Aware Financials
This page shows Aware (AWRE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Aware has an operating margin of -37.9%, meaning the company retains $-38 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -31.9% the prior year.
Aware's revenue declined 0.6% year-over-year, from $17.4M to $17.3M. This contraction results in a growth score of 32/100.
Aware carries a low D/E ratio of 0.42, meaning only $0.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 93/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.77, Aware holds $3.77 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 74/100.
While Aware generated -$5.4M in operating cash flow, capex of $165K consumed most of it, leaving -$5.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Aware generates a -22.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -14.3% the prior year.
Aware passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Aware generates $0.92 in operating cash flow (-$5.4M OCF vs -$5.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Aware generated $17.3M in revenue in fiscal year 2025. This represents a decrease of 0.6% from the prior year.
Aware's EBITDA was -$6.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 20.1% from the prior year.
Aware reported -$5.9M in net income in fiscal year 2025. This represents a decrease of 32.5% from the prior year.
Aware earned $-0.28 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 33.3% from the prior year.
Cash & Balance Sheet
Aware generated -$5.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 73.5% from the prior year.
Aware held $7.3M in cash against $0 in long-term debt as of fiscal year 2025.
Aware had 21M shares outstanding in fiscal year 2025. This represents an increase of 1.6% from the prior year.
Margins & Returns
Aware's gross margin was 92.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.8 percentage points from the prior year.
Aware's operating margin was -37.9% in fiscal year 2025, reflecting core business profitability. This is down 6.0 percentage points from the prior year.
Aware's net profit margin was -34.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 8.5 percentage points from the prior year.
Aware's ROE was -22.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.1 percentage points from the prior year.
Capital Allocation
Aware invested $8.3M in research and development in fiscal year 2025. This represents an increase of 7.0% from the prior year.
Aware spent $115K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 44.4% from the prior year.
Aware invested $165K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 266.7% from the prior year.
AWRE Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.7M-9.1% | $5.1M+31.7% | $3.9M+8.0% | $3.6M-24.8% | $4.8M+24.6% | $3.8M-10.9% | $4.3M-2.2% | $4.4M |
| Cost of Revenue | $248K-49.5% | $491K+44.8% | $339K+38.4% | $245K+1189.5% | $19K-93.0% | $270K0.0% | $270K-2.2% | $276K |
| Gross Profit | $4.4M-4.9% | $4.6M+30.4% | $3.6M+5.7% | $3.4M-29.6% | $4.8M+33.5% | $3.6M-11.7% | $4.1M-2.2% | $4.1M |
| R&D Expenses | $2.3M+7.3% | $2.1M+8.7% | $2.0M+2.0% | $1.9M+4.7% | $1.8M-2.0% | $1.9M+0.3% | $1.9M-14.4% | $2.2M |
| SG&A Expenses | $2.0M+16.1% | $1.7M+6.7% | $1.6M-2.3% | $1.6M-36.8% | $2.6M+95.7% | $1.3M-8.2% | $1.4M+7.6% | $1.3M |
| Operating Income | -$1.4M-11.9% | -$1.3M+34.0% | -$2.0M-5.9% | -$1.9M-25.6% | -$1.5M-0.5% | -$1.5M-9.4% | -$1.3M-6.3% | -$1.3M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $219K+4280.0% | $5K-80.8% | $26K+271.4% | $7K+800.0% | -$1K-106.7% | $15K-61.5% | $39K | $0 |
| Net Income | -$1.5M-38.0% | -$1.1M+40.5% | -$1.8M-10.7% | -$1.6M-34.1% | -$1.2M-2.1% | -$1.2M-7.1% | -$1.1M-11.0% | -$982K |
| EPS (Diluted) | N/A | $-0.05+37.5% | $-0.080.0% | $-0.08 | N/A | $-0.06-20.0% | $-0.050.0% | $-0.05 |
AWRE Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $37.2M-7.6% | $40.3M+5.7% | $38.1M-4.5% | $39.9M-6.4% | $42.6M-2.5% | $43.7M+1.2% | $43.2M-4.2% | $45.1M |
| Current Assets | $28.3M-9.5% | $31.2M+8.3% | $28.8M-5.2% | $30.4M-7.8% | $33.0M-2.5% | $33.8M+2.2% | $33.1M-4.9% | $34.8M |
| Cash & Equivalents | $7.3M+15.5% | $6.3M-13.8% | $7.3M-13.7% | $8.5M-34.8% | $13.0M+15.6% | $11.2M-2.5% | $11.5M-19.6% | $14.3M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.0M-51.5% | $6.2M+149.1% | $2.5M-11.8% | $2.8M-3.2% | $2.9M-27.6% | $4.0M+10.4% | $3.7M-2.6% | $3.8M |
| Goodwill | $3.1M0.0% | $3.1M0.0% | $3.1M0.0% | $3.1M0.0% | $3.1M0.0% | $3.1M0.0% | $3.1M0.0% | $3.1M |
| Total Liabilities | $11.1M-15.2% | $13.0M+29.8% | $10.0M-3.6% | $10.4M-11.3% | $11.7M-0.7% | $11.8M+11.4% | $10.6M-9.0% | $11.7M |
