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Aware Inc (AWRE) stock

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NASDAQ: AWRE Nasdaq Application Software Next results ~January 27, 2027

D Fundamentals grade

Aware Inc is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: every model's value for Aware Inc is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Aware Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders3 buying, 0 selling26 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds10 adding, 12 cuttingOf 3 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Aware files

10-Q filed October 30: Aware

Revenue for the twelve months to September 2026 was $16m, down 9.8% on a year earlier, against growth of 1.8% a quarter earlier. That puts it 119 of 126 for growth among the application software companies we cover. Free-cash-flow margin fell to -37.8% from -33.3% a year earlier. Operating margin narrowed to -55.8% from -37.8%. Its fundamentals grade moves from C to D.

Our model value for Aware is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Aware stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $16m, up 1.7% on a year earlier, slower than the 3.0% growth a quarter earlier. That puts it 102 of 124 for growth among the application software companies we cover. Free-cash-flow margin fell to -41.8% from -26.1% a year earlier. Operating margin narrowed to -55.6% from -41.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 1 of our 1 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 27, 2027 (estimated)

Aware Inc's trailing-twelve-month revenue fell 9.8% year on year, with a free-cash-flow margin of -37.8%. Where it stands out: gross margin of 88.8% ranks 7 of 160 application software companies we cover. Where it lags: revenue growth of -9.8% ranks 170 of 184 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 2.4% while net income fell 47.3%: a 45pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Revenue shrinking. Revenue fell 9.8% over the last 12 months.
  • Growth slowing. The growth rate is 11.6 points lower than a quarter earlier.
  • Loss-making. Operating margin is -55.8%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 18.1 points on a year ago.
  • Burning cash. Free cash flow was -37.8% of revenue over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 67% and a beta of 0.7 against the S&P 500.

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
-$0.07 against an average estimate of -$0.09: beat by 22.2%
Revenue
$4m, down 13.9% on a year earlier
Share reaction
+2.4% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Next report
October 28, 2026

Aware's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.2%
  • 1 week+8.3%
  • 1 month-17.3%
  • This year-50.8%
  • 1 year-58.8%
  • 5 years-73.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$15.7M
Operating margin
-55.8%
Net margin
-52.6%
EPS (TTM, diluted)
$-0.39

Growth

Revenue growth
−9.8%
Change in growth rate
−11.6 pts
Share count change
+1.0%

Cash

Free cash flow (TTM)
-$5.9M
FCF margin
-37.8%
Stock pay % of revenue
7.0%

Earnings

Last results
October 28, 2026
Next results (est.)
January 27, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aware Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Aware Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.09 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$0.0 ~$1.1–$4.3 Left out: out of range vs price (0.04x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aware Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$3.26$6.10$4.50$3.61$3.36$3.50$3.15$1.71$1.66$1.95$1.85$0.91
Market value$75m$140m$98m$78m$72m$75m$68m$37m$35m$41m$39m$20m
+ Net debt (− = net cash)−$51m−$52m−$52m−$52m−$48m−$39m−$30m−$12m−$10m−$13m−$7m−$2m
Enterprise value$24m$88m$47m$26m$25m$37m$38m$25m$25m$28m$32m$17m
Multiples
Price / sales 3.8x6.5x6.4x4.8x5.9x6.6x4.0x2.3x1.9x2.4x2.3x1.2x
Price / earnings 16.2x34.0x98.3x63.3x————————
Price / free cash flow 11.4x37.5x27.4x171.8x————19.3x———
EV / EBITDA 5.2x13.4x28.8x32.0x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

35 /100

Weak moat

How hard Aware's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Cash operating profit has been a median 2.4% of total assets over 7 years.

  • Pricing power 20 / 20

    Gross margin has been a median 92.5%, moving by 1.8 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -35.8%; its worst year was -90.5%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 6 of 10 years, at a median 7.3% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 0.1% over five years; stock-based pay has been a median 7.6% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

No analyst estimates are published for Aware Inc: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Mar 2023 −$0.09 −$0.07 +22.2%
Dec 2022 −$0.14 −$0.08 +42.9%
Sept 2022 −$0.08 $0.12 +250.0%
Jun 2022 −$0.06 −$0.06 0.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026

No numeric guidance in Aware Inc's latest earnings release (filed October 28, 2026). Some companies give their outlook only on the earnings call.

