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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.
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