The company's revenue trajectory remains inconsistent with a 6.2% year-over-year decline in 2026Q1, while operating margins have deteriorated to -107.8% due to heavy fixed cost burdens.
| 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 |
|---|
| Sales/Revenue | 17.07M | 17.29M | 17.39M | 18.24M | 16.01M | 16.85M | 11.31M | 12.2M | 16.13M | 16.28M | 21.57M | 19.62M | 23.72M | 19.36M | 19.9M | 24.59M | 23.56M | 22.04M | 30.52M | 26.44M | 24.06M | 15.67M | 16.48M | 10.84M | 13.84M | 18.58M | 30.67M | 20.53M | 11.8M | 6.2M | 5.3M |
| Revenue Growth % | 2.99% | -0.55% | -4.69% | 13.97% | -5.02% | 49.03% | -7.33% | -24.34% | -0.93% | -24.5% | 9.91% | -17.28% | 22.54% | -2.73% | -19.06% | 4.35% | 6.89% | -27.77% | 15.43% | 9.9% | 53.55% | -4.96% | 52.03% | -21.68% | -25.48% | -39.42% | 49.4% | 73.96% | 90.32% | 16.98% | 60.61% |
| Cost of Goods Sold | 1.41M | 1.32M | 1.13M | 1.27M | 1.26M | 1.21M | 810K | 1.26M | 1.24M | 875K | 2.1M | 2.51M | 5.84M | 3.87M | 1.69M | 5.41M | 5.08M | 5.78M | 6.77M | 9.42M | 6.1M | 3.74M | 3.54M | 2.61M | 5.84M | 7.45M | 7.89M | 6.64M | 5.3M | 300K | 400K |
| COGS % of Revenue | - | 7.65% | 6.51% | 6.98% | 7.87% | 7.17% | 7.16% | 10.33% | 7.69% | 5.37% | 9.74% | 12.78% | 24.64% | 19.98% | 8.47% | 22.02% | 21.55% | 26.24% | 22.18% | 35.64% | 25.36% | 23.9% | 21.5% | 24.07% | 42.21% | 40.11% | 25.74% | 32.35% | 44.92% | 4.84% | 7.55% |
| Gross Profit | 15.66M | 15.97M | 16.26M | 16.97M | 14.75M | 15.64M | 10.5M | 10.94M | 14.89M | 15.41M | 19.46M | 17.11M | 17.88M | 15.49M | 18.21M | 19.17M | 18.48M | 16.26M | 23.75M | 17.01M | 17.96M | 11.92M | 12.94M | 8.23M | 8M | 11.13M | 22.77M | 13.89M | 6.5M | 5.9M | 4.9M |
| Gross Margin % | 91.73% | 92.35% | 93.49% | 93.02% | 92.13% | 92.83% | 92.84% | 89.67% | 92.31% | 94.63% | 90.26% | 87.22% | 75.36% | 80.02% | 91.53% | 77.98% | 78.45% | 73.76% | 77.82% | 64.36% | 74.64% | 76.1% | 78.5% | 75.93% | 57.79% | 59.89% | 74.26% | 67.65% | 55.08% | 95.16% | 92.45% |
| Gross Profit Growth % | - | -1.77% | -4.21% | 15.07% | -5.73% | 49.01% | -4.06% | -26.51% | -3.35% | -20.85% | 13.74% | -4.26% | 15.41% | -14.96% | -5% | 3.72% | 13.68% | -31.54% | 39.58% | -5.25% | 50.6% | -7.86% | 57.17% | 2.91% | -28.1% | -51.15% | 64% | 113.63% | 10.17% | 20.41% | 133.33% |
| Operating Expenses | 24.01M | 22.53M | 21.8M | 25.51M | 16.96M | 21.74M | 19.92M | 15.12M | 14.58M | 15.18M | 14.37M | 13.24M | 12.91M | 10.95M | 13.92M | 16.69M | 18.82M | 21.74M | 23.12M | 18.84M | 18.36M | 15.54M | 14.87M | 16.87M | 20.53M | 15.95M | 13.28M | 10.57M | 10.4M | 12M | 5.4M |
| OpEx % of Revenue | - | 130.27% | 125.38% | 139.83% | 105.98% | 129% | 176.17% | 123.9% | 90.38% | 93.23% | 66.61% | 67.49% | 54.44% | 56.57% | 69.95% | 67.87% | 79.87% | 98.63% | 75.76% | 71.28% | 76.3% | 99.2% | 90.17% | 155.57% | 148.29% | 85.85% | 43.32% | 51.47% | 88.14% | 193.55% | 101.89% |
