Financial Performance - Total revenue for the three months ended June 30, 2024, was $4,322,000, representing a 36% increase from $3,184,000 in the same period of 2023[16] - Net loss for the six months ended June 30, 2024, was $2,071,000, compared to a net loss of $4,220,000 for the same period in 2023, indicating a 51% improvement[16] - Operating loss for the three months ended June 30, 2024, was $(1,341,000), an improvement from $(2,936,000) in the same period of 2023[16] - The company reported a comprehensive loss of $(1,105,000) for the three months ended June 30, 2024, compared to $(2,780,000) for the same period in 2023[16] - The company reported a net loss of $1,568 million for the three months ended June 30, 2023, compared to a net loss of $2,652 million for the same period in 2022[24] Revenue Breakdown - Revenue for the three months ended June 30, 2024, was $4,322 million, an increase from $3,184 million in the same period of 2023[43] - Revenue from the United States for the three months ended June 30, 2024, was $1,735 million, down from $2,064 million in the same period of 2023[43] - Revenue from the United Kingdom increased to $1,307 million for the three months ended June 30, 2024, compared to $251 million in the same period of 2023[43] - Revenue from the Rest of the World was $1,280 million for the three months ended June 30, 2024, compared to $869 million in the same period of 2023[43] - The company recognized $1,369 million in revenue from goods or services transferred at a point in time for the three months ended June 30, 2024, compared to $733 million in the same period of 2023[44] - Revenue from goods or services transferred over time was $2,953 million for the three months ended June 30, 2024, up from $2,451 million in the same period of 2023[44] - Revenue from subscription-based contracts for the three months ended June 30, 2024, was $4.322 million, a 36% increase from $3.184 million in the same period of 2023[45] Expenses and Costs - Research and development expenses for the three months ended June 30, 2024, were $1,867,000, down 17.5% from $2,265,000 in the same period of 2023[16] - Stock-based compensation expense was $403 million for the three months ended June 30, 2023[24] - For the three months ended June 30, 2024, the company reported a stock-based compensation expense of $243 million, a decrease from $403 million in the same period of 2023, representing a 39.7% reduction[62] Assets and Liabilities - Cash and cash equivalents increased to $11,957,000 as of June 30, 2024, up from $10,002,000 at the beginning of the period[19] - Total current assets decreased to $33,131,000 as of June 30, 2024, from $35,824,000 as of December 31, 2023, reflecting a 7.5% decline[11] - Accounts receivable increased to $3,657,000 as of June 30, 2024, from $2,454,000 as of December 31, 2023, marking a 49% increase[11] - Total liabilities decreased to $10,623,000 as of June 30, 2024, from $11,998,000 as of December 31, 2023, indicating a 11.4% reduction[12] - The company’s stockholders' equity decreased to $32,602,000 as of June 30, 2024, down from $34,298,000 as of December 31, 2023[13] - As of June 30, 2023, total stockholders' equity was $36,442 million, down from $40,209 million at December 31, 2022, reflecting a net loss of $2,652 million for the quarter[24] Deferred Revenue and Receivables - Unbilled receivables decreased to $1.299 million as of June 30, 2024, down from $3.483 million in the same period of 2023, indicating a reduction of 63%[48] - Deferred revenue as of June 30, 2024, was $4.444 million, down from $5.433 million at the beginning of the period, reflecting a decrease of 18%[49] - The company expects to recognize approximately 96% of the remaining deferred revenue over the next 12 months, with $3.6 million allocated to contracts with a duration greater than one year[50] Stock and Equity - The company granted 84,000 restricted stock units during the three months ended June 30, 2024, compared to 0 in the same period of 2023[67] - The company granted 284,814 restricted stock units during the six months ended June 30, 2024, with specific vesting schedules for portions of these units[67] - The company did not grant any other stock options or have any stock options exercised during the three or six months ended June 30, 2024 or 2023[66] - The company’s 2023 Equity Incentive Plan was approved on January 17, 2024, replacing the previous 2001 Nonqualified Stock Plan[63] Tax and Valuation - The company recorded an income tax provision of $39 thousand for the three and six months ended June 30, 2024[71] - The company has a full valuation recorded against its net deferred tax assets as of June 30, 2024, indicating a likelihood of not realizing the benefits of these assets[71] Marketable Securities - Marketable securities decreased to $15.9 million as of June 30, 2024, down from $20.9 million as of December 31, 2023[52] - The total assets measured at fair value as of June 30, 2024, amounted to $26.293 million, with money market funds contributing $10.382 million and marketable securities $15.911 million[53]
Aware(AWRE) - 2024 Q2 - Quarterly Report