BIO-key's Q3'24 revenue increased by 18% to $2.1M, with improved gross profit and reduced net loss.

From GlobeNewswire: 2024-11-14 17:51:00

BIO-key International, Inc. announced an 18% increase in Q3’24 revenues to $2.1M, with a net loss of $0.7M. Gross profit improved to $1.7M, reflecting increased license revenue and lower costs. Cash used in operating activities was $2.4M for the first nine months of 2024. An investor call is scheduled for November 15th.

CEO Mike DePasquale stated that revenue in Q3’24 increased by 18% year-over-year, supported by license fee revenue rising to $1.4M. A long-time financial services customer ordered BIO-key’s biometric identification technology to enhance customer identification, leading to an estimated thirty-second time-saving per client encounter.

BIO-key’s Q3’24 revenues increased by 18% to $2.1M, with license revenue up 52% to $1.4M. Gross profit was $1.7M, operating expenses were reduced, and the net loss improved to $0.7M. Cash and cash equivalents at the end of Q3’24 were $1.8M. The company aims to meet or exceed 2023 revenues of $7.75M in 2024.

For the nine months ended September 30, 2024, BIO-key reported revenues of $5.5M, with increased license fees and hardware revenue offset by lower service revenues. Gross profit was $4.4M, reflecting higher margins and lower costs. The company’s net loss for the period was $2.9M.

BIO-key had current assets of $4.6M at September 30, 2024, including $1.8M in cash and cash equivalents. Total assets were $6.4M, with liabilities at $6.3M. Stockholders’ equity was $133,042. The company’s focus remains on authentication and cybersecurity with biometric-centric solutions.

In the third quarter, BIO-key raised $1.9M through a warrant inducement agreement, improving its cash position to $1.8M. The company continues to pursue strategic opportunities and aims for positive operating cash flow and profitability in the coming quarters. Investors can participate in the conference call scheduled for November 15th.



Read more at GlobeNewswire:: BIO-key Reports Q3’24 Revenue Rose 18% to $2.1M, Reduced