Business
Identity and Access Management Software Provider BIO-key Reports Q1’24 Revenue of $2.2M and Positive Operating Cash Flow; Hosts Investor Call Tuesday, 10am ET
HOLMDEL, N.J., June 17, 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., June 17, 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 first quarter ended March 31, 2024 (Q1’24). Note, BIO-key’s results for the first three quarters of 2023 were restated at year-end and filed with the Company’s 2023 Form 10-K, and as a result Q1’23 comparisons in this release have been restated. BIO-key will host an investor call Tuesday, June 18th at 10:00am ET (details below). Q1 Financial Highlights Q1’24 revenues of $2.2M were in line with Q1’23 and increased 19.5% from Q4’23 revenues of $1.8MGross profit increased to $1.9M (86.3% gross margin) from $0.9M (40% gross margin) in Q1’23, reflecting the impact of a Q1’23 $0.5M hardware inventory reserve, as well as higher software license fees in Q1’23 due to higher royalty payments on third-party software solutions.Operating expenses were reduced over $0.2M in Q1’24 versus Q1’23, reflecting ongoing cost management initiatives.BIO-key reported a Q1’24 net loss of $0.5M compared to a net loss of $1.7M in Q1’23Cash generated from operating activities improved to $0.3M in Q1’24 vs. a $1.9M cash used in Q1’23, principally reflecting the benefit of a $1.5M cash payment in Q1’24 for 2-year extension/expansion of biometric technology license with a long-term financial services customer. Other Recent Software Deployments: Fargo, ND and Junction City, KS Chose PortalGuard with Biometric AuthenticationBridgetown, Barbados Credit Union Selected PortalGuard with Biometrics for Shared Workstations CommentaryBIO-key CEO, Mike DePasquale commented, “BIO-key delivered solid progress in Q1’24, achieving positive cash flow from operations in the period, on revenue of $2.2M, representing a 19.5% increase over Q4’23 and roughly flat with the year-ago period. The current-year period benefitted from the expanded deployment of BIO-key’s biometric client identification system used by a long-standing financial services client. We also further trimmed operating expenses during Q1’24, contributing to our improved bottom-line performance. “We remain focused on driving revenue growth and progressing our business to profitability and positive cash flow ...