Bio-Key International Inc (BKYI), a leading provider of biometric software and hardware solutions, has reported increased revenues in their Q1 2023 SEC filing. The company’s total revenues rose to $3,083,767 during the period, a significant increase from the $1,941,171 reported in Q1 2022.
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Revenue Breakdown
The company’s primary source of revenue stems from its licensing fees, which increased dramatically from $1,460,183 in Q1 2022 to $2,478,556 in Q1 2023. Services revenue also saw a sizeable increase, rising from $395,804 in Q1 2022 to $532,522 in Q1 2023.
However, the company’s hardware revenue experienced a slight decline, falling from $85,184 in Q1 2022 to $72,689 in Q1 2023. Despite this small drop in hardware revenue, Bio-Key International Inc still managed to achieve a gross profit of $2,263,493 in Q1 2023, a substantial increase when compared to the $1,603,730 gross profit reported in Q1 2022.
Geographic Performance
In terms of geographic performance, Bio-Key International Inc’s primary market, North America, saw significant growth in service, hardware, and licensing revenue. Service revenue rose from $1,010,770 in Q1 2023 to $1,245,982, while hardware revenue increased from $80,201 to $118,824, and licensing revenue surged from $1,490,390 to $2,454,917.
Operating Expenses and Losses
Furthermore, the company has shown improvement in its operating expenses, with selling, general, and administrative expenses totaling $1,931,732 in Q1 2023, down from $1,797,998 in Q1 2022. Research, development, and engineering expenses also experienced a decrease during this period, falling from $805,266 in Q1 2022 to $690,159 in Q1 2023.
As a result, the company’s operating loss in Q1 2023 decreased to $358,398, a major improvement from the loss of $999,534 reported in Q1 2022. Additionally, Bio-Key International Inc reported modest net losses of $288,322 in Q1 2023, marking a substantial decrease from the net losses of $999,403 the company experienced in Q1 2022.
Conclusion
Overall, Bio-Key International Inc’s Q1 2023 SEC filing demonstrates the company’s successful growth in various market segments, primarily driven by significant increases in licensing and services revenue. Additionally, the company’s improved management of operating expenses has led to a notable reduction in net losses, a positive sign for the future of Bio-Key International Inc.
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