Tearsheet

BIO-key International (BKYI)

Market Price (12/15/2025): $0.6853 | Market Cap: $4.5 Mil
Sector: Industrials | Industry: Security & Alarm Services

BIO-key International (BKYI)

Market Price (12/15/2025): $0.6853
Market Cap: $4.5 Mil
Sector: Industrials
Industry: Security & Alarm Services

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%	Weak multi-year price returns 2Y Excs Rtn is -125%, 3Y Excs Rtn is -169%	Penny stock Mkt Price is 0.7
1	Megatrend and thematic drivers Megatrends include Cybersecurity. Themes include Identity Management.		Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -3.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -61%
2			Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -28%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -53%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94%
5			High stock price volatility Vol 12M is 145%

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -12%
1	Megatrend and thematic drivers Megatrends include Cybersecurity. Themes include Identity Management.
2	Weak multi-year price returns 2Y Excs Rtn is -125%, 3Y Excs Rtn is -169%
3	Penny stock Mkt Price is 0.7
4	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -3.9 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -61%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -13%, Rev Chg QQuarterly Revenue Change % is -28%
6	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -53%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -53%
7	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -94%
8	High stock price volatility Vol 12M is 145%

Valuation, Metrics & Events

	12/15/25	2024	2023	2022	2021
Share Price CYE	$0.69	$1.71	$3.00	$10.53	$39.78
Market Cap CYE ($ Mil)	4.5	5.2	1.6	4.3	17.2
Total Debt ($ Mil)	1.5	1.8	0.4	3.2	0.3
Total Cash ($ Mil)	2.0	0.4	0.5	2.6	7.8
Enterprise Value ($ Mil)	3.9	7.0	2.0	7.5	17.5
Valuation Ratios
P/S TTM	0.7	0.5	0.2	0.7	3.4
P/EBIT TTM	-1.1	-0.8	-0.2	-0.4	-3.4
P/E TTM	-1.1	-0.8	-0.2	-0.4	-3.4
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0	5.0	10.4
P/EBIT TTM (Sector)	29.1	31.2	26.5	17.6	29.4
P/E TTM (Sector)	37.5	39.9	36.4	22.9	42.6

	12/15/25	2024	2023
Share Price CYE	$0.69	$1.71	$3.00
Market Cap CYE ($ Mil)	4.5	5.2	1.6
Total Debt ($ Mil)	1.5	1.8	0.4
Total Cash ($ Mil)	2.0	0.4	0.5
Enterprise Value ($ Mil)	3.9	7.0	2.0
Valuation Ratios
P/S TTM	0.7	0.5	0.2
P/EBIT TTM	-1.1	-0.8	-0.2
P/E TTM	-1.1	-0.8	-0.2
Sector Ratios
P/S TTM (Sector)	11.4	10.5	8.0
P/EBIT TTM (Sector)	29.1	31.2	26.5
P/E TTM (Sector)	37.5	39.9	36.4

	BKYI	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-27.7%	15.9%
Rev Chg LTM	-13.4%	13.2%
Rev Chg 3Y Avg	1.8%	12.2%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-61.5%	37.5%
CFO/Rev LTM	-53.1%	35.5%
Net Inc Mgn	-67.3%	27.6%
VALUATION	VERY LOW
P/S	0.7	11.4
P/CFO	-1.3	30.6
P/FCF	-1.3	54.0
P/E	-1.1	37.5
STABILITY	GOOD
Debt/Equity	0.31	0.03
Cash/Assets	0.20	0.16

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Total Users Secured	over 40 million	1212025	Link
PortalGuard IDaaS Platform Users	over 4 million	1212025	Link
Number of Customers	about 700	2192025	Link
Annual Recurring Revenue	~$6,000,000	6012025	Link
Number of U.S. Patents	18	6012025	Link
Anticipated Contract Renewal Value	~$3,000,000	5162025	Link

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BKYI Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

1. BIO-key International (BKYI) reported a Q3 2025 earnings miss on November 14, 2025. The company posted an earnings per share (EPS) of -$0.15, which was below analysts' expectations of -$0.12. Additionally, quarterly revenue came in at $1.55 million, missing analyst estimates of $1.80 million and representing a decrease from $2.14 million in Q3 2024.

2. The company experienced an increased net loss in Q3 2025. BIO-key reported a net loss of $964,849 for the third quarter of 2025, an increase compared to a net loss of $738,959 in the same period last year.

3. Bearish technical signals and forecasts indicate a negative sentiment for the stock. As of December 2025, several analyses highlighted a bearish moving average trend with multiple negative signals for BKYI. Technical indicators and expert forecasts suggested a continued downtrend and sell signals for the stock.

4. Significant stock volatility and price declines were observed in the short term. The stock price decreased by -5.08% on December 11, 2025, and had declined in 6 of the preceding 10 days, resulting in a total change of -15.93% during that period. A sell signal from a pivot top point on November 18, 2025, preceded a -33.46% fall.

5. The exercise of warrants led to an increase in outstanding shares. On October 27, 2025, BIO-key secured $3.1 million in gross proceeds from a warrant exercise agreement. However, this transaction involved the issuance of 3,091,668 shares, which can lead to dilution of existing shareholders.

Stock Movement Drivers

Fundamental Drivers

The -9.9% change in BKYI stock from 9/14/2025 to 12/14/2025 was primarily driven by a -13.2% change in the company's Shares Outstanding (Mil).

