Bio-key Q1 2022 Earnings Report
Key Takeaways
BIO-key's Q1 2022 revenue increased by 3% to $1.94 million compared to Q1 2021, driven by a 205% increase in software license fees. The company reported an operating loss of $1.0 million and a net loss of $1.0 million, or $0.12 per share.
Q1 2022 revenue increased 3% to $1.94M from $1.89M in Q1 2021.
Software license fees increased 205% year-over-year.
Gross profit grew to $1.6M in Q1 2022 from $1.1M in Q1 2021.
Company remains confident in achieving full-year 2022 revenue guidance of $10-13M.
Bio-key
Bio-key
Bio-key Revenue by Segment
Forward Guidance
BIO-key anticipates continued growth in software license revenue, along with hardware and services revenue contributions, and remains confident in achieving its full-year 2022 revenue guidance of $10-13M.
Positive Outlook
- Growing momentum in Annual Recurring Revenue (ARR) base from software licenses.
- Expanding worldwide opportunity to grow software license revenue base.
- Compelling security, scalability, ease of use and deployment, and customer value proposition of PortalGuard IAM platform.
- Strong capital position.
- Talented global management and product development teams.
Challenges Ahead
- Episodic nature of hardware sales can create variability in quarterly operating performance.
- Increase in research, development and engineering expense.
- Increase in selling, general and administrative expense.
- Operating loss of $1.0M in Q1 2022.
- Net loss available to common stockholders of $1.0M.
Revenue & Expenses
Visualization of income flow from segment revenue to net income