It’s earnings reporting season, and biometrics technology provider Aware, Inc. has announced significant revenues and profits. It’s symptomatic of a wider boom in the biometrics business around the world.
Aware’s 3rd-quarter revenue amounted to $6 million, reflecting a 40 percent increase over the last year. The company’s net income for the quarter was $2.6 million, a stark contrast to the $1.2 million loss posted in the 3rd quarter of last year.
Rick Moberg, the company’s co-CEO and CFO, noted that while he cannot go into specifics about Aware’s clients, he could attribute the company’s success to a few general factors: firstly, they “were able to close some significant opportunities” this quarter; second, they started to bring in revenue from their new NEXA product line; and third, Aware “closed a sizeable opportunity for a commercial biometrics project”.
Moberg also said that they anticipate other such projects in the near future, noting, “For these and other reasons, we continue to be optimistic about the prospects of our biometrics business.”
And for good reason, beyond Aware’s own business plans. Research and Markets just released a report noting a huge growth trend in the fingerprint scanner market, while major opportunities are presenting themselves in the Arab States for biometric integration with mobile devices. Meanwhile, national governments like India and and the US are at work on large-scale biometric tech projects, whether it’s for setting up a national citizen registry or installing biometric scanners at airports. Aware, Inc. would appear to be emblematic of the kind of success attainable in this market.
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October 22, 2014 – by Alex Perala
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