Bio-Key Intl Inc Financials

BKYI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 20/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Bio-Key Intl Inc has an operating margin of -57.9%, meaning the company retains $-58 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -113.8% the prior year.

Growth

Bio-Key Intl Inc's revenue declined 10.6% year-over-year, from $7.8M to $6.9M. This contraction results in a growth score of 0/100.

Leverage

100

Bio-Key Intl Inc carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Bio-Key Intl Inc's current ratio of 0.41 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.

Cash Flow

While Bio-Key Intl Inc generated -$2.9M in operating cash flow, capex of $13K consumed most of it, leaving -$2.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

Bio-Key Intl Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

0.68x

For every $1 of reported earnings, Bio-Key Intl Inc generates $0.68 in operating cash flow (-$2.9M OCF vs -$4.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-22.8x

Bio-Key Intl Inc earns $-22.8 in operating income for every $1 of interest expense (-$4.0M vs $176K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Bio-Key Intl Inc (BKYI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$6.9M

YoY-10.6%

5Y CAGR+25.0%

10Y CAGR+5.6%

Bio-Key Intl Inc generated $6.9M in revenue in fiscal year 2024. This represents a decrease of 10.6% from the prior year.

EBITDA

-$3.9M

YoY+55.2%

Bio-Key Intl Inc's EBITDA was -$3.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.2% from the prior year.

Free Cash Flow

-$2.9M

YoY+22.9%

Bio-Key Intl Inc generated -$2.9M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 22.9% from the prior year.

Net Income

-$4.3M

YoY+49.5%

Bio-Key Intl Inc reported -$4.3M in net income in fiscal year 2024. This represents an increase of 49.5% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$438K

YoY-14.4%

5Y CAGR+40.8%

10Y CAGR-6.4%

Bio-Key Intl Inc held $438K in cash against $45K in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

Bio-Key Intl Inc had 4M shares outstanding in fiscal year 2024. This represents a decrease of 72.9% from the prior year.

Gross Margin

81.4%

YoY+62.9pp

5Y CAGR+89.9pp

10Y CAGR+0.1pp

Bio-Key Intl Inc's gross margin was 81.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 62.9 percentage points from the prior year.

Operating Margin

-57.9%

YoY+55.9pp

5Y CAGR-10.7pp

10Y CAGR-7.0pp

Bio-Key Intl Inc's operating margin was -57.9% in fiscal year 2024, reflecting core business profitability. This is up 55.9 percentage points from the prior year.

Net Margin

-62.1%

YoY+47.8pp

5Y CAGR+581.3pp

10Y CAGR-15.0pp

Bio-Key Intl Inc's net profit margin was -62.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 47.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$2.5M

YoY+4.9%

5Y CAGR+13.5%

10Y CAGR+4.4%

Bio-Key Intl Inc invested $2.5M in research and development in fiscal year 2024. This represents an increase of 4.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$13K

YoY+1204.7%

5Y CAGR-14.6%

10Y CAGR-3.5%

Bio-Key Intl Inc invested $13K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 1204.7% from the prior year.

