The following is a summary of the BIO-key International, Inc. (BKYI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• BIO-key grew its revenue by approximately 29% to $9.1 million, a marked improvement from $7 million in 2022.

• The company witnessed a significant reduction in its operating loss by nearly two-thirds, to $3.6 million, signaling progress towards profitability.

• Gross profit, however, declined to $3.3 million in 2023 due to a one-time, non-cash reserve of $2.8 million on slow-moving inventory, down from $4.6 million in 2022.

• The net loss was trimmed by 48% to $6.2 million, compared to $12.2 million in 2022, a major improvement for the company.

Business Progress:

• The company launched a new product, Passkey:YOU, that uses biometric authentication, which is expected to drive growth due to its usefulness for various enterprise use cases.

• BIO-key's global reach is set to expand through its 150 global channel alliance partners and strategic partnerships with industry giants like SailPoint, Ping, and ForgeRock.

• With 70% of its total revenue in 2023 being recurring, and a blended gross margin of approximately 65%, the company is showing stability.

• Through office closures and equipment consolidation, BIO-key expects to save anywhere from $125,000 to $170,000 annually.

• The company closed larger strategic deals internationally with entities like the International Defense Ministry and a large African bank, which significantly contributed to its growth.

• In 2024, BIO-key plans to expand its presence across key regions globally and grow both of its product segments.

More details: BIO-key International IR

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