The firm's liquidity is under structural pressure as cash reserves dropped to $4.6M in 2026Q1, while accumulated deficits have pushed retained earnings to -$79.3M.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 22.99M | 26.65M | 32.98M | 35.82M | 37.28M | 38.81M | 43.66M | 53.8M | 57.19M | 54.23M | 56.27M | 57.64M | 49.63M | 82.6M | 78.19M | 50.88M | 47.02M | 44.71M | 49.98M | 47.85M | 44.26M | 41.36M | 38.59M | 38.11M | 35.14M | 61.55M | 70.26M | 42.86M | 29.8M | 28.4M | 39M |
| Cash & Short-Term Investments | 19.57M | 22.3M | 27.81M | 30.91M | 28.98M | 29.96M | 38.56M | 47.74M | 51.61M | 51.61M | 52.86M | 52.1M | 45.41M | 75.41M | 73.08M | 46.58M | 39.95M | 39.67M | 45.52M | 38.05M | 37.83M | 36.76M | 34.97M | 35.05M | 33.3M | 57.28M | 57.5M | 36.27M | 23.5M | 23.5M | 31.1M |
| Cash Only | 4.58M | 7.27M | 12.97M | 10M | 11.75M | 29.96M | 38.56M | 47.74M | 51.61M | 51.61M | 51.91M | 51.23M | 43.98M | 72.66M | 71.07M | 46.58M | 39.95M | 39.67M | 45.52M | 1.81M | 8.57M | 13.07M | 7.48M | 19.5M | 25.27M | 36.06M | 51.66M | 35.25M | 23.5M | 23.5M | 31.1M |
| Short-Term Investments | 15M | 15.03M | 14.84M | 20.91M | 17.23M | 0 | 0 | 0 | 0 | 0 | 951K | 869K | 1.43M | 2.75M | 2.01M | 0 | 0 | 0 | 0 | 36.25M | 29.26M | 23.7M | 27.48M | 15.55M | 8.03M | 21.23M | 5.84M | 1.02M | 0 | 0 | 0 |
| Accounts Receivable | 3.42M | 4.36M | 4M | 3.85M | 7.61M | 6.85M | 4.51M | 5.8M | 5.29M | 3.82M | 3.02M | 4.74M | 3.62M | 4.58M | 4.58M | 3.55M | 4.97M | 3.56M | 2.21M | 7.66M | 4.74M | 3.75M | 3.07M | 2.45M | 1.26M | 1.38M | 5.2M | 5.71M | 2.9M | 1.8M | 1.7M |
| Days Sales Outstanding | 99.97 | 91.98 | 84 | 77.13 | 173.47 | 148.35 | 145.69 | 173.53 | 119.68 | 85.59 | 51.05 | 88.23 | 55.69 | 86.4 | 83.97 | 52.64 | 76.97 | 59.03 | 26.44 | 105.77 | 71.89 | 87.34 | 67.97 | 82.44 | 33.17 | 27.17 | 61.89 | 101.46 | 89.7 | 105.97 | 117.08 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 1.6M | 0 | 547K | 1.86M | 1.11M | 1.66M | 1.42M | 819K | 86K | 143K | 48K | 50K | 282K | 167K | 122.06K | 100K | 200K | 400K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | 0.12 | 151.08 | - | 36.88 | 133.96 | 70.25 | 89.3 | 55.16 | 49.01 | 8.38 | 14.72 | 6.71 | 3.12 | 13.81 | 7.72 | 6.71 | 6.89 | 243.33 | 365 |
| Other Current Assets | 0 | 0 | 1.17M | 1.05M | 693K | 1.41M | 0 | 0 | 284K | 0 | 0 | 0 | 168K | 383K | 817K | 0 | 235K | 363K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.81M | 7.39M | 769.15K | 3.3M | 2.9M | 5.8M |
| Total Non-Current Assets | 8.58M | 8.81M | 9.66M | 10.47M | 13.91M | 9.56M | 7.97M | 3.75M | 9.26M | 9.71M | 5.71M | 5.98M | 6.26M | 6.73M | 7.66M | 6.97M | 6.38M | 6.74M | 7.57M | 8.54M | 10.33M | 8.38M | 11.59M | 12.91M | 24.1M | 16.55M | 11.19M | 11.62M | 10.4M | 10.9M | 1.1M |
| Property, Plant & Equipment | 3.98M | 4.12M | 4.44M | 4.84M | 5.26M | 3.22M | 3.7M | 3.75M | 4.08M | 4.3M | 4.63M | 4.98M | 5.29M | 5.58M | 5.9M | 6.23M | 6.36M | 6.74M | 7.46M | 7.87M | 8.12M | 8.07M | 8.29M | 8.92M | 10.04M | 10.94M | 11.19M | 11.62M | 10.3M | 10.8M | 1.2M |
| Fixed Asset Turnover | 4.15x | 4.20x | 3.92x | 3.77x | 3.04x | 5.24x | 3.06x | 3.25x | 3.95x | 3.78x | 4.65x | 3.94x | 4.48x | 3.47x | 3.37x | 3.95x | 3.70x | 3.27x | 4.09x | 3.36x | 2.96x | 1.94x | 1.99x | 1.22x | 1.38x | 1.70x | 2.74x | 1.77x | 1.15x | 0.57x | 4.42x |