	9142025	12142025	Change
Stock Price ($)	0.77	0.69	-9.87%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6.91	6.32	-8.61%
P/S Multiple	0.65	0.72	11.61%
Shares Outstanding (Mil)	5.82	6.59	-13.17%
Cumulative Contribution			-11.43%

LTM = Last Twelve Months as of date shown

Market Drivers

9/14/2025 to 12/14/2025

	Return	Correlation
BKYI	-9.9%
Market (SPY)	3.7%	9.7%
Sector (XLI)	3.4%	15.2%

Fundamental Drivers

The -10.8% change in BKYI stock from 6/15/2025 to 12/14/2025 was primarily driven by a -40.1% change in the company's Shares Outstanding (Mil).

	6152025	12142025	Change
Stock Price ($)	0.78	0.69	-10.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6.36	6.32	-0.62%
P/S Multiple	0.58	0.72	25.76%
Shares Outstanding (Mil)	4.70	6.59	-40.09%
Cumulative Contribution			-25.12%

LTM = Last Twelve Months as of date shown

Market Drivers

6/15/2025 to 12/14/2025

	Return	Correlation
BKYI	-10.8%
Market (SPY)	14.5%	10.4%
Sector (XLI)	10.2%	13.7%

Fundamental Drivers

The -28.1% change in BKYI stock from 12/14/2024 to 12/14/2025 was primarily driven by a -248.6% change in the company's Shares Outstanding (Mil).

	12142024	12142025	Change
Stock Price ($)	0.97	0.69	-28.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	7.29	6.32	-13.39%
P/S Multiple	0.25	0.72	189.58%
Shares Outstanding (Mil)	1.89	6.59	-248.60%
Cumulative Contribution			-472.71%

LTM = Last Twelve Months as of date shown

Market Drivers

12/14/2024 to 12/14/2025

	Return	Correlation
BKYI	-28.1%
Market (SPY)	13.9%	7.8%
Sector (XLI)	15.3%	6.5%

Fundamental Drivers

The -95.2% change in BKYI stock from 12/15/2022 to 12/14/2025 was primarily driven by a -1355.1% change in the company's Shares Outstanding (Mil).

	12152022	12142025	Change
Stock Price ($)	14.40	0.69	-95.17%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	6.20	6.32	1.92%
P/S Multiple	1.05	0.72	-31.10%
Shares Outstanding (Mil)	0.45	6.59	-1355.12%
Cumulative Contribution			-981.47%

LTM = Last Twelve Months as of date shown

Market Drivers

12/15/2023 to 12/14/2025

	Return	Correlation
BKYI	-76.7%
Market (SPY)	48.0%	7.4%
Sector (XLI)	42.4%	3.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
BKYI Return	-12%	-37%	-74%	-72%	-43%	-60%	-99%
Peers Return	�	�	-41%	8%	19%	4%	�
S&P 500 Return	16%	27%	-19%	24%	23%	16%	111%
Monthly Win Rates [3]
BKYI Win Rate	50%	33%	33%	33%	33%	33%
Peers Win Rate	�	50%	30%	45%	52%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
BKYI Max Drawdown	-27%	-39%	-76%	-74%	-80%	-63%
Peers Max Drawdown	�	�	-56%	-25%	-21%	-24%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: OKTA, YOU, OSPN, MITK, AWRE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/12/2025 (YTD)

How Low Can It Go

Unique Key	Event	BKYI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-97.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	3231.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-69.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	227.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-88.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	747.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	Not Fully Recovered days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-87.5%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	700.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1631 days	1480 days

Compare to BCO, MG, NL, CIX, ADT

In The Past

BIO-key International's stock fell -97.0% during the 2022 Inflation Shock from a high on 2/16/2021. A -97.0% loss requires a 3231.1% gain to breakeven.

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About BIO-key International (BKYI)

BIO-key International, Inc. develops and markets fingerprint identification biometric technology and software solutions, and enterprise-ready identity access management solutions for commercial, government, and education customers in the United States and internationally. The company offers BIO-key PortalGuard and PortalGuard IDaaS solutions, a customer-controlled and neutral-by-design cloud-based identity platform that allows customers to integrate with any cloud or on-premises SaaS application, as well as windows device authentication through IAM platform. Its solutions enable its customers to secure their workforces and student populations; and make their partner networks more collaborative. In addition, it provides BIO-key VST and WEB-key products; and Civil and Large-Scale ID Infrastructure solutions that develops finger-based biometric technology. Further, it offers finger scanners for enterprise and consumer markets under SideSwipe, EcoID, and SidePass brand names. The company was formerly known as SAC Technologies and changed its name to BIO-key International, Inc. in 2002. BIO-key International, Inc. was founded in 1993 and is headquartered in Wall, New Jersey.

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for BIO-key International (BKYI):

A biometric-centric Okta, providing identity and access management solutions with a strong focus on secure, passwordless authentication using biometrics.
The enterprise equivalent of Apple's Face ID for securing logins and access, but across a wide range of business applications and devices.

