Q1 2024 BIO-Key International Inc Earnings Call Transcript
Key Points
- Revenue increased by 10% in 2023, reaching $7.8 million.
- Positive operating cash flow generated in Q1 2024.
- Expenses reduced by 17% year-over-year in Q1 2024.
- Gross profit margin improved to 86% in Q1 2024 from 40% in Q1 2023.
- Launch of the new Passkey:YOU authentication solution targeting underserved workplace scenarios.
- Decline in recurring and customer services and hardware revenue.
- Loss of a large service agreement and a significant customer order did not recur.
- Operating loss of approximately $500,000 in Q1 2024.
- Higher audit and professional fees related to public reporting and regulatory filings.
- Inventory write-down of approximately $4 million in 2023, including $3.1 million for African initiatives.
Good morning, everyone. Thank you for standing by, and welcome to BIO-key International's first quarter 2024 conference call. (Operator Instructions) As a reminder, this conference is being recorded today, Tuesday, June 18, 2024. I would now like to turn the call over to Bill Jones, Investor Relations. Please proceed.
Thank you, Betsy, and thank you all for joining this call. Our hosts today are BIO-key's Chairman and CEO, Mike DePasquale and CFO, Ceci Welch, as well as Jim Sullivan, Senior VP of Strategy and COO, who will provide some insights on BIO-key's new product launch.
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 could cause actual realized results to differ from those currently expected. Words such as anticipate, believe, estimate, expect, plan, project or similar words typically express and identify these forward-looking statements.
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