BIO-key Q1 revenue rises 59% to $3.1M; net loss narrows to $0.5M

BIO KEY INTERNATIONAL INC

Revenue $3.1M (+59% YoY); gross profit $2.3M (73% margin); net loss $0.5M vs $1.0M in Q1'22.
Operating expenses flat at $2.57M; cash $0.7M; accounts receivable $3.5M; current debt $1.9M.
Capitec Bank biometric system expanded to 21.7M users; Swivel Secure project for 1.5M citizens in Central America.
Over 600 customers; growing recurring revenue; expense reduction initiatives ongoing.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.85

BIO KEY INTERNATIONAL INC reported first quarter ended March 31, 2023 (Q1’23) results: revenue $3.1M, net income $0.5M, EPS $0.06 per share.

Period: first quarter ended March 31, 2023 (Q1’23)
Revenue: $3.1M
Net income: $0.5M
EPS: $0.06 per share
Result: preliminary results

Exact text from the filing

March 31, 2023 (Q1’23). BIO-key will host an investor call today at 10:00 a.m. ET (details below) to review its results and outlook. Highlights: ● Q1 ’ 23 revenues grew 59% to $3.1M , reflecting a growing base of high-margin, annual recuring revenue (ARRs) and new customer wins. ● Continued strength in higher education IAM deployments at colleges in

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Source: SEC EDGAR

accession 0001437749-23-014725

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