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BIO-key Reports Reduced Net Loss and Cash Used in Operations on Lower Q2’24 Revenues; Hosts Investor Call Thu. Aug. 15th at 10am ET
HOLMDEL, N.J., Aug. 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., Aug. 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 second quarter ended June 30, 2024 (Q2’24). Note, BIO-key’s results for 2023 were restated at year-end and filed with the Company’s 2023 Form 10-K, and as a result Q2’23 and six months ended June 30, 2023 comparisons in this release have been restated. BIO-key will host an investor call Thursday, August 15th at 10:00am ET (details below). Financial Highlights Q2’24 revenues decreased to $1.1M from $1.9M in Q2’23, principally due to a delay in recognition of approximately $450,000 in software license fees generated by the Company’s European subsidiary and lower project-related services revenue of approximately $200,000 as compared to the year-ago period for one large customer.Gross profit improved to $0.9M (77.0% gross margin) in Q2’24 vs. $0.3M (16.7% gross margin) in Q2’23, primarily reflecting the impact of a $1M hardware reserve in Q2’23.BIO-key trimmed Q2’24 operating expenses by $0.2M versus Q2’23, reflecting ongoing cost management initiatives.BIO-key reported a Q2’24 net loss of $1.7M compared to a Q2’23 net loss of $2.6M, primarily due to a $1M hardware reserve in Q2’23.Cash used in operating activities improved 48% to $1.1M in the first six months of 2024 vs. $2.1M used in the first six months of 2023. Improved operating cash flow reflects the benefit of a Q1’24 $1.5M 2-year extension/expansion of a biometric technology license with a long-term financial services customer and continued reductions in S,G &A. Recent Business Highlights Williamsburg, VA advanced its Zero Trust initiative with BIO-key’s Identity-Bound Biometrics.Los Angeles LGBT Center secured its IT Systems with BIO-key’s Seamless Badge-Tap Authentication Solution.University of Iowa Hospital and Dayton Children’s Hospital) expanded their BIO-key deployments in Q2’24.BIO-key introduced Passkey:YOU, a phish-resistant, phoneless and tokenless biometric FIDO Passkey Authentication Solution.BIO-key won the Global InfoSec Award for Multi-factor Authentication at RSA Conference 2024. CommentaryBIO-key CEO, Mike DePasquale commented, “Q2 was impacted by dela...