Positioning

Short interest
0.6%
of tradable shares
Days to cover
2.4
at average volume
Short interest, 1 month
−30%
to October 15, 2026
Held by institutions
17%
of shares
Held by insiders
44.4%
of shares
Employees
80
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −58.8%

$2.21 on October 31, 2025 to $0.91

ThenNowEffect
Revenue (last 12 months) $16m $16m +1.8%
P/S multiple 2.9x 1.2x −59.4%
Share count 21m 21m −0.4%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −45.2%

$1.66 on November 3, 2023 to $0.91

ThenNowEffect
Revenue (last 12 months) $15m $16m +12.8%
P/S multiple 2.4x 1.2x −51.3%
Share count 21m 21m −0.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AWRE−10%−46%−3%+18%−5%−51%
Industry peers (median)−7%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AWRE50%25%42%50%50%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AWRE−52%−63%−44%−51%−37%−59%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 87% from January 13, 2017 to October 26, 2026. Getting back needed a 662% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$0.84 – $2.53
From 52-week high
−64.0%
vs 50-day average
−16.3%
vs 200-day average
−31.2%
Volatility (1 year)
67%
Beta vs S&P 500
0.73

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
3 up, 9 down
typical move ±9.1%
After a week
6 up, 5 down
typical move ±9.2%
After a month
5 up, 6 down
typical move ±10.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 +2.4% 0.0% — —
July 29, 2026 +2.7% +0.1% +14.3% +9.8%
April 29, 2026 −7.9% +1.0% +1.6% +20.6%
March 4, 2026 −4.3% +0.1% −11.6% −20.1%
October 29, 2025 −4.8% −1.1% −10.8% −13.3%
July 30, 2025 −9.0% −0.5% −5.6% −4.3%
April 30, 2025 −1.2% +0.7% +4.3% +2.4%
March 5, 2025 −4.0% −0.7% +1.3% +3.4%
October 30, 2024 −21.3% −2.3% −21.7% −22.7%
August 8, 2024 +30.0% +2.8% +27.5% +3.9%
May 2, 2024 −12.9% +2.2% +2.4% −12.4%
March 12, 2024 −9.0% +0.9% 0.0% −0.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Aware Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Aware Inc
$15M $16M $17M $18M $19M $20M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $18.2M Revenue (TTM), FY24 Q1: $18.4M Revenue (TTM), FY24 Q2: $19.5M Revenue (TTM), FY24 Q3: $17M Revenue (TTM), FY24 Q4: $17.4M Revenue (TTM), FY25 Q1: $16.6M Revenue (TTM), FY25 Q2: $16.1M Revenue (TTM), FY25 Q3: $17.4M Revenue (TTM), FY25 Q4: $17.3M Revenue (TTM), FY26 Q1: $17.1M Revenue (TTM), FY26 Q2: $16.4M Revenue (TTM), FY26 Q3: $15.7M $15.7M