BKYI Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$6.9M-10.6%	$7.8M+10.5%	$7.0M+37.3%	$5.1M+80.3%	$2.8M+25.1%	$2.3M
Cost of Revenue	$1.3M-79.6%	$6.3M+159.2%	$2.4M+45.8%	$1.7M+110.5%	$795K-67.7%	$2.5M
Gross Profit	$5.6M+294.1%	$1.4M-68.8%	$4.6M+33.1%	$3.4M+68.5%	$2.0M+1154.1%	-$194K
R&D Expenses	$2.5M+4.9%	$2.4M-26.4%	$3.3M+38.1%	$2.4M+68.6%	$1.4M+4.9%	$1.3M
SG&A Expenses	$7.1M-9.2%	$7.9M-16.0%	$9.4M+55.3%	$6.0M+3.1%	$5.8M+16.1%	$5.0M
Operating Income	-$4.0M+54.6%	-$8.8M+11.1%	-$9.9M-100.8%	-$4.9M+5.0%	-$5.2M-386.7%	-$1.1M
Interest Expense	$176K-19.5%	$218K+1986.3%	$10K-41.9%	$18K-99.6%	$4.3M+306.2%	$1.1M
Income Tax	-$23K+82.8%	-$134K-555.8%	-$20K	$0	$0	$0
Net Income	-$4.3M+49.5%	-$8.5M+28.4%	-$11.9M-135.1%	-$5.1M+47.6%	-$9.7M+33.7%	-$14.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$1.5M-8.7%	$1.7M+5.6%	$1.6M+9.9%	$1.5M+28.1%	$1.1M-47.7%	$2.2M+19.5%	$1.8M+0.4%	$1.8M
Cost of Revenue	$358K-22.9%	$464K+66.1%	$279K+6.5%	$262K0.0%	$262K-12.5%	$300K-84.4%	$1.9M+30.1%	$1.5M
Gross Profit	$1.2M-3.3%	$1.2M-7.2%	$1.3M+10.6%	$1.2M+36.5%	$879K-53.3%	$1.9M+2070.3%	-$95K-128.0%	$341K
R&D Expenses	$684K+7.5%	$636K+6.8%	$596K-9.8%	$660K+11.7%	$591K-2.7%	$608K-1.5%	$617K+16.4%	$530K
SG&A Expenses	$1.4M-16.7%	$1.7M+22.4%	$1.4M-24.1%	$1.8M-6.9%	$1.9M+8.9%	$1.8M-18.8%	$2.2M+23.6%	$1.8M
Operating Income	-$892K+17.7%	-$1.1M-69.2%	-$641K+49.5%	-$1.3M+23.4%	-$1.7M-225.0%	-$509K+81.3%	-$2.7M-38.6%	-$2.0M
Interest Expense	$13K-48.6%	$26K-28.6%	$36K-46.3%	$67K+651.2%	$9K+557.1%	$1K-97.7%	$59K+29.0%	$46K
Income Tax	$0	$0	$0+100.0%	-$23K	$0	$0+100.0%	-$277K-146368.3%	-$189
Net Income	-$965K+17.4%	-$1.2M-58.5%	-$737K+46.8%	-$1.4M+16.9%	-$1.7M-226.7%	-$510K+79.7%	-$2.5M-36.9%	-$1.8M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BKYI Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$8.6M+90.7%	$4.5M-60.2%	$11.3M-36.2%	$17.8M-21.1%	$22.5M+802.0%	$2.5M
Current Assets	$1.9M-28.0%	$2.6M-70.8%	$9.0M-35.9%	$14.0M-26.0%	$18.9M+1286.4%	$1.4M
Cash & Equivalents	$438K-14.4%	$511K-80.6%	$2.6M-66.0%	$7.8M-54.4%	$17.0M+21406.7%	$79K
Inventory	$378K-15.1%	$446K-89.9%	$4.4M-10.2%	$4.9M+1392.9%	$331K-22.9%	$429K
Accounts Receivable	$718K-40.2%	$1.2M-21.1%	$1.5M+56.9%	$971K+77.1%	$548K+335.0%	$126K
Goodwill	N/A	N/A	$0-100.0%	$1.3M0.0%	$1.3M	N/A
Total Liabilities	$4.8M+40.3%	$3.5M-42.8%	$6.0M+180.6%	$2.2M-1.5%	$2.2M-54.3%	$4.8M
Current Liabilities	$4.6M+41.7%	$3.2M-41.1%	$5.5M+172.9%	$2.0M+6.6%	$1.9M-57.3%	$4.4M
Long-Term Debt	$45K-76.3%	$189K-42.2%	$327K	$0	N/A	N/A
Total Equity	$3.8M+254.7%	$1.1M-79.9%	$5.3M-66.0%	$15.6M-23.2%	$20.3M+989.9%	-$2.3M
Retained Earnings	-$129.3M-3.4%	-$125.0M-7.3%	-$116.5M-11.4%	-$104.6M-5.1%	-$99.5M-10.9%	-$89.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$10.1M-3.8%	$10.5M-6.0%	$11.2M+29.8%	$8.6M+79.5%	$4.8M+15.1%	$4.2M-7.7%	$4.5M-53.7%	$9.7M
Current Assets	$3.7M-7.2%	$4.0M-12.1%	$4.6M+143.2%	$1.9M-37.4%	$3.0M+32.9%	$2.3M-13.5%	$2.6M-34.8%	$4.0M
Cash & Equivalents	$2.0M-10.3%	$2.3M-27.4%	$3.1M+616.1%	$438K-65.3%	$1.3M+82.5%	$690K+35.0%	$511K+66.5%	$307K
Inventory	$394K+23.7%	$319K-11.0%	$358K-5.4%	$378K-12.7%	$433K-1.6%	$440K-1.2%	$446K-75.1%	$1.8M
Accounts Receivable	$960K-2.4%	$984K+22.4%	$803K+11.8%	$718K-20.6%	$904K+28.8%	$702K-41.6%	$1.2M-19.9%	$1.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.1M+11.0%	$3.7M+0.2%	$3.7M-24.5%	$4.8M-17.3%	$5.9M+61.2%	$3.6M+5.2%	$3.5M-66.3%	$10.2M
Current Liabilities	$3.0M-16.1%	$3.5M+1.9%	$3.5M-23.9%	$4.6M-18.3%	$5.6M+68.1%	$3.3M+3.2%	$3.2M-46.7%	$6.0M
Long-Term Debt	N/A	$0-100.0%	$12K-73.9%	$45K-61.0%	$115K-23.5%	$150K-20.6%	$189K-14.8%	$222K
Total Equity	$6.0M-11.8%	$6.9M-9.0%	$7.5M+99.5%	$3.8M+457.1%	-$1.1M-297.2%	$536K-49.6%	$1.1M+319.0%	-$486K
Retained Earnings	-$132.2M-0.7%	-$131.2M-0.9%	-$130.0M-0.6%	-$129.3M-1.7%	-$127.2M-1.3%	-$125.5M-0.4%	-$125.0M-1.9%	-$122.6M

