AWRE Nasdaq Services-Prepackaged Software Financials FY2016βFY2025
Aware Inc /Ma/ had $17.3M of revenue in fiscal 2025, down 0.6% on the year before. Over five years, revenue changed +8.9% a year on average.
Last close Β· Oct 26, 2026
$0.84
β$1.66 (β66.53%) past year
Hi! I read Aware Inc /Ma/βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β0.6%
No. Sales fell 0.6% last year.
Does it make a profit?
β34.0%
No. It lost money last year.
Does profit turn into cash?
β32.2%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Aware Inc /Ma/ had $17.3M of revenue in fiscal 2025, down 0.6% on the year before. Over five years, revenue changed +8.9% a year on average. Its operating margin was β37.9%, down 6.0Β pts: of every 100 in sales, about β38 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Aware Inc /Ma/ lost $5.9M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$5.6M in fiscal 2025, β32.2% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Aware Inc /Ma/ returned $0.1M to shareholders in fiscal 2025. The diluted share count rose 0.2%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $0.3M of shares on the open market and sold none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.3M
3 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 994 | $1.23 | $0.0M | Form 4 |
| Aug 11, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 5,000 | $1.25 | $0.0M | Form 4 |
| Aug 6, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 39 | $1.26 | $0.0M | Form 4 |
| Aug 5, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 10,030 | $1.24 | $0.0M | Form 4 |
| Aug 3, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 10,433 | $1.21 | $0.0M | Form 4 |
| Aug 1, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 109 | $1.25 | $0.0M | Form 4 |
| Jul 31, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 10,060 | $1.18 | $0.0M | Form 4 |
| Jun 12, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 9,826 | $1.42 | $0.0M | Form 4 |
| Jun 2, 2026 | David K TraverseChief Financial Officer | Bought | 5,000 | $1.46 | $0.0M | Form 4 |
| May 26, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 5,163 | $1.23 | $0.0M | Form 4 |
| May 22, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 3,000 | $1.26 | $0.0M | Form 4 |
| May 21, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 2,600 | $1.23 | $0.0M | Form 4 |
| May 15, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 10,140 | $1.25 | $0.0M | Form 4 |
| May 14, 2026 | John S Stafford IIIDirector | Bought | 57,937 | $1.25 | $0.1M | Form 4 |
| May 14, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 734 | $1.21 | $0.0M | Form 4 |
| May 13, 2026 | John S Stafford IIIDirector | Bought | 22,475 | $1.25 | $0.0M | Form 4 |
| May 8, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 9,480 | $1.30 | $0.0M | Form 4 |
| May 5, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 15,000 | $1.30 | $0.0M | Form 4 |
| May 5, 2026 | John S Stafford IIIDirector | Bought | 3,868 | $1.25 | $0.0M | Form 4 |
| May 4, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 10,952 | $1.17 | $0.0M | Form 4 |
| May 4, 2026 | John S Stafford IIIDirector | Bought | 15,720 | $1.25 | $0.0M | Form 4 |
