Aware, Inc. has issued its Q4 and 2017 year-end results.
Revenues for the quarter were down, coming in at $3.3 million compared to $3.9 million in Q4 of 2016. For the full year, revenues totaled $16.3 million, compared to revenues of $21.6 million for the previous year.
Similar trends were seen in net income: While Aware, Inc. saw a net income of $0.5 million in Q4 of 2016, it experienced a net loss of $0.6 million in Q4 of 2017; and for the year, net income came in at $1.3 million, compared to $4.1 million for 2016.
In a statement announcing the results, Aware attributed the drop in revenues to lower sales and royalties, as well as higher operating costs. The company added that the enactment of the Tax Cuts and Jobs Act in December reduced net income for the year by $0.4 million “due to higher income tax expense caused by the effect of the federal tax rate change on our deferred tax assets.”
Commenting on the results, Aware, Inc. CEO Kevin Russell acknowledged that revenues “were lower than we hoped for,” but suggested that “2017 was a year of investment in new products and technology areas” that will pay off down the line, pointing to examples like the launch of Aware’s Knomi SDK package for mobile biometric authentication, and its Indigo|Onboard biometric onboarding solution.
(Originally posted on FindBiometrics)