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Sep 30, 2023
Bio-key Q3 2023 Earnings Report
BIO-key's Q3 revenues increased due to software license fees, services, and hardware sales.
Key Takeaways
BIO-key International, Inc. reported a 30% increase in Q3 revenue to $1.8 million compared to $1.4 million in Q3 2022. The company's gross profit also improved by 40% to $1.4 million, and the net loss per share was reduced by approximately 72% to ($0.08).
Revenue rose over 30% to $1.8M vs. $1.4M in Q3’22.
Gross profit improved more than 40% to $1.4M vs. $1.0M in Q3’22.
Q3’23 operating loss improved to approximately ($750,000) vs. an operating loss of ($2.4M) in Q3’22.
Q3’23 net loss per share reduced approximately 72% to ($0.08) vs. ($0.29) in Q3’22.
Forward Guidance
BIO-key anticipates top-line and bottom-line improvements, driven by the value proposition of its authentication solutions and the increasing need for multi-factor authentication due to cyber-insurer scrutiny and SEC regulations. Q4 is historically a strong quarter, and the company is confident about continued growth and improved bottom-line performance in 2024.
Positive Outlook
- BIO-key is well positioned to deliver solid top-line and bottom-line improvements going forward.
- The market is ripe for a phoneless, tokenless passwordless FIDO passkey authentication option for manufacturing, retail, call center, and other roving workforces.
- Q4 tends to be one of BIO-key's strongest quarters each year in terms of business volume.
- Significant recent commitment from a long-standing international defense ministry customer, for additional software and hardware.
- Working to convert certain inventories into cash while also pursuing operating expense reduction opportunities, including relocating headquarters.
Challenges Ahead
- The review of BIO-key's Q3 FY2023 financial statements has not been completed by its independent registered public accounting firm as of the date of this press release and are therefore subject to change.
Historical Earnings Impact
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