AI Generated Analysis | Feedback

Identity and Access Management (IAM) Platform (e.g., PortalGuard Identity-as-a-Service): Provides a comprehensive suite of tools for managing user identities and controlling secure access to enterprise applications and data.
Biometric Authentication Solutions: Offers secure, multi-factor authentication using various biometrics, such as fingerprint, facial, or palm vein recognition, to verify user identities.
Biometric Hardware Devices: Sells a range of fingerprint scanners and other biometric hardware devices designed for seamless integration with their software solutions.
Professional Services: Delivers consulting, implementation, training, and ongoing support to help organizations deploy and optimize their identity and access management solutions.

AI Generated Analysis | Feedback

BIO-key International (BKYI) primarily sells its biometric identification and identity and access management solutions to **other companies and government organizations (B2B/B2G)**, rather than directly to individuals.

While BIO-key's financial reports indicate a significant concentration of revenue from one specific, unnamed customer (which accounted for approximately 21% of total revenue in 2023 and 34% in 2022), the company does not publicly disclose the names of its major customers in its financial filings or investor relations materials.

Instead of specific company names, BIO-key generally describes its customer base by the **industry verticals** it serves. Therefore, while specific customer company names cannot be provided due to non-disclosure by BIO-key International, their major customers are organizations that fall within these categories:

**Enterprise** (across various commercial sectors)
**Healthcare organizations**
**Financial services institutions**
**Government agencies** (federal, state, and local)
**Educational institutions**
**Retail businesses**
**Law enforcement agencies**

These organizations utilize BIO-key's products and solutions for various identity and access management and security applications.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

Michael W. DePasquale, Chairman and Chief Executive Officer

Mr. DePasquale has served as Chief Executive Officer of BIO-key International since January 2003 and Chairman since February 2014. He brings over 25 years of executive management, sales, and marketing experience to the company. Prior to joining BIO-key, he served as President and Chief Executive Officer of Prism eSolutions, Inc. He was also Group Vice President for WRC Media, a distributor of supplemental education products and software. From 1996 to 1999, he was Senior Vice President of Jostens Learning Corporation, a multimedia curriculum provider that was acquired by WRC Media. Mr. DePasquale was part of a team, alongside GE Capital and Bain Partners, that purchased Jostens Learning in 1996. He also held sales and marketing management positions with McGraw-Hill and Digital Equipment Corporation.

Cecilia C. Welch, Chief Financial Officer and Principal Accounting Officer

Ms. Welch was appointed Vice President and Chief Financial Officer of BIO-key International in December 2009, having joined the company in 2007 as Corporate Controller. She possesses over 25 years of operational and financial management experience within various technology corporations. Before her tenure at BIO-key, she served as Controller for SavaJe Technologies, Crystal Systems, and ATN Microwave. ATN Microwave was acquired by Agilent Technologies.

Mira K. LaCous, Chief Technology Officer

Ms. LaCous serves as the Chief Technology Officer for BIO-key International.

James D. Sullivan, Vice President, Strategy and Compliance and Chief Legal Officer

Mr. Sullivan holds the position of Vice President, Strategy and Compliance and Chief Legal Officer at BIO-key International.

Mark Cochran, President at PortalGuard

Mr. Cochran is the President of PortalGuard, a platform offered by BIO-key International.

AI Generated Analysis | Feedback

The rapid adoption and integration of "Passkeys" by major technology platforms (Apple, Google, Microsoft) presents a significant emerging threat. Passkeys leverage FIDO standards to provide a user-friendly, passwordless authentication experience using device-native biometrics (such as fingerprint or facial recognition) or PINs, often with seamless syncing across devices. As enterprises increasingly adopt Passkeys for secure and convenient login across cloud applications and internal systems, relying on employees' existing smartphones and computers, the demand for third-party dedicated biometric hardware and proprietary software solutions, which form a significant part of BIO-key's business, could diminish. This trend allows organizations to utilize existing employee devices and their built-in biometric capabilities, potentially bypassing the need for specialized biometric solutions offered by BIO-key for primary authentication needs.

AI Generated Analysis | Feedback

BIO-key International (BKYI) operates in several addressable markets related to identity and access management and biometric authentication solutions. The addressable market sizes for their main products and services are detailed below:

Global Biometrics Market

The global biometrics market, which encompasses BIO-key's core technology, was valued at approximately USD 50.08 billion in 2024 and is projected to reach around USD 307.24 billion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 19.89% from 2025 to 2034. Another estimate placed the global market size at USD 45.09 billion in 2024, with a forecast to grow to USD 173.08 billion by 2033 at a CAGR of 14.40%. In 2023, the global biometric system market was valued at USD 33.18 billion and is projected to reach USD 113.22 billion by 2032, exhibiting a CAGR of 15.2%.

Identity and Access Management (IAM) Market

The global Identity and Access Management (IAM) market, where BIO-key's PortalGuard platform and other IAM solutions compete, was estimated at USD 22.9 billion in 2024 and is projected to grow to USD 34.3 billion by 2029, at a CAGR of 8.4%. Other estimates value the global IAM market at USD 20.41 billion in 2024, with a projection to reach USD 65.70 billion by 2034 at a CAGR of 12.40%. North America holds a significant share of this market, with the U.S. identity and access management market alone valued at USD 5.29 billion in 2024 and projected to reach approximately USD 17.45 billion by 2034, growing at a CAGR of 12.68%. The North American IAM market reached USD 7.55 billion in 2024 and is expected to grow to about USD 24.31 billion by 2034.

