Aware, Inc.
AWRE Technology Software Application
Aware, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $17.3 million, down 0.55% from fiscal 2024. In the quarter to June 2026, revenue fell 16.5%, EPS fell 50.0% and free cash flow fell 140.1%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Aware, Inc. (AWRE) Altman Z-score
Aware, Inc.'s Altman Z-score for fiscal 2025 is −0.17, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −0.17 | (0.67) |
| FY2024 | 0.49 | 0.21 |
| FY2023 | 0.28 | (1.05) |
| FY2022 | 1.33 | (3.72) |
| FY2021 | 5.06 | (1.63) |
| FY2020 | 6.69 | (3.80) |
| FY2019 | 10.49 | (0.26) |
| FY2018 | 10.75 | (2.80) |
| FY2017 | 13.55 | (7.30) |
| FY2016 | 20.85 | 14.43 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.56 | — | 0.67 | |
| Retained earnings / total assets | (2.04) | — | −2.85 | |
| EBIT / total assets | (0.18) | — | −0.58 | |
| Market value of equity / total liabilities | 3.54 | — | 2.13 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Distress zone | −0.17 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.69 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MNDO MIND C.T.I. Ltd. compare | 3.2× |
| INLX Intellinetics, Inc. compare | 2.2× |
| AWRE Aware, Inc. | −0.2× |
| PDC Earlyworks Co., Ltd. Unsponsored ADR compare | −0.6× |
| YAAS Youxin Technology Ltd compare | −1.8× |
| FTFT Future FinTech Group Inc. compare | −6.6× |
| IDAI T Stamp Inc. compare | −6.9× |
| AIFF Firefly Neuroscience, Inc. compare | −15.1× |
| YMT Yimutian Inc. - Sponsored ADR compare | −15.4× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets