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Mar 31, 2024
Bio-key Q1 2024 Earnings Report
Reported Q1 2024 revenue of $2.2M and positive operating cash flow.
Key Takeaways
BIO-key reported Q1 2024 revenues of $2.2M, which was in line with Q1 2023 and a 19.5% increase from Q4 2023. The company achieved positive cash flow from operations and reduced its net loss by 70%. Gross profit increased significantly due to a hardware reserve in Q1 2023 and a higher proportion of high-margin license fee revenue.
Q1 2024 revenues were $2.2M, consistent with Q1 2023 and up 19.5% from Q4 2023.
Gross profit increased to $1.9M with an 86.3% gross margin, up from $0.9M and 40% in Q1 2023.
Operating expenses decreased by $0.2M compared to Q1 2023 due to cost management initiatives.
Net loss was reduced to $0.5M, a 70% improvement from the $1.7M loss in Q1 2023.
Forward Guidance
BIO-key is focused on driving revenue growth, progressing to profitability and positive cash flow, and leveraging the cybersecurity landscape for increased demand. They are also working to identify potential strategic opportunities to leverage their growing global base of customers to accelerate shareholder value creation.
Positive Outlook
- Building traction within the global Channel Alliance Partner program.
- Engaging in larger-scale customer dialogues through in-house direct sales.
- Growing proportion of enterprises moving IT infrastructure to the cloud.
- Increasingly stringent regulatory standards and cyber insurance underwriting requirements.
- Growth potential for passkey authentication with the launch of Passkey:YOU.
Challenges Ahead
- Loss of one large service agreement.
- Absence of a large customer for Swivel Secure customizations and upgrades.
- Competition in the biometric technology industry.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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