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $18.2M
FY24 Q1 $18.4M
FY24 Q2 $19.5M
FY24 Q3 $17M
FY24 Q4 $17.4M
FY25 Q1 $16.6M
FY25 Q2 $16.1M
FY25 Q3 $17.4M
FY25 Q4 $17.3M
FY26 Q1 $17.1M
FY26 Q2 $16.4M
FY26 Q3 $15.7M
Revenue growth, TTM YoY Aware Inc
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.0% Revenue growth, TTM YoY, FY24 Q1: 17.5% Revenue growth, TTM YoY, FY24 Q2: 33.9% Revenue growth, TTM YoY, FY24 Q3: -5.4% Revenue growth, TTM YoY, FY24 Q4: -4.7% Revenue growth, TTM YoY, FY25 Q1: -9.7% Revenue growth, TTM YoY, FY25 Q2: -17.2% Revenue growth, TTM YoY, FY25 Q3: 2.7% Revenue growth, TTM YoY, FY25 Q4: -0.5% Revenue growth, TTM YoY, FY26 Q1: 3.0% Revenue growth, TTM YoY, FY26 Q2: 1.8% Revenue growth, TTM YoY, FY26 Q3: -9.8% -9.8%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.0%
FY24 Q1 17.5%
FY24 Q2 33.9%
FY24 Q3 -5.4%
FY24 Q4 -4.7%
FY25 Q1 -9.7%
FY25 Q2 -17.2%
FY25 Q3 2.7%
FY25 Q4 -0.5%
FY26 Q1 3.0%
FY26 Q2 1.8%
FY26 Q3 -9.8%
Operating margin (TTM) Aware Inc
-60% -40% -20% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -46.8% Operating margin (TTM), FY24 Q1: -43.2% Operating margin (TTM), FY24 Q2: -32.5% Operating margin (TTM), FY24 Q3: -50.4% Operating margin (TTM), FY24 Q4: -31.9% Operating margin (TTM), FY25 Q1: -37.0% Operating margin (TTM), FY25 Q2: -41.8% Operating margin (TTM), FY25 Q3: -37.8% Operating margin (TTM), FY25 Q4: -37.9% Operating margin (TTM), FY26 Q1: -48.9% Operating margin (TTM), FY26 Q2: -55.6% Operating margin (TTM), FY26 Q3: -55.8% -55.8%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -46.8%
FY24 Q1 -43.2%
FY24 Q2 -32.5%
FY24 Q3 -50.4%
FY24 Q4 -31.9%
FY25 Q1 -37.0%
FY25 Q2 -41.8%
FY25 Q3 -37.8%
FY25 Q4 -37.9%
FY26 Q1 -48.9%
FY26 Q2 -55.6%
FY26 Q3 -55.8%
FCF margin (TTM) Aware Inc
-60% -40% -20% 0% 20% FY20 Q2 FY23 Q2 FY25 Q2 FY26 Q3 FCF margin (TTM), FY20 Q2: -27.3% FCF margin (TTM), FY20 Q3: -46.0% FCF margin (TTM), FY20 Q4: -50.9% FCF margin (TTM), FY23 Q2: -47.5% FCF margin (TTM), FY23 Q3: -13.0% FCF margin (TTM), FY23 Q4: 9.9% FCF margin (TTM), FY25 Q2: -26.1% FCF margin (TTM), FY25 Q3: -33.3% FCF margin (TTM), FY25 Q4: -32.2% FCF margin (TTM), FY26 Q1: -30.8% FCF margin (TTM), FY26 Q2: -41.8% FCF margin (TTM), FY26 Q3: -37.8% -37.8%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY20 Q2 -27.3%
FY20 Q3 -46.0%
FY20 Q4 -50.9%
FY23 Q2 -47.5%
FY23 Q3 -13.0%
FY23 Q4 9.9%
FY25 Q2 -26.1%
FY25 Q3 -33.3%
FY25 Q4 -32.2%
FY26 Q1 -30.8%
FY26 Q2 -41.8%
FY26 Q3 -37.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 22 17 16 17 19 24 20 22 15 16 12 11 17 16 18 17 17 16
Gross profit — — — — — — — — — — 11 10 16 15 17 17 16 14
EBITDA −5 0 3 — 6 8 5 7 2 1 −4 −9 −5 −1 −8 −5 −6 −8
Operating income −5 −0 2 — 5 7 4 6 1 0 −4 −9 −6 −2 −9 −6 −7 −9
Net income 1 0 3 72 3 5 5 4 1 1 −8 −8 −6 −2 −7 −4 −6 −8
Diluted EPS $0.05 $0.01 $0.12 $3.28 $0.11 $0.20 $0.20 $0.18 $0.05 $0.06 −$0.39 −$0.35 −$0.27 −$0.08 −$0.35 −$0.21 −$0.28 −$0.39
Growth (year on year)
Revenue — −22.4% −5.3% +6.8% +11.9% +22.5% −17.3% +9.9% −28.3% +4.3% −24.3% −7.3% +49.0% −5.0% +14.0% −4.7% −0.6% −9.8%
EBITDA — — — — — +32.1% −40.3% +43.4% −75.1% −49.3% −553.5% — — — — — — —
Operating income — — — — — +33.3% −44.8% +50.9% −81.3% −65.6% <−999% — — — — — — —
Net income — −81.7% — +>999% −96.4% +76.5% +0.7% −11.1% −75.6% +23.2% −776.4% — — — — — — —
Diluted EPS — −80.0% — +>999% −96.6% +81.8% 0.0% −10.0% −72.2% +20.0% −750.0% — — — — — — —
Margins
Gross margin — — — — — — — — — — 89.7% 92.8% 92.8% 92.1% 93.0% 95.2% 92.3% 88.8%
EBITDA margin −21.1% 1.2% 18.3% — 29.8% 32.2% 23.2% 30.3% 10.5% 5.1% −30.6% −78.4% −32.1% −9.1% −43.6% −28.7% −34.6% −52.3%
