The following is a summary of the Aware, Inc (AWRE) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Aware reported Q1 revenue of $4.4 million, a 3% increase from the previous year, primarily driven by higher software maintenance revenue.

• Recurring revenue for Q1 2024 was $3.2 million or 71% of total revenue, up by 3% compared to the same quarter previous year.

• Operating expenses reached $5.7 million, marking an 8% year-over-year decrease.

• Aware improved operating loss by approximately 32% year-over-year to $1.3 million.

• The company's cash and equivalents at the end of the quarter stood at $28.5 million.

Business Progress:

• The company onboarded new customers from Latin America and expanded use cases with current ones, laying the foundation for consistent recurring revenue.

• They forecast double-digit revenue and recurring revenue growth for 2024 backed by a strong opportunity pipeline and partner acquisition.

• Aware has focused on accelerating product-market fit for AwareID to generate incremental subscription-based revenue.

• The company is finalizing three potential contracts that demonstrate the versatility of its biometric identity platform.

• The company has entered the gaming market and integrated with Woocommerce, opening new targets and potential for expansion.

• Interest in biometric solutions is on the rise, which Aware seeks to take advantage of for further growth.

More details: Aware IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.