AWRE · AWARE INC /MA/
Aware, Inc., a biometric identity platform company, provides biometrics software products and services for government agencies and commercial entities in the United States, the United Kingdom, and internationally. The company offers biometric software solution, including AwareID, a software-as-a-service that provides identity verification and continuous authentication capabilities; AwareABIS, an automated biometric identification system used for large-scale biometric identification and deduplication; AFIX suite used for small-scale law enforcement focused biometric identification; and AFIX Tracker for fingerprint, palmprint, and latent print identification, as well as AFIX Face, AFIX Verifier, AFIX Identifier, AFIX Comparator, AFIX Engine, and AFIX NIST Transaction Engine. It also provides BioSP, a biometric integration platform-as-a-service that enables biometric data processing and management functionality in a web services architecture; and WebEnroll, a browser-based biometric enrollment and data management solution. In addition, the company offers biometrics applications, such as Nexa line, a biometric search and match SDKs including Nexa Fingerprint, Nexa Face, Nexa Iris, and Nexa Voice; and AwareXM, an interoperable fingerprint matching SDK that provides fingerprint minutiae extraction, template generation, and fingerprint authentication. Further, it sells imaging products used in medical and advanced imaging applications; and offers software maintenance, program management, and software engineering services. The company sells its products and services through systems integrators, original equipment manufacturers (OEMs), value added resellers, partners, and directly to select end user customers. Aware, Inc. was incorporated in 1986 and is headquartered in Burlington, Massachusetts.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $1.21 |
| SO | 21.6M |
| Options | 0.4M |
| Warrants | 0.0M |
| FD SO | 22.1M |
| MC | $26.7M |
| Cash | $4.6M |
| Total debt | — |
| EV | $22.1M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 1.3x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-27. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 3.39 | 4.66 | 5.13 | 3.90 |
| Revenue YoY % | (6.2%) | (2.8%) | 33.3% | (9.9%) |
| Cost of Revenue | 0.33 | 0.25 | 0.49 | 0.34 |
| Gross Profit | 3.05 | 4.41 | 4.64 | 3.56 |
| Gross Profit YoY % | (11.1%) | (1.5%) | 29.6% | (12.2%) |
| Gross Margin % | 90.1% | 94.7% | 90.4% | 91.3% |
| SG&A | 3.48 | 3.58 | 3.80 | 3.56 |
| R&D | 3.22 | 2.29 | 2.13 | 1.96 |
| Operating Expense | 6.70 | 5.87 | 5.93 | 5.52 |
| Operating Income | (3.65) | (1.45) | (1.29) | (1.96) |
| Operating Income YoY % | (97.1%) | 1.5% | 11.7% | (46.2%) |
| Operating Margin % | (107.8%) | (31.1%) | (25.2%) | (50.3%) |
| EBITDA | (3.51) | (1.31) | (1.15) | (1.82) |
| EBITDA Margin % | (103.7%) | (28.1%) | (22.4%) | (46.7%) |
| Pretax Income | (3.45) | (1.24) | (1.05) | (1.74) |
| Tax Provision | 0.01 | 0.22 | 0.01 | 0.03 |