| Selling, General & Admin | 14.41M | 14.23M | 14.04M | 14.5M | 13.51M | 12.48M | 10.83M | 7.19M | 7.47M | 7.41M | 7.43M | 7.44M | 7.41M | 6.87M | 8.17M | 9.45M | 10.72M | 9.82M | 9.95M | 7.97M | 7.12M | 5.37M | 4.85M | 4.79M | 6.57M | 5.82M | 5.63M | 5.15M | 5M | 4.2M | 1.8M |
| SG&A % of Revenue | - | 82.27% | 80.77% | 79.5% | 84.4% | 74.07% | 95.76% | 58.94% | 46.33% | 45.51% | 34.44% | 37.93% | 31.24% | 35.47% | 41.07% | 38.42% | 45.51% | 44.56% | 32.6% | 30.17% | 29.61% | 34.28% | 29.43% | 44.21% | 47.48% | 31.3% | 18.36% | 25.11% | 42.37% | 67.74% | 33.96% |
| Research & Development | 9.6M | 8.3M | 7.76M | 9.12M | 9.23M | 9.26M | 9.09M | 7.93M | 7.11M | 7.77M | 6.94M | 5.8M | 5.5M | 4.08M | 5.75M | 7.24M | 8.1M | 11.92M | 13.17M | 10.87M | 11.23M | 10.17M | 10.01M | 12.07M | 13.96M | 10.1M | 5.92M | 3.64M | 3.9M | 6.9M | 3.2M |
| R&D % of Revenue | - | 48% | 44.61% | 50.01% | 57.68% | 54.94% | 80.41% | 64.96% | 44.05% | 47.72% | 32.17% | 29.56% | 23.21% | 21.1% | 28.89% | 29.45% | 34.36% | 54.08% | 43.16% | 41.11% | 46.69% | 64.91% | 60.74% | 111.35% | 100.81% | 54.39% | 19.29% | 17.71% | 33.05% | 111.29% | 60.38% |
| Other Operating Expenses | 0 | 0 | 0 | 1.88M | -5.78M | 0 | 0 | 0 | 69K | 0 | 0 | 55K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30K | 1.74M | 1.78M | 1.5M | 900K | 400K |
| Operating Income | -8.36M | -6.56M | -5.54M | -8.54M | -2.22M | -6.1M | -9.42M | -4.18M | 381K | 1.81M | 5.91M | 3.92M | 7.09M | 5.32M | 91.81M | 2.49M | -333K | -5.48M | 629K | -1.83M | -399K | -3.62M | -1.93M | -8.63M | -12.53M | -4.82M | 9.49M | 3.32M | -3.9M | -6.1M | -500K |
| Operating Margin % | -48.94% | -37.92% | -31.89% | -46.81% | -13.85% | -36.18% | -83.33% | -34.23% | 2.36% | 11.12% | 27.4% | 19.95% | 29.89% | 27.47% | 461.35% | 10.11% | -1.41% | -24.87% | 2.06% | -6.92% | -1.66% | -23.09% | -11.68% | -79.64% | -90.5% | -25.96% | 30.95% | 16.18% | -33.05% | -98.39% | -9.43% |
| Operating Income Growth % | - | -18.25% | 35.07% | -285.21% | 63.64% | 35.3% | -125.56% | -1196.59% | -78.95% | -69.36% | 50.91% | -44.77% | 33.3% | -94.21% | 3593% | 846.55% | 93.93% | -971.54% | 134.37% | -358.65% | 88.97% | -87.95% | 77.71% | 31.08% | -159.78% | -150.82% | 185.8% | 185.14% | 36.07% | -1120% | -25% |
| EBITDA | -7.93M | -5.99M | -4.98M | -7.96M | -1.46M | -5.41M | -8.86M | -3.74M | 824K | 2.33M | 6.53M | 4.55M | 7.63M | 5.78M | 92.26M | 2.96M | 203K | -4.66M | 1.55M | -952K | 287K | -3M | -956K | -7.16M | -10.69M | -3.1M | 11.23M | 5.1M | -2.4M | -5.2M | -100K |
| EBITDA Margin % | -46.44% | -34.61% | -28.66% | -43.64% | -9.1% | -32.1% | -78.37% | -30.62% | 5.11% | 14.3% | 30.28% | 23.21% | 32.17% | 29.84% | 463.62% | 12.04% | 0.86% | -21.14% | 5.08% | -3.6% | 1.19% | -19.17% | -5.8% | -66.07% | -77.18% | -16.7% | 36.61% | 24.83% | -20.34% | -83.87% | -1.89% |
