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    Nat Stewart • NAS Capital

    Nat Stewart is the founder and lead analyst at N.A.S. Capital, a Portsmouth, New Hampshire-based registered investment advisor specializing in small-cap value investing. He is known for covering overlooked small-cap companies and master limited partnerships (MLPs), focusing on firms with strong core economics and growth potential, though specific company names are not publicly listed. Through his Stock Picking newsletter and research process, Stewart has developed a reputation for consistently identifying market 'hidden gems' that deliver solid operating profits for investors. Stewart launched N.A.S. Capital after years of experience analyzing value-focused equities and holds a track record of successful investment calls, but detailed third-party performance rankings and specific license credentials are not publicly available.

    Nat Stewart's questions to Aware Inc (AWRE) leadership

    Nat Stewart's questions to Aware Inc (AWRE) leadership • Q2 2025

    Question

    Nat Stewart from NAS Capital inquired about the revenue models Aware employs for its large-scale sales to federal government and Fortune 500 entities, asking whether they are based on onetime fees, multiyear contracts, or usage.

    Answer

    CRO Brian Krause explained that Aware's go-to-market focus for large-scale biometric projects aligns with enterprise software and infrastructure licensing models. He stated that these deals are typically structured as recurring, long-term, and durable relationships, reflecting a strategic shift towards enterprise licensing, while the company continues to support its traditional components business.

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