Aware has parted company with CEO Robert Eckel

Robert Eckel is resigning as CEO of Aware.

The Massachusetts-based biometrics company has filed a form with the United States Securities Commission which states that “Aware, Inc. (the ‘Company’) and Robert A. Eckel, the Company’s Chief Executive Officer and President and a member of the Company’s Board of Directors (the ‘Board’), agreed that Mr. Eckel would leave the Company and the Board, effective December 31, 2024.”

A letter of agreement says Mr. Eckel’s role with the company, in which he has served since September 2019, will terminate without cause.

The notice, filed on October 30, grants Eckel a severance of a year’s base salary ($318,270) with the condition that he not work for a biometrics firm that competes against Aware until at least January 1, 2026.

Bob Eckel has accrued an impressive resume over his career in the biometrics and identity sector. In addition to his expiring role at Aware, he serves on the board of the International Biometrics and Identity Association (IBIA). He is also a strategic advisory board member of Evolv Technology and a consultant for Digimarc Corporation. From 2011 to 2018, he led the Identity and Security division at Idemia.

Per the 8-K form, Aware’s Board “has engaged an executive search firm to identify Mr. Eckel’s successor. Additionally, the Board has appointed an experienced executive strategic advisor who will work closely with Mr. Eckel, the Board, and the Company’s leadership team to refine the Company’s market position, product roadmap and growth strategy.”

This leaves Aware without a CEO and a chief revenue officer (CRO). Craig Herman left that role in September 2024, with Eckel stepping in to manage CRO duties. In March 2024, Aware appointed Heidi Hunter as chief product officer.

Reports Q3 growth in recurring revenue, market reach

Market expansion is prominent in Aware’s report for the third quarter of 2024, between a $1 million booking for BioSP licenses with a European government and the launch of AwareID biometric authentication on the WordPress Marketplace.

The company reports $3.8 million in revenue in Q3, well down from $6.4 million in Q3 2023, but the difference is more than made up by a one-time $2.9 million license deal that applied a year ago. Aware says recurring revenue was up and operating expenses were down. Net loss for the quarter was $1.2 million.

“As we approach the fourth quarter and look to 2025, our priorities remain clear to continue to secure and expand the use cases for our biometric solutions, by enhancing their ease and simplicity of integrability and to continue to grow our recurring revenue base,” says Aware President and CEO Robert Eckel. “With a robust pipeline, significant progress in product development and sales execution, and a recently secured $1.0 million booking with a European government, we are confident in our ability to close 2024 strong and leverage our business model to achieve double-digit recurring revenue growth and sustainable positive cash flow in the future.”

Article Topics

Aware  |  biometrics  |  financial results  |  stocks