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Aware’s 2023 marred by $2.7M write off but it gets old accounts to pay up

Aware’s 2023 marred by $2.7M write off but it gets old accounts to pay up
 

Executives announcing Aware’s fiscal 2023, ended December 31, say they have turned around an extended rough patch.

Annual revenue grew 14 percent to match sales notched in 2016, they say. And annual recurring revenue jumped 23 percent, reaching a record tally for the biometric authentication software firm.

And while the company lost money in fiscal 2023, about half of the loss has been attributed to the $2.7 million one-time write-off of an investment in biometric authentication security company Omlis.

Omlis secures mobile, POS and proxy transactions.

Aware recorded a fiscal 2023 loss of $7.3 million, or $0.35 per diluted share, on revenue of $18.2 million. That compares with a loss of $1.72 million, or $0.08, for fiscal 2022 on revenue of $16 million for the same period a year ago.

Annual recurring revenue for the company reportedly rose from $9.7 million in fiscal 2022 to $12.0 million last year.

Cash, equivalents and marketable securities were $30.9 million at yearend, an increase of $1.9 million in 2022, according to Aware. More than half of the December 31, 2023, increase came from a lengthy revenue-recognition effort that brought in $1 million in unbilled revenue.

For the fourth quarter, Aware reported a loss of $4.2 million, or $0.20 per diluted share, on revenue of $4.3 million. That compares with a loss of $1.75 million, $0.08, on revenue of $4 million for the same period a year ago.

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