Here are 1-3 brief analogies for Aware (AWRE):

• Like a specialized Dolby for biometrics technology, providing the underlying software for identity verification in secure systems.
• Imagine Apple's Face ID, but as a B2B software platform provided to governments and large enterprises for their security needs.
• Essentially an Okta, but hyper-focused on deep biometrics (face, fingerprint, iris) for identity verification and authentication, rather than broad access management.

• Biometric Authentication Solutions: Provides secure, multi-factor authentication using biometrics (face, fingerprint, iris) for digital onboarding, access control, and transaction verification.
• Biometric Software Development Kits (SDKs) & Platforms: Offers tools and platforms that enable developers to integrate various biometric modalities into their own applications and systems.
• Biometric Matching and Identification Engines: Delivers core technology for high-performance, large-scale matching of biometric templates to identify or verify individuals against extensive databases.
• Government and Enterprise Identity Solutions: Customizes and deploys comprehensive biometric systems for national identity programs, border management, law enforcement, and corporate security.

Aware (symbol: AWRE) primarily sells its biometric software and solutions to other companies and government organizations (B2B and B2G), rather than directly to individuals.

According to its recent SEC filings (e.g., the 10-K for the fiscal year ended December 31, 2023), no single customer accounted for 10% or more of Aware's revenue. Therefore, Aware does not publicly disclose specific names of individual "major customer companies" with their symbols.

However, Aware serves the following categories of organizations as its customers:

• Government Agencies: This includes federal, state, and local governments, such as those involved in national identity programs, law enforcement, border control, and defense. They utilize Aware's technology for secure identity management, authentication, and verification.
• Enterprise Customers: Large organizations in sectors requiring robust identity verification and access management, particularly financial institutions (e.g., banks for customer onboarding and fraud prevention), healthcare providers, and other critical infrastructure entities.
• System Integrators (SIs) and Original Equipment Manufacturers (OEMs): Aware provides its biometric software development kits (SDKs) and platforms to other technology companies. These partners then integrate Aware's technology into their own larger solutions, which they sell to their end customers (often governments and enterprises).

Ajay Amlani, Chief Executive Officer

Ajay Amlani was appointed Chief Executive Officer of Aware in February 2025. He brings nearly two decades of experience at the intersection of government, private sector innovation, and identity technology. Mr. Amlani cofounded the original company that later became CLEAR, a service providing airport fast-line and identity verification. He also cofounded YOU Technology, a mobile-first, retailer-focused identity and loyalty platform. In 2003, Mr. Amlani was among the early founders of the Department of Homeland Security (DHS). Prior to joining Aware, he served as Head of the Americas at iProov and held roles as Idemia's SVP of Corporate Strategy and Development and GM of Commercial Business from 2019 to 2021.

David Traverse, Chief Financial Officer

David Traverse has served as Aware's Chief Financial Officer since June 2024. He previously held the position of interim Chief Executive Officer from January 2025 until Mr. Amlani's appointment. Mr. Traverse joined Aware in April 2020 as Corporate Controller and was appointed Principal Financial Officer and Treasurer in October 2023. He possesses an extensive background in finance and public accounting. Before joining Aware, Mr. Traverse was Vice President and Corporate Controller at SeaChange International from November 2018 through April 2020, and Vice President of Finance and Chief Financial Officer at Artel Video Systems from October 2015 to October 2018. He has also worked as a Certified Public Accountant at several public accounting firms.

Mohamed Lazzouni, Ph.D., Chief Technology Officer

Dr. Mohamed Lazzouni has been Aware's Chief Technology Officer since November 2019. He also serves as a board member of Epochal Technologies, Inc., a provider of demographic data solutions.

Brian Krause, Chief Revenue Officer

Brian Krause was appointed Chief Revenue Officer of Aware, Inc. in March 2025.

AJ Naddell, Chief Product Officer

AJ Naddell was appointed to the newly created position of Chief Product Officer (CPO) in January 2024. He brings over 10 years of proven leadership experience, with a history of leveraging product management to drive top-line growth. His experience includes roles at companies such as IBM, Imageware, and TECH5.

The public company Aware (AWRE) faces several key risks to its business, primarily stemming from its market dynamics and operational dependencies.

1. Market Dependence and Revenue Fluctuations: A significant portion of Aware's revenue is derived from the biometrics market, making the company vulnerable to fluctuations in demand and the slow adoption of biometrics technology in commercial markets. The company's operating results can fluctuate significantly and are difficult to predict due to individual orders representing a meaningful percentage of revenue. Recent financial reports indicate declining revenues, with Q1 2025 revenue at $3.6 million, a decrease from $4.4 million in Q1 2024, and recurring revenue also showing a decline.
2. Intense Competition and Rapid Technological Change: Aware operates in a highly competitive market, facing established players such as NEC Corporation, IDEMIA, and Thales Group, as well as emerging startups. The biometrics industry is also characterized by rapid technological change, which necessitates continuous innovation to remain relevant and competitive.
3. Reliance on Government Customers and Third-Party Channel Partners: Aware derives a substantial part of its revenue directly or indirectly from government customers and relies significantly on third-party channel partners, including systems integrators and OEM partners, for product distribution. Changes in government contracting policies, budgetary constraints, or any adverse impact on the business of these channel partners could materially affect Aware's financial performance.