FIDO Authentication Market

BIO-key also offers FIDO2 compliant options. The global FIDO Authentication market is forecast to grow from USD 2.16 billion in 2025 to USD 15.32 billion by 2035, with a strong CAGR of 18.3%. Another report indicated the global FIDO Authentication market was valued at US$ 2334 million in 2024 and is projected to reach US$ 7762 million by 2031, growing at a CAGR of 19.0%. North America is the largest market for FIDO authentication, accounting for approximately 47% of the share.

Healthcare Biometrics Market

BIO-key's products find application in the healthcare sector. The global healthcare biometrics market was valued at USD 9.45 billion in 2023 and is projected to reach USD 42.00 billion by 2030, growing at a CAGR of 23.8% from 2024 to 2030. Another source estimated the global market size at USD 9.79 billion in 2025, predicted to surpass USD 41.46 billion by 2034, representing a CAGR of 17.40%. North America dominated the global market in 2023 with a 36.4% revenue share. The North America healthcare biometrics market size was USD 3.50 billion in 2024 and is expected to grow at a CAGR of 17.53%.

Biometrics in Workforce Management Market

BIO-key's biometric solutions are used for workforce management. The global biometrics in workforce management market was valued at USD 24,659.30 million in 2024 and is expected to increase to USD 74,008.52 million by 2031, growing at a CAGR of 17.0%. Another estimate projects the global market to reach USD 12.34 billion by 2031, growing at a CAGR of 10.2% from 2025, having an estimated value of USD 5.24 billion in 2024. North America holds a significant share of this market, contributing over 35% of the global market.

AI Generated Analysis | Feedback

Here are the expected drivers of future revenue growth for BIO-key International (BKYI) over the next 2-3 years:

Growth in High-Margin Software License Fees and Subscription Contracts: BIO-key is strategically focusing on increasing its high-margin software license revenue and expanding its base of subscription contracts. This shift is evidenced by a 52% rise in high-margin license revenue in Q3 2024 and continued growth in license fee revenue in Q2 2025, reflecting a growing subscription contract base. The company's decision to exit lower-margin third-party services and concentrate on its own BIO-key branded solutions, such as PortalGuard Identity and Access Management (IAM) and Identity-Bound Biometrics, is expected to enhance overall profitability and contribute to this growth.
Expansion in Existing Large-Scale Enterprise and Government Customers: A significant driver of future revenue is the continued expansion of deployments with existing, long-term customers. BIO-key has reported securing substantial orders from and expanding services to established clients. Examples include a large order from a leading foreign defense ministry, additional deployments within the province of British Columbia and Williamsburg, Virginia, and a substantial upgrade by a long-time foreign banking and financial services customer to a more sophisticated biometric solution hosted on AWS. Furthermore, the company has seen additional deployments of finger biometric scanners for a major long-time customer.
Expansion into New Markets and Strategic Sectors: BIO-key is actively pursuing growth by penetrating new markets and strategically important sectors. The company is focusing on expanding its revenue in the defense and intelligence sectors, including new EMEA (Europe, Middle East, and Africa) contracts. This includes a significant identity and access management project with the National Bank of Mozambique and a three-year PortalGuard deployment with a Middle Eastern police force. The global increase in defense spending, particularly in cybersecurity, presents a substantial opportunity for BIO-key's security solutions. Additionally, BIO-key is collaborating with partners to extend its reach into the Internet of Things (IoT) and autonomous systems for access control and cybersecurity.
Launch and Adoption of New and Enhanced Product Platforms: Investment in research and development (R&D) and the introduction of new products and platform enhancements are expected to drive future revenue. BIO-key has launched its PortalGuard IDaaS (Identity-as-a-Service) platform on the AWS marketplace to broaden its global customer reach and visibility. The company is also investing in R&D to further enhance the capabilities of its solutions, including upgrades to PortalGuard, and is exploring new product lines. The anticipated launch of Passkey:YOU, a new biometric authentication solution, also represents a potential new revenue stream.

AI Generated Analysis | Feedback

Share Issuance

In October 2025, BIO-key entered a warrant inducement agreement where an existing institutional investor exercised Series A and B warrants to purchase 3,091,668 shares at $1.02 per share, generating approximately $3.1 million in gross proceeds.
In July 2020, BIO-key announced an underwritten public offering of 33,230,000 shares of common stock (or pre-funded warrants) and common warrants, with expected gross proceeds of $21.6 million at a combined price of $0.65 per share and common warrant.
Sales of common stock under an employee stock purchase plan provided approximately $3,740 during the year ended December 31, 2024.

Inbound Investments

An existing institutional investor's exercise of warrants in October 2025 resulted in approximately $3.1 million in gross proceeds for the company.
A public offering in July 2020 generated expected gross proceeds of $21.6 million.
Approximately $3,908,000 was provided by financing activities during the year ended December 31, 2024, which included proceeds advanced under a secured note and proceeds from the exercise of warrants.

Capital Expenditures

Net cash used in investing activities for capital expenditures totaled $13,047 during the year ended December 31, 2024.

