BIO-key narrows FY2024 net loss 49% to $4.3M on revenue of $6.9M (down 11%)

BIO KEY INTERNATIONAL INC

Net loss improved to $4.3M ($2.10/sh) from $8.7M ($15.21/sh) in 2023, reflecting higher gross margin and lower costs.
Revenue decreased 11% to $6.9M due to exit from low-margin Swivel Secure distribution; license fee revenue up 20% to $5.2M.
Gross profit rose to $5.6M from $1.4M, benefiting from higher-margin license sales and a $3.6M hardware reserve in 2023.
Operating expenses reduced 6% to $9.7M; cash used in operations down 23% to $2.91M.
Recent partnerships include CA Ed Tech JPA (195 institutions), National Bank of Egypt, and a $910K biometric order from financial services firm.

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