| May 1, 2026 | Ajay K AmlaniPresident & CEO, Director | Bought | 18,901 | $1.15 | $0.0M | Form 4 |
| Mar 17, 2026 | David K TraverseChief Financial Officer | Bought | 4,500 | $1.15 | $0.0M | Form 4 |
| Mar 13, 2026 | John S Stafford IIIDirector | Bought | 16,754 | $1.28 | $0.0M | Form 4 |
| Nov 4, 2025 | Ajay K AmlaniPresident & CEO, Director | Bought | 2,262 | $2.26 | $0.0M | Form 4 |
| Nov 3, 2025 | Ajay K AmlaniPresident & CEO, Director | Bought | 13,227 | $2.23 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Aware Inc /Ma/ can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $30.0M | $11.7M | $10.0M | $13.0M | $7.3M |
| Current ratio | 6.8x | 6.4x | 4.7x | 4.2x | 3.8x |
| Quick ratio | 6.8x | 6.4x | 4.7x | 4.2x | 3.8x |
| Total assets | $48.4M | $51.2M | $46.3M | $42.6M | $37.2M |
| Total liabilities | $6.9M | $11.0M | $12.0M | $11.7M | $11.1M |
| Shareholders' equity | $41.5M | $40.2M | $34.3M | $30.9M | $26.1M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Aware Inc /Ma/ passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 7 | 4 / 7 | 3 / 7 | 4 / 8 | 2 / 8 | 1 / 8 | 5 / 8 | 4 / 8 | 2 / 8 |
| Accruals ratio | 0.5% | β4.2% | 0.9% | β8.7% | β4.3% | 0.8% | 6.7% | β18.7% | β2.9% | β1.2% |
| Altman Z'' | 24.60 | 17.61 | 17.84 | 16.36 | 8.43 | 6.20 | 3.88 | 1.16 | 0.41 | β1.69 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $21.6M | $16.3M | $16.1M | $12.2M | $11.3M | $16.9M | $16.0M | $18.2M | $17.4M | $17.3M |
| Gross profit | $21.3M | β | β | $10.9M | $10.5M | $15.6M | $14.7M | $17.0M | $16.6M | $16.0M |
| Research and development | $6.9M | $7.8M | $7.1M | $7.9M | $9.1M | $9.3M | $9.2M | $9.1M | $7.8M | $8.3M |
| Operating income | $5.9M | $1.1M | $0.4M | β$4.2M | β$9.4M | β$6.1M | β$2.2M | β$8.5M | β$5.5M | β$6.6M |
| Pretax income | $6.2M | $1.5M | $1.2M | β$3.1M | β$9.2M | β$6.1M | β$1.7M | β$7.3M | β$4.4M | β$5.6M |
| Income tax | $2.1M | $0.5M | β$0.0M | $5.2M | β$1.6M | β$0.3M | $0.0M | $0.1M | $0.1M | $0.3M |
| Net income | $4.1M | $1.0M | $1.2M | β$8.3M | β$7.6M | β$5.8M | β$1.7M | β$7.3M | β$4.4M | β$5.9M |
| Diluted EPS | $0.18 | $0.05 | $0.06 | β$0.39 | β$0.35 | β$0.27 | β$0.08 | β$0.35 | β$0.21 | β$0.28 |
| Diluted shares | 0.02B | 0.00B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $3.8M | $3.7M | $0.7M | β$2.9M | β$5.3M | β$6.2M | β$5.0M | $1.8M | β$3.2M | β$5.4M |
| Capital expenditure | $0.1M | $0.1M | $0.2M | $0.1M | $0.5M | $0.0M | $0.7M | $0.0M | $0.0M | $0.2M |
| Free cash flow | $3.7M | $3.6M | $0.5M | β$3.1M | β$5.8M | β$6.3M | β$5.8M | $1.8M | β$3.2M | β$5.6M |
| Depreciation and amortization | $0.6M | $0.5M | $0.4M | $0.4M | $0.6M | $0.7M | $0.8M | $0.6M | $0.6M | $0.6M |
| Stock-based compensation | $0.6M | $0.7M | $0.6M | $0.7M | $0.8M | $1.6M | $1.7M | $1.5M | $1.1M | $1.2M |
| Acquisitions | β | β | β | β | $2.4M | $2.5M | β | β | β | β |
| Share buybacks | $3.7M | $4.8M | $0.4M | $0.8M | $0.9M | β | $1.3M | $0.5M | $0.2M | $0.1M |
| Dividends paid | β | β | β | β | β | β | β | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $3.7M | $4.8M | $0.4M | $0.8M | $0.9M | β | $1.3M | $0.5M | $0.2M | $0.1M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $51.9M | $51.6M | $51.6M | $47.7M | $38.6M | $30.0M | $11.7M | $10.0M | $13.0M | $7.3M |