| Net Income | (3.46) | (1.46) | (1.05) | (1.77) |
| Net Margin % | (102.1%) | (31.2%) | (20.5%) | (45.4%) |
| Diluted EPS | -$0.16 | -$0.07 | -$0.05 | -$0.08 |
| Basic EPS | -$0.16 | -$0.07 | -$0.05 | -$0.08 |
| Diluted Avg Shares | 21.6 | -0.0 | 21.2 | 21.3 |
| Basic Avg Shares | 21.6 | -0.0 | 21.2 | 21.3 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Total Revenue | 17.07 | 17.29 | 17.39 | 18.24 | 16.01 |
| Revenue YoY % | (1.3%) | (0.6%) | (4.7%) | 14.0% | — |
| Cost of Revenue | 1.41 | 1.32 | 0.83 | 1.27 | 1.26 |
| Gross Profit | 15.66 | 15.97 | 16.55 | 16.97 | 14.75 |
| Gross Profit YoY % | (1.9%) | (3.5%) | (2.5%) | 15.1% | — |
| Gross Margin % | 91.7% | 92.3% | 95.2% | 93.0% | 92.1% |
| SG&A | 14.42 | 14.23 | 14.34 | 14.50 | 13.51 |
| R&D | 9.60 | 8.30 | 7.76 | 9.12 | 9.23 |
| Operating Expense | 24.02 | 22.53 | 22.10 | 25.51 | 16.96 |
| Operating Income | (8.36) | (6.56) | (5.54) | (8.54) | (2.22) |
| Operating Income YoY % | (27.5%) | (18.3%) | 35.1% | (285.2%) | — |
| Operating Margin % | (49.0%) | (37.9%) | (31.9%) | (46.8%) | (13.8%) |
| EBITDA | (7.79) | (5.99) | (4.98) | (7.96) | (1.46) |
| EBITDA Margin % | (45.6%) | (34.6%) | (28.7%) | (43.6%) | (9.1%) |
| Pretax Income | (7.48) | (5.62) | (4.38) | (7.25) | (1.68) |
| Tax Provision | 0.26 | 0.26 | 0.05 | 0.06 | 0.05 |
| Net Income | (7.74) | (5.87) | (4.43) | (7.31) | (1.73) |
| Net Margin % | (45.3%) | (34.0%) | (25.5%) | (40.1%) | (10.8%) |
| Diluted EPS | -$0.36 | -$0.28 | -$0.21 | -$0.35 | -$0.08 |
| Basic EPS | -$0.36 | -$0.28 | -$0.21 | -$0.35 | -$0.08 |
| Diluted Avg Shares | 21.6 | 21.2 | 21.1 | 21.0 | 21.6 |
| Basic Avg Shares | 21.6 | 21.2 | 21.1 | 21.0 | 21.6 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 4.58 | 7.27 | 6.29 | 7.30 |
| Receivables | 2.39 | 3.01 | 6.21 | 2.49 |
| Total Current Assets | 24.50 | 28.27 | 31.24 | 28.84 |
| Net PPE | 0.43 | 0.48 | 0.40 | 0.44 |
| Goodwill | 3.12 | 3.12 | 3.12 | 3.12 |
| Total Assets | 33.20 | 37.20 | 40.27 | 38.10 |
| Accounts Payable | 0.73 | 1.04 | 0.94 | 0.51 |
| Total Current Liabilities | 6.87 | 7.50 | 9.29 | 6.29 |
| Retained Earnings | (79.27) | (75.82) | (74.36) | (73.31) |
| Total Equity | 22.89 | 26.14 | 27.24 | 28.05 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 4.58 | 7.27 | 12.97 | 10.00 | 11.75 |
| Receivables | 2.39 | 3.01 | 2.92 | 2.45 | 3.32 |
| Total Current Assets | 24.50 | 28.27 | 32.98 | 35.82 | 37.28 |
| Net PPE | 0.43 | 0.48 | 0.48 | 0.58 | 0.73 |
| Goodwill | 3.12 | 3.12 | 3.12 | 3.12 | 3.12 |
| Total Assets | 33.20 | 37.20 | 42.64 | 46.30 | 51.19 |
| Accounts Payable | 0.73 | 1.04 | 0.89 | 0.28 | 0.64 |
| Total Current Liabilities | 6.87 | 7.50 | 7.86 | 7.55 | 5.80 |
| Retained Earnings | (79.27) | (75.82) | (69.94) | (65.51) | (58.20) |
| Total Equity | 22.89 | 26.14 | 30.90 | 34.30 | 40.21 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (3.46) | (1.46) | (1.05) | (1.77) |
| D&A | 0.14 | 0.14 | 0.14 | 0.14 |
| Stock-Based Comp | 0.27 | 0.26 | 0.34 | 0.38 |
| Operating Cash Flow | (2.68) | 1.05 | (2.35) | (1.15) |
