Company: AWRE
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001193125-25-260701
Chunk: 5

Company: AWARE INC /MA/
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 5
---
 Chief Executive Officer and a member of our Board of Directors, would resign from these positions effective December 31, 2024. Following this announcement, we retained an executive search firm and conducted an extensive search for his successor. As a result of that process, on February 3, 2025, Ajay Amlani was appointed Chief Executive Officer and a member of our Board of Directors.

Summary of Financial Results

We use revenue and results of operations to summarize financial results as we believe these measurements are the most meaningful way to understand our operating performance.

Revenue and operating loss for the three months ended September 30, 2025 were $5.1 million and $1.3 million, respectively.  These results compared to revenue of $3.8 million and operating loss of $1.5 million for the three months ended September 30, 2024.  The increase in revenue was primarily due to a $1.4 million increase in software license revenue, which was partially offset by a $0.2 million decrease in services and other revenue.  The decrease in operating loss was primarily due to the $1.3 million increase in revenue and partial offset by $0.4 million in operating expenses resulting from additional headcount in 2025.

Revenue and operating loss for the nine months ended September 30, 2025 were $12.6 million and $5.1 million, respectively.  These results compared to revenue of $12.6 million and operating loss of $4.1 million for the nine months ended September 30, 2024.  The changes to revenue  was primarily due to a $0.2 million increase in software license revenue, $0.1 million increase in software maintenance and partially offset by $0.3 million decrease in services and other revenue.  The decrease in operating loss was primarily due to $1.0 million increase in operating expenses resulting from additional headcount in 2025.

These and all other financial results are discussed in more detail in the results of operations section that follows.