Better Bets than BIO-key International (BKYI)

	BKYI	Better Performance than BKYI
Metric	Value	INDUSTRY: Security & Alarm Services
Rev Chg LTM	-13.4%	EVLV (43.2%), ADT (6.3%), BCO (3.1%), NSSC (-2.3%), MG (-3.2%)
Rev Chg 3Y Avg	1.8%	EVLV (51.7%), NSSC (7.3%), BCO (5.1%), ADT (3.4%), SNT (3.1%)
Op Mgn LTM	-61.5%	NSSC (25.7%), ADT (25.5%), BCO (9.8%), MG (6.6%), EVLV (-38.7%)
CFO/Rev LTM	-53.1%	ADT (38.5%), NSSC (28.4%), BCO (12.4%), EVLV (4.6%), MG (3.7%)
FCF/Rev LTM	-53.2%	NSSC (27.6%), ADT (27.1%), BCO (8.1%), MG (0.0%), EVLV (-25.8%)
Total Yield	-93.6%	ADT (11.7%), MG (5.8%), NSSC (4.1%), BCO (3.5%), EVLV (-4.9%)
P/S	0.7	MG (0.4), IVDA (0.5), VRME (0.5)
P/Op Inc	-1.2

	BKYI	Better Performance than BKYI
Metric	Value	SECTOR: Industrials
Rev Chg LTM	-13.4%	UBER (18.2%), GE (17.7%), GEV (9.4%), RTX (8.8%), CAT (-1.5%)
Rev Chg 3Y Avg	1.8%	UBER (19.6%), GE (15.7%), BA (10.1%), RTX (9.4%), CAT (4.9%)
Op Mgn LTM	-61.5%	GE (20.5%), CAT (17.7%), RTX (10.3%), UBER (9.2%), GEV (3.7%)
CFO/Rev LTM	-53.1%	UBER (18.1%), CAT (17.8%), GE (17.2%), RTX (9.3%), GEV (9.1%)
FCF/Rev LTM	-53.2%	UBER (17.5%), GE (14.7%), CAT (11.7%), GEV (6.6%), RTX (5.5%)
Total Yield	-93.6%	UBER (8.1%), RTX (4.5%), CAT (4.3%), GE (2.5%), GEV (1.1%)
P/S	0.7	WCC (0.4), UAL (0.5), DAL (0.6), FDX (0.6), LUV (0.6)
P/Op Inc	-1.2

	BKYI	Better Performance than BKYI
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-13.4%	NVDA (65.2%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	1.8%	NVDA (91.6%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
Op Mgn LTM	-61.5%	NVDA (58.8%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	-53.1%	MSFT (50.0%), NVDA (44.4%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	-53.2%	NVDA (41.3%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-93.6%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.2%)
P/S	0.7	CVS (0.2), MCK (0.2), GM (0.3), ELV (0.4), UNH (0.7)
P/Op Inc	-1.2

		Best Bets In Industrials Sector
	BKYI	GATX	VRSK	PAYX	ADT	AME	NDSN	PCTY	FTV	VRRM	CSW
What You Pay
P/E	-1.1	20.1	38.1	27.6	11.1	29.5	26.6	39.3	26.9	77.1	28.4
P/EBIT	-1.1	9.6	26.0	20.0	5.6	23.5	18.0	28.2	13.1	22.8	21.9
What You Get
Rev Chg Q	-27.7%	8.4%	5.9%	10.2%	4.4%	10.8%	12.1%	12.5%	2.3%	16.1%	21.5%
Rev Chg LTM	-13.4%	10.7%	7.3%	5.6%	6.3%	3.7%	4.5%	13.3%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	1.8%	10.3%	13.4%	6.5%	3.4%	5.9%	3.6%	21.4%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	-54.1%	39.2%	33.2%	31.6%	24.7%	23.2%	21.5%	21.5%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Is BIO-key International Stock Built to Withstand More Downside?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to BKYI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.9%	22.9%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.2%	2.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.7%	8.7%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	5.8%	5.8%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.8%	1.8%	0.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	22.9%	22.9%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	2.2%	2.2%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.7%	8.7%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	5.8%	5.8%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	1.8%	1.8%	0.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	310.0%	466.9%
WVE	WAVE Life Sciences	2.7	138.1%	33.9%
TERN	Terns Pharmaceuticals	4.1	121.7%	712.3%
ALMS	Alumis	0.9	119.3%	46.2%
CDTX	Cidara Therapeutics	5.9	106.0%	720.9%
SGML	Sigma Lithium	1.2	87.2%	-2.6%
ANNX	Annexon	0.7	75.0%	-3.1%
NUVB	Nuvation Bio	2.9	71.0%	216.9%
ARWR	Arrowhead Pharmaceuticals	9.7	69.2%	272.8%
SVRA	Savara	1.5	68.0%	125.4%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.0%	-63.3%
FRMI	Fermi	7.1	-53.6%
JANX	Janux Therapeutics	0.9	-46.4%	-71.4%
UP	Wheels Up Experience	0.5	-41.9%	-57.4%
AGIO	Agios Pharmaceuticals	1.6	-37.5%	-17.0%
ARDT	Ardent Health	1.2	-37.4%	-48.5%
CTEV	Claritev	0.6	-36.1%
METC	Ramaco Resources	1.0	-35.9%	54.3%
QURE	uniQure	1.1	-35.2%	10.5%
IBTA	Ibotta	0.6	-34.6%	-67.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TLRY	Tilray Brands	12.9	44.1%	-8.6%
RZLT	Rezolute	0.2	28.6%	-63.3%
CRON	Cronos	1.3	14.7%	61.9%
YOU	Clear Secure	4.0	13.3%	58.5%
RIVN	Rivian Automotive	22.5	12.1%	38.5%
EVCM	EverCommerce	2.2	10.9%	9.7%
LULU	Lululemon Athletica	24.5	9.6%	-46.4%
NX	Quanex Building Products	0.8	9.5%	-30.9%
OXM	Oxford Industries	0.5	9.4%	-53.1%
IIPR	Innovative Industrial Properties	1.6	8.9%	-5.9%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FRMI	Fermi	7.1	-33.8%
LENZ	LENZ Therapeutics	0.5	-26.0%	-37.2%
AIP	Arteris	0.7	-17.2%	59.9%
MOD	Modine Manufacturing	7.4	-15.3%	20.7%
FBYD	Falcons Beyond Global	0.4	-15.2%	40.7%
OKLO	Oklo	12.2	-15.1%	311.8%
SEI	Solaris Energy Infrastructure	2.0	-14.8%	62.6%
SNDK	SanDisk	30.1	-14.7%
NXDR	Nextdoor	0.9	-14.4%
RCUS	Arcus Biosciences	2.3	-14.4%	44.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.7	121.1%	33.9%
TLRY	Tilray Brands	12.9	65.3%	-8.6%
TERN	Terns Pharmaceuticals	4.1	53.3%	712.3%
PLAB	Photronics	2.1	50.4%	54.1%
FULC	Fulcrum Therapeutics	0.8	46.1%	176.6%
WRBY	Warby Parker	3.4	46.0%	13.2%
PL	Planet Labs PBC	5.5	42.8%	351.5%
ALEX	Alexander & Baldwin	1.5	37.5%	22.5%
KYMR	Kymera Therapeutics	7.8	34.6%	122.9%
CRON	Cronos	1.3	31.3%	61.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.7%	-63.3%
FBYD	Falcons Beyond Global	0.4	-44.0%	40.7%
FRMI	Fermi	7.1	-33.4%
LENZ	LENZ Therapeutics	0.5	-32.1%	-37.2%
GOGO	Gogo	0.7	-27.9%	-37.1%
ELVN	Enliven Therapeutics	0.9	-22.7%	-25.1%
CRK	Comstock Resources	6.3	-20.8%	18.9%
BE	Bloom Energy	22.3	-20.3%	327.6%
PHR	Phreesia	1.0	-19.9%	-35.4%
MVST	Microvast	1.0	-19.7%	45.4%

