per diluted share, which compares t...