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Jun 30, 2020
Bio-key Q2 2020 Earnings Report
BIO-key's Q2 2020 results were impacted by COVID-19, with a decline in revenue, but the company completed a recapitalization and acquired PistolStar to expand its solution suite.
Key Takeaways
BIO-key reported a decline in Q2 2020 revenues due to the COVID-19 pandemic, but gross margin improved. The company completed a recapitalization and acquired PistolStar to expand its software solutions and market reach. They anticipate revenue of $75M over 2 years from contracts in Nigeria which have been delayed due to COVID-19.
Q2 revenues declined to $307,000 from $728,000 in Q2 2019, impacted by COVID-19 and exiting the retail lock business.
Gross margin improved to 52% in Q2 2020 from 7% in Q2 2019 due to the elimination of non-cash software license amortization expense.
BIO-key completed a $2.5M transaction to acquire PistolStar, developer of PortalGuard, on June 30, 2020.
A public offering in July provided approximately $18M in cash and repaid $4.23M in convertible notes.
Forward Guidance
BIO-key anticipates revenue of $75M over 2 years from contracts in Nigeria which have been delayed due to COVID-19.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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