Aware vs Mindforge
Aware is the larger business, with $17.3m of revenue in fiscal 2025 against $14.9m for Mindforge (1.2 times as much). Aware grew faster (-0.6% against -49.9%). Aware kept more of each dollar of sales as profit: a net margin of -34.0% against -222.9%. Aware carries less debt relative to equity (0.0% against 0.0%).
| Latest fiscal year | AwareAWRE, 2025 | MindforgeMF, 2026 |
|---|---|---|
| Revenue | $17.3m | $14.9m |
| Revenue growth | -0.6% | -49.9% |
| Net income | −$5.9m | −$33.1m |
| Operating margin | -37.9% | -98.2% |
| Net margin | -34.0% | -222.9% |
| Return on equity | -20.6% | -167.2% |
| Free cash flow | −$5.6m | −$2.2m |
| Cash | $7.3m | $12.3m |
| Total debt | $0 | $0 |
| Debt to equity | 0.0% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $115,000 | — |
| Employees | 80 | — |
| Market value | $20.1m | $65.4m |
| Price vs our value range | — | — |
| Moat score | 35 (Weak) | — |
| Insider trades, 12 months | 26 buys, 0 sales | 0 buys, 0 sales |