Aware , a leading supplier of biometrics software products, solutions and services, today reported financial results for the first quarter ended March 31, 2021.The company noted that it surpassed 7 million transactions protected by Knomi worldwide in the first three months of 2021, compared to 11 million transactions in all of 2020.Subscription revenue is building momentum, already approaching FY2020 levels; consistent with our transformational strategy.Teamed up with leading cyber security solutions provider, Intercede, to power its MyID solution. The two companies have already secured an initial progress order under a ten-year contract with the U.S. Department of State where MyID will be used in an innovative Identity Management System and Credential Management System solution through Guidehouse .Passed NIST's PFT III evaluation , reaffirming Aware's position as the pre-eminent 1:1 fingerprint matcher and template generator vendor in the world.Awarded 2020 IT Cybersecurity Excellence Award from Technology Marketing Corporation, affirming Knomi's capability to address threats like identity theft and large-scale data breaches.Appointed cybersecurity veteran Gary Evee to the Board of Directors, providing directly applicable industry operator experience and additional business and technical execution knowledge. Evee has also been named a member of the Company's nominating and corporate governance committee.Revenue for the first quarter of 2021 was $4.4 million, compared to $3.4 million in the fourth quarter of 2020 and $3.5 million in the same year-ago period. The 29% sequential increase in revenue and the 26% year-over-year increase in revenue was primarily due to increased subscription-based revenue related to growing transaction volume from existing customers and the upfront recognition of fixed minimum amounts from two new international wins.Net loss in the first quarter of 2021 totaled $1.4 million, or $(0.07) per diluted share, which compares to net loss of $1.6 million, or $(0.08) per diluted share, in the fourth quarter of 2020 and net loss of $1.1 million, or $(0.05) per diluted share, in the same year-ago period.Adjusted EBITDA loss (a non-GAAP metric reconciled below) for the first quarter of 2021 was $1.1 million, compared to adjusted EBITDA loss of $1.4 million in the fourth quarter of 2020 and adjusted EBITDA loss of $1.1 million, in the same year-ago period. The sequential quarter increase in adjusted EBITDA was primarily due to an increase in revenue. The consistent year-over-year period adjusted EBITDA was a result of our revenue increase as we start to see the benefit of our investment in sales and engineering resources.Cash and cash equivalents totaled $36.0 million as of March 31, 2021, compared to $38.6 million as of December 31, 2020.”Our strong topline performance in the first quarter of 2021 was largely driven by our continued success transforming our business to a more subscription and consumption-based model, as demonstrated by our 5x year-over-year increase in subscription revenue, as well as the success of our Intercede partnership and our acquisition of AFIX,” said Bob Eckel, Aware's Chief Executive Officer.
Aware reports Q1 results