| CapEx | 0.00 | (0.12) | 0.00 | 0.00 |
| Investing Cash Flow | (0.02) | (0.12) | 1.34 | 0.03 |
| Stock Issuance | — | 0.05 | 0.01 | — |
| Stock Buyback | 0.00 | 0.00 | 0.00 | (0.06) |
| Financing Cash Flow | 0.00 | 0.05 | 0.01 | (0.04) |
| Free Cash Flow | (2.68) | 0.93 | (2.35) | (1.15) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Net Income | (7.74) | (5.87) | (4.43) | (7.31) | (1.73) |
| D&A | 0.57 | 0.57 | 0.56 | 0.58 | 0.76 |
| Stock-Based Comp | 1.26 | 1.17 | 1.13 | 1.52 | 1.71 |
| Operating Cash Flow | (5.13) | (5.40) | (3.16) | 1.82 | (5.04) |
| CapEx | (0.12) | (0.17) | (0.04) | (0.02) | (0.73) |
| Investing Cash Flow | 1.24 | (0.27) | 6.29 | (3.14) | (11.99) |
| Stock Issuance | — | 0.09 | 0.07 | 0.10 | 0.15 |
| Stock Buyback | (0.06) | (0.12) | (0.21) | (0.51) | (1.31) |
| Dividends Paid | — | 0.00 | 0.00 | 0.00 | — |
| Financing Cash Flow | 0.02 | (0.03) | (0.16) | (0.43) | (1.18) |
| Free Cash Flow | (5.25) | (5.56) | (3.21) | 1.81 | (5.77) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 3.56 | 3.77 | 3.36 | 4.59 |
| Quick Ratio | — | — | — | — |
| Debt / Equity | — | — | — | — |
| EBITDA Margin % | (103.7%) | (28.1%) | (22.4%) | (46.7%) |
| Working Capital | 17.62 | 20.76 | 21.95 | 22.55 |
| Net Debt | — | — | — | — |
| ROE % | (15.1%) | (5.6%) | (3.9%) | (6.3%) |
| ROA % | (10.4%) | (3.9%) | (2.6%) | (4.6%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | 12/31/22 | |
|---|---|---|---|---|---|
| Current Ratio | 3.56 | 3.77 | 4.19 | 4.75 | 6.43 |
| Quick Ratio | — | — | — | — | — |
| Debt / Equity | — | — | — | — | — |
| EBITDA Margin % | (45.6%) | (34.6%) | (28.7%) | (43.6%) | (9.1%) |
| Working Capital | 17.62 | 20.76 | 25.12 | 28.27 | 31.48 |
| Net Debt | — | — | — | — | — |
| ROE % | (33.8%) | (22.5%) | (14.3%) | (21.3%) | (4.3%) |
| ROA % | (23.3%) | (15.8%) | (10.4%) | (15.8%) | (3.4%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-05-14 | STAFFORD JOHN S III | Director | 2026-05-14 | P | 57,937 | $1.25 | $72,421 |
| 2026-05-14 | STAFFORD JOHN S III | Director | 2026-05-13 | P | 22,475 | $1.25 | $28,094 |
| 2026-05-12 | Amlani Ajay K | Director, Officer (President & CEO) | 2026-05-08 | P | 9,480 | $1.30 | $12,324 |
| 2026-05-07 | STAFFORD JOHN S III | Director | 2026-05-05 | P | 3,868 | $1.25 | $4,835 |
| 2026-05-07 | Amlani Ajay K | Director, Officer (President & CEO) | 2026-05-05 | P | 15,000 | $1.30 | $19,500 |
| 2026-05-07 | STAFFORD JOHN S III | Director | 2026-05-04 | P | 15,720 | $1.25 | $19,650 |
| 2026-05-05 | Amlani Ajay K | Director, Officer (President & CEO) | 2026-05-04 | P | 10,952 | $1.17 | $12,814 |
| 2026-05-05 | Amlani Ajay K | Director, Officer (President & CEO) | 2026-05-01 | P | 18,901 | $1.15 | $21,736 |
| 2026-03-17 | Traverse David K | Officer (Chief Financial Officer) | 2026-03-17 | P | 4,500 | $1.15 | $5,175 |
| 2026-03-17 | STAFFORD JOHN S III | Director | 2026-03-13 | P | 16,754 | $1.28 | $21,445 |
| 2026-02-25 | Johnstone Brent P | Director | 2026-02-23 | A | 44,118 | — | $0 |
