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Mar 31, 2021
Bio-key Q1 2021 Earnings Report
BIO-key's Q1 revenues improved due to growth in license and hardware revenue.
Key Takeaways
BIO-key International, Inc. reported a significant increase in Q1 2021 revenue, growing to $1.8 million from $0.5 million in Q1 2020. This growth was driven by more than 100% increase in license revenue and a 1193% increase in hardware revenue, including $680k from African projects. The company's net loss decreased to $0.7 million, or ($0.09) per share, compared to a net loss of $3.5 million, or ($1.84) per share in the previous year.
Q1 revenue grew significantly to $1.8M from $522k in Q1 2020, driven by increases in license and hardware revenue.
Gross profit increased 182% to $1.1M from $0.4M in Q1 2020, while gross margin decreased to 59.4% due to a higher proportion of hardware sales.
BIO-key commenced initial technology deployments for its large-scale ID projects in Africa, recording hardware revenue of $680k in Q1.
The company secured a $1.2M, three-year contract extension from a Fortune 500 telecommunications customer.
Revenue by Segment
Forward Guidance
BIO-key is on-track to achieve its full-year revenue guidance of $8M to $12M, with potential upside, particularly related to its African contracts.
Positive Outlook
- Company has the right team in place.
- Company has a broad suite of solutions.
- Company has a strong balance sheet.
- Company has the resources needed to drive growth.
- Company is on-track to achieve full year revenue guidance of $8M to $12M.
Challenges Ahead
- Pace and timing of African contracts remain difficult to predict.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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