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Jun 30, 2022
Bio-key Q2 2022 Earnings Report
BIO-key's Q2 revenue rose significantly, driven by growth in software, services, and products.
Key Takeaways
BIO-key International reported a strong second quarter with a 96% increase in revenue to $1.9 million, driven by growth in software license fees, hardware, and services revenue. They are confident in achieving their full-year 2022 revenue guidance of $10-13M.
Q2'22 revenues increased by 96% to $1.9 million compared to $1.0 million in Q2'21, driven by increases in software license fees, hardware, and services revenue.
Expanded PortalGuard Penetration with new customers and New Channel Alliance Program partners.
PortalGuard continues to gain momentum in higher education, municipal governments, and enterprises.
BIO-key remains confident in achieving its full-year 2022 revenue guidance of $10-13M.
Bio-key
Bio-key
Forward Guidance
BIO-key anticipates continued growth in recurring software license revenue, supported by hardware and services revenue contributions. They believe they are positioned to achieve break-even operations within the revenue range of $10-13M.
Positive Outlook
- Continued growth in recurring software license revenue.
- Strong capital position.
- Talented management.
- Product development teams.
- Expanding global sales, marketing and channel partner footprint.
Challenges Ahead
- Mix of hardware and higher-margin software revenue.
- Risks related to raising additional capital.
- Ability to protect intellectual property.
- Changes in business conditions.
- Competition in the biometric technology and identity access management industries.