| 2026-02-25 | Evee Gary | Director | 2026-02-23 | A | 47,059 | — | $0 |
| 2026-02-25 | Connolly Brian D | Director | 2026-02-23 | A | 45,000 | — | $0 |
| 2026-02-25 | STAFFORD JOHN S III | Director | 2026-02-23 | A | 39,118 | — | $0 |
| 2026-02-25 | Faubert Peter R. | Director | 2026-02-23 | A | 42,059 | — | $0 |
| 2026-01-05 | Evee Gary | Director | 2026-01-02 | M | 28,207 | — | $0 |
| 2026-01-05 | Johnstone Brent P | Director | 2026-01-02 | M | 27,349 | — | $0 |
| 2026-01-05 | STAFFORD JOHN S III | Director | 2026-01-02 | M | 22,316 | — | $0 |
| 2026-01-05 | Faubert Peter R. | Director | 2026-01-02 | M | 23,994 | — | $0 |
| 2026-01-05 | Connolly Brian D | Director | 2026-01-02 | M | 25,671 | — | $0 |
| 2025-11-05 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-11-04 | P | 2,262 | $2.26 | $5,112 |
| 2025-11-05 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-11-03 | P | 13,227 | $2.23 | $29,496 |
| 2025-09-02 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-09-02 | P | 10,679 | $2.20 | $23,494 |
| 2025-09-02 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-08-29 | P | 7,000 | $2.19 | $15,330 |
| 2025-09-02 | Krause Brian J | Officer (Chief Revenue Officer) | 2025-08-29 | P | 5,000 | $2.20 | $11,000 |
| 2025-07-03 | Connolly Brian D | Director | 2025-07-01 | M | 25,671 | — | $0 |
| 2025-07-02 | Evee Gary | Director | 2025-07-01 | M | 23,490 | — | $0 |
| 2025-07-02 | Johnstone Brent P | Director | 2025-07-01 | M | 27,349 | — | $0 |
| 2025-07-02 | STAFFORD JOHN S III | Director | 2025-07-01 | M | 22,315 | — | $0 |
| 2025-07-02 | Faubert Peter R. | Director | 2025-07-01 | M | 23,993 | — | $0 |
| 2025-06-16 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-06-13 | A | 354,600 | — | $0 |
| 2025-06-16 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-06-12 | P | 10,000 | $1.70 | $17,000 |
| 2025-06-12 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-06-10 | P | 14,000 | $1.70 | $23,800 |
| 2025-06-03 | Traverse David K | Officer (Chief Financial Officer) | 2025-06-02 | P | 2,500 | $1.65 | $4,125 |
| 2025-06-03 | Traverse David K | Officer (Chief Financial Officer) | 2025-06-01 | M | 3,476 | — | $0 |
| 2025-05-14 | Therrien Lona F | Officer (Chief Marketing Officer) | 2025-05-12 | A | 75,000 | $1.67 | $125,250 |
| 2025-05-13 | Krause Brian J | Officer (Chief Revenue Officer) | 2025-03-08 | P | 2,500 | $1.69 | $4,225 |
| 2025-04-04 | Evee Gary | Director | 2025-04-02 | A | 7,500 | — | $0 |
| 2025-03-17 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-03-14 | P | 11,100 | $1.62 | $17,982 |
| 2025-03-17 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-03-13 | A | 166,229 | — | $0 |
| 2025-03-17 | Traverse David K | Officer (Chief Financial Officer) | 2024-12-01 | P | 2,000 | $1.56 | $3,120 |
| 2025-03-14 | STAFFORD JOHN S III | Director | 2025-03-12 | P | 8,758 | $1.65 | $14,451 |
| 2025-03-12 | Faubert Peter R. | Director | 2025-03-12 | P | 20,000 | $1.61 | $32,200 |
| 2025-03-12 | Faubert Peter R. | Director | 2025-03-11 | P | 1,134 | $1.52 | $1,724 |
