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Jun 30, 2023
Bio-key Q2 2023 Earnings Report
BIO-key reported flat Q2 2023 revenue compared to Q2 2022, but trimmed its net loss.
Key Takeaways
BIO-key International reported Q2 2023 revenues of $1.9 million, which approximated the revenue from Q2 2022. Despite flat revenue, the company reduced its net loss due to higher gross profit and lower operating costs. The company is confident in delivering significant top-line growth and bottom-line improvements for the full fiscal year 2023.
Q2 2023 revenues of $1.9M matched Q2 2022, with delays in closing larger customer deals.
First six months of FY 2023 revenue increased by 29% year-over-year.
Continued growth in PortalGuard IDaaS traction, supporting healthcare migrations to Epic Hyperdrive.
Operating expenses decreased by over 10% due to lower research and development and SG&A expenses.
Revenue by Segment
Forward Guidance
BIO-key is positioned to deliver significant top-line growth and bottom-line improvements in FY 2023, reflecting progress to date, a growing pipeline of customer opportunities, and an expanding global partner network.
Positive Outlook
- Recognize the need to deploy more secure, efficient, and passwordless identity and access management solutions.
- Meeting this growing need with convenient, scalable and cost-effective IAM solutions.
- Progress made in building customer base and annual recurring revenue
- Strong foundation for growth and improving bottom-line performance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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