Aware issues Q2 2017 financial results with $2.7M in revenue
Aware, Inc. issued financial results for Q2 2017 with $2.7 million in revenue, compared to $6.9 million in the same quarter last year.
The company’s operating income in Q2 2017 was $0.2 million compared to $2.1 million in Q2 2016.
The company attributes the decrease in revenue and operating income primarily to a large biometrics software license sale to a U.S. government military customer and a large medical imaging license sale in Q2 2016 whereas there was no such revenue in the current three month period.
Additionally, the resulting decline in operating income was partially offset by patent related income from an unaffiliated third party; and lower cost of software licenses.
Net income in Q2 2017 was $0.2 million, which compares to $1.4 million in the same period a year ago.
Revenue for the first half of 2017 was $7.1 million, a decrease of 40 percent compared to $11.7 million in the same period last year. Operating income for the first half of 2017 was $0.6 million compared to $3.0 million in the same period last year.
Net income for the first half of 2017 was $0.6 million, which compares to $2.1 million in the same period a year ago.
“Our revenue results for the second quarter did not meet our expectations,” Kevin Russell, CEO and president of Aware, said. “Our quarterly revenue and earnings fluctuate based on project wins and the timing of the delivery of licenses and services for those projects. Financial results this quarter are a reflection of these fluctuations. The ability to forecast the timing of revenue remains a challenge. We continue to be encouraged by the interest in and opportunities for our biometric solutions in the government, commercial and mobile markets.”
Earlier this year, Aware released Indigo|Onboard, the first in the company’s new Indigo line of cloud-based solutions that provide biometric search functionality either as a software-as-a-service (SaaS) subscription or as a server-based software license.