Aware (AWRE)
NASDAQ:AWRE
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Aware
(NASDAQ:AWRE)
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Rating:46Neutral
Price Target:
$1.00
▼(-49.24% Downside)
Action:ReiteratedDate:03/26/26
AWRE scores low-to-mid primarily due to weak financial performance (continued losses, cash burn, and eroding equity) and bearish technicals (below key moving averages with negative MACD). The earnings call provides partial offset via strong technical validation, pilots, and a no-debt cash position, but near-term revenue and profitability remain challenged; valuation is also constrained by negative earnings.
Positive Factors
Certifications & Third‑Party Validation
Multiple high‑assurance certifications and best‑in‑class lab results materially strengthen credibility in government and regulated enterprise markets. Over the next 2–6 months this reduces procurement friction, supports compliance-driven sales, and improves chances to convert pilots into long‑term deployments.
Negative Factors
Revenue Volatility and Weak Recent Topline
Persistent revenue volatility and recent declines make it hard to achieve predictable scale. Weak license sales and quarter‑to‑quarter swings compress operating leverage, postpone breakeven, and increase risk that high gross margins won’t translate to sustained profitability within a medium timeframe.
Read all positive and negative factors
Positive Factors
Negative Factors
Certifications & Third‑Party Validation
Multiple high‑assurance certifications and best‑in‑class lab results materially strengthen credibility in government and regulated enterprise markets. Over the next 2–6 months this reduces procurement friction, supports compliance-driven sales, and improves chances to convert pilots into long‑term deployments.
Read all positive factors
Aware (AWRE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.08M
Dividend YieldN/A
Average Volume (3M)38.12K
Price to Earnings (P/E)―
Beta (1Y)0.75
Revenue Growth2.73%
EPS Growth25.65%
CountryUS
Employees64
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)-0.07
Shares Outstanding21,601,751
10 Day Avg. Volume24,199
30 Day Avg. Volume38,119
Financial Highlights & Ratios
PEG Ratio-0.20
Price to Book (P/B)1.50
Price to Sales (P/S)2.27
P/FCF Ratio-7.04
Enterprise Value/Market Cap0.85
Enterprise Value/Revenue1.38
Enterprise Value/Gross Profit1.50
Enterprise Value/Ebitda-4.52
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Aware Business Overview & Revenue Model
Company Description
Aware, Inc. provides biometrics software products and solutions in the United States, Brazil, the United Kingdom, and internationally. It offers biometrics software products, including biometric search and matching software development kits (SDKs)...
How the Company Makes Money
Aware primarily makes money by selling and licensing its biometrics and identity software to customers that need to verify, authenticate, or manage identities. Key revenue streams generally include: (1) software license fees for its biometric matc...
Aware Earnings Call Summary
Earnings Call Date:Mar 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Neutral
The call highlighted substantial strategic and technical progress — best-in-class evaluation results, high-assurance certifications (ISO 30107 Level 3, ISO 27001, FIDO2), product advancements in liveness and orchestration, pilot deployments and a healthy cash position with no debt. However, near-term financial performance remains soft with essentially flat revenue, widening net losses and increased full-year adjusted EBITDA loss driven by continued investments. The business is also exposed to timing variability from federal procurement and long evaluation-to-deployment cycles. Overall, the call signals strong long-term positioning and credibility gains but balanced by short-term financial and timing challenges.Positive Updates
Strong Technology and Certification Milestones
Achieved multiple high-assurance certifications and lab results: ISO 30107 Level 3 for Presentation Attack Detection, ISO 27001 for information security, FIDO2 Server Certification, and top results in NIST IR 8491 for gender and race parity (lowest ratio bias). Completed DHS RIVR evaluations and was one of 5 vendors to meet all DHS high-performance benchmarks in Selfie-to-Document (one of 3 with zero failure to extract and delivered the lowest false match rate among peers). These validations materially strengthen credibility in government and regulated enterprise markets.
Negative Updates
Revenue Essentially Flat Year-over-Year
Full-year revenue was $17.3M vs $17.4M in 2024, a slight decline of approximately -0.6% year-over-year. Q4 revenue was $4.7M vs $4.8M prior year, down approximately -2.1%, driven primarily by lower perpetual software license revenue.
