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) Beneish M-score
Aware, Inc.'s Beneish M-score for fiscal 2025 is −2.45; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.45 | 0.20 |
| FY2024 | −2.65 | 1.35 |
| FY2023 | −3.99 | (2.05) |
| FY2022 | −1.94 | (0.38) |
| FY2021 | −1.56 | 1.69 |
| FY2020 | −3.25 | (0.07) |
| FY2019 | −3.18 | (1.10) |
| FY2018 | −2.08 | (0.27) |
| FY2017 | −1.81 | 0.80 |
| FY2016 | −2.61 | 0.14 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.10 | — | 1.01 | |
| Gross margin index | 1.03 | — | 0.54 | |
| Asset quality index | 1.06 | — | 0.43 | |
| Sales growth index | 0.99 | — | 0.89 | |
| Depreciation index | 0.99 | — | 0.11 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | (0.01) | — | −0.06 | |
| Leverage index | 1.09 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.45 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| YAAS Youxin Technology Ltd compare | −4.8× |
| INLX Intellinetics, Inc. compare | −3.3× |
| MNDO MIND C.T.I. Ltd. compare | −3.1× |
| AWRE Aware, Inc. | −2.4× |
| FTFT Future FinTech Group Inc. compare | −2.3× |
| IDAI T Stamp Inc. compare | −1.8× |
| AIFF Firefly Neuroscience, Inc. compare | 1.1× |
| PDC Earlyworks Co., Ltd. Unsponsored ADR compare | 10.4× |
| YMT Yimutian Inc. - Sponsored ADR compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI