Revenue remains highly volatile, fluctuating between $0.9M and $2.2M over the last ten quarters, while the company continues to report negative operating margins, reaching -5.5% in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 6.63M | 6.1M | 6.93M | 7.75M | 7.02M | 5.11M | 2.84M | 2.27M | 4.04M | 6.3M | 2.98M | 5.26M | 4.01M | 1.99M | 3.84M | 3.51M | 3.52M | 2.36M | 12.88M | 9.99M | 15.19M | 14.23M | 5.56M | 524.1K | 155.4K | 0 | 0 | 157.97K | 384.58K | 464.17K | 32K |
| Revenue Growth % | 4.37% | -12.04% | -10.64% | 10.46% | 37.26% | 80.29% | 25.1% | -43.94% | -35.83% | 111.81% | -43.44% | 31.34% | 101.71% | -48.23% | 9.32% | -0.33% | 49.34% | -81.69% | 28.91% | -34.26% | 6.8% | 155.95% | 960.53% | 237.26% | - | - | -100% | -58.92% | -17.15% | 1350.53% | - |
| Cost of Goods Sold | 1.47M | 1.37M | 1.29M | 6.32M | 2.44M | 1.67M | 794.83K | 2.46M | 4.16M | 6.48M | 729.68K | 1.28M | 748.75K | 387.03K | 571.73K | 810.46K | 559.14K | 504.24K | 1.74M | 1.78M | 3.4M | 3.84M | 2.06M | 89.08K | 2.72K | 0 | -137.3K | -33.19K | 1.05M | 390.24K | 14.88K |
| COGS % of Revenue | - | 22.53% | 18.61% | 81.54% | 34.75% | 32.71% | 28.02% | 108.54% | 102.96% | 102.88% | 24.52% | 24.32% | 18.69% | 19.49% | 14.9% | 23.1% | 15.88% | 21.39% | 13.48% | 17.87% | 22.36% | 27.02% | 37.14% | 17% | 1.75% | - | - | -21.01% | 274.21% | 84.07% | 46.48% |
| Gross Profit | 5.16M | 4.72M | 5.64M | 1.43M | 4.58M | 3.44M | 2.04M | -193.72K | -119.65K | -181.32K | 2.25M | 3.98M | 3.26M | 1.6M | 3.26M | 2.7M | 2.96M | 1.85M | 11.14M | 8.2M | 11.8M | 10.38M | 3.49M | 435.02K | 152.68K | 0 | 137.3K | 191.16K | -669.97K | 73.92K | 17.13K |
| Gross Margin % | 77.84% | 77.47% | 81.39% | 18.46% | 65.25% | 67.29% | 71.98% | -8.54% | -2.96% | -2.88% | 75.48% | 75.68% | 81.31% | 80.51% | 85.1% | 76.9% | 84.12% | 78.61% | 86.52% | 82.13% | 77.64% | 72.98% | 62.86% | 83% | 98.25% | - | - | 121.01% | -174.21% | 15.93% | 53.52% |
| Gross Profit Growth % | - | -16.28% | 294.06% | -68.75% | 33.1% | 68.54% | 1154.09% | -61.91% | 34.01% | -108.07% | -43.59% | 22.25% | 103.7% | -51.02% | 20.97% | -8.88% | 59.81% | -83.37% | 35.8% | -30.46% | 13.62% | 197.15% | 703.18% | 184.92% | - | -100% | -28.17% | 128.53% | -1006.28% | 331.68% | - |
| Operating Expenses | 8.9M | 8.98M | 9.65M | 10.26M | 14.5M | 8.38M | 7.25M | 13.33M | 6.75M | 7.34M | 6.45M | 5.68M | 5.3M | 4.12M | 3.24M | 4.15M | 4.16M | 4.31M | 11.04M | 13.57M | 16.83M | 18.67M | 10.08M | 3.16M | 3.01M | 2.27M | 3.13M | 3.49M | 4.88M | 2.86M | 809.29K |
| OpEx % of Revenue | - | 147.37% | 139.28% | 132.27% | 206.61% | 163.92% | 255.4% | 587.69% | 166.87% | 116.39% | 216.65% | 107.9% | 132.21% | 207.49% | 84.37% | 118.36% | 118.2% | 182.83% | 85.76% | 135.84% | 110.74% | 131.24% | 181.28% | 602.07% | 1937.49% | - | - | 2211.78% | 1270.15% | 616.2% | 2529.04% |
| Selling, General & Admin | 6.27M | 6.37M | 7.14M | 7.86M | 9.36M | 6.03M | 5.85M | 5.04M | 5.33M | 5.68M | 4.44M | 4.12M | 3.67M | 2.78M | 2.29M | 3.04M | 3.11M | 3.38M | 6.55M | 8.57M | 10.31M | 11.82M | 7.1M | 2.12M | 1.93M | 1.32M | 1.85M | 2.15M | 3.31M | 2.3M | 422.68K |
| SG&A % of Revenue | - | 104.55% | 103.04% | 101.39% | 133.4% | 117.87% | 206.17% | 222.13% | 131.88% | 90.06% | 149.14% | 78.33% | 91.62% | 139.81% | 59.67% | 86.53% | 88.21% | 143.5% | 50.9% | 85.84% | 67.86% | 83.12% | 127.67% | 404.14% | 1239.6% | - | - | 1361.95% | 861.9% | 494.9% | 1320.88% |
| Research & Development | 2.63M | 2.61M | 2.51M | 2.39M | 3.25M | 2.36M | 1.4M | 1.33M | 1.42M | 1.66M | 2.01M | 1.56M | 1.63M | 1.34M | 947.37K | 1.12M | 1.06M | 927.24K | 4.49M | 4.99M | 6.51M | 6.85M | 2.98M | 1.04M | 1.08M | 947.93K | 1.14M | 856.69K | 1.57M | 563.04K | 386.61K |
| R&D % of Revenue | - | 42.82% | 36.24% | 30.88% | 46.33% | 46.05% | 49.23% | 58.73% | 35% | 26.33% | 67.51% | 29.58% | 40.59% | 67.68% | 24.7% | 31.82% | 30% | 39.34% | 34.86% | 50.01% | 42.88% | 48.12% | 53.61% | 197.93% | 697.89% | - | - | 542.31% | 408.25% | 121.3% | 1208.17% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 1.89M | 0 | 0 | 6.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 137.3K | 485.79K | 0 | 0 | 0 |
| Operating Income | -3.74M | -4.26M | -4.01M | -8.83M | -9.92M | -4.94M | -5.2M | -13.52M | -6.87M | -4.28M | -4.2M | -1.7M | -2.04M | -2.52M | 27.89K | -1.45M | -1.2M | -2.46M | 98.19K | -5.36M | -5.03M | -8.29M | -6.58M | -2.72M | -2.86M | -2.27M | -2.99M | -3.3M | -5.55M | -2.79M | -792.17K |
| Operating Margin % | -56.34% | -69.89% | -57.88% | -113.82% | -141.36% | -96.62% | -183.42% | -596.23% | -169.83% | -67.83% | -141.17% | -32.22% | -50.9% | -126.97% | 0.73% | -41.46% | -34.09% | -104.22% | 0.76% | -53.71% | -33.1% | -58.26% | -118.42% | -519.07% | -1839.24% | - | - | -2090.76% | -1444.36% | -600.27% | -2475.53% |
| Operating Income Growth % | - | -6.21% | 54.56% | 11.06% | -100.81% | 5.02% | 61.51% | -96.82% | -60.66% | -1.77% | -147.79% | 16.86% | 19.14% | -9142.82% | 101.92% | -21.22% | 51.16% | -2602.04% | 101.83% | -6.69% | 39.33% | -25.92% | -141.95% | 4.82% | -26.11% | 24.18% | 9.5% | 40.54% | -99.36% | -251.73% | - |
| EBITDA | -3.48M | -3.88M | -3.53M | -8.24M | -9.38M | -4.43M | -4.78M | -12.51M | -5.13M | -2.7M | -4.14M | -1.64M | -1.97M | -2.47M | 67.76K | -1.41M | -1.17M | -2.41M | 952.43K | -3.91M | -887.95K | -2.41M | -5.94M | -2.71M | -2.86M | -2.23M | -2.85M | -2.82M | -4.92M | -2.68M | -771.78K |
| EBITDA Margin % | -52.43% | -63.7% | -50.99% | -106.21% | -133.58% | -86.57% | -168.37% | -551.92% | -126.9% | -42.82% | -139.07% | -31.15% | -49.19% | -124.48% | 1.77% | -40.24% | -33.15% | -102.07% | 7.4% | -39.11% | -5.84% | -16.93% | -106.96% | -517.85% | -1839.24% | - | - | -1783.25% | -1279.69% | -577.95% | -2411.8% |
| EBITDA Growth % | 5.2% | -9.89% | 57.1% | 12.17% | -111.79% | 7.3% | 61.84% | -143.84% | -90.17% | 34.78% | -152.53% | 16.83% | 20.3% | -3748.43% | 104.8% | -20.97% | 51.49% | -352.62% | 124.38% | -339.99% | 63.14% | 59.48% | -119.04% | 5.04% | -27.91% | 21.65% | -1.24% | 42.76% | -83.45% | -247.59% | - |
| D&A (Non-Cash Add-back) | 279.12K | 377.15K | 477.53K | 590.14K | 546.01K | 514.07K | 426.91K | 1M | 1.74M | 1.58M | 62.64K | 56.6K | 68.8K | 49.58K | 39.87K | 42.73K | 32.82K | 50.77K | 854.24K | 1.46M | 4.14M | 5.88M | 637.12K | 6.39K | 0 | 31.94K | 137.3K | 485.79K | 633.26K | 103.62K | 20.39K |
| EBIT | -3.81M | -4.26M | -4.02M | -8.44M | -11.92M | -5.05M | -5.33M | -13.52M | -6.87M | -4.28M | -4.2M | -1.67M | -1.88M | -2.44M | 27.89K | -1.46M | -1.2M | -2.46M | -1.69M | -5.36M | -5.03M | -8.29M | -6.44M | -2.72M | -2.86M | -2.27M | -2.99M | -3.3M | -5.55M | -2.79M | -700K |
| Net Interest Income | -185.1K | -313.84K | -299.64K | -206.74K | -10.23K | -13.93K | -4.31M | -1.07M | 80 | 27 | 30 | -192.19K | 7 | -136.48K | -24.62K | -316.49K | -469.93K | 89.8K | -2.55K | -829.36K | -5.73M | -6.51M | -600.18K | -1.11M | -1.16M | 0 | -141.34K | 0 | -396.6K | 0 | -31.32K |
| Interest Income | 3.79K | 3.79K | 110 | 11.53K | 233 | 4.08K | 30.65K | 154 | 80 | 27 | 30 | 14 | 7 | 7 | 7 | 95.03K | 241.42K | 165.71K | 1.34K | 3.1K | 0 | 35.96K | 66.82K | 4.14K | 0 | 0 | 0 | 0 | 99.88K | 0 | 4.29K |
| Interest Expense | 188.88K | 317.63K | 299.75K | 218.27K | 10.46K | 18K | 4.34M | 1.07M | 0 | 0 | 0 | 192.2K | 0 | 136.48K | 24.63K | 411.53K | 711.35K | 89.8K | 92.52K | 832.46K | 5.73M | 6.55M | 667.01K | 1.11M | 1.16M | 317.63K | 141.34K | 0 | 496.48K | 0 | 35.61K |
| Other Income/Expense | -265.25K | -313.84K | -312.65K | 170.47K | -2.01M | -123.92K | -4.47M | -1.07M | 80 | 27 | 12.12K | -160.13K | 157.26K | -57.66K | -24.62K | -416.49K | 550.23K | -206.08K | 86.34K | -204.35K | -6.05M | 4.61M | 1.81M | -1.11M | -1.16M | -317.63K | 0 | 0 | 0 | 0 | 56.56K |
| Pretax Income | -4M | -4.57M | -4.32M | -8.66M | -11.93M | -5.07M | -9.67M | -14.59M | -6.87M | -4.28M | -4.19M | -1.86M | -1.88M | -2.58M | 3.27K | -1.9B | -306.79M | 4.69B | 119.18K | -1.06M | -11.08M | 6.87M | -7.24M | -3.83M | -4.02M | -2.58M | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -60.34% | -75.04% | -62.39% | -111.62% | -169.94% | -99.05% | -341.02% | -643.37% | -169.83% | -67.83% | -140.76% | -35.28% | -46.98% | -129.88% | 0.09% | -54081.28% | -8714.59% | 199108.51% | 0.93% | -10.58% | -72.93% | 48.29% | -130.21% | -730.03% | -2586.87% | - | - | - | - | - | - |
| Income Tax | 16.5K | -16.5K | -23K | -134.01K | -20.43K | 0 | 0 | 0 | 160 | 0 | 912 | 912 | 1.71K | 2.81K | 7 | 442.99K | -893.22K | -7.15M | -20.99K | -4.31M | 0 | -8.65M | 655.48K | 0 | 0 | -300.25K | 141.34K | 125.58K | 396.6K | -192.45K | 31.32K |
| Effective Tax Rate % | -0.41% | 0.36% | 0.53% | 1.55% | 0.17% | 0% | 0% | 0% | -0% | 0% | -0.02% | -0.05% | -0.09% | -0.11% | 0.21% | -0.02% | 0.29% | -0.15% | -17.61% | 407.46% | 0% | -125.85% | -9.06% | 0% | 0% | 11.62% | - | - | - | - | - |
| Net Income | -4.02M | -4.59M | -4.3M | -8.52M | -11.91M | -5.07M | -9.67M | -14.59M | -6.87M | -4.28M | -4.19M | -1.86M | -1.88M | -2.58M | 3.27K | -1.9M | -306.79K | 4.69M | 119.18K | -1.06M | -11.08M | 358.06K | -7.24M | -3.83M | -4.02M | -2.28M | -3.13M | -3.43M | -5.95M | -2.59M | -823.49K |
| Net Margin % | -60.58% | -75.31% | -62.06% | -109.89% | -169.65% | -99.05% | -341.02% | -643.37% | -169.83% | -67.83% | -140.79% | -35.3% | -47.02% | -130.02% | 0.09% | -54.08% | -8.71% | 199.11% | 0.93% | -10.58% | -72.93% | 2.52% | -130.21% | -730.03% | -2586.87% | - | - | -2170.26% | -1547.48% | -558.81% | -2573.4% |
| Net Income Growth % | 14.67% | -6.74% | 49.53% | 28.45% | -135.11% | 47.63% | 33.69% | -112.39% | -60.66% | -2.04% | -125.58% | 1.39% | 27.05% | -79137.37% | 100.17% | -518.54% | -106.54% | 3838.23% | 111.27% | 90.46% | -3194.65% | 104.95% | -89.16% | 4.82% | -76.02% | 27.05% | 8.69% | 42.39% | -129.44% | -214.98% | - |
| Net Income (Continuing) | -4.02M | -4.56M | -4.3M | -8.52M | -11.91M | -5.07M | -9.67M | -14.59M | -6.87M | -4.28M | -4.19M | -1.86M | -1.88M | -2.58M | 3.27K | -1.9M | -649.77K | -2.66M | 184.53K | -5.57M | -11.08M | -3.67M | -14.35M | -3.83M | -4.02M | -2.28M | -3.13M | -3.43M | -5.95M | -2.59M | -800K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.07 | -6.91 | -20.88 | -152.10 | -272.65 | -117.03 | -226.64 | -1476.89 | -1053.95 | -1094.25 | -1286.65 | -521.11 | -551.24 | -972.20 | 1.40 | -839.28 | -136.11 | 2073.60 | -919.16 | -1736.66 | -8343.37 | -2647.34 | -14628.59 | -7800.84 | -10926.73 | -6796.95 | -12410.39 | -15708.15 | -27425.35 | -12777.41 | -2807.02 |
| EPS Growth % | 69.42% | 66.91% | 86.27% | 44.21% | -132.97% | 48.36% | 84.65% | -40.13% | 3.68% | 14.95% | -146.91% | 5.47% | 43.3% | -69542.86% | 100.17% | -516.62% | -106.56% | 325.6% | 47.07% | 79.19% | -215.16% | 81.9% | -87.53% | 28.61% | -60.76% | 45.23% | 20.99% | 42.72% | -114.64% | -355.19% | - |
| EPS (Basic) | - | -6.91 | -20.88 | -152.10 | -272.65 | -117.03 | -226.64 | -1476.89 | -1303.65 | -1291.14 | -1533.23 | -558.53 | -551.24 | -972.20 | 1.40 | -839.28 | -136.11 | 2073.60 | -919.16 | -1736.66 | -8343.37 | -3076.31 | -14628.59 | -7800.84 | -10926.73 | -6796.95 | -12410.39 | -15708.15 | -27425.35 | -12777.41 | -2807.02 |
| Diluted Shares Outstanding | 661.76K | 664.77K | 205.99K | 56.03K | 43.68K | 43.29K | 43.18K | 9.88K | 8.06K | 4.61K | 3.88K | 3.82K | 3.42K | 2.66K | 2.31K | 2.26K | 2.25K | 2.1K | 1.86K | 1.7K | 1.45K | 1.51K | 1.01K | 508 | 383 | 336 | 277 | 240 | 217 | 203 | 285 |
| Basic Shares Outstanding | 661.76K | 664.77K | 205.99K | 56.03K | 43.68K | 43.29K | 43.18K | 9.88K | 6.52K | 3.91K | 3.26K | 3.56K | 3.42K | 2.66K | 2.31K | 2.26K | 2.25K | 2.1K | 1.86K | 1.7K | 1.45K | 1.3K | 1.01K | 508 | 383 | 336 | 277 | 240 | 217 | 203 | 285 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As evidenced by the quarterly data, BKYI's top-line performance remains highly erratic, with revenue fluctuating between $0.9M and $2.2M over the last ten quarters, ultimately failing to establish a consistent growth trajectory despite the company's strategic pivot toward recurring software-as-a-service models within the identity management sector.
The revenue profile appears heavily dependent on lumpy, project-based contracts rather than a steady accumulation of recurring subscriptions. This inconsistency suggests that the company has yet to successfully transition its business model into a predictable, high-growth software enterprise.
According to reported financial statements, BKYI maintains a structurally high gross margin, frequently exceeding 75%, yet this efficiency is consistently undermined by an inability to translate these gains into positive operating income, suggesting that the underlying product value is not sufficient to cover corporate overhead.
While the software-centric PortalGuard platform supports strong gross margins, the company's reliance on legacy hardware sales introduces significant volatility in cost of goods sold. Investors should monitor whether the company can sustain these margins as it faces increasing competitive pressure from larger, integrated identity providers.
Based on the income statement history, BKYI exhibits a persistent lack of operating leverage, as SG&A and R&D expenses frequently exceed gross profit, resulting in deep operating losses that have characterized the company's performance for the majority of the observed ten-quarter period.
The fixed cost base appears disproportionately large relative to current revenue levels, indicating that the company is struggling to achieve the necessary scale to reach profitability. Without a significant increase in top-line volume, the current expense structure may continue to erode shareholder value through ongoing operational deficits.
As highlighted by the persistent negative operating margins and the recent $2.7M cash position against significant quarterly burn, the company's financial narrative faces a critical challenge regarding its long-term viability without further dilutive capital raises or a dramatic improvement in operational efficiency.
Short-term observers may focus on the potential for large-scale international contract wins, but the historical data suggests these are often offset by high implementation costs and collection risks. The fundamental risk remains that the company's identity orchestration value proposition is being commoditized by larger, better-capitalized incumbents.
Quick answers to the most common questions about buying BKYI stock.
For fiscal year 2025, BIO-key International, Inc. (BKYI) reported total revenue of $6.1M. This represents a 18947.2% increase compared to $0.0M in 1996.
BIO-key International, Inc. (BKYI) reported a net loss of $4.6M for the fiscal year ending 2025.
BIO-key International, Inc. (BKYI) reported an operating income of $-4.3M, resulting in an operating profit margin of -69.9%. This margin reflects the operational efficiency of the business before interest and taxes.
BIO-key International, Inc. (BKYI) generated $4.7M in gross profit for the year, representing a gross profit margin of 77.5%. This demonstrates the company's core pricing power and production efficiency.