| 2025-03-12 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-03-10 | P | 14,505 | $1.50 | $21,758 |
| 2025-03-11 | Krause Brian J | Officer (Chief Revenue Officer) | 2025-03-07 | P | 2,500 | $1.57 | $3,925 |
| 2025-03-10 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-03-07 | P | 28,950 | $1.50 | $43,425 |
| 2025-03-10 | Krause Brian J | Officer (Chief Revenue Officer) | 2025-03-06 | A | 105,000 | $1.56 | $163,800 |
| 2025-03-06 | Faubert Peter R. | Director | 2025-03-04 | A | 47,987 | — | $0 |
| 2025-03-06 | STAFFORD JOHN S III | Director | 2025-03-04 | A | 44,631 | — | $0 |
| 2025-03-06 | Connolly Brian D | Director | 2025-03-04 | A | 51,342 | — | $0 |
| 2025-03-06 | Johnstone Brent P | Director | 2025-03-04 | A | 54,698 | — | $0 |
| 2025-03-06 | Evee Gary | Director | 2025-03-04 | A | 46,980 | — | $0 |
| 2025-02-05 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-02-03 | A | 848,157 | $1.70 | $1,441,867 |
| 2025-02-05 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-02-03 | A | 106,020 | $1.70 | $180,234 |
| 2025-02-05 | Amlani Ajay K | Director, Officer (President & CEO) | 2025-02-03 | A | 106,020 | $1.70 | $180,234 |
| 2025-01-03 | Evee Gary | Director | 2025-01-02 | M | 12,755 | — | $0 |
| 2025-01-03 | Johnstone Brent P | Director | 2025-01-02 | M | 18,240 | — | $0 |
| 2025-01-03 | Faubert Peter R. | Director | 2025-01-02 | M | 13,318 | — | $0 |
| 2025-01-03 | STAFFORD JOHN S III | Director | 2025-01-02 | M | 11,862 | — | $0 |
| 2025-01-03 | Connolly Brian D | Director | 2025-01-02 | M | 14,413 | — | $0 |
| 2024-12-03 | Traverse David K | Officer (Chief Financial Officer) | 2024-12-02 | P | 2,500 | $1.61 | $4,025 |
| 2024-12-03 | Traverse David K | Officer (Chief Financial Officer) | 2024-12-01 | M | 4,240 | — | $0 |
| 2024-11-19 | Traverse David K | Officer (Chief Financial Officer) | 2024-11-15 | P | 3,347 | $1.49 | $4,987 |
| 2024-11-19 | Traverse David K | Officer (Chief Financial Officer) | 2024-10-31 | A | 100,000 | $2.05 | $205,000 |
| 2024-11-04 | Lazzouni Mohamed | Officer (Chief Technology Officer) | 2024-10-31 | A | 150,000 | $2.05 | $307,500 |
| 2024-11-04 | Traverse David K | Officer (Chief Financial Officer) | 2024-10-31 | A | 100,000 | $2.05 | $205,000 |
| 2024-10-28 | Hunter Heidi A | Officer (Chief Product Officer) | 2024-10-24 | M | 9,848 | — | $0 |
| 2024-08-13 | Herman Craig A | Officer (Chief Revenue Officer) | 2024-08-09 | M | 10,463 | — | $0 |
| 2024-07-03 | Connolly Brian D | Director | 2024-07-01 | M | 14,413 | — | $0 |
| 2024-07-03 | Johnstone Brent P | Director | 2024-07-01 | M | 18,239 | — | $0 |
| 2024-07-03 | Faubert Peter R. | Director | 2024-07-01 | M | 13,317 | — | $0 |
| 2024-07-03 | STAFFORD JOHN S III | Director | 2024-07-01 | M | 11,862 | — | $0 |
| 2024-07-03 | Evee Gary | Director | 2024-07-01 | M | 12,755 | — | $0 |
| 2024-06-03 | Traverse David K | Officer (Principal Financial Officer) | 2024-06-01 | A | 24,000 | — | $0 |
| 2024-06-03 | Hunter Heidi A | Officer (Chief Product Officer) | 2024-06-01 | A | 60,000 | — | $0 |