Aware, Inc. (NASDAQ:AWRE) Q1 2024 Earnings Call Transcript May 4, 2024

Aware, Inc. isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Matt Glover: Good afternoon and welcome to Aware’s First Quarter 2024 Conference Call. Joining us today are the company’s CEO and President, Robert Eckel, Principal Financial Officer David Traverse, and Chief Revenue Officer, Craig Herman. Following their remarks, we’ll open the call to questions. [Operator Instructions] Before we begin today’s call, I’d like to remind everyone that the presentation today contains forward-looking statements that are based on the current expectations of Aware’s management and involve inherent risks and uncertainties that could cause actual results to differ materially from those described. Listeners should please take note of the safe harbor paragraph that is included at the end of today’s press release.

This paragraph emphasizes the major uncertainties and risks inherent in forward-looking statements that management will be making today. Aware wishes to caution you that there are factors that could cause actual results to differ materially from those results indicated by such statements. These risks and uncertainties are also outlined in the company’s SEC filings, including its annual report on Form 10-K, quarterly reports on Form 10-Q. Any forward-looking statements should be considered in light of these factors. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, Aware undertakes no commitment to update or revise the forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable securities laws.

Additionally, this call contains certain non-GAAP financial measures, as the term is defined by the SEC and Regulation G. Non-GAAP financial measures should not be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, Aware has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measure in the company’s earnings release issued today. I would like to remind everyone that this presentation will be recorded and made available for replay via link available in the Investor Relations section of the company’s website. Now I’d like to turn the call over to Aware’s CEO and President, Bob Eckel. Bob?

Robert Eckel: Thanks, Matt. Good afternoon, everyone, and thank you for joining us today. After the market close, we reported our results for the first quarter ended March 31, 2024. A copy of the press release is available in the Investor Relations section of our website. Before diving into our financial and operational highlights for the first quarter of 2024, I’d like to provide a brief overview of Aware and what sets us apart in the biometric industry. Aware is a global biometric identity platform company, leveraging advanced data science, machine learning and artificial intelligence to tackle complex business and identity challenges. Our mission is to enhance trust in an increasingly connected world by delivering innovative biometric technologies that strike the best balance between security and user experience.

Ultimately, at a high level, we help organizations improve business results through biometrics. For over 3 decades, Aware has been at the forefront of biometrics industry, earning the trust of governments and commercial entities worldwide. Our expertise in digital onboarding, authentication and life cycle management of biometric identities, coupled with our secure multimodal adaptive biometrics has solidified our position as a trusted partner. We take pride in our proven track record and comprehensive portfolio, which has enabled us to forge strong partnerships with core government agencies globally, including in the U.S., United Kingdom, Canada, Australia and Germany. Aware is widely recognized as a global leader in biometric data orchestration for border management and immigration.

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