Q2 2024 BIO-Key International Inc Earnings Call Transcript
Key Points
- BIO-key International Inc (BKYI) has launched its Passkey:YOU product, which has received favorable initial customer reactions and interest from Fortune 500 prospects.
- The company has expanded its PortalGuard deployments with notable clients such as the University of Iowa Hospital and Dayton Children's Hospital.
- BIO-key's solutions are now available on the Amazon Web Services marketplace, potentially increasing global reach and recurring revenues.
- The company received the Global Infrasec Hot Company Multifactor Authentication Award from Cyber Defense magazine, highlighting the strength of its solutions.
- BIO-key is focusing on high-margin, annual recurring revenues, which have solid potential to build on its base moving forward.
- Q2 2024 revenue of $1.1 million fell below the year-ago revenue of approximately $1.9 million, primarily due to delays in software license contracts.
- The company experienced lower services revenue related to customizations and upgrades for a large customer project that did not occur in Q2 2024.
- A large recurring maintenance contract did not renew in Q1 2024, negatively impacting the current year's top-line revenue.
- BIO-key's financial performance remains variable due to the size and timing of customer contracts and commitments.
- The company has faced significant delays in large projects in Africa, impacting its financial results and leading to a write-down of over $3 million in inventory.
Good morning, everyone. Thank you for standing by and welcome to the BIO-key International first quarter 2024 conference call. (Operator Instructions). As a reminder, this conference is being recorded today, August 15, 2024.
I would like to turn the call over now to Bill Jones with Investor Relations. Please go ahead.
Thank you, Rocco. Our hosts today are BIO-Key's Chairman and CEO, Mike DePasquale, and CFO, Cecilia Welch. As a reminder, today's conference call and webcast, as well as answers to investor questions, include forward-looking statements which are subject to certain risks and uncertainties that can cause actual realized results to differ from those currently expected. Words such as anticipate, believe, estimate, expect, plan, project, or similar words generally express and identify forward-looking statements.
Such forward-looking statements are made based on management's beliefs and assumptions using information currently available as of today pursuant to the safe harbor
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