David K. Traverse, the Chief Financial Officer of Aware Inc (NASDAQ:AWRE), recently expanded his holdings in the company. On December 2, 2024, Traverse purchased 2,500 shares of common stock at a price of $1.61 per share, totaling $4,025. This acquisition increased his total shares to 41,254.
Additionally, on December 1, 2024, Traverse acquired 4,240 shares through the vesting of a restricted stock unit award. These shares were issued after withholding 1,760 shares to satisfy tax obligations. Traverse's transactions reflect ongoing confidence in Aware Inc, a Massachusetts-based company specializing in prepackaged software services. InvestingPro subscribers can access additional insights, including 6 more ProTips and a comprehensive Pro Research Report, part of the platform's coverage of over 1,400 US stocks.
In other recent news, Aware, Inc. reported mixed financial results for Q3 2024, with a decline in total revenue to $3.8 million from $6.4 million year-over-year. This reduction is largely attributed to a decrease in software license revenue, including the impact of a $2.9 million one-time license sale from the prior year. However, the company saw a 29% increase in recurring revenue, reaching $2.8 million. Operating expenses were reduced by 6% to $5.3 million, but the company recorded an operating loss of $1.2 million and a net loss of $1.2 million, or $0.05 per diluted share.
CEO Robert Eckel announced a leadership transition with a search for his successor underway. Furthermore, the company secured a $1 million contract with a European government and launched AwareID on the WordPress marketplace. Despite the mixed results, Aware anticipates double-digit growth in recurring revenue and expects a strong Q4 performance. The company's strategic focus includes expanding its global partner ecosystem and SaaS models. These recent developments highlight Aware's strategic shifts and its focus on financial recovery.
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