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BIO-key Reports Q3’24 Revenue Rose 18% to $2.1M, Reduced Q3’24 Net Loss, and Improved Cash Position; Hosts Investor Call Tomorrow, Fri. Nov. 15th, 10am ET
HOLMDEL, N.J., Nov. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and
About this update from Bio-key International, Inc.
[{"type":"text","content":"HOLMDEL, N.J., Nov. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its third quarter ended September 30, 2024 (Q3’24). BIO-key’s 2023 Q3 and nine month results were restated and filed with the Company’s 2023 Form 10-K and are reflected in this release. BIO-key will host an investor call tomorrow, Friday, November 15th at 10:00am ET (details below). Financial Highlights Q3’24 revenues rose 18% to $2.1M from $1.8M in Q3’23, principally due to a $0.5M increase in license revenue related to expanded software deployments by long-term customers.Gross profit improved to $1.7M (78.3% gross margin) in Q3’24 vs. $0.3M (18.7% gross margin) in Q3’23, due to an increase in high-margin license revenue, lower costs to support deployments, and a $1M hardware reserve taken in the prior-year period.BIO-key trimmed Q3’24 operating expenses by $46,000 versus Q3’23, reflecting proactive reductions in administration, sales personnel costs and marketing show expenses, offset by higher professional services expenses principally related to financing activities.BIO-key reported a Q3’24 net loss of $0.7M compared to a Q3’23 net loss of $1.8M, due primarily to an increase in high-margin license revenue, level operating expenses, and the prior-year hardware reserve.Cash used in operating activities was $2.4M through the first nine months of 2024 vs. $2.3M in the prior-year period. The current-year period reflects BIO-key’s net loss through the first nine months and positive adjustments for non-cash expenses of approximately $667,000. Recent Highlights Following the close of Q3’24, BIO-key Secured a $910k Order to Upgrade a Long-time Financial Services Customer to its Enhanced Biometric Customer Identification TechnologyA Leading International Defense Ministry Awarded BIO-key $500k in Follow-On Orders for Biometric User AuthenticationBritish Columbia Added 10,000 Users to its BIO-key Biometric Solution Deployment for Sign-on and Physical Access ControlBIO-key’s PortalGuard Identity and Access Management Solution and Identity-Bound Biometrics Became Available on the Amazon Web Services (AWS) MarketplaceWilliamsburg, VA adv...