From GlobeNewswire: 2025-03-27 07:58:00

BIO-key International, Inc. announced its Q4’24 and full-year 2024 results, with 2024 revenue decreasing by 11% to $6.9M. The company strategically transitioned away from low-margin services, resulting in improved profitability despite lower revenue. Operating expenses were reduced by 6%, and cash used in operations decreased by 23% to $2.91M.

In Q4’24, BIO-key secured a $910K contract with a financial services client to implement biometric identification technology, expecting to improve customer interactions. The company also expanded its biometric solutions deployment with a defense ministry, generating $3.3M in revenue. Additionally, BIO-key partnered with the National Bank of Egypt and entered the education market.

Financially, BIO-key’s gross profit grew to $5.6M in 2024 from $1.4M in 2023, with an improved net loss of $4.3M in 2024. The company reduced operating expenses by $606,409 to $9.7M in 2024 and improved its Q4’24 net loss to $1.6M. As of December 31, 2024, BIO-key had $1.9M in current assets.

BIO-key is optimistic about its prospects in 2025, focusing on reducing costs, exploring new markets, and strategic partnerships to achieve sustained profitability. The company’s innovative biometric solutions and transition to higher-margin offerings are key drivers of growth. Investors can join an investor call on March 27th at 10:00 am ET for further details.



Read more at GlobeNewswire:: BIO-key Trims 2024 Net Loss 49% to $4.3M, Reflecting Higher