BIO KEY INTERNATIONAL INC

For the period ended Sep 30, 2025. Filed Nov 14, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2025 · Filed Nov 14, 2025

BKYI$2.39+0.4%Stored close · as of Nov 9, 2026

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Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,	December 31,
	2025	2024
(Unaudited)
ASSETS
Cash and cash equivalents	$2,039,853	$437,604
Accounts receivable, net	959,503	718,229
Due from factor	-	74,170
Inventory	394,176	378,307
Prepaid expenses and other	352,375	278,648
Total current assets	3,745,907	1,886,958
Equipment and leasehold improvements, net	82,557	140,198
Capitalized contract costs, net	335,877	409,426
Deposits and other assets	7,976	7,976
Operating lease right-of-use assets	54,433	73,372
Investments	5,000,000	5,000,000
Intangible assets, net	886,563	1,097,630
Total non-current assets	6,367,406	6,728,602
TOTAL ASSETS	$10,113,313	$8,615,560
LIABILITIES
Accounts payable	$655,647	$818,187
Accrued liabilities	1,214,377	1,278,732
Note payable, current	319,834	1,525,977
Government loan – BBVA Bank, current portion	88,115	132,731
Deferred revenue, current	659,627	773,267
Operating lease liabilities, current portion	26,522	24,642
Total current liabilities	2,964,122	4,553,536
Deferred revenue, long term	75,146	196,237
Note payable, long term	1,000,000	-
Government loan – BBVA Bank – net of current portion	-	44,762
Operating lease liabilities, net of current portion	28,967	48,994
Total non-current liabilities	1,104,113	289,993
TOTAL LIABILITIES	4,068,235	4,843,529
Commitments and Contingencies
STOCKHOLDERS’ EQUITY
Common stock — authorized, 170,000,000 shares; issued and outstanding; 7,313,423 and 3,715,483 of $.0001 par value at September 30, 2025 and December 31, 2024, respectively	731	372
Additional paid-in capital	138,180,051	133,030,271
Accumulated other comprehensive income	40,988	49,290
Accumulated deficit	(132,176,692)	(129,307,902)
TOTAL STOCKHOLDERS’ EQUITY	6,045,078	3,772,031
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$10,113,313	$8,615,560

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2025	2024	2025	2024
Revenues
Services	$268,113	$267,371	$862,707	$764,062
License fees	917,951	1,441,011	2,822,796	4,165,669
Hardware	363,642	436,422	1,168,269	537,562
Total revenues	1,549,706	2,144,804	4,853,772	5,467,293
Costs and other expenses
Cost of services	80,702	110,723	297,147	322,957
Cost of license fees	74,077	146,732	233,450	443,384
Cost of hardware	434,834	207,655	1,080,109	260,684
Cost of hardware - reserve	(231,625)	-	(509,040)	-
Total costs and other expenses	357,988	465,110	1,101,666	1,027,025
Gross profit	1,191,718	1,679,694	3,752,106	4,440,268
Operating expenses
Selling, general and administrative	1,400,288	1,607,925	4,453,362	5,332,764
Research, development and engineering	683,620	652,174	1,915,422	1,850,929
Total operating expenses	2,083,908	2,260,099	6,368,784	7,183,693
Operating loss	(892,190)	(580,405)	(2,616,678)	(2,743,425)
Other income (expense)
Interest income	515	2	2,610	53
Loan fee amortization	(60,000)	(60,000)	(180,000)	(64,000)
Interest expense	(13,174)	(98,556)	(74,722)	(108,823)
Total other income (expense), net	(72,659)	(158,554)	(252,112)	(172,770)
Loss before provision for income tax	(964,849)	(738,959)	(2,868,790)	(2,916,195)
Provision for income taxes	-	-	-	-
Net loss	$(964,849)	$(738,959)	$(2,868,790)	$(2,916,195)
Comprehensive loss:
Net loss	$(964,849)	$(738,959)	$(2,868,790)	$(2,916,195)
Other comprehensive income (loss) – foreign currency translation adjustment	(73,910)	89,933	(8,302)	51,878
Comprehensive loss	$(1,038,759)	$(649,026)	$(2,877,092)	$(2,864,317)
Basic and diluted loss per common share	$(0.15)	$(0.39)	$(0.50)	$(1.69)
Weighted average common shares outstanding:
Basic and diluted	6,587,534	1,889,694	5,754,077	1,726,716