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Q4-2025 Updates
Positive
Negative
Strong Technology and Certification Milestones
Achieved multiple high-assurance certifications and lab results: ISO 30107 Level 3 for Presentation Attack Detection, ISO 27001 for information security, FIDO2 Server Certification, and top results in NIST IR 8491 for gender and race parity (lowest ratio bias). Completed DHS RIVR evaluations and was one of 5 vendors to meet all DHS high-performance benchmarks in Selfie-to-Document (one of 3 with zero failure to extract and delivered the lowest false match rate among peers). These validations materially strengthen credibility in government and regulated enterprise markets.
Read all positive updates
Company Guidance
Management's guidance was largely qualitative: expect continued uneven quarter-to-quarter results driven by federal procurement timing but a focus in 2026 on disciplined execution — converting pilots to production, scaling recurring software and solution-based programs, and improving booking consistency over time. Key fiscal 2025 metrics cited to frame that guidance included Q4 revenue $4.7M (vs. $4.8M prior year), Q4 operating expenses $6.1M (vs. $6.3M), Q4 net loss $1.5M or $0.07/share (vs. $1.2M/$0.06), Q4 adjusted EBITDA loss $0.8M (same as prior year); full-year revenue $17.3M (vs. $17.4M), full-year net loss $5.9M or $0.28/share (vs. $4.4M/$0.21), full-year adjusted EBITDA loss $4.6M (vs. $3.9M), and cash of $22.3M with no debt. They also noted pipeline composition (~75% new logos), milestone deployments (first U.S. federal mobile deployment, Caribbean pilot, Orlando biometric boarding test), performance wins (NIST IR 8491 lowest ratio bias, subsecond capture speeds, 1 of 5 vendors meeting DHS Selfie-to-Document benchmarks and 1 of 3 with zero failure-to-extract and lowest false match rate), and certifications (ISO 30107 Level 3, ISO 27001, FIDO2 Server), all of which management said should support longer-term revenue scaling despite near-term variability.Aware Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
63
Positive
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.29M | 17.39M | 18.24M | 16.01M | 16.85M |
| Gross Profit | 15.97M | 16.26M | 16.97M | 14.75M | 15.64M |
| EBITDA | -5.99M | -4.98M | -6.08M | -7.24M | -5.41M |
| Net Income | -5.87M | -4.43M | -7.31M | -1.73M | -5.82M |
Balance Sheet | |||||
| Total Assets | 37.20M | 42.64M | 46.30M | 51.19M | 48.37M |
| Cash, Cash Equivalents and Short-Term Investments | 22.30M | 27.81M | 30.91M | 28.98M | 29.96M |
| Total Debt | 3.97M | 4.24M | 4.47M | 4.52M | 0.00 |
| Total Liabilities | 11.06M | 11.75M | 12.00M | 10.98M | 6.85M |
| Stockholders Equity | 26.14M | 30.90M | 34.30M | 40.21M | 41.52M |
Cash Flow | |||||
| Free Cash Flow | -5.56M | -3.21M | 1.81M | -5.77M | -6.26M |
| Operating Cash Flow | -5.40M | -3.16M | 1.82M | -5.04M | -6.23M |
| Investing Cash Flow | -274.00K | 6.29M | -3.14M | -11.99M | -2.48M |
| Financing Cash Flow | -31.00K | -159.00K | -426.00K | -1.18M | 109.00K |
Aware Technical Analysis
Neutral
1.97
Price Trends
1.57
Negative
1.83
Negative
2.08
Negative
Market Momentum
-0.09
Negative
43.90
Neutral
75.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AWRE, the sentiment is Neutral. The current price of 1.97 is above the 20-day moving average (MA) of 1.30, above the 50-day MA of 1.57, and below the 200-day MA of 2.08, indicating a bearish trend. The MACD of -0.09 indicates Negative momentum. The RSI at 43.90 is Neutral, neither overbought nor oversold. The STOCH value of 75.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AWRE.
Aware Risk Analysis
Aware disclosed 24 risk factors in its most recent earnings report. Aware reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aware Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | $22.41M | 9.04 | 12.73% | 18.97% | -9.54% | -40.68% | |
63 Neutral | $156.04M | 21.76 | 6.77% | ― | 14.20% | ― | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $39.94M | 36.21 | 5.21% | ― | 7.70% | -36.01% | |
55 Neutral | $32.37M | -4.76 | 86.81% | ― | 419.60% | 75.23% | |
46 Neutral | $28.08M | -6.80 | -21.18% | ― | 2.73% | 25.65% |
* Technology Sector Average
AWRE
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.