BIO-key Q2 2024 revenue down 42% YoY to $1.1M; net loss narrows to $1.7M

BIO KEY INTERNATIONAL INC

Q2 revenue $1.1M vs $1.9M YoY; delayed ~$450k software license fees and lower project services.
Net loss improved to $1.7M ($1.00/share) from $2.6M ($4.71/share) in Q2 2023, helped by $1M prior-year hardware reserve.
Gross margin surged to 77.0% from 16.7% on absence of hardware reserve and higher services margins.
Cash used in operations in H1 2024 fell 48% to $1.1M vs $2.1M in H1 2023.
Recent wins: Williamsburg VA, LA LGBT Center, University of Iowa Hospital; launched Passkey:YOU product.

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