BIO KEY INTERNATIONAL INC BKYI
Solely for convenience, trademarks and tradenames referred to in this Annual Report on Form 10-K appear (after the first usage) without the ® and ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or that the applicable owner will not assert its rights, to these trademarks and tradenames.
BIO-key International, Inc. (the "Company," "BIO-key," "we," or "us") is a leading identity and access management (IAM) platform provider enabling secure work-from-anywhere for enterprise, education, and government customers using secure multi-factor authentication (MFA). Our vision is to enable any organization to secure streamlined and passwordless workforce, customer, citizen and student access to any online service, workstation, or mobile application, without a requirement to use tokens or phones for roving users and shared workstations. Our products include PortalGuard® and PortalGuard Identity-as-a-Service (IDaaS) enterprise IAM, WEB-key® biometric civil and large-scale ID infrastructure, MobileAuth® mobile phone authentication application for iOS and Android, and high-quality, low-cost accessory fingerprint scanner and FIDO-compliant hardware to provide a full and complete solution for identity-innovating customers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.9M | $6.9M | $7.8M | $7.0M | $5.1M | $2.8M | $2.3M | $4.0M | $6.3M | $3.0M |
| Cost of revenue | $1.4M | $1.3M | $6.3M | $2.4M | $1.7M | $794.8K | $2.5M | $4.2M | $3.2M | $729.7K |
| Gross profit | $4.6M | $5.6M | $1.4M | $4.6M | $3.4M | $2.0M | -$193.7K | -$119.6K | $3.1M | $2.2M |
| R&D | $2.6M | $2.5M | $2.4M | $3.3M | $2.4M | $1.4M | $1.3M | $1.4M | $1.7M | $2.0M |
| SG&A | $6.3M | $7.1M | $7.9M | $9.4M | $6.0M | $5.8M | $5.0M | $5.3M | $5.7M | $4.4M |
| Total operating expenses | $11.4M | $9.7M | $10.3M | $14.5M | $8.4M | $7.2M | — | $6.7M | $7.3M | $6.4M |
| Operating income | -$6.8M | -$4.0M | -$8.8M | -$9.9M | -$4.9M | -$5.2M | -$1.1M | $80 | -$4.3M | -$4.2M |
| Interest expense | $60.8K | $175.8K | $218.3K | $10.5K | $18.0K | $4.3M | $1.1M | $80 | $27 | $30 |
| Pre-tax income | -$7.1M | -$4.3M | -$8.7M | -$11.9M | $0 | -$9.7M | -$14.6M | -$6.9M | -$4.3M | -$4.2M |
| Income tax | $16.5K | $23.0K | $134.0K | $20.4K | $0 | $0 | $0 | $0 | $0 | $12.1K |
| Net income | $7.2M | $4.3M | $8.5M | -$11.9M | -$5.1M | -$9.7M | -$14.6M | -$6.9M | -$4.3M | -$4.2M |
| EPS, basic | -10.77 | -20.88 | -15.21 | -27.26 | -0.65 | — | — | — | — | — |
| EPS, diluted | — | — | — | — | -0.65 | -2.08 | -8.21 | -0.73 | -0.76 | -0.89 |
| Shares, diluted (wtd. avg.) | 664,770 | 205,977 | 560,278 | 436,821 | 7.8M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.7M | $437.6K | $511.4K | $2.6M | $7.8M | $17.0M | $79.0K | $323.9K | $288.7K | $1.1M |
| Receivables | $1.2M | $718.2K | $2.1M | $2.5M | $970.6K | $548.0K | $126.0K | $1.6M | $2.9M | $1.6M |
| Inventory | $370.9K | $378.3K | $2.9M | $3.9M | $4.9M | $330.9K | $429.1K | $998.8K | $946.8K | $465.4K |
| Total current assets | $4.5M | $1.9M | $5.9M | $7.5M | $14.0M | $18.9M | $1.4M | $4.2M | $7.0M | $4.9M |
| Property, plant and equipment | $67.8K | $140.2K | $220.2K | $107.4K | $69.2K | $81.8K | $95.5K | $148.6K | $181.2K | $67.8K |
| Goodwill | — | — | — | $0 | $1.3M | $1.3M | — | — | — | — |
| Other intangibles | $830.4K | $1.1M | $1.4M | $1.8M | $1.3M | $1.5M | $154.4K | $195.9K | $181.1K | $134.1K |
| Total assets | $8.3M | $8.6M | $4.5M | $11.3M | $17.8M | $22.5M | $2.5M | $11.7M | $16.1M | $17.3M |
| Accounts payable | $507.4K | $818.2K | $1.3M | $1.1M | $427.8K | $244.2K | $844.6K | $481.3K | $499.2K | $466.8K |
| Short-term debt | — | — | $138.7K | $120.0K | $0 | $232.0K | — | — | — | — |
| Total current liabilities | $3.1M | $4.6M | $3.2M | $5.5M | $2.0M | $1.9M | $4.4M | $1.2M | $2.3M | $1.8M |
| Long-term debt | — | $44.8K | $188.8K | $326.8K | $0 | — | — | — | — | — |
| Total liabilities | $3.2M | $4.8M | $3.5M | $6.0M | $2.2M | $2.2M | $4.8M | $1.2M | $2.3M | $1.8M |
| Retained earnings | -$136.5M | -$129.3M | -$120.8M | -$118.2M | -$104.6M | -$99.5M | -$89.7M | -$75.1M | -$67.1M | -$62.8M |
| Total equity | $5.1M | $3.8M | $1.1M | $5.3M | $15.6M | $20.3M | -$2.3M | $10.5M | $13.8M | $15.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.7M | -$2.9M | -$3.8M | -$6.2M | -$9.0M | -$5.0M | -$1.9M | -$1.6M | -$2.5M | -$4.4M |
| Depreciation and amortisation | $84.5K | $93.0K | $75.1K | $43.8K | $54.6K | $85.8K | $81.9K | $84.6K | $52.7K | $49.0K |
| Stock-based compensation | — | — | — | — | — | — | — | $942.7K | $940.7K | $260.8K |
| Capital expenditure | $12.0K | $13.0K | $1.0K | $82.0K | $42.0K | $35.6K | $28.8K | $52.1K | $166.1K | $53.0K |
| Investing cash flow | -$12.0K | -$13.0K | -$1.0K | -$696.6K | -$42.0K | -$2.2M | -$543.3K | -$82.5K | -$226.8K | -$53.0K |
| Financing cash flow | $6.9M | $2.8M | $1.4M | $1.9M | -$218.6K | $24.1M | $2.1M | $1.7M | $1.9M | $1.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-024414.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.0M | $6.3M | $4.0M | $2.3M | $2.8M | $5.1M | $7.0M | $7.8M | $6.9M | $5.9M |
| Gross profit | $2.2M | $3.1M | -$119.6K | -$193.7K | $2.0M | $3.4M | $4.6M | $1.4M | $5.6M | $4.6M |
| Net income | -$4.2M | -$4.3M | -$6.9M | -$14.6M | -$9.7M | -$5.1M | -$11.9M | $8.5M | $4.3M | $7.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Delisting notice Item 3.01
- Regulation FD disclosure Item 7.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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