Business
Aware Reports Fourth Quarter and Full Year 2022 Financial Results
On $16 Million of Annual Revenue, Aware Achieved Record Recurring Revenue of $10 Million, as Business Model Transformation Continues BURLINGTON, Mass., March
About this update from Aware, Inc.
[{"type":"text","content":"On $16 Million of Annual Revenue, Aware Achieved Record Recurring Revenue of $10 Million, as Business Model Transformation Continues\nBURLINGTON, Mass., March 09, 2023 (GLOBE NEWSWIRE) -- Aware, Inc. (NASDAQ: AWRE), a leading authentication company applying proven and trusted adaptive authentication to solve everyday business challenges with biometrics, today reported financial results for the fourth quarter and fiscal year ended December 31, 2022. Fourth Quarter 2022, Full Year 2022 and Recent Operational Highlights Revenue for the fourth quarter 2022 was relatively flat at $4.1 million compared to $4.0 million from the same quarter in the prior year.Recurring revenue for the fourth quarter 2022 was $2.6 million, or 65% of total fourth quarter revenue, an increase of 16% from the same quarter in 2021.Added seven new Knomi® partners in 2022 with opportunities in Latin America, Europe, Middle East, and Africa, driving growth and momentum for Aware’s authentication solutions.Repurchased 628,000 common shares at an average price of $1.83 per share in the fourth quarter of 2022, bringing the total common shares repurchased in 2022 to 705,201 and reducing outstanding shares by over 3%.Expanded Aware’s presence in the federal market, with Aware’s solutions being used in all three branches of the U.S. federal government and 12 of 15 departments within the executive branch.Achieved SOC 2 certification for AwareID®, further validating the platform’s impressive security and data confidentiality capabilities.Awarded 2022 Cybersecurity Excellence award by TMC and INTERNET TELEPHONY magazine for AwareID’s advanced authentication technology.Showcased Aware’s industry-leading mobile biometric solutions at Mobile World Congress 2023, demonstrating Knomi® and AwareID’s unparalleled onboarding and identity verification capabilities. Management Commentary“The fourth quarter marked a strong finish to the year as we laid the groundwork for future growth and customer expansion,” said Robert Eckel, Aware’s CEO and President. “Our key accomplishments in 2022 further solidified and strengthened our organization, our technology offerings, and positioned Aware for greater scale and profitable growth in the years to come. “Looking ahead, Aware’s transformation is well underway, with our past investments beginning to yield returns in recurring revenue. Our ...