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Bio-key
🇺🇸 NASDAQ:BKYI
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•
Sep 30, 2024

Bio-key Q3 2024 Earnings Report

Reported an 18% increase in revenue, a reduction in net loss, and an improved cash position.

Key Takeaways

BIO-key International, Inc. reported an 18% increase in Q3 2024 revenue to $2.1 million, driven by a rise in license revenue. The company also reduced its net loss and improved its cash position.

Q3 2024 revenues increased by 18% to $2.1 million compared to $1.8 million in Q3 2023, primarily due to a $0.5 million increase in license revenue.

Gross profit improved to $1.7 million with a 78.3% gross margin in Q3 2024, compared to $0.3 million with an 18.7% gross margin in Q3 2023.

Operating expenses were trimmed by $46,000 in Q3 2024 compared to Q3 2023.

Net loss for Q3 2024 was $0.7 million, an improvement from the $1.8 million net loss in Q3 2023.

Total Revenue
$2.15M
Previous year: $1.83M
+17.3%
EPS
-$0.39
Previous year: -$1.44
-72.9%
Gross Profit
$1.7M
Previous year: $1.4M
+21.4%
Cash and Equivalents
$1.8M
Previous year: $300K
+500.0%
Free Cash Flow
-$1.3M
Previous year: -$167K
+678.0%
Total Assets
$4.6M
Previous year: $7.9M
-41.8%

Bio-key

Bio-key

Bio-key Revenue by Segment

Forward Guidance

BIO-key expects full year 2024 revenues to meet or exceed the $7.75M achieved in 2023, and continues to pursue opportunities to lower overhead and variable costs, as it progresses the business toward positive operating cash flow and profitability in the coming quarters. Additionally, BIO-key continues to seek potential strategic opportunities that can leverage its core strengths and business platform to create value for its shareholders.

Positive Outlook

  • Full year 2024 revenues are expected to meet or exceed the $7.75M achieved in 2023.
  • Pursuing opportunities to lower overhead and variable costs.
  • Progressing towards positive operating cash flow and profitability.
  • Seeking potential strategic opportunities to leverage core strengths.
  • Building a growing base of high-margin, annually recurring revenue streams from software licenses and services.

Challenges Ahead

  • Performance is expected to vary on a quarter-to-quarter basis.
  • The timing and impact of larger customer orders can affect results.
  • BIO-key has a history of losses and limited revenue.
  • BIO-key's ability to continue as a going concern is dependent on raising additional capital.
  • BIO-key's common stock could be delisted from the Nasdaq Capital Market if they fail to increase their stockholders’ equity to at least $2.5 million

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View Bio-key