Aware, Inc. reported a revenue of $17.4 million for the fiscal year ending December 31, 2024, a decrease of 4.4% from $18.2 million in 2023. The company's operating loss improved to $5.5 million from $8.5 million in the previous year, primarily due to a significant write-off of a note receivable in 2023 that did not recur in 2024. The decrease in revenue was attributed to a decline in software license sales, which fell by 18% to $7.8 million, while software maintenance revenue increased by 12% to $8.6 million, reflecting a shift in the company's revenue mix.
In terms of strategic developments, Aware has been transitioning its product offerings to include Software-as-a-Service (SaaS) solutions, with the introduction of AwareID. The company generated $0.1 million in SaaS revenue in 2024, compared to a negligible amount in 2023, indicating a potential growth area for future revenue. Additionally, Aware's employee headcount decreased from 64 to 64, with a notable reduction in engineering staff as part of efforts to optimize resources and improve operational efficiency.
Geographically, Aware's revenue from the United States dropped significantly from $11.9 million in 2023 to $7.6 million in 2024, while revenue from the United Kingdom increased from $1.5 million to $4.7 million, highlighting a shift in market dynamics. The company continues to rely on a diverse distribution strategy, including partnerships with systems integrators and OEMs, to reach both government and commercial customers globally.
Looking ahead, Aware's management expressed optimism about the growth of its SaaS offerings and the potential for increased revenue from software maintenance contracts. However, the company remains cautious about market conditions and competition, particularly as it faces established players in the biometrics industry. The outlook for 2025 will depend on the successful execution of its strategic initiatives and the ability to adapt to evolving market demands.
About AWARE INC /MA/
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