Operating margin −24.9% −1.9% 15.3% — 27.5% 29.9% 20.0% 27.4% 7.2% 2.4% −34.2% −83.3% −36.2% −13.8% −46.8% −31.9% −37.9% −55.8%
Net margin 4.5% 1.1% 15.8% 417.9% 13.4% 19.3% 23.5% 19.0% 6.5% 7.6% −68.3% −67.3% −34.6% −10.8% −40.1% −25.5% −34.0% −52.6%
Free-cash-flow margin −16.2% 3.5% 40.1% −89.1% 13.8% 25.8% 33.4% 17.3% 23.2% 2.8% −25.0% −50.9% −37.1% −36.1% 9.9% −18.4% −32.2% −37.8%
Cash flow
Cash from operations −3 1 7 −15 3 6 7 4 4 1 −3 −5 −6 −5 2 −3 −5 −6
Capital spending 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0
Free cash flow −4 1 6 −15 3 6 7 4 4 0 −3 −6 −6 −6 2 −3 −6 −6
Stock-based pay 2 1 1 0 1 1 1 1 1 1 1 1 2 2 2 1 1 1
Free cash flow after stock pay −5 −1 5 −16 2 5 6 3 3 −0 −4 −7 −8 −7 0 −4 −7 −7
Balance sheet
Cash 40 40 47 71 73 44 51 52 52 52 48 39 30 12 10 13 7 2
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −40 −40 −47 −71 −73 −44 −51 −52 −52 −52 −48 −39 −30 −12 −10 −13 −7 −2
Diluted shares 21m 20m 21m 22m 23m 23m 23m 23m 22m 22m 22m 21m 22m 22m 21m 21m 21m 21m
Returned to shareholders
Dividends — — — 66 — 40 — — — — — — — — 0 0 0 —
Buybacks 9 — 1 — — — — 4 5 0 1 1 — 1 1 0 0 0
Total returned 9 — 1 66 — 40 — 4 5 0 1 1 — 1 1 0 0 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · September 30, 2026
What it owns · $31m
Short-term assets $23mLonger-term assets $8m
What it owes, and who funded it · $28m
Short-term liabilities $8mShareholders' equity $20m
  • Short-term assets cover short-term liabilities $23m of assets due within a year against $8m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Aware Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$828,000
Diluted share count
+1.0%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
65.8%
of revenue
Days sales outstanding
101 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated AWRE BLIN INLX MF SMSI SAGT Median
Revenue, last 12 months $16m $16m $16m $15m $17m $18m $482m
Revenue growth, last 12 months −9.8% 1.6% −5.5% −49.9% −9.5% 59.1% 12.0%
Revenue growth, 3-year average −4.3% −1.4% −0.3% — −27.5% — 11.1%
Revenue growth, latest quarter −13.9% 2.0% −1.6% — −1.8% — 11.9%
Gross margin 88.8% 65.2% 65.2% −0.5% 77.5% 22.7% 69.2%
Operating margin −55.8% −9.9% −17.7% −98.2% −86.4% — 1.1%
Operating margin, 3-year average −48.0% −29.8% −7.6% — −135.0% — −0.8%
Net margin −52.6% −8.6% −17.6% −222.9% −92.6% 9.1% 2.1%
Cash from operations / revenue −37.1% −1.7% 3.9% −14.5% −53.1% 21.4% 18.2%
Free-cash-flow margin −37.8% −2.0% 2.9% −14.5% −53.8% −16.4% 15.0%
Free-cash-flow margin, 3-year average −39.5% −4.2% 9.2% — −52.0% — 16.2%
Stock pay / revenue 7.0% 2.7% 7.7% 78.6% 12.9% 3.2% 9.3%
Change in share count 1.0% 11.7% 6.4% 362.2% 34.9% 81.9% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth -9.8% 12.0% 170 of 184
Change in growth rate Growth -11.6pp +0.2pp 168 of 184
Gross margin Profitability 88.8% 69.8% 7 of 160
Operating margin Profitability -55.8% 1.1% 146 of 181
Net margin Profitability -52.6% 2.1% 148 of 185
Free-cash-flow margin Cash generation -37.8% 15.2% 147 of 180
Stock pay as % of revenue Cash generation 7.0% 9.3% 62 of 177
Change in share count Balance sheet 1.0% 1.7% 74 of 163
Days sales outstanding Balance sheet 101 days 57 days 140 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Maintenance $8.7M ▲ 1.6%
Licenses and services $7.3M ▼ 4.4%
Subscription Based Contracts $4.5M ▲ 12.8%
Other services $1.3M ▲ 9.0%
Software As A Service $400,000 ▲ 300.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
United States $8.6M 49.5% ▲ 12.6%
Rest of World $6.5M 37.7% ▲ 28.6%
United Kingdom $2.2M 12.8% ▼ 53.1%