BKYI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$2.9M+23.2%	-$3.8M+39.1%	-$6.2M+30.6%	-$9.0M-81.4%	-$5.0M-167.5%	-$1.9M
Capital Expenditures	$13K+1204.7%	$1K-98.8%	$82K+95.2%	$42K+18.2%	$36K+23.7%	$29K
Free Cash Flow	-$2.9M+22.9%	-$3.8M+39.9%	-$6.3M+30.0%	-$9.0M-80.9%	-$5.0M-165.3%	-$1.9M
Investing Cash Flow	-$13K-1204.7%	-$1K+99.9%	-$697K-1557.7%	-$42K+98.1%	-$2.2M-310.4%	-$543K
Financing Cash Flow	$2.8M+97.2%	$1.4M-24.7%	$1.9M+970.7%	-$219K-100.9%	$24.1M+1021.3%	$2.1M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$1.1M-27.6%	-$880K-5.4%	-$835K-62.3%	-$515K+63.8%	-$1.4M-578.2%	$297K+119.4%	-$1.5M-818.6%	-$167K
Capital Expenditures	$1K-10.4%	$1K-67.7%	$5K+145.7%	-$10K	$0-100.0%	$2K+86.9%	$1K	$0
Free Cash Flow	-$1.1M-27.5%	-$881K-5.0%	-$840K-60.1%	-$525K+63.1%	-$1.4M-581.2%	$295K+119.3%	-$1.5M-819.2%	-$167K
Investing Cash Flow	-$1K+10.4%	-$1K+67.7%	-$5K-145.7%	$10K	$0+100.0%	-$2K-86.9%	-$1K	$0
Financing Cash Flow	$963K+2794.4%	-$36K-101.0%	$3.5M+523.4%	-$834K-142.4%	$2.0M+3748.7%	-$54K-103.5%	$1.6M+1976.3%	-$83K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BKYI Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	81.4%+62.9pp	18.5%-46.8pp	65.3%-2.0pp	67.3%-4.7pp	72.0%+80.5pp	-8.5%
Operating Margin	-57.9%+55.9pp	-113.8%+27.5pp	-141.4%-44.7pp	-96.6%+86.8pp	-183.4%-136.3pp	-47.1%
Net Margin	-62.1%+47.8pp	-109.9%+59.8pp	-169.6%-70.6pp	-99.1%+242.0pp	-341.0%+302.3pp	-643.4%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-49.9%+138.7pp	-188.7%-83.7pp	-105.0%-76.5pp	-28.5%+14.4pp	-43.0%+541.4pp	-584.3%
Current Ratio	0.41-0.4	0.82-0.8	1.65-5.4	7.01-3.1	10.10+9.8	0.31
Debt-to-Equity	0.01-0.2	0.18+0.1	0.06+0.1	0.00-0.1	0.11+2.2	-2.09
FCF Margin	-42.2%+6.7pp	-48.9%+41.0pp	-89.9%+86.5pp	-176.4%-0.6pp	-175.8%-92.9pp	-82.9%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	76.9%+4.2pp	72.7%-10.0pp	82.6%+0.5pp	82.1%+5.0pp	77.0%-9.2pp	86.3%+91.5pp	-5.2%-24.0pp	18.7%
Operating Margin	-57.6%+6.3pp	-63.9%-24.0pp	-39.9%+46.8pp	-86.7%+58.2pp	-144.9%-121.6pp	-23.3%+125.9pp	-149.2%-41.1pp	-108.2%
Net Margin	-62.3%+6.5pp	-68.8%-23.0pp	-45.8%+48.9pp	-94.7%+51.4pp	-146.1%-122.7pp	-23.4%+114.4pp	-137.8%-36.7pp	-101.2%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-9.5%+1.6pp	-11.1%-4.5pp	-6.6%+9.5pp	-16.1%+18.7pp	-34.7%-22.5pp	-12.2%+43.4pp	-55.7%-36.8pp	-18.9%
Current Ratio	1.26+0.1	1.14-0.2	1.32+0.9	0.41-0.1	0.54-0.1	0.68-0.1	0.82+0.1	0.67
Debt-to-Equity	0.67+0.7	0.000.0	0.00-0.0	0.01+0.1	-0.11-0.4	0.28+0.1	0.18+0.6	-0.46
FCF Margin	-72.5%-20.6pp	-51.9%+0.3pp	-52.3%-16.4pp	-35.9%+88.6pp	-124.5%-138.0pp	13.5%+97.5pp	-84.0%-74.8pp	-9.2%