Peer Comparisons for BIO-key International

Peers to compare with:

Financials

	BKYI	OKTA	YOU	OSPN	MITK	AWRE	Median
Name	BIO-key .	Okta	Clear Se.	OneSpan	Mitek Sy.	Aware
Mkt Price	0.69	90.18	41.08	12.96	10.06	2.11	11.51
Mkt Cap	0.0	16.2	4.0	0.5	0.4	0.0	0.5
Rev LTM	6	2,840	866	241	180	17	211
Op Inc LTM	-4	122	167	49	18	-7	34
FCF LTM	-3	895	290	51	54	-6	53
FCF 3Y Avg	-4	634	236	23	38	-3	31
CFO LTM	-3	912	311	59	55	-6	57
CFO 3Y Avg	-4	655	258	33	40	-3	36

Growth & Margins

	BKYI	OKTA	YOU	OSPN	MITK	AWRE	Median
Name	BIO-key .	Okta	Clear Se.	OneSpan	Mitek Sy.	Aware
Rev Chg LTM	-13.4%	12.1%	17.8%	-1.4%	4.4%	2.7%	3.6%
Rev Chg 3Y Avg	1.8%	18.1%	31.0%	3.0%	7.8%	3.3%	5.5%
Rev Chg Q	-27.7%	11.6%	15.5%	1.4%	3.6%	33.3%	7.6%
QoQ Delta Rev Chg LTM	-8.6%	2.8%	3.7%	0.3%	0.9%	7.9%	1.8%
Op Mgn LTM	-61.5%	4.3%	19.2%	20.5%	9.8%	-37.8%	7.1%
Op Mgn 3Y Avg	-86.6%	-8.8%	9.6%	9.7%	7.5%	-37.1%	-0.7%
QoQ Delta Op Mgn LTM	-9.8%	1.3%	1.4%	-1.3%	-1.8%	4.1%	-0.0%
CFO/Rev LTM	-53.1%	32.1%	35.9%	24.6%	30.8%	-33.1%	27.7%
CFO/Rev 3Y Avg	-53.7%	25.5%	35.7%	13.6%	22.5%	-15.8%	18.1%
FCF/Rev LTM	-53.2%	31.5%	33.4%	21.2%	30.2%	-33.3%	25.7%
FCF/Rev 3Y Avg	-54.1%	24.6%	32.5%	9.4%	21.8%	-17.0%	15.6%

