Recurring revenue up for Aware amid fundraising by public digital ID providers, subsidiaries
Aware’s growth in recurring revenue for its biometric authentication technologies and tools continued in the second quarter of 2022, improving from 50 percent last year to 56 percent in the quarter closed June 30.
Revenue for Aware in the quarter was $4.2 million, down slightly from $4.7 million in the first quarter, and $4.3 million in the same quarter a year ago. Net loss totaled $1.3 million, or $0.07 per diluted share, the same as the previous quarter and a slight improvement year-over-year.
Highlights for Aware during the second quarter include a sale of its Bedford, Massachusetts building for a net of $8.6 million, and new regional partnerships with value-added resellers and system integrators, which broadened the reach of its Knomi mobile biometric authentication platform.
“The transition to a subscription-based and recurring revenue business model continues to make progress,” comments Aware CEO and President Robert Eckel. “Our focus on expanding the number of regional partnerships with value-added resellers, integrated product resellers and enterprises, who we can expect to drive faster and broader adoption of our mobile authentication platform by reducing friction for the end-user, continues to gain traction and add to our pipeline of opportunities. Moreover, our biometric-based authentication and onboarding solutions targeting financial institutions have seen particularly robust interest in Latin America and Europe, and we anticipate this positive momentum to continue within the financial services market globally as they enter production.”
Aftermath Islands announces $25M commitment
Aftermath Islands, operated by a subsidiary of Liquid Avatar, has picked up a $25 million commitment to accelerate its product roadmap and adoption.
The commitment provides access to non-equity diluting growth funds. The funds will purchase Aftermath Islands Utility Tokens on the achievement of specified milestones, which it may begin reaching in 2022. LDA also gets an option to purchase equity in Aftermath Islands Metaverse Limited.
“LDA Capital is proud to participate in the advancements brought by Aftermath Islands to the virtual worlds and games which will transform how players interact and transact with in-game collectible NFTs,” says LDA Capital Managing Partner Warren Baker. “More importantly, the Company is an industry leader when referring to Digital Identity verification, enabling a whole new world of in-game interactions. Ultimately, Aftermath Islands is transforming science-fiction into history, and we are proud to be co-authors of this story.”
“LDA’s commitment will support the long-term growth of the Aftermath Islands Metaverse,” comments David Lucatch, managing director of Aftermath Islands. “Aftermath Islands’ Metaverse showcases the use of digital identity to support safety, privacy and security and has adopted using high resolution graphics and pixel streaming to give users a fast, no-download, photo-realistic gaming experience on any device.”
Vsblty and Plurilock private placements
Vsblty has raised C$6.6 million (approximately US$5.14 million) in gross proceeds from a marketed public offering and non-brokered private placement to fund the expansion of its real-time retail biometrics and analytics.
The funds were raised through the sale of units consisting of a common share and a purchase warrant each. The units cost $0.30, and the warrants have an exercise price of $0.50.
The company recently signed a deal to expand its media network to more stores in Latin America.
Plurilock has announced a non-brokered private placement of debenture units which could raise up to C$2.5 million (US$1.95 million). The funds will be used for acquisitions, according to the announcement, along with general corporate purposes.
The debenture units consist of C$1,000 in unsecured convertible debenture at 10 percent, with a maturity date of 48 months, along with 500 common share purchase warrants. The warrant shares can be exercised at C$0.40 per warrant share, and are subject to accelerated expiry if the company’s share price on the Toronto Stock Exchange rises dramatically.
Plurilock says in the announcement that it intends to complete several acquisitions to help generate revenue and strengthen its zero trust technology portfolio.