AWRE
AWARE INC /MA/
Next earnings Jul 28, 2026
Last earnings +15.9% on 2026-04-29
$1.35
▼ -0.74%$1.35▼ -26.23%
over 1Y
L $1.14H $2.94
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.7%
1W+0.7%
1M-8.2%
3M+3.1%
YTD-30.8%
1Y-26.2%
Sell
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 7 analysts
Buy
Chronic-loss biometrics microcap: five years of flat ~$17M revenue, widening losses and accelerating cash burn eating a shrinking book.
Revenue $17.3M · FY2025
Aware is a sub-scale biometrics-software vendor stuck in place. Revenue has flatlined between $16M and $18M for five straight years (FY2021 $16.9M → FY2025 $17.3M, -0.6% YoY), and 2025 actually went backwards — the MD&A pins it on a $0.4M drop in perpetual software-license sales that maintenance (+$0.1M) and services (+$0.1M) couldn't offset. The revenue mix is quality-lite: 42% perpetual licenses that 'can fluctuate from period to period,' 51% maintenance, only a 'relatively small portion' recurring SaaS. There is no growth engine here, just a lumpy project business dependent on winning government/OEM biometric proposals.
The more important story is deterioration, not stability. Operating loss widened to $6.56M (-37.9% margin) as management leaned into R&D (+7% to $8.3M, now 48% of revenue) and cost of revenue rose, with no revenue payoff. Net loss grew to $5.87M and the accumulated deficit deepened to -$75.8M. Crucially, cash generation is getting worse fast: operating cash flow fell 70.8% to -$5.40M and the cash balance dropped 44% in a single year to $7.27M. On the balance sheet, equity shrank 15.4% to $26.1M and total assets fell 12.8% — the company is liquidating its own cushion to fund losses.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $16.9M | $16.0M | $18.2M | $17.4M | $17.3M |
| Gross profit | — | — | — | — | — |
| Operating income | -$6.10M | -$2.22M | -$8.54M | -$5.54M | -$6.56M |
| Net income | -$5.82M | -$1.73M | -$7.31M | -$4.43M | -$5.87M |
| Diluted EPS | -$0.27 | -$0.08 | -$0.35 | -$0.21 | -$0.28 |
| Net margin | -34.6% | -10.8% | -40.1% | -25.5% | -34.0% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$22.0M
EV / EBITDA—
EV / Sales1.3
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield-20.1%
FCF yield-19.0%
Quality & risk
ROIC (est.)-19.8%
Free cash flow-$5.56M
Total debt—
Net cash$7.27M
Piotroski F-Score2/7
Capital returns
Buyback yield0.4%
Dividend yield (est.)0.0%
Shareholder yield0.4%
Shares Δ YoY+2.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 10-K/A Restated periodic report2026-05-26
10-K amendment (typically Part III/proxy detail); no new financials
- DEF 14A Proxy statement2026-05-22
Annual meeting proxy: director slate, auditor, exec comp for vote
- 10-Q Quarterly report2026-05-01
Q1 2026: revenue flat, operating losses continue, cash burn ongoing
- 8-K Earnings results2026-04-29
Q1 2026 results released; biometrics revenue soft and losses persist
- 8-K Officer / director change2026-04-16
Officer/director change (Item 5.02); no financial impact disclosed
- 8-K Officer / director change2026-03-12
Entered material agreement plus a leadership change (Items 1.01/5.02)
- 10-K Annual report2026-03-06
FY2025: rev $17.3M (-0.6%), op loss widened to $6.6M, cash -44% to $7.3M
- 8-K Earnings results2026-03-04
FY2025 results: revenue flat $17.3M, net loss widened 33% to $5.9M
- 10-Q Quarterly report2025-10-31
Q3 2025: license revenue soft, sustained operating loss and cash burn
Recent filings
all on EDGAR ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-07-012026-07-02open ↗4Period ending 2026-06-122026-06-16open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-05-212026-05-26open ↗10-K/APeriod ending 2025-12-312026-05-26open ↗DEFA14AFiling2026-05-26open ↗DEF 14APeriod ending 2026-07-152026-05-22open ↗4Period ending 2026-05-142026-05-18open ↗
Frequently asked
- Is AWARE INC /MA/ (AWRE) a buy?
- AWRE currently carries a Sell rating with 3/5 conviction, derived from its latest SEC filings. Chronic-loss biometrics microcap: five years of flat ~$17M revenue, widening losses and accelerating cash burn eating a shrinking book.
- What is AWARE INC /MA/'s quality score?
- AWRE scores 41.898039215686275/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001015739, latest 10-Q filed 2026-05-01) · EODHD · Proprietary analysis · as of 7/4/2026, 4:22:09 AM.
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