| EBITDA Growth % | -42.41% | -20.11% | 37.42% | -446.47% | 73.07% | 38.96% | -137.17% | -553.52% | -64.62% | -64.33% | 43.36% | -40.3% | 32.1% | -93.74% | 3015.87% | 1358.62% | 104.36% | -400.58% | 262.82% | -431.71% | 109.55% | -214.23% | 86.66% | 32.95% | -244.34% | -127.64% | 120.33% | 312.33% | 53.85% | -5100% | 50% |
| D&A (Non-Cash Add-back) | 427K | 572K | 562K | 578K | 760K | 687K | 561K | 441K | 443K | 519K | 622K | 640K | 541K | 458K | 453K | 475K | 536K | 823K | 921K | 878K | 686K | 614K | 969K | 1.47M | 1.84M | 1.72M | 1.74M | 1.78M | 1.5M | 900K | 400K |
| EBIT | -7.89M | -6.56M | -5.54M | -6.66M | -8M | -6.1M | -9.42M | -4.18M | 312K | 1.11M | 5.1M | 3.87M | 4.96M | 4.54M | 5.04M | 3.5M | 156K | -5.48M | 629K | -1.83M | -399K | -3.62M | -1.93M | -8.63M | -12.53M | -4.82M | 9.49M | 3.32M | -3.9M | -6.1M | -500K |
| Net Interest Income | 880K | 941K | 1.17M | 1.28M | 540K | 4K | 176K | 1M | 844K | 401K | 280K | 151K | 225K | 328K | 227K | 83K | 90K | 238K | 1.16M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 880K | 941K | 1.17M | 1.28M | 540K | 4K | 176K | 1M | 844K | 401K | 280K | 151K | 225K | 328K | 227K | 83K | 90K | 238K | 1.16M | 2.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 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 |
| Other Income/Expense | 880K | 941K | 1.17M | 1.28M | 540K | 4K | 176K | 1.05M | 844K | 437K | 280K | 163K | 166K | 351K | 87.08M | 83K | 515K | 6.47M | 1.16M | 2.02M | 1.84M | 1.15M | 558K | 597K | 894K | 2.3M | 2.83M | 18.3K | 1.7M | 1.7M | 800K |
| Pretax Income | -7.47M | -5.62M | -4.38M | -7.25M | -1.68M | -6.09M | -9.25M | -3.13M | 1.23M | 2.25M | 6.19M | 4.08M | 7.25M | 5.67M | 92.12M | 2.57M | 182K | 986K | 1.79M | 186K | 1.42M | -2.47M | -1.37M | -8.04M | -11.63M | -2.52M | 12.32M | 3.34M | -2.2M | -4.4M | 300K |
| Pretax Margin % | -43.79% | -32.48% | -25.18% | -39.77% | -10.48% | -36.15% | -81.78% | -25.64% | 7.59% | 13.8% | 28.69% | 20.78% | 30.59% | 29.29% | 462.91% | 10.45% | 0.77% | 4.47% | 5.87% | 0.7% | 5.89% | -15.75% | -8.29% | -74.13% | -84.04% | -13.57% | 40.16% | 16.27% | -18.64% | -70.97% | 5.66% |
| Income Tax | 258K | 257K | 53K | 59K | 49K | -269K | -1.63M | 5.21M | -8K | 965K | 2.08M | -536K | 2.67M | 1.92M | 20.19M | 2K | 2K | 4K | 16K | 26K | 407K | 0 | 0 | 0 | 7.09M | 0 | -2.72M | -1.58M | 0 | 0 | 0 |
| Effective Tax Rate % | -3.45% | -4.58% | -1.21% | -0.81% | -2.92% | 4.41% | 17.67% | -166.54% | -0.65% | 42.95% | 33.69% | -13.14% | 36.83% | 33.82% | 21.91% | 0.08% | 1.1% | 0.41% | 0.89% | 13.98% | 28.7% | 0% | 0% | 0% | -60.96% | 0% | -22.05% | -47.23% | 0% | 0% | 0% |
| Net Income | -7.73M | -5.87M | -4.43M | -7.31M | -1.73M | -5.82M | -7.61M | -8.34M | 1.23M | 1.28M | 4.1M | 4.61M | 4.58M | 2.6M | 72.31M | 2.57M | 180K | 982K | 1.78M | 160K | 1.03M | -2.47M | -1.37M | -8.04M | -18.73M | -2.52M | 13.41M | 4.9M | -2.2M | -4.4M | 300K |