Valuation

	BKYI	OKTA	YOU	OSPN	MITK	AWRE	Median
Name	BIO-key .	Okta	Clear Se.	OneSpan	Mitek Sy.	Aware
Mkt Cap	0.0	16.2	4.0	0.5	0.4	0.0	0.5
P/S	0.7	5.7	3.7	2.5	2.5	2.9	2.7
P/EBIT	-1.1	-	19.3	12.3	-	-7.8	5.6
P/E	-1.1	83.0	17.7	10.4	51.1	-9.1	14.1
P/CFO	-1.4	17.7	10.4	10.2	8.1	-8.9	9.2
Total Yield	-93.6%	1.2%	8.5%	9.6%	2.0%	-11.0%	1.6%
Dividend Yield	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	-121.6%	-	9.1%	3.3%	-	-7.1%	-1.9%
D/E	0.3	-	0.0	0.0	-	0.1	0.1
Net D/E	-0.1	-	-0.1	-0.1	-	-0.4	-0.1

Returns

	BKYI	OKTA	YOU	OSPN	MITK	AWRE	Median
Name	BIO-key .	Okta	Clear Se.	OneSpan	Mitek Sy.	Aware
1M Rtn	-26.6%	7.4%	12.5%	2.3%	12.2%	-12.1%	4.9%
3M Rtn	-9.9%	-0.2%	10.4%	-14.6%	-1.8%	-26.7%	-5.8%
6M Rtn	-10.8%	-7.5%	69.5%	-14.8%	3.5%	19.9%	-2.0%
12M Rtn	-28.1%	10.0%	60.1%	-25.9%	14.6%	38.8%	12.3%
3Y Rtn	-95.2%	32.7%	54.3%	13.1%	-4.3%	17.2%	15.2%
1M Excs Rtn	-23.7%	6.8%	8.4%	1.2%	6.8%	-12.8%	4.0%
3M Excs Rtn	-16.3%	-4.0%	5.8%	-19.0%	-2.3%	-31.4%	-10.2%
6M Excs Rtn	-25.0%	-21.7%	55.3%	-29.0%	-10.7%	5.7%	-16.2%
12M Excs Rtn	-48.2%	-4.2%	38.8%	-41.6%	-3.1%	27.5%	-3.6%
3Y Excs Rtn	-169.1%	-27.3%	-13.8%	-61.5%	-72.4%	-56.3%	-58.9%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/14/2025	4/23/2025	6/5/2024	6/1/2023	4/1/2022	3/29/2021	5/14/2020
Key Financials
Total Revenue	6	7	8	7	5	3	2
EBITDA	-4	-4	-8	-11	-5	-5	-13
Operating Income	-4	-4	-9	-8	-5	-5	-7
Net Income	-4	-4	-9	-12	-5	-10	-15
EPS	-1.04	-2.09	-15.21	-27.26	-11.70	-37.44	-147.78
Growth Rates
Total Revenue Growth	-13.4%	-10.6%	10.5%	37.3%	80.3%	25.1%	-43.9%
EBITDA Growth	25.2%	54.2%	29.6%	-150.9%	7.5%	60.8%	-138.1%
Operating Income Growth	29.0%	54.6%	-4.0%	-69.7%	-2.9%	25.9%	4.5%
Net Income Growth	19.6%	49.5%	28.4%	-135.1%	47.6%	33.7%	-112.4%
Margins
EBITDA Margin	-58.3%	-53.0%	-103.3%	-162.0%	-88.6%	-172.9%	-551.9%
Operating Income Margin	-61.5%	-57.9%	-113.8%	-120.9%	-97.8%	-171.4%	-289.4%
Net Income Margin	-67.3%	-62.1%	-109.9%	-169.7%	-99.0%	-341.0%	-643.4%
Cash & Debt
Total Cash	2	0	1	3	8	18	1
Total Debt	1	2	0	3	0	1	3
Net Debt / (Cash)	-1	1	-0	1	-7	-17	2
Cash Flows
Net Cash from Operations	-3	-3	-4	-6	-9	-5	-2
Free Cash from Operations	-3	-3	-4	-6	-9	-5	-2
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	1	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/14/2025	8/13/2025	5/15/2025	4/23/2025	11/14/2024	8/14/2024	6/14/2024	6/5/2024	11/20/2023	8/18/2023	6/9/2023	6/1/2023
Key Financials Quarterly
Total Revenue	2	2	2	1	2	1	2	2	2	2	2	2
Ebitda	-1	-1	-1	-1	-1	-2	-0	-2	-2	-2	-2	-7
Operating Income	-1	-1	-1	-1	-1	-2	-1	-3	-2	-2	-2	-3
Net Income	-1	-1	-1	-1	-1	-2	-1	-2	-2	-3	-2	-7
EPS	-0.15	-0.20	-0.16	-0.53	-0.39	-1.00	-0.32	-4.42	-3.22	-4.71	-3.51	-11.16
Key Financials TTM
Total Revenue TTM	6	7	6	7	7	7	8	8	8	7	7	7
Ebitda TTM	-4	-3	-4	-4	-5	-6	-7	-8	-12	-13	-12	-11
Operating Income TTM	-4	-4	-4	-4	-5	-7	-8	-9	-9	-10	-9	-8
Net Income TTM	-4	-4	-5	-4	-5	-6	-7	-9	-13	-14	-13	-12
Growth Rates Quarterly
Total Revenue Growth	-27.7%	48.7%	-26.3%	-19.9%	18.0%	-40.8%	-0.1%	3.8%	32.3%	-0.9%	12.5%	88.1%
EBITDA Growth	-61.9%	33.2%	-48.0%	51.8%	68.7%	33.1%	73.5%	62.9%	24.3%	-36.5%	-74.2%	-275.5%
Operating Income Growth	-53.7%	34.5%	-25.9%	53.5%	70.5%	30.5%	71.1%	19.2%	18.1%	-38.5%	-75.9%	-66.2%
Net Income Growth	-30.6%	30.0%	-44.3%	41.7%	59.8%	36.4%	69.8%	65.0%	23.5%	-52.6%	-68.9%	-234.6%
Margins Quarterly
EBITDA Margin	-56.4%	-61.4%	-37.5%	-79.7%	-25.2%	-136.5%	-18.7%	-132.4%	-94.9%	-120.7%	-70.4%	-370.1%
Operating Income Margin	-57.6%	-63.9%	-39.9%	-86.7%	-27.1%	-144.9%	-23.3%	-149.2%	-108.2%	-123.3%	-80.5%	-191.8%
Net Income Margin	-62.3%	-68.8%	-45.8%	-94.7%	-34.5%	-146.1%	-23.4%	-130.0%	-101.1%	-136.0%	-77.3%	-386.1%
Cash & Debt
Total Cash	2	2	3	0	2	1	1	1	0	1	1	3
Total Debt	1	1	1	2	2	2	0	0	3	3	3	3
Net Debt / (Cash)	-1	-2	-2	1	1	1	-0	-0	2	2	2	1
Cash Flows Quarterly
FCF from Operations	-1	-1	-1	-1	-1	-1	0	-2	-0	-0	-2	-2
Cash Flows TTM
FCF from Operations TTM	-3	-4	-4	-3	-4	-3	-2	-4	-4	-6	-7	-6
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-2.6%	-3.2%	-1.9%	-3.7%	-1.8%	-5.2%	-1.6%	-7.7%	-6.3%	-7.6%	-5.7%	-11.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-2.8%	-2.6%	-3.0%	-3.0%	-4.0%	-5.2%	-5.9%	-6.9%	-7.6%	-8.0%	-7.4%	-6.9%