The emergence and increasing adoption of decentralized identity (DI) and self-sovereign identity (SSI) solutions pose a clear emerging threat to Aware. These technologies fundamentally shift control of identity data and verifiable credentials from centralized authorities to individuals, leveraging technologies like distributed ledgers and digital wallets. This paradigm shift could disrupt Aware's traditional business model, which primarily focuses on providing centralized biometric identity management and authentication systems for government and large enterprise clients. As DI/SSI ecosystems mature and gain wider acceptance, particularly within national digital identity programs and enterprise verification processes, the demand for and architecture of centralized identity management platforms that form Aware's core offering could be significantly altered or reduced.

Aware (symbol: AWRE) operates in the biometrics software and solutions, digital identity solutions, and identity verification markets globally. The addressable markets for their main products and services are significant:

• Biometrics Market: The global biometrics market was valued at approximately USD 45.09 billion in 2024 and is estimated to reach USD 173.08 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 14.40% from 2025 to 2033. Another estimate places the global biometrics market at USD 58.98 billion in 2025, projected to expand to USD 120.18 billion by 2030 with a CAGR of 15.30%. The global biometric authentication and identification market specifically was valued at USD 6.57 billion in 2024 and is expected to grow to USD 26.38 billion by 2033, with a CAGR of 16.7% from 2025 to 2033.
• Digital Identity Solutions Market: The global digital identity solutions market size was estimated at USD 39.07 billion in 2024 and is projected to reach USD 98.64 billion by 2030, exhibiting a CAGR of 16% from 2025 to 2030. Other reports indicate the global digital identity solutions market was valued at USD 42.12 billion in 2024 and is projected to reach USD 133.19 billion by 2030, at a CAGR of 21.2%. Furthermore, the market is valued at USD 64.44 billion in 2025 and is forecast to reach USD 145.80 billion by 2030, expanding at a 17.74% CAGR.
• Identity Verification Market: The global identity verification market size was valued at USD 11.97 billion in 2024 and is projected to grow to USD 39.82 billion by 2032, exhibiting a CAGR of 16.4% during the forecast period. Another estimate states the global identity verification market was valued at USD 13.8 billion in 2024 and is estimated to reach USD 46.4 billion by 2033, showing a CAGR of 14.4% from 2025-2033.

Expected drivers of future revenue growth for Aware (AWRE) over the next 2-3 years include:

1. Expansion into New Markets and Customer Segments: Aware is actively seeking to broaden its customer base beyond its established U.S. federal agency clients. The company is targeting new commercial and international markets, including Fortune 500 companies and the financial services sector, to drive growth.
2. Growth of Recurring Revenue Streams: A key strategic focus for Aware is to increase its recurring revenue, particularly through software maintenance and new term license contracts. This shift aims to create a more predictable and sustainable revenue model by securing multi-year recurring revenue opportunities.
3. Product Innovation and Technology Leadership: Aware is investing in and advancing its core biometric technology, including its "Awareness Platform" and new offerings such as the "Intelligent Liveness" solution. Achieving certifications like the FIDO Alliance for Face Verification further enhances its credibility and competitive advantage in the biometric technology sector.
4. Strategic Investments in Go-to-Market Execution: The company is making deliberate investments in sales, marketing, and product development to support its growth strategy. This includes hiring key executive leaders, realigning sales and customer success teams, and modernizing its brand to accelerate pipeline conversion and improve customer engagement.
5. Leveraging a Strong and Expanding Pipeline: Aware has a growing pipeline of opportunities, especially large and long-cycle engagements across both government and enterprise markets. The company expects increased deal flow, particularly once federal budget issues are resolved, and is expanding its engagement with existing federal agencies.

Share Repurchases

• Aware, Inc. authorized a program on April 30, 2020, to repurchase up to $10 million of its common stock, with the authorization expiring on December 31, 2021.
• In 2023, the company repurchased 299,780 shares at a cost of $0.5 million.

Share Issuance

• Information detailing the dollar amount of shares issued by Aware, Inc. for capital raising purposes over the last 3-5 years is not readily available in the provided sources.

Outbound Investments

• Aware made an investment in Omlis Limited in March 2022.
• A $2.7 million write-off related to the investment in Omlis Limited negatively impacted net income in 2023.
• The company acquired Fortress Identity in 2021. A $0.8 million one-time gain from a fair value adjustment to the contingent acquisition payment from the FortressID acquisition partially offset the Omlis write-down in 2023.

Capital Expenditures

• Aware's business model is described as very asset light, and it is stated that no capital expenditures are required for further growth.