| Net Margin % | -45.29% | -33.96% | -25.48% | -40.09% | -10.78% | -34.56% | -67.33% | -68.34% | 7.64% | 7.87% | 19.03% | 23.52% | 19.32% | 13.41% | 363.35% | 10.44% | 0.76% | 4.46% | 5.82% | 0.61% | 4.3% | -15.75% | -8.29% | -74.13% | -135.28% | -13.57% | 43.74% | 23.86% | -18.64% | -70.97% | 5.66% |
| Net Income Growth % | -53.23% | -32.54% | 39.42% | -323.75% | 70.36% | 23.51% | 8.71% | -776.4% | -3.82% | -68.75% | -11.07% | 0.68% | 76.54% | -96.41% | 2716.79% | 1326.11% | -81.67% | -44.71% | 1010% | -84.53% | 141.9% | -80.54% | 82.99% | 57.08% | -643.17% | -118.79% | 173.89% | 322.62% | 50% | -1566.67% | 200% |
| Net Income (Continuing) | -7.73M | -5.87M | -4.43M | -7.31M | -1.73M | -5.82M | -7.61M | -8.34M | 1.23M | 1M | 4.1M | 4.61M | 4.58M | 3.75M | 71.93M | 3.58M | 669K | 982K | 1.78M | 160K | 1.03M | -2.47M | -1.37M | -8.04M | -18.73M | -2.52M | 15.03M | 4.9M | -2.2M | -4.4M | 300K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 373K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | -0.36 | -0.28 | -0.21 | -0.35 | -0.08 | -0.27 | -0.35 | -0.39 | 0.06 | 0.06 | 0.18 | 0.20 | 0.20 | 0.11 | 3.28 | 0.12 | 0.01 | 0.05 | 0.07 | 0.01 | 0.04 | -0.11 | -0.06 | -0.35 | -0.83 | -0.11 | 0.56 | 0.21 | -0.11 | -0.23 | 0.01 |
| EPS Growth % | -51.39% | -33.33% | 40% | -338.05% | 70.41% | 22.86% | 10.26% | -783.01% | -4.83% | -66.67% | -10% | 0% | 81.82% | -96.65% | 2633.33% | 1100% | -80% | -28.57% | 600% | -75% | 136.36% | -83.33% | 82.86% | 57.83% | -654.55% | -119.64% | 166.67% | 290.91% | 52.17% | -2400% | 162.89% |
| EPS (Basic) | - | -0.28 | -0.21 | -0.35 | -0.08 | -0.27 | -0.35 | -0.39 | 0.06 | 0.06 | 0.18 | 0.20 | 0.20 | 0.12 | 3.32 | 0.12 | 0.01 | 0.05 | 0.08 | 0.01 | 0.04 | -0.11 | -0.06 | -0.35 | -0.83 | -0.11 | 0.60 | 0.23 | -0.11 | -0.23 | 0.01 |
| Diluted Shares Outstanding | 21.59M | 21.18M | 21.14M | 21.01M | 21.6M | 21.52M | 21.47M | 21.52M | 21.61M | 21.88M | 22.9M | 22.96M | 22.79M | 22.64M | 22.07M | 20.73M | 20.18M | 20.87M | 23.7M | 25.08M | 24.96M | 23.08M | 22.78M | 22.71M | 22.68M | 22.63M | 23.81M | 23.58M | 20.34M | 19.33M | 18.39M |
| Basic Shares Outstanding | 21.59M | 21.18M | 21.14M | 21.01M | 21.57M | 21.52M | 21.47M | 21.38M | 21.55M | 21.81M | 22.83M | 22.9M | 22.7M | 22.54M | 21.81M | 20.53M | 19.97M | 20.87M | 23.64M | 23.74M | 23.47M | 23.08M | 22.78M | 22.71M | 22.68M | 22.63M | 22.45M | 21.5M | 20.34M | 19.33M | 18.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | 870.72% | - | 91.31% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Cash Burn
As reported in recent financial filings, Aware's revenue trajectory remains inconsistent, with a 6.2% year-over-year decline in 2026Q1, suggesting that the company's pivot toward SaaS-based AwareID and Knomi platforms has yet to generate the necessary momentum to offset the inherent lumpiness of legacy government licensing contracts.
