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Jun 30, 2021
Bio-key Q2 2021 Earnings Report
BIO-key reported increased revenue and reduced net loss due to growth in Cloud ID-as-a-Service (IDaaS).
Key Takeaways
BIO-key International, Inc. reported a significant increase in revenue and a reduced net loss for the second quarter of 2021. The company's revenue grew by 223% compared to the same period last year, driven by increased license fee revenue and the acquisition of PortalGuard. The net loss available to common stockholders was reduced to $1.2 million, or ($0.15) per share, compared to a net loss of $1.6 million, or ($0.60) per share, in Q2 2020.
Q2 revenue increased by 223% to $992k, driven by a $639k increase in license fee revenue.
Gross profit increased to $753k with gross margin at 76% compared to 52% in Q2 2020.
Net loss available to common stockholders was reduced to $1.2M, or ($0.15) per share.
Company remains on track to achieve full-year revenue guidance of $8M to $12M.
Bio-key
Bio-key
Bio-key Revenue by Segment
Revenue by Segment
License Fees Revenue
CapyFin.comHardware Revenue
CapyFin.com Forward Guidance
BIO-key remains on track to achieve its full-year revenue guidance of $8M to $12M, representing approximately 250% growth over FY 2020. The company believes it can potentially achieve profitability within this guidance range, dependent on the timing of customer order activity and the mix of hardware and software revenues.
Positive Outlook
- Top line revenues growing 223% in Q2’21 and 247% in the first six months of 2021
- Strong balance sheet
- Growing portfolio of solutions
- Increasing demand for IDaaS Cloud solutions
- Potential to achieve profitability dependent on customer order activity
Challenges Ahead
- Revenue and profitability goals are dependent on the timing of significant customer order activity
- Goals are also dependent on the mix of hardware and software revenues.
- Experienced recent delays due to the impact of the COVID-19 pandemic.
- Impact of the COVID-19 pandemic on business operations, sales cycles, and personnel
- Delays in the development of products
Revenue & Expenses
Visualization of income flow from segment revenue to net income