Aware(US:AWRE)2024-10-30 20:18Revenue Performance - Total revenue for Q3 2024 was $3.8 million, a decrease of 41% compared to $6.4 million in Q3 2023, primarily due to a one-time license sale of $2.9 million in the prior year[2] - For the nine months ended September 30, 2024, total revenue was $12.6 million, a decrease of 9% compared to $13.9 million in the same period of 2023[15] - Total revenue for the three months ended September 30, 2024, was $3,849,000, a decrease of 39.6% compared to $6,381,000 for the same period in 2023[25] Recurring Revenue - Recurring revenue for Q3 2024 was $2.8 million, an increase of 29% compared to $2.2 million in Q3 2023[3] - Recurring revenue for the nine months ended September 30, 2024, was $8.7 million, an increase of 19% compared to $7.3 million in the same period of 2023[15] - Recurring revenue for the three months ended September 30, 2024, was $2,818,000, an increase of 29.2% from $2,181,000 in the same period of 2023[33] Operating Expenses and Losses - Operating expenses for Q3 2024 were $5.3 million, a 6% decrease from $5.6 million in Q3 2023, reflecting ongoing cost optimization initiatives[12] - Net loss for Q3 2024 was $1.1 million, compared to net income of $1.1 million in Q3 2023[13] - The net loss for the three months ended September 30, 2024, was $(1,167,000), compared to a net income of $1,144,000 for the same period in 2023[25] - Adjusted EBITDA loss for the three months ended September 30, 2024, was $(1,106,000), compared to an income of $435,000 for the same period in 2023[31] Cash and Assets - Cash, cash equivalents, and marketable securities totaled $27.4 million as of September 30, 2024, down from $30.9 million as of December 31, 2023[14] - Cash and cash equivalents increased to $11,223,000 as of September 30, 2024, from $10,002,000 as of December 31, 2023[26] - Total assets decreased to $43,725,000 as of September 30, 2024, from $46,296,000 as of December 31, 2023[26] - Total stockholders' equity decreased to $31,892,000 as of September 30, 2024, from $34,298,000 as of December 31, 2023[26] Strategic Initiatives - Aware secured a $1 million booking with a European government in October 2024, expected to contribute to the company's Annual Recurring Revenue (ARR)[6] - Aware launched AwareID on the WordPress Marketplace, providing a no-code solution for biometric and identity authentication[7] - The company aims for double-digit recurring revenue growth and sustainable positive cash flow in the future[10] - The company continues to focus on transitioning to a subscription-based business model, as indicated by the growth in recurring revenue metrics[28]