BIO-key FY2022 revenue up 37% to $7.0M; net loss widens to $10.2M; Q1 2023 guidance strong

BIO KEY INTERNATIONAL INC

FY2022 revenue $7.0M (+37% YoY); Q4 revenue $1.76M (+88% YoY), driven by Swivel Secure acquisition.
Net loss FY2022 $10.2M ($1.26 per share) vs $5.1M ($0.65 per share) in FY2021; included $1.8M goodwill impairment.
Gross margin improved to 70.9% from 67.3% due to higher software and services revenue mix.
Expects Q1 2023 revenue to significantly exceed strongest 2022 quarter; annual recurring revenue ~$7M.
Operating expenses rose to $14.7M (vs $8.4M); cost reduction initiatives underway to improve profitability.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BIO KEY INTERNATIONAL INC reported the year ended December 31, 2022 results: revenue $7.0M. Guidance initiated.

Period: the year ended December 31, 2022
Revenue: $7.0M
Guidance: initiated
Result: reported results

Exact text from the filing

FY’22 revenue increased 37% to $7.0M from $5.1M in FY’21

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BIO KEY INTERNATIONAL INC reported the fourth quarter ended December 31, 2022 results: revenue $1.76M. Guidance initiated.

Period: the fourth quarter ended December 31, 2022
Revenue: $1.76M
Guidance: initiated
Result: reported results

Exact text from the filing

Q4’22 revenue increased 88% to $1.76M from $0.93M in Q4’21

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BIO KEY INTERNATIONAL INC filing history →

Source: SEC EDGAR

accession 0001437749-23-008705

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