Aware names Gary Evee as new board chairman

BURLINGTON, Mass. - Aware, Inc. (NASDAQ:AWRE), a prominent authentication company specializing in biometric solutions with a market capitalization of $33.5 million and impressive gross profit margins of 93.5%, announced the appointment of Gary Evee as its new Chairman of the Board of Directors on Monday. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 4.19, indicating robust short-term financial health. Evee, who has served as a director since February 2021, succeeds Brent P. Johnstone, who has held the position since March 2019 and will continue to serve on the Board.

Evee brings to Aware a wealth of experience in cybersecurity and global business, having founded Evee Security Consulting Group and preparing to launch a second cybersecurity startup. His extensive background includes over two decades at IBM, where he contributed to the growth of its cybersecurity business and held key roles in sales, business development, and strategy.

In addition to his corporate leadership, Evee is an active participant in various boards and nonprofit organizations, advocating for cybersecurity workforce development and education. His appointment comes at a time when Aware aims to capitalize on the increasing importance of biometric authentication for global security.

Johnstone expressed confidence in Evee’s ability to further Aware’s mission, stating, "I am confident that Gary’s leadership and expertise will help drive the company forward as biometric authentication becomes increasingly critical to global security."

Aware, with a 30-year history in the biometric field, focuses on delivering secure and frictionless user experiences using data science and machine learning. The company’s algorithms are informed by diverse operational data sets worldwide, with a commitment to ethical and responsible technology use. InvestingPro analysis reveals that while the company holds more cash than debt on its balance sheet, it faces profitability challenges with negative EBITDA of $5 million in the last twelve months. Get access to more detailed insights and 5 additional ProTips with an InvestingPro subscription.

This leadership transition is part of Aware’s ongoing efforts to innovate and impact the industry, as it continues to provide solutions for government and commercial enterprises facing identity authentication and security challenges. Based on InvestingPro’s Fair Value analysis, the stock currently appears undervalued, presenting a potential opportunity for investors interested in the cybersecurity sector. Discover comprehensive analysis and detailed valuation metrics in the Pro Research Report, available exclusively to InvestingPro subscribers.

The information in this article is based on a press release statement from Aware, Inc.

In other recent news, Aware, Inc. reported a 10% increase in revenue for the fourth quarter of 2024, reaching $4.8 million. Despite this quarterly growth, the company’s full-year revenue saw a slight decline from $18.2 million in 2023 to $17.4 million. Aware also managed to reduce operating expenses by 14%, contributing to a narrower net loss of $4.4 million compared to $7.3 million the previous year. The company highlighted its focus on biometric authentication technologies as a strategic priority and emphasized its commitment to operational efficiencies.

Additionally, Aware announced the appointment of Brian Krause as its new Chief Revenue Officer. Krause, who has a strong background in the biometric and digital identity sectors, is expected to play a significant role in driving the company’s growth. CEO Ajay Amlani underscored the importance of innovative biometric solutions in addressing AI-driven fraud and highlighted 2025 as a pivotal year for the company. Aware is also focusing on strategic partnerships and technological advancements to position itself for sustainable growth beginning in 2026.

The company remains open to mergers and acquisitions while prioritizing organic growth. With a robust balance sheet, Aware is strategically poised to navigate anticipated revenue challenges in 2025 and is committed to enhancing its market reach and technological capabilities.

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