Company: BKYI
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001437749-25-035227
Chunk: 29

Company: BIO KEY INTERNATIONAL INC
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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8% to $297,147 from $322,957 in the nine months ended September 30, 2024, due to the costs associated with the upgrade for one large customer. For the nine months ended September 30, 2025, license fees decreased to $233,450 from $443,384 in the nine months ended September 30, 2024, due to the absence of license fees for third-party software included in our previous Swivel Secure product offerings. For the nine months ended September 30, 2025, hardware costs increased to a net cost of $571,069 (after giving effect to the $509,040 reversal of the reserve for inventory) from $260,684 in the nine months ended September 30, 2024, related to increased hardware revenue which included sales of a portion of our fully reserved inventory.

Selling, general and administrative

      Nine Months Ended 

      September 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Selling, general and administrative 
      
     $
     4,453,362

     $
     5,332,764

     $
     (879,402
     )

     -16
     %

Selling, general and administrative expenses for the nine months ended September 30, 2025, decreased 16% from $5,332,764 in the corresponding period in 2024 to $4,453,362 in the current quarter.  The decreases included reductions in administration, administrative write-offs, sales personnel costs, and professional services fees.

Research, development and engineering

      Nine Months Ended 

      September 30, 

      2025 

      2024 

      $ Change 

      % Change 

      Research, development and engineering 
      
     $
     1,915,422

     $
     1,850,929

     $
     64,493

     3
     %

For the nine months ended September 30, 2025, research, development, and engineering costs increased 3% to $1,915,422 compared to $1,850,929 in the corresponding period in 2024. The increase consisted primarily of professional services and personnel costs, offset by a decrease in rent costs.

Other income (expense)

      Nine Months Ended 

      September 30, 

      2025