From Aware Inc's 10-K filed March 6, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.2M
Institutions reporting
30
Shares held vs prior quarter
▼ 0.8%
Positions opened / closed
4 / 4

Top buyers and sellers, Q2 2026: 10 institutions bought and 12 sold ; the biggest buyer was Northern Trust Corp (+344K shares) and the biggest seller Herald Investment Management Ltd (−196K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Vanguard Capital Management LLC $1.1M 778K 20.2% 0.0%
Dimensional Fund Advisors LP $967,955 717K 18.6% ▼ 3.1%
Renaissance Technologies LLC $885,346 656K 17.0% 0.0%
Northern Trust Corp $497,695 369K 9.5% ▲ 1375.1%
Blackrock, Inc. $473,167 350K 9.1% ▼ 8.6%
Herald Investment Management Ltd $311,297 234K 6.0% ▼ 45.6%
Geode Capital Management, LLC $209,524 155K 4.0% ▼ 4.1%
Rbf Capital, LLC $187,110 139K 3.6% 0.0%
State Street Corp $101,196 75K 1.9% 0.0%
Aristides Capital LLC $97,151 72K 1.9% 0.0%
Vanguard Fiduciary Trust Co $84,148 62K 1.6% 0.0%
CIBC Bancorp Usa Inc. $81,000 60K 1.6% 0.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aware Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $345,337 26 trades by 3 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $345,337 net buying
Insider Date Trade Shares Price Value
Amlani Ajay K President & CEO August 12, 2026 Buy 994 $1.23 $1,223
Amlani Ajay K President & CEO August 11, 2026 Buy 5,000 $1.25 $6,250
Amlani Ajay K President & CEO August 6, 2026 Buy 39 $1.26 $49
Amlani Ajay K President & CEO August 5, 2026 Buy 10,030 $1.24 $12,437
Amlani Ajay K President & CEO August 3, 2026 Buy 10,433 $1.21 $12,624
Amlani Ajay K President & CEO August 1, 2026 Buy 109 $1.25 $136
Amlani Ajay K President & CEO July 31, 2026 Buy 10,060 $1.18 $11,871
Amlani Ajay K President & CEO June 12, 2026 Buy 9,826 $1.42 $13,953
Traverse David K Chief Financial Officer June 2, 2026 Buy 5,000 $1.46 $7,300
Amlani Ajay K President & CEO May 26, 2026 Buy 5,163 $1.23 $6,350
Amlani Ajay K President & CEO May 22, 2026 Buy 3,000 $1.26 $3,780
Amlani Ajay K President & CEO May 21, 2026 Buy 2,600 $1.23 $3,198

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 27, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • March 4, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Aware Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aware Inc in brief

What does Aware Inc do?
Aware Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is Aware Inc's stock ticker?
Aware Inc trades under the ticker AWRE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aware Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aware Inc reported revenue of $15.7M, 9.8% lower than a year earlier, according to its SEC filings.
What is Aware Inc's free cash flow?
Aware Inc's free-cash-flow margin is -37.8% of revenue over the trailing twelve months, ranking 147 of the 180 application software companies we cover.
Who are Aware Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Vanguard Capital Management LLC, Dimensional Fund Advisors LP and Renaissance Technologies LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Aware Inc buying back stock, and does it pay a dividend?
Aware Inc spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 1.0% over the year.
What is Aware Inc's market cap?
On November 2, 2026, Aware Inc's market capitalisation was about $19.5M and net debt of -$2.4M. Market figures come from third-party market data and may be delayed.
Who are Aware Inc's competitors?
In our Application Software peer group, the companies closest to Aware Inc are Bridgeline Digital, Inc., Intellinetics, Inc., Mindforge Inc., Smith Micro Software, Inc. and Sagtec Global Ltd. The side-by-side comparison below sets their revenue, margins and growth against Aware Inc's.
Are insiders buying or selling Aware Inc stock?
Over the last 12 months, Aware Inc's directors and officers reported 26 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Aware Inc's next earnings date?
Around January 27, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aware Inc announces its own schedule.