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Second Quarter 2022 Financial Review

As we've previously discussed, component shortages and supply chain challenges have impacted our ability to convert orders to shipments. We saw shipment activity resume at a more historical pace in the second quarter as we addressed these shortages, however margins were compressed related to the high cost of certain components. In addition, we added a second BKR 5000 manufacturing line in our Melbourne, Florida facility to increase our production capacity. We are seeing improvement in the supply chain and an easing of component shortages and believe that as we move through the second half of 2022, we are well positioned to fulfill a significant portion of our backlog orders and drive improved margin performance.

'Finally, we're making solid progress with our SaaS business unit, and we're energized by our goal to deliver a scalable smartphone application that will deliver unique SaaS services to the public safety market. Development of our first application is underway and expected to launch during the fourth quarter of 2022, with revenue generation commencing in early 2023. By expanding our offerings to include this enhanced capability, we believe we will create the opportunity to address a broader market audience within the public safety communications market and drive additional BKR Series radio sales.'

Kyle Cerminara, Chairman of the Board of Directors of BK Technologies, stated, 'I am optimistic that the back half of 2022 will show improvement in many key metrics as we move forward with a sense of urgency and a strong desire to create value for shareholders.'

Second Quarter 2022 Financial Review

Revenue increased 7% to $12.1 million, compared with $11.3 million for the second quarter of last year and increased by 84% sequentially as compared to first quarter of 2022. Gross profit margin was 14% compared to 38% for the same quarter of last year. The lower gross margins generally reflect cost increases in material and freight. The Company expects to see improved gross margins in the second half of 2022.

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