Fri, Jun 14, 9:03 PM (85 days ago)
BIO-key International, Inc. reported its financial results for the quarter ended March 31, 2024. The company’s total revenues were $2.18 million, nearly flat compared to the same quarter in 2023. Service revenues saw a significant decline of 60%, while license fees increased by 24%. Hardware sales also dropped by 76%. The cost of goods sold decreased substantially by 77%, primarily due to a reduction in license fees and hardware costs. Operating expenses were $2.39 million, a decrease of 9% from the previous year, driven by lower selling, general, and administrative expenses, as well as reduced research and development costs. Despite these reductions, the company reported an operating loss of $509,000, an improvement from the $1.76 million loss in Q1 2023. Net loss for the quarter was $510,000, compared to $1.69 million in the prior year. Cash and cash equivalents increased to $690,000 from $511,000 at the end of 2023. The company highlighted ongoing liquidity challenges and a need for additional financing to sustain operations over the next twelve months. Key risks include the need for additional capital, dependence on a few major customers, and substantial inventory reserves.