| Current assets | $55.2M | $55.6M | $57.2M | $53.8M | $43.7M | $38.8M | $37.3M | $35.8M | $33.0M | $28.3M |
| Current liabilities | $3.9M | $4.4M | $4.5M | $4.1M | $5.9M | $5.7M | $5.8M | $7.5M | $7.9M | $7.5M |
| Property and equipment, net | $4.6M | $4.3M | $4.1M | $3.8M | $3.7M | $3.2M | $0.7M | $0.6M | $0.5M | $0.5M |
| Goodwill | β | β | β | $0.0M | $1.7M | $3.1M | $3.1M | $3.1M | $3.1M | $3.1M |
| Intangible assets | β | β | β | $0.0M | $1.2M | $3.2M | $2.8M | $2.4M | $2.0M | $1.6M |
| Total assets | $62.0M | $65.0M | $66.4M | $57.6M | $51.6M | $48.4M | $51.2M | $46.3M | $42.6M | $37.2M |
| Total liabilities | $3.0M | $4.5M | $4.5M | $4.1M | $6.0M | $6.9M | $11.0M | $12.0M | $11.7M | $11.1M |
| Preferred stock | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | β |
| Shareholders' equity | $59.0M | $60.5M | $61.9M | $53.4M | $45.7M | $41.5M | $40.2M | $34.3M | $30.9M | $26.1M |
| Margins | ||||||||||
| Gross margin | 98.9% | β | β | 89.7% | 92.8% | 92.8% | 92.1% | 93.0% | 95.2% | 92.3% |
| Operating margin | 27.4% | 6.8% | 2.4% | β34.2% | β83.3% | β36.2% | β13.8% | β46.8% | β31.9% | β37.9% |
| EBITDA margin | 30.3% | 10.0% | 5.1% | β30.6% | β78.4% | β32.1% | β9.1% | β43.6% | β28.7% | β34.6% |
| Net margin | 19.0% | 6.1% | 7.6% | β68.3% | β67.3% | β34.6% | β10.8% | β40.1% | β25.5% | β34.0% |
| FCF margin | 17.3% | 22.0% | 2.8% | β25.0% | β50.9% | β37.1% | β36.1% | 9.9% | β18.4% | β32.2% |
| Returns | ||||||||||
| Return on capital employed | 10.2% | 1.8% | 0.6% | β7.8% | β20.6% | β14.3% | β4.9% | β22.0% | β15.9% | β22.1% |
| Return on equity | 7.0% | 1.7% | 2.0% | β14.5% | β15.4% | β13.4% | β4.2% | β19.6% | β13.6% | β20.6% |
| Return on assets | 6.6% | 1.6% | 1.9% | β13.5% | β13.9% | β11.6% | β3.5% | β15.0% | β10.0% | β14.7% |
| Return on tangible equity | 7.0% | 1.7% | 2.0% | β15.6% | β17.8% | β16.6% | β5.0% | β25.4% | β17.2% | β27.4% |
| Growth | ||||||||||
| Revenue growth | β | β24.5% | β0.9% | β24.3% | β7.3% | 49.0% | β5.0% | 14.0% | β4.7% | β0.6% |
| Net income growth | β | β75.6% | 23.2% | β776.4% | β | β | β | β | β | β |
| EPS growth | β | β72.2% | 20.0% | β750.0% | β | β | β | β | β | β |
| FCF growth | β | β3.8% | β87.3% | β773.1% | β | β | β | β | β277.4% | β |
| Share count change | β | β99.9% | 98,553.0% | β0.4% | β0.2% | 0.2% | 0.4% | β2.7% | 0.6% | 0.2% |
| Financial health | ||||||||||
| Current ratio | 14.0x | 12.7x | 12.8x | 13.3x | 7.4x | 6.8x | 6.4x | 4.7x | 4.2x | 3.8x |
| Quick ratio | 14.0x | 12.7x | 12.8x | 13.3x | 7.4x | 6.8x | 6.4x | 4.7x | 4.2x | 3.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.4% | 0.5% | 1.3% | 0.9% | 4.3% | 0.2% | 4.6% | 0.1% | 0.3% | 1.0% |
| Stock comp / revenue | 2.6% | 4.1% | 3.6% | 5.7% | 7.4% | 9.3% | 10.7% | 8.4% | 6.5% | 6.8% |
| Payouts / FCF | 98.1% | 133.8% | 86.6% | β | β | β | β | 28.0% | β | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 4.0 | 3.0 | 4.0 | 2.0 | 1.0 | 5.0 | 4.0 | 2.0 |
| Altman Z'' | 24.6 | 17.6 | 17.8 | 16.4 | 8.4 | 6.2 | 3.9 | 1.2 | 0.4 | β1.7 |
| Accruals ratio | 0.5% | β4.2% | 0.9% | β8.7% | β4.3% | 0.8% | 6.7% | β18.7% | β2.9% | β1.2% |
Source: SEC EDGAR XBRL filings (CIK 0001015739). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
