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BIO-key International, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $2,144,804, up from $1,817,108 in the same quarter the previous year. The increase was driven by higher license fees and hardware sales.
Service revenues decreased by 55% to $267,371, primarily due to the loss of a large customer service agreement and decreased non-recurring custom services.
License fees increased by 52% to $1,441,011, attributed to several long-term customers expanding their deployments.
Hardware sales rose by 56% to $436,422, driven by expansion of biometric cybersecurity solutions by existing customers.
Cost of goods sold decreased significantly to $465,110 from $1,476,604, primarily due to the absence of a hardware reserve cost recorded in the previous year.
Operating expenses totaled $2,260,099, with selling, general, and administrative expenses decreasing by 9% to $1,607,925, while research, development, and engineering costs increased by 23% to $652,174.
The company reported an operating loss of $580,405, an improvement from a loss of $1,965,558 in the previous year.
Net loss for the quarter was $738,959, compared to a net loss of $1,837,824 in the prior year. The decrease in net loss was due to improved gross profit and reduced operating expenses.
The filing also outlines the company's liquidity and capital resources, noting a cash balance of $1,801,137 as of September 30, 2024, and highlights recent financing activities including a $2,360,000 note issuance and warrant exercises.
BIO-key continues to focus on expanding its identity and access management solutions and exploring additional markets for its products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BIO-key International Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.