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’** EQUITY**

Accumulated
Additional · Other
Common Stock · Paid-in · Comprehensive · Accumulated
	Shares	Amount	Capital	Income (Loss)	Deficit	Total
Balance as of January 1, 2025	3,715,483	$372	$133,030,271	$49,290	$(129,307,902)	$3,772,031
Issuance of common stock for directors’ fees	8,913	1	9,001	-	-	9,002
Issuance of restricted stock to employees	2,500	-	-	-	-	-
Issuance of common stock for repayment of debt	504,605	50	858,950	-	-	859,000
Restricted stock forfeited	(7,572)		-	-	-	-
Exercise of warrants	1,590,112	159	3,812,898	-	-	3,813,057
Foreign currency translation adjustment	-	-		6,803	-	6,803
Share-based compensation	-	-	52,488	-	-	52,488
Issuance costs	-	-	(248,783)	-	-	(248,783)
Net loss	-	-	-	-	(736,545)	(736,545)
Balance as of March 31, 2025	5,814,041	$582	$137,514,825	$56,093	$(130,044,447)	$7,527,053
Issuance of common stock for directors’ fees	14,223	1	11,001	-	-	11,002
Issuance of common stock for repayment of debt	498,437	50	399,950			400,000
Restricted stock forfeited	(18,176)	(2)	2	-	-	-
Issuance of restricted common stock to employees and directors	68,000	7	(7)	-	-	-
Share-based compensation for employee stock plan	1,251	-	876	-	-	876
Foreign currency translation adjustment	-	-	-	58,805	-	58,805
Share-based compensation	-	-	21,837	-	-	21,837
Exercise of warrants	471,000	47	(47)	-	-	-
Net loss	-	-	-	-	(1,167,396)	(1,167,396)
Balance as of June 30, 2025	6,848,776	$685	$137,948,437	$114,898	$(131,211,843)	$6,852,177
Issuance of common stock for directors’ fees	-	-	-	-	-	-
Issuance of common stock for repayment of debt	254,647	25	199,975	-	-	200,000
Issuance of restricted common stock to employees and directors	210,000	21	(21)	-	-	-
Foreign currency translation adjustment	-	-	-	(73,910)	-	(73,910)
Share-based compensation	-	-	31,660	-	-	31,660
Net loss	-	-	-	-	(964,849)	(964,849)
Balance as of September 30, 2025	7,313,423	$731	$138,180,051	$40,988	$(132,176,692)	$6,045,078

BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’** EQUITY**

Accumulated
Additional · Other
Common Stock · Paid-in · Comprehensive · Accumulated
	Shares	Amount	Capital	Income (Loss)	Deficit	Total
Balance as of January 1, 2024	1,032,777	$103	$126,047,851	$22,821	$(125,007,210)	$1,063,565
Issuance of common stock for directors’ fees	4,287	-	9,003	-	-	9,003
Restricted stock forfeited	(316)	-	-	-	-	-
Exercise of prefunded warrants	777,666	78	1,322	-	-	1,400
Foreign currency translation adjustment	-	-	-	(62,275)	-	(62,275)
Share-based compensation	-	-	47,790	-	-	47,790
Issuance costs	-	-	(13,470)	-	-	(13,470)
Net loss	-	-	-	-	(510,285)	(510,285)
Balance as of March 31, 2024	1,814,414	$181	$126,092,496	$(39,454)	$(125,517,495)	$535,728
Restricted stock forfeited	(186)	-	-	-	-	-
Issuance of common stock for Employee Stock Purchase Plan	1,390	1	1,938	-	-	1,939
Share-based compensation for Employee Stock Purchase Plan	-	-	456	-	-	456
Foreign currency translation adjustment	-	-	-	24,220	-	24,220
Share-based compensation	-	-	48,315	-	-	48,315
Net loss	-	-	-	-	(1,666,950)	(1,666,950)
Balance as of June 30, 2024	1,815,618	$182	$126,143,205	$(15,234)	$(127,184,445)	$(1,056,292)
Restricted stock forfeited	(849)	-	-	-	-	-
Issuance of restricted common stock to employees and directors	168,963	17	(17)	-	-	-
Share-based compensation	-	-	66,053	-	-	66,053
Foreign currency translation adjustment	-	-	-	89,933	-	89,933
Exercise of prefunded warrants	95,000	9	162	-	-	171
Exercise of warrants	1,030,556	103	1,906,425	-	-	1,906,528
Issuance costs	-	-	(134,392)	-	-	(134,392)
Net loss	-	-	-	-	(738,959)	(738,959)
Balance as of September 30, 2024	3,109,288	$311	$127,981,436	$74,699	$(127,923,404)	$133,042

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.