Aware, Inc, a large biometric company recently reported earnings of $5.9 million for the third quarter of 2017. Compared to the $2.3 million the company made during the same quarter a year earlier, this represents a more than doubling of the price.
The company also noted an operating income loss of around $600,000 compared to the third quarter of 2016 as well. The company has stated that this may be due to higher research expenses and development costs. With higher investments in research and development, investors could expect higher returns on their investments in the near future.
The revenue for the company during the first nine months of 2017 is down by 26% which is understandable given the aforementioned conditions.
One of the reasons for the loss in operating income is the large sale that the company made earlier in 2016. This sale has not yet been matched in 2017, but the outlook is positive for the biometrics company. With higher imaging software coming out of the company, the need for biometrics is becoming widespread.
The net income for the company during the beginning of 2017 is around $1.9 million, which is compared to a number of $3.6 million for 2016. This is also due to the aforementioned reasoning.
The CEO and president of Aware, Kevin Russell, recently stated that “the financial performance of our business was stronger than in the second quarter. Revenue and operating income were lifted by a large license sale to a medical imaging customer as well as continued business from significant government customers. We continue to make investments in our commercial/mobile business as evidenced by the introduction last week of our Knomi mobile authentication framework.”
The hopes are high that this biometric company will continue to make profits during the end of the 2017 fiscal year.