---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-014725"
form_type: "8-K"
ticker: "BKYI"
cik: "0001019034"
company_name: "BIO KEY INTERNATIONAL INC"
filed_at: "2023-05-16T23:59:59+00:00"
generated_at: "2026-06-14T23:02:26.834741+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-014725
- form_type: 8-K
- ticker: BKYI
- cik: 0001019034
- company_name: BIO KEY INTERNATIONAL INC
- filed_at: 2023-05-16T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1019034/000143774923014725/0001437749-23-014725-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1019034/000143774923014725/bkyi20230515_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-014725
- JSON: https://secwatch.observer/filing/0001437749-23-014725.json
- Plain text: https://secwatch.observer/filing/0001437749-23-014725.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1019034/000143774923014725/0001437749-23-014725-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.