Aware, Inc. (AWRE) Q1 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.898 With a growing pipeline and stronger market in place, I'll turn it over to David for 00:00:04.898 -- 00:00:09.862 a closer look at our Q1 financials. Over to you, David. 00:00:09.865 -- 00:00:13.630 Thank you, AJ. Let's take a look at our financial results for the first quarter, which 00:00:13.630 -- 00:00:16.452 ended on March 31st, 2025. 00:00:16.715 -- 00:00:22.804 Total revenue was $3.6 million compared to $4.4 million in Q1 of last year. 00:00:22.804 -- 00:00:26.849 The year-over-year decrease was primarily driven by lower software license sales and 00:00:26.849 -- 00:00:29.967 a project-driven influx rate from period to period. 00:00:29.967 -- 00:00:34.972 Recurring revenue was 2.7 million compared to 3.1 million in the prior year period. 00:00:34.972 -- 00:00:40.375 This year over year difference was due to the timing of subscription term license renewals. 00:00:40.438 -- 00:00:46.283 Moving down the income statement, operating expenses were reduced to 5.5 million, 00:00:46.283 -- 00:00:51.309 down 5% for 5.7 million in Q1 of 2025. 00:00:51.309 -- 00:00:55.893 Operating loss was 1.8 million compared to an operating loss of 1.3 million in the same 00:00:55.893 -- 00:00:58.317 prior year period. 00:00:58.317 -- 00:01:03.363 Gap net loss was $1.6 million, or $0.08 per diluted share, compared to 00:01:03.363 -- 00:01:08.009 gap net loss of $1 million, or $0.05 per diluted share in Q1 of 2024. 00:01:08.009 -- 00:01:09.871 Our adjusted 00:01:09.871 -- 00:01:14.237 EBITDA loss for the quarter, which we reconciled gap in our earnings release, was $1.5 00:01:14.237 -- 00:01:19.463 million, compared to adjusted EBITDA loss of $1 million in the prior year period. 00:01:19.463 -- 00:01:24.770 The decline was primarily due to the lower t...