Business
Aware Reports Second Quarter 2023 Financial Results
Company Reaffirms 2023 Guidance for Total Revenue and Annual Recurring Revenue (ARR) Growth of 15% and Exit 2023 with Neutral Operating Cashflow BURLINGTON,
About this update from Aware, Inc.
[{"type":"text","content":"Company Reaffirms 2023 Guidance for Total Revenue and Annual Recurring Revenue (ARR) Growth of 15% and Exit 2023 with Neutral Operating Cashflow\nBURLINGTON, Mass., Aug. 01, 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 second quarter ended June 30, 2023. Second Quarter 2023 and Recent Operational Highlights Generated $3.2 million of revenue, compared to $4.3 million in the first quarter of 2023 and $4.2 million in the second quarter of 2022.Reaffirmed expectation to grow total revenue and annual recurring revenue (ARR) by 15% in 2023 and to achieve neutral operating cash flow exiting 2023.Contracted to expand an existing European government system by introducing facial recognition and securing a five-year, $5 million contract plus options up to $8 million.Expanded Aware’s Knomi footprint in the Middle East by introducing contract management use cases.Secured two additional AwareABIS contracts, including Aware’s first cloud ABIS award.Integrated AwareID’s identity verification technology into Canadian-based mobility app “A Safer Walk” enabling women to join the verified walk network rapidly and securely.Showcased Aware’s advanced authentication solutions for commercial organizations, law enforcement and government agencies globally at IACP Tech Conference, Identity Week Europe 2023, America Digital Mexico, Febraban Tech 2023 and Border Security Expo. Management Commentary “We continue to focus on driving annual growth and building our recurring revenue as we strive to reduce volatility between quarters,” said Robert Eckel, Aware’s Chief Executive Officer and President. \"During the second quarter we focused on protecting, securing and expanding our customer base commitments along with rolling out several product improvements. Although not yet reflected in our revenue, we signed several significant contracts in Q2 that have established the foundation for future recurring revenue growth and more revenue from partnerships. Furthermore, our technical team reinforced the capabilities of AwareID's facial authentication, improved Knomi's liveness detection excellence, and upgraded our orchestration to address new identity verification use cases with d...