Aware Inc (AWRE) SEC Filing 10-Q Quarterly report for the period ending Monday, September 30, 2019

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:

Kevin Russell

Aware, Inc.
781-276-4000

Aware, Inc. Reports Third Quarter 2019

Financial Results

BEDFORD, MASS. – October 29, 2019 –

Aware, Inc. (NASDAQ: AWRE), a leading supplier of biometrics software and services, today reported financial results for its third quarter ended September 30, 2019.

Revenue for the third quarter of 2019 was $3.0 million compared to $5.4 million in the same quarter last year. Operating loss in the third quarter of 2019 was $1.2 million compared to operating income of $1.1 million in the third quarter of 2018.

The decrease in revenue and higher operating loss in the current three-month period compared to the corresponding period last year was primarily due to lower biometrics software license sales that was partially offset by higher imaging license sales. Lower biometrics software license sales were primarily due to: i) a software license agreement we entered into with a large commercial customer in the third quarter of 2018, whereas we had no such license sale in the third quarter of 2019, and ii) to a lesser extent lower revenue from the software license agreement we entered into with a systems integrator in the second quarter of 2018. This was partially offset by higher software license sales to other customers.

Net loss in the third quarter of 2019 was $0.2 million, or $0.01 per diluted share, which compares to a net income of $1.3 million, or $0.06 per diluted share, in the same period a year ago.

The following information was filed by Aware Inc (AWRE) on Tuesday, October 29, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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