Price Behavior

Price Behavior

Market Price	$0.69
Market Cap ($ Bil)	0.0
First Trading Date	02/23/2007
Distance from 52W High	-70.8%
	50 Days	200 Days
DMA Price	$0.80	$0.82
DMA Trend	down	up
Distance from DMA	-13.0%	-15.0%
	3M	1YR
Volatility	147.7%	145.9%
Downside Capture	262.43	108.50
Upside Capture	165.51	61.70
Correlation (SPY)	10.3%	7.8%

BKYI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	-2.44	1.15	1.12	1.11	0.58	0.60
Up Beta	-17.68	-5.74	-4.47	-1.39	1.13	0.14
Down Beta	-1.60	2.47	2.23	2.51	-0.70	-0.29
Up Capture	125%	271%	205%	88%	80%	23%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	8	19	28	58	110	318
Down Capture	35%	170%	178%	139%	106%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	11	22	34	66	129	405

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of BKYI With Other Asset Classes (Last 1Y)
	BKYI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-36.8%	13.7%	13.8%	61.2%	3.6%	-3.9%	-7.4%
Annualized Volatility	144.7%	18.9%	19.7%	19.4%	15.9%	17.7%	35.6%
Sharpe Ratio	0.26	0.55	0.54	2.34	0.04	-0.38	-0.05
Correlation With Other Assets		6.7%	7.9%	-9.8%	4.4%	6.4%	5.4%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of BKYI With Other Asset Classes (Last 5Y)
	BKYI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-59.8%	13.6%	14.5%	18.1%	11.5%	4.4%	36.1%
Annualized Volatility	112.5%	17.2%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	-0.35	0.63	0.69	0.94	0.50	0.15	0.63
Correlation With Other Assets		4.8%	7.8%	2.0%	1.3%	5.8%	4.6%

Based On 10-Year Data

		Comparison of BKYI With Other Asset Classes (Last 10Y)
	BKYI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-54.6%	13.1%	14.4%	14.3%	5.8%	5.3%	73.6%
Annualized Volatility	127.8%	19.9%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	-0.11	0.58	0.69	0.80	0.26	0.22	0.93
Correlation With Other Assets		0.8%	2.3%	-0.1%	0.6%	0.5%	3.7%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	391,579
Short Interest: % Change Since 11152025	-87.5%
Average Daily Volume	732,032
Days-to-Cover Short Interest	1
Basic Shares Quantity	6,587,534
Short % of Basic Shares	5.9%

Returns Analyses

	Title
0	Is BIO-key International Stock Built to Withstand More Downside?

External Quote Links

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BIO-key International (BKYI)

Market Price (12/15/2025): $0.6853 | Market Cap: $4.5 MilSector: Industrials | Industry: Security & Alarm Services

BIO-key International (BKYI)

Market Price (12/15/2025): $0.6853Market Cap: $4.5 MilSector: IndustrialsIndustry: Security & Alarm Services

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About BIO-key International (BKYI)

Global Biometrics Market

Identity and Access Management (IAM) Market

FIDO Authentication Market

Healthcare Biometrics Market

Biometrics in Workforce Management Market

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Market Price (12/15/2025): $0.6853 | Market Cap: $4.5 Mil
Sector: Industrials | Industry: Security & Alarm Services

Market Price (12/15/2025): $0.6853
Market Cap: $4.5 Mil
Sector: Industrials
Industry: Security & Alarm Services