The erratic quarterly revenue performance indicates that the business is currently caught in a transition trough where legacy perpetual license volatility is not yet smoothed by recurring subscription growth. Investors should monitor whether the company can stabilize its top-line performance as it attempts to shift its revenue mix toward more predictable, albeit initially smaller, SaaS streams.
Based on the company's historical income statements, Aware maintains exceptional gross margins consistently exceeding 90%, which reflects the negligible marginal cost of delivering its proprietary biometric software code once the initial development and integration work has been completed for its sovereign and government-level clients.
This high-margin profile suggests that the company possesses significant pricing power within its niche biometric matching engine segment. However, the sustainability of these margins may be tested if the company is forced to increase its reliance on lower-margin professional services to secure complex, large-scale identity-as-a-service contracts.
According to the provided income statement data, Aware has failed to achieve operating leverage, as evidenced by a 2026Q1 operating margin of -107.8%, which highlights that the company's heavy investment in R&D and administrative overhead continues to outpace its current revenue generation capabilities significantly.
The persistent gap between gross profit and operating income suggests that the company's cost structure is currently too rigid for its modest revenue base. Without a substantial scale-up in recurring revenue, the company appears likely to continue struggling with negative operating margins, necessitating a closer look at the efficiency of its sales and marketing spend.
Financial statements reveal that Aware's cost structure is dominated by high fixed expenditures in R&D and SG&A, which, as of 2026Q1, totaled $6.7M against only $3.4M in revenue, indicating a lack of expense discipline relative to the company's current stage of commercial development.
The company's reliance on specialized biometric engineering talent creates a high floor for operating expenses that is difficult to adjust in the short term. Investors should monitor whether management can optimize these fixed costs or if the current burn rate will necessitate further capital preservation measures to maintain the company's otherwise clean balance sheet.
Quick answers to the most common questions about buying AWRE stock.
For fiscal year 2025, Aware, Inc. (AWRE) reported total revenue of $17.3M. This represents a 226.3% increase compared to $5.3M in 1996.
Aware, Inc. (AWRE) reported a net loss of $5.9M for the fiscal year ending 2025.
Aware, Inc. (AWRE) reported an operating income of $-6.6M, resulting in an operating profit margin of -37.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Aware, Inc. (AWRE) generated $16.0M in gross profit for the year, representing a gross profit margin of 92.3%. This demonstrates the company's core pricing power and production efficiency.