BIO-key Q1 revenue $2.2M, net loss narrows to $0.5M; generates positive operating cash flow

BIO KEY INTERNATIONAL INC

Revenue $2.2M flat YoY, up 19.5% QoQ; gross margin improved to 86.3% from 40% on higher license mix and prior hardware reserve.
Net loss $0.5M ($0.32/sh) vs $1.7M ($3.51/sh) in Q1'23; operating cash flow positive $0.3M vs $1.9M used.
Operating expenses cut 9% to $2.4M; cash and equivalents $690K; accounts receivable $710K.
Expanded biometric deployment with long-term financial client drove license fee revenue up 23.6% YoY.

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