Business
Aware Reports Fourth Quarter Financial Results
Full Year Total Revenue Grew 14% to $18.2 Million, Marking Highest Level Since 2016 Annual Recurring Revenue (ARR) increased 23% to Record $12 Million,
About this update from Aware, Inc.
[{"type":"text","content":"Full Year Total Revenue Grew 14% to $18.2 Million, Marking Highest Level Since 2016 Annual Recurring Revenue (ARR) increased 23% to Record $12 Million, Exceeding Total Revenue Reported at Beginning of Transformation in FY 2020 BURLINGTON, Mass., March 12, 2024 (GLOBE NEWSWIRE) -- Aware, Inc. (NASDAQ: AWRE), a global biometric platform company that uses data science, machine learning, and artificial intelligence to tackle everyday business and identity challenges through biometrics, today reported financial results for the fourth quarter and fiscal year ended December 31, 2023. Full Year 2023 Financial Highlights Total revenue increased 14% to $18.2 million from $16.0 million in 2022, representing the highest level of total revenue since 2016.Annual Recurring Revenue (ARR) increased 23% to an all-time high of $12.0 million, compared to $9.7 million in 2022 and $5.5 million in 2019.Recurring revenue (a non-GAAP metric reconciled below) increased to a record $11.0 million, compared to $9.7 million in 2022. Recurring revenue has grown over 200% since 2019. Cash, cash equivalents and marketable securities increased by $1.9 million to $30.9 million as of December 31, 2023, compared to $29.0 million as of December 31, 2022. The increase was impacted by the receipt of our IRS carryback claim of $1.5 million, along with the successful conclusion of a long-term project that resulted in the collection of $1.0 million of previously unbilled revenue.Net income negatively impacted by $2.7 million write-off related to March 2022 investment in Omlis Limited.Repurchased 299,780 shares at a cost of $0.5 million during the year.Net income negatively impacted by $2.7 million write-off related to March 2022 investment in Omlis Limited.Repurchased 299,780 shares at a cost of $0.5 million during the year. Fourth Quarter 2023 Financial Highlights Total revenue increased 8% year-over-year to $4.4 million, compared to $4.1 million in the fourth quarter of 2022.Recurring revenue increased 40% year-over-year to $3.7 million, highlighting the growth and continued transformation of Aware’s revenue model.Increased cash, cash equivalents and marketable securities by $3.4 million during the quarter, bringing the total balance to $30.9 million at year end.Operating cash flow of $3.1 million in the fourth quarter of 2023, driven by the collection of sales that oc...