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Sep 30, 2022
Bio-key Q3 2022 Earnings Report
BIO-key's Q3 2022 revenues rose to $1.4M, reflecting a 6% increase compared to Q3 2021, driven by growing software and services revenue, although partially offset by lower hardware revenue.
Key Takeaways
BIO-key International, Inc. reported a 6% increase in Q3 2022 revenues, reaching $1.4 million, driven by growth in software licenses and service fees, which was partially offset by lower hardware revenue. The company experienced a net loss of $2.4 million, or $0.29 per share, compared to a net loss of $1.0 million, or $0.13 per share in Q3 2021.
Q3 2022 revenues increased by 6% to $1.4 million compared to Q3 2021.
Year-to-date revenues grew by 26% to $5.3 million, driven by increased software license and service fees.
BIO-key expanded its global footprint with new enterprise customers and broadened its partner network.
The company launched Mobile Authenticator App (MobileAuth) featuring both server-secured and on-device multi-biometrics.
Bio-key
Bio-key
Forward Guidance
BIO-key expects a strong close to the year but has updated its full-year revenue outlook to $7M to $9M, representing growth of 37% to 76% over 2021 revenue. The updated outlook anticipates growth in recurring software license revenue to roughly 70% of total revenue, supported by hardware and services revenue contributions.
Positive Outlook
- Technology leadership
- Talented global sales, marketing and management teams
- Growing productivity of channel partner program
- Acquisition of Swivel Secure Europe has added critical mass in EMEA.
- Expect significant EMEA growth moving into 2023 now that our team has been fully trained on the value and capabilities of our extended line of solutions and services
Challenges Ahead
- Slower than expected sales so far this year.
- Delays in African business.
- Slippage from Q3 to Q4 in domestic business.
- Seasonal slowness in Europe in the late summer.
- Some customer and project opportunities have progressed more slowly than anticipated over the past several months, or slipped to Q4.