| Goodwill | 4.6M | 3.12M | 3.12M | 3.12M | 3.12M | 3.12M | 1.65M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 1.48M | 1.57M | 1.98M | 2.39M | 2.81M | 3.22M | 1.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 2.6M | 0 | 0 | 0 | 0 | 0 | 951K | 869K | 1.43M | 2.75M | 2.01M | 727K | 0 | 0 | 0 | 494K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 122K | 122K | 122K | 0 | 1.4M | 0 | 0 | 0 | 124K | 316K | 197K | 310K | 126K | 9K | 25K | 0 | 102K | 169K | 2.21M | 304K | 3.3M | 3.99M | 14.06M | 329K | 0 | 0 | 100K | 100K | -100K |
| Total Assets | 33.2M | 37.2M | 42.64M | 46.3M | 51.19M | 48.37M | 51.63M | 57.55M | 66.44M | 63.94M | 61.98M | 63.62M | 55.89M | 89.33M | 85.85M | 57.85M | 53.4M | 51.45M | 57.55M | 56.38M | 54.59M | 49.74M | 50.18M | 51.02M | 59.24M | 78.1M | 81.45M | 54.48M | 40.2M | 39.3M | 40.1M |
| Asset Turnover | 0.46x | 0.46x | 0.41x | 0.39x | 0.31x | 0.35x | 0.22x | 0.21x | 0.24x | 0.25x | 0.35x | 0.31x | 0.42x | 0.22x | 0.23x | 0.42x | 0.44x | 0.43x | 0.53x | 0.47x | 0.44x | 0.31x | 0.33x | 0.21x | 0.23x | 0.24x | 0.38x | 0.38x | 0.29x | 0.16x | 0.13x |
| Asset Growth % | -49.31% | -12.78% | -7.89% | -9.56% | 5.83% | -6.3% | -10.3% | -13.37% | 3.92% | 3.15% | -2.57% | 13.82% | -37.43% | 4.05% | 48.41% | 8.34% | 3.78% | -10.59% | 2.06% | 3.29% | 9.74% | -0.88% | -1.65% | -13.86% | -24.16% | -4.11% | 49.5% | 35.53% | 2.29% | -1.99% | 1153.13% |
| Total Current Liabilities | 4.58M | 1.98M | 7.86M | 7.55M | 5.8M | 5.74M | 5.96M | 4.12M | 4.54M | 4.28M | 4.14M | 7.44M | 3.43M | 4.16M | 3.64M | 2.81M | 3.2M | 2.5M | 2.69M | 2.82M | 2.89M | 2.24M | 1.43M | 1.38M | 1.66M | 1.95M | 3.12M | 1.51M | 1M | 1.7M | 700K |
| Accounts Payable | 1.85M | 1.98M | 894K | 280K | 639K | 283K | 494K | 187K | 126K | 166K | 135K | 234K | 258K | 1.52M | 328K | 399K | 565K | 327K | 466K | 939K | 692K | 607K | 361K | 261K | 274K | 353K | 483K | 787.68K | 500K | 1.1M | 300K |
| Days Payables Outstanding | 517.71 | 544.88 | 288.26 | 80.28 | 185.11 | 85.44 | 222.6 | 54.13 | 37.09 | 69.25 | 23.45 | 34.07 | 16.11 | 143.06 | 71.01 | 26.9 | 40.63 | 20.64 | 25.13 | 36.37 | 41.41 | 59.18 | 37.17 | 36.5 | 17.11 | 17.29 | 22.34 | 43.29 | 34.43 | 1.34K | 273.75 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 470K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 20.12M | 4.85M | 4.87M | 4.93M | 3.41M | 0 | 3.93M | 2.84M | 3.1M | 2.93M | 2.93M | 6.02M | 2.35M | 1.85M | 2.2M | 1.32M | 944K | 563K | 339K | 413K | 800K | 538K | 115K | 471K | 142K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -1.85M | -4.85M | 0 | 0 | 1.28M | 3.55M | 0 | 0 | 0 | 0 | 0 | 236K | 235K | 571K | 290K | 868K | 545K | 0 | 0 | 0 | 0 | 371K | 326K | 0 | 0 | 0 | 2.63M | 725.98K | 500K | 600K | 400K |
| Current Ratio | 5.02x | 13.50x | 4.19x | 4.75x | 6.43x | 6.76x | 7.33x | 13.06x | 12.58x | 12.66x | 13.58x | 7.75x | 14.47x | 19.85x | 21.49x | 18.08x | 14.71x | 17.88x | 18.56x | 16.99x | 15.34x | 18.48x | 27.05x | 27.54x | 21.18x | 31.62x | 22.54x | 28.32x | 29.80x | 16.71x | 55.71x |
| Quick Ratio | 5.02x | 13.50x | 4.19x | 4.75x | 6.43x | 6.76x | 7.33x | 13.06x | 12.58x | 12.66x | 13.58x | 7.75x | 14.47x | 19.47x | 21.49x | 17.89x | 14.12x | 17.43x | 17.94x | 16.48x | 15.05x | 18.44x | 26.95x | 27.50x | 21.15x | 31.47x | 22.49x | 28.24x | 29.70x | 16.59x | 55.14x |
| Cash Conversion Cycle | -417.73 | - | - | - | - | - | - | - | - | - | - | - | 39.7 | 94.42 | - | 62.62 | 170.3 | 108.64 | 90.61 | 124.56 | 79.49 | 36.55 | 45.53 | 52.65 | 19.18 | 23.7 | 47.28 | 64.87 | 62.16 | -989.03 | 208.33 |
