The following is a summary of the Aware, Inc. (AWRE) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Aware reported Q4 revenue of $4.4 million, marking a year-over-year increase.

• Total annual revenue for the year 2023 increased to $18.2 million, the highest since 2016.

• Recurring revenue for Q4 2023 constituted 82% of total revenue, with $3.7 million being generated.

• An increase in operating loss for Q4 2023 to $4.4 million and a net loss of $4.2 million was noted, which was driven in part by a $2.7 million write-off related to investment.

• Annual operating costs reduced by over $1 million in Q1 2024, indicating a push for operational efficiency.

• Despite increased losses, the company saw a reduced cash burn and an adjusted EBITDA loss improvement.

Business Progress:

• Aware forged key partnerships with Aware, IDEMIA, ITI, Avanza Solutions, and Serban Group, indicating an expansion in its services and market reach.

• A focus on transitioning to a subscription-based model was emphasized, contributing to predictability in revenue streams.

• Positive changes in the sales process and key strategic and client wins in Q4 2023 suggest enhanced scalability.

• The company also highlighted a concentration on certain technology areas and improvements in its product portfolio.

• 2024 will see Aware center its go-to-market strategy around its partner ecosystem.

• The company also highlighted its intention to continue with cost-saving initiatives and to aim for profitability.

More details: Aware IR

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