Aware revenue up significantly in Q1 on higher service and biometric software sales
Aware has reported first quarter 2019 revenues of $3.7 million, up nearly 28 percent from $2.9 million in the same quarter a year ago, on higher services revenue, higher biometric software sales, and income from a patent arrangement with a third party.
The company recorded an operating loss in Q1 of $44,000. The loss was significantly lower than Q1 2018, when its operating loss was $723,000, but revenue gains were partly offset by lower imaging software license sales and higher total costs and expenses, according to the company announcement. Net income was $228,000, or $0.01 per diluted share, compared to a net loss of $495,000, or $0.02 per diluted share, a year earlier.
“Revenue for the first quarter was an improvement over the same quarter last year,” Aware CEO and President Kevin Russell says. “Our revenue was higher primarily due to more services revenue from contracts that we recently won. We are optimistic about our prospects in 2019, but we are unable to predict when opportunities will result in revenue. We are pleased with the high level of interest and activity being generated by our Knomi mobile biometric authentication solution in the enterprise and mobile markets.”
Aware has begun stringing together significant quarterly gains, after reporting improved revenue in 2018.
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