| Total Non-Current Liabilities | 8.47M | 9.08M | 3.88M | 4.45M | 5.18M | 1.11M | 90K | 60K | 75K | 127K | 211K | 131K | 74K | 18K | 319K | 462K | 320K | 593K | 330K | 330K | 330K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 14.68M | 3.97M | 3.59M | 3.84M | 4.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 815K | 804K | 762K | 943K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 812K | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 |
| Total Liabilities | 10.31M | 11.06M | 11.75M | 12M | 10.98M | 6.85M | 5.96M | 4.12M | 4.54M | 4.28M | 4.14M | 7.44M | 3.5M | 4.18M | 3.96M | 3.28M | 3.52M | 3.09M | 3.02M | 3.15M | 3.22M | 2.24M | 1.43M | 1.38M | 1.66M | 1.95M | 3.12M | 1.51M | 1.1M | 1.7M | 700K |
| Total Debt | 3.89M | 3.97M | 4.24M | 4.47M | 4.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -685K | -3.3M | -8.73M | -5.53M | -7.23M | -29.96M | -38.56M | -47.74M | -51.61M | -51.61M | -51.91M | -51.23M | -43.98M | -72.66M | -71.07M | -46.58M | -39.95M | -39.67M | -45.52M | -1.81M | -8.57M | -13.07M | -7.48M | -19.5M | -25.27M | -36.06M | -51.66M | -35.25M | -23.5M | -23.5M | -31.1M |
| Debt / Equity | 0.17x | 0.15x | 0.14x | 0.13x | 0.11x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.49x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.09x | - | - | - | - | - | - | - | -62.64x | -22.16x | -7.95x | -11.25x | -5.76x | -12.58x | -0.77x | -15.73x | -196.79x | - | -29.37x | - | -29.86x | - | - | - | - | - | -4.60x | -6.92x | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 22.89M | 26.14M | 30.9M | 34.3M | 40.21M | 41.52M | 45.67M | 53.44M | 61.9M | 59.65M | 57.84M | 56.18M | 52.39M | 85.15M | 81.9M | 54.58M | 49.88M | 48.36M | 54.52M | 53.24M | 51.37M | 47.5M | 48.76M | 49.64M | 57.58M | 76.16M | 78.33M | 52.97M | 39.1M | 37.6M | 39.4M |
| Equity Growth % | -66.29% | -15.4% | -9.92% | -14.7% | -3.16% | -9.08% | -14.53% | -13.67% | 3.76% | 3.13% | 2.95% | 7.24% | -38.47% | 3.97% | 50.06% | 9.41% | 3.15% | -11.3% | 2.42% | 3.63% | 8.14% | -2.57% | -1.78% | -13.79% | -24.39% | -2.78% | 47.89% | 35.47% | 3.99% | -4.57% | 1258.62% |
| Book Value per Share | 1.06 | 1.23 | 1.46 | 1.63 | 1.86 | 1.93 | 2.13 | 2.48 | 2.86 | 2.73 | 2.53 | 2.45 | 2.30 | 3.76 | 3.71 | 2.63 | 2.47 | 2.32 | 2.30 | 2.12 | 2.06 | 2.06 | 2.14 | 2.19 | 2.54 | 3.37 | 3.29 | 2.25 | 1.92 | 1.95 | 2.14 |
| Total Shareholders' Equity | 22.89M | 26.14M | 30.9M | 34.3M | 40.21M | 41.52M | 45.67M | 53.44M | 61.9M | 59.65M | 57.84M | 56.18M | 52.39M | 85.15M | 81.9M | 54.58M | 49.88M | 48.36M | 54.52M | 53.24M | 51.37M | 47.5M | 48.76M | 49.64M | 57.58M | 76.16M | 78.33M | 52.97M | 39.1M | 37.6M | 39.4M |
| Common Stock | 217K | 215K | 211K | 210K | 211K | 216K | 214K | 214K | 215K | 215K | 224K | 229K | 228K | 226K | 225K | 206K | 200K | 198K | 233K | 239K | 236K | 233K | 229K | 228K | 227K | 227K | 226K | 219.18K | 0 | 0 | 0 |
| Retained Earnings | -79.27M | -75.82M | -69.94M | -65.51M | -58.2M | -56.47M | -50.65M | -43.03M | -34.69M | -36.81M | -42.85M | -46.95M | -51.57M | -16.24M | -18.84M | -25.12M | -27.69M | -27.87M | -28.85M | -30.63M | -30.79M | -31.82M | -29.36M | -27.99M | -19.95M | -1.22M | 1.3M | -12.12M | -17M | -14.8M | -10.3M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 166K | 228K | 251K | 195K | -110K | 0 | 0 | 0 | -7.82M | 0 | -19K | -64K | -29K | -125K | -50K | -20K | -6.07M | -5.84M | -6.89M | -13.96M | -13.15M | -12.53M | -11.95M | -11.06M | -9.75M | -8.05M | -6.37M | -4.64M | -2.9M | -1.3M | -600K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent Operating Cash Burn
