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Mar 31, 2023
Bio-key Q1 2023 Earnings Report
BIO-key's Q1 revenue increased by 59%, driven by recurring revenue and new customer acquisitions.
Key Takeaways
BIO-key reported record quarterly revenue for Q1 2023, with a 59% increase to $3.1 million, driven by a growing base of annual recurring software and software maintenance revenue, as well as strong new and existing customer activity. The company also reported improved bottom line results, with gross profit rising to $2.3 million and a reduced operating loss of $0.3 million.
Q1 2023 revenues grew 59% to $3.1 million, driven by recurring revenue and new customer wins.
Continued strength in higher education IAM deployments across multiple states.
Growth in the government sector with deployments in California, New York, North Carolina, and Central America.
Expanded global distribution partner network including BeyondTrust, Bravanta Group, and Ethnos IT Solutions and Pixel Infinito in Africa.
Revenue by Segment
Forward Guidance
BIO-key anticipates substantial top-line growth and bottom-line improvements in FY 2023, driven by a growing base of annual recurring revenue and customer momentum, including larger projects.
Positive Outlook
- Growing base of annual recurring revenue.
- Customer momentum.
- Larger projects in the pipeline.
- Higher gross profit.
- Lower operating expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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