| Current Liabilities | $7.5M-19.2% | $9.3M+47.7% | $6.3M-4.1% | $6.6M-16.6% | $7.9M+0.4% | $7.8M+20.8% | $6.5M-12.4% | $7.4M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $26.1M-4.0% | $27.2M-2.9% | $28.1M-4.8% | $29.5M-4.6% | $30.9M-3.1% | $31.9M-2.2% | $32.6M-2.5% | $33.4M |
| Retained Earnings | -$75.8M-2.0% | -$74.4M-1.4% | -$73.3M-2.5% | -$71.5M-2.3% | -$69.9M-1.7% | -$68.8M-1.7% | -$67.6M-1.6% | -$66.5M |
AWRE Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.0M+144.5% | -$2.4M-104.4% | -$1.2M+60.9% | -$2.9M-530.5% | $683K+189.3% | -$765K-14.5% | -$668K+72.3% | -$2.4M |
| Capital Expenditures | $120K | $0 | $0-100.0% | $45K | $0 | $0 | N/A | N/A |
| Free Cash Flow | $926K+139.4% | -$2.4M-104.4% | -$1.2M+61.4% | -$3.0M-537.0% | $683K+189.3% | -$765K | N/A | N/A |
| Investing Cash Flow | -$120K-109.0% | $1.3M+4084.4% | $32K+102.1% | -$1.5M-222.0% | $1.3M+2740.9% | $44K+102.5% | -$1.7M-125.7% | $6.7M |
| Financing Cash Flow | $51K+750.0% | $6K+117.1% | -$35K+34.0% | -$53K+71.2% | -$184K-1315.4% | -$13K | N/A | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0 | $0-100.0% | $62K+17.0% | $53K | N/A | N/A | N/A | N/A |
AWRE Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.7%+4.2pp | 90.4%-0.9pp | 91.3%-1.9pp | 93.2%-6.4pp | 99.6%+6.6pp | 93.0%-0.8pp | 93.8%0.0pp | 93.8% |
| Operating Margin | -31.1%-5.8pp | -25.3%+25.1pp | -50.3%+1.0pp | -51.3%-20.6pp | -30.8%+7.4pp | -38.1%-7.1pp | -31.0%-2.5pp | -28.5% |
| Net Margin | -31.2%-10.6pp | -20.5%+24.9pp | -45.4%-1.1pp | -44.3%-19.4pp | -24.9%+5.5pp | -30.3%-5.1pp | -25.2%-3.0pp | -22.2% |
| Return on Equity | -5.6%-1.7pp | -3.9%+2.4pp | -6.3%-0.9pp | -5.4%-1.6pp | -3.9%-0.2pp | -3.7%-0.3pp | -3.3%-0.4pp | -2.9% |
| Return on Assets | -3.9%-1.3pp | -2.6%+2.0pp | -4.6%-0.6pp | -4.0%-1.2pp | -2.8%-0.1pp | -2.7%-0.2pp | -2.5%-0.3pp | -2.2% |
| Current Ratio | 3.77+0.4 | 3.36-1.2 | 4.59-0.1 | 4.64+0.4 | 4.19-0.1 | 4.32-0.8 | 5.11+0.4 | 4.70 |
| Debt-to-Equity | 0.42-0.1 | 0.48+0.1 | 0.360.0 | 0.35-0.0 | 0.380.0 | 0.37+0.0 | 0.33-0.0 | 0.35 |
| FCF Margin | 19.9%+65.8pp | -45.9%-16.3pp | -29.5%+53.2pp | -82.7%-97.0pp | 14.2%+34.1pp | -19.9% | N/A | N/A |
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Frequently Asked Questions
What is Aware's annual revenue?
Aware (AWRE) reported $17.3M in total revenue for fiscal year 2025. This represents a -0.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Aware's revenue growing?
Aware (AWRE) revenue declined by 0.6% year-over-year, from $17.4M to $17.3M in fiscal year 2025.
Is Aware profitable?
No, Aware (AWRE) reported a net income of -$5.9M in fiscal year 2025, with a net profit margin of -34.0%.
What is Aware's EBITDA?
Aware (AWRE) had EBITDA of -$6.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Aware's gross margin?
Aware (AWRE) had a gross margin of 92.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Aware's operating margin?
Aware (AWRE) had an operating margin of -37.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Aware's net profit margin?
Aware (AWRE) had a net profit margin of -34.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Aware's return on equity (ROE)?
Aware (AWRE) has a return on equity of -22.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Aware's free cash flow?
Aware (AWRE) generated -$5.6M in free cash flow during fiscal year 2025. This represents a -73.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Aware's operating cash flow?
Aware (AWRE) generated -$5.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Aware's total assets?
Aware (AWRE) had $37.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Aware's capital expenditures?
Aware (AWRE) invested $165K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Aware spend on research and development?
Aware (AWRE) invested $8.3M in research and development during fiscal year 2025.
What is Aware's current ratio?
Aware (AWRE) had a current ratio of 3.77 as of fiscal year 2025, which is generally considered healthy.
What is Aware's debt-to-equity ratio?
Aware (AWRE) had a debt-to-equity ratio of 0.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aware's return on assets (ROA)?
Aware (AWRE) had a return on assets of -15.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Aware's cash runway?
Based on fiscal year 2025 data, Aware (AWRE) had $7.3M in cash against an annual operating cash burn of $5.4M. This gives an estimated cash runway of approximately 16 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Aware's Piotroski F-Score?
Aware (AWRE) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aware's earnings high quality?
Aware (AWRE) has an earnings quality ratio of 0.92x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Aware?
Aware (AWRE) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.