As reported in recent financial statements, Aware's total assets have contracted from $46.3M in 2023Q4 to $33.2M in 2026Q1, reflecting a steady decline in the company's resource base as it navigates the challenging pivot from legacy perpetual licensing toward a recurring SaaS-based revenue model.
The consistent reduction in total assets suggests that the company is consuming its capital base to fund ongoing operations rather than reinvesting in growth. Investors should monitor whether this downward trajectory in asset value stabilizes as the AwareID platform gains traction or if it signals a long-term shrinkage of the business footprint.
Based on reported figures, Aware's cash position has declined from $14.3M in 2024Q1 to $4.6M in 2026Q1, indicating that the company's liquidity buffer is being depleted at an accelerating rate to support its current operating model and the ongoing transition to recurring revenue streams.
While the current ratio remains elevated at 5.02, this metric is heavily influenced by the composition of current assets rather than pure cash availability. The rapid depletion of cash reserves warrants close investigation, as the current burn rate may necessitate external financing if the company fails to reach cash-flow break-even in the near term.
According to the company's balance sheet data, retained earnings have deteriorated significantly to -$79.3M as of 2026Q1, highlighting the long-term impact of persistent operating losses on the firm's equity base and its overall financial health.
The erosion of equity through accumulated deficits underscores the difficulty the company has faced in achieving sustainable profitability. This trend suggests that the business model has yet to demonstrate the scalability required to generate positive returns for shareholders, leaving the equity base vulnerable to further impairment if losses continue.
As indicated by the latest quarterly filings, Aware carries $4.6M in goodwill on its balance sheet, a figure that has increased from $3.1M in 2025Q4, potentially masking underlying valuation risks if the acquired assets fail to deliver the anticipated synergies in the current competitive environment.
The recent uptick in goodwill warrants caution, as it may reflect accounting adjustments that do not necessarily correlate with improved operational performance. Investors should consider the risk that future impairment charges could further weaken the balance sheet if the company's pivot to SaaS does not yield the expected strategic value.
Quick answers to the most common questions about buying AWRE stock.
As of 2025, Aware, Inc. (AWRE) had total assets of $37.2M including $26.7M in current assets.
Aware, Inc. (AWRE) carries total debt of $4.0M, offset by $22.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Aware, Inc. (AWRE) has total shareholders' equity (book value) of $26.1M ($1.23 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Aware, Inc. (AWRE) reported a current ratio of 13.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.