BIO-key reported positive financial highlights in Q1’24, including revenue growth and decreased net loss.

From GlobeNewswire: 2024-06-17 08:00:00

BIO-key® International, Inc. announced Q1 financial highlights, with revenues of $2.2M on par with Q1’23. Gross profit increased to $1.9M, showing a 100% growth from Q1’23. Operating expenses were reduced by over $0.2M, resulting in a net loss of $0.5M. Cash generated from operations improved to $0.3M, driven by a $1.5M cash payment extension with a financial services customer.

CEO Mike DePasquale stated that BIO-key achieved positive cash flow in Q1’24 with revenue growth. The company is focused on profitability and driving revenue growth, encouraged by the global demand for secure, zero-trust Identity and Access Management solutions. BIO-key launched Passkey:YOU, a unique passwordless authentication solution, targeting growth in passkey authentication.

Q1’24 revenues of $2.2M were on par with Q1’23, benefiting from expanded biometric system use by a South African financial services client. Gross profit increased to $1.9M, with operating expenses reduced by $0.2M. Net loss decreased by 70% to $510,285. With a strong balance sheet and improved bottom-line performance, BIO-key is well-positioned for future growth.



Read more at GlobeNewswire:: Identity and Access Management Software Provider BIO-key