Note: The current ratio is below 1.0 (0.41), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is Bio-Key Intl Inc's annual revenue?

Bio-Key Intl Inc (BKYI) reported $6.9M in total revenue for fiscal year 2024. This represents a -10.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bio-Key Intl Inc's revenue growing?

Bio-Key Intl Inc (BKYI) revenue declined by 10.6% year-over-year, from $7.8M to $6.9M in fiscal year 2024.

Is Bio-Key Intl Inc profitable?

No, Bio-Key Intl Inc (BKYI) reported a net income of -$4.3M in fiscal year 2024, with a net profit margin of -62.1%.

What is Bio-Key Intl Inc's EBITDA?

Bio-Key Intl Inc (BKYI) had EBITDA of -$3.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Bio-Key Intl Inc have?

As of fiscal year 2024, Bio-Key Intl Inc (BKYI) had $438K in cash and equivalents against $45K in long-term debt.

What is Bio-Key Intl Inc's gross margin?

Bio-Key Intl Inc (BKYI) had a gross margin of 81.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Bio-Key Intl Inc's operating margin?

Bio-Key Intl Inc (BKYI) had an operating margin of -57.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Bio-Key Intl Inc's net profit margin?

Bio-Key Intl Inc (BKYI) had a net profit margin of -62.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Bio-Key Intl Inc's free cash flow?

Bio-Key Intl Inc (BKYI) generated -$2.9M in free cash flow during fiscal year 2024. This represents a 22.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Bio-Key Intl Inc's operating cash flow?

Bio-Key Intl Inc (BKYI) generated -$2.9M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Bio-Key Intl Inc's total assets?

Bio-Key Intl Inc (BKYI) had $8.6M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Bio-Key Intl Inc's capital expenditures?

Bio-Key Intl Inc (BKYI) invested $13K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Bio-Key Intl Inc spend on research and development?

Bio-Key Intl Inc (BKYI) invested $2.5M in research and development during fiscal year 2024.

How many shares does Bio-Key Intl Inc have outstanding?

Bio-Key Intl Inc (BKYI) had 4M shares outstanding as of fiscal year 2024.

What is Bio-Key Intl Inc's current ratio?

Bio-Key Intl Inc (BKYI) had a current ratio of 0.41 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Bio-Key Intl Inc's debt-to-equity ratio?

Bio-Key Intl Inc (BKYI) had a debt-to-equity ratio of 0.01 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bio-Key Intl Inc's return on assets (ROA)?

Bio-Key Intl Inc (BKYI) had a return on assets of -49.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Bio-Key Intl Inc's cash runway?

Based on fiscal year 2024 data, Bio-Key Intl Inc (BKYI) had $438K in cash against an annual operating cash burn of $2.9M. This gives an estimated cash runway of approximately 2 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Bio-Key Intl Inc's Piotroski F-Score?

Bio-Key Intl Inc (BKYI) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bio-Key Intl Inc's earnings high quality?

Bio-Key Intl Inc (BKYI) has an earnings quality ratio of 0.68x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Bio-Key Intl Inc cover its interest payments?

Bio-Key Intl Inc (BKYI) has an interest coverage ratio of -22.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Bio-Key Intl Inc?

Bio-Key Intl Inc (BKYI) scores 20 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.