BIO-key International, Inc. - BKYI STOCK NEWS

BIO-key International (NASDAQ: BKYI) announced a strategic partnership with Guinn Partners to enhance security in autonomous systems and IoT applications. The collaboration combines BIO-key's biometric authentication technologies with Guinn Partners' engineering expertise in robotics, drones, and electric propulsion systems.

The partnership aims to integrate biometric security into Guinn Partners' platforms, focusing on joint product development and market expansion. A key application includes securing semi-autonomous roadside mowers and eVTOL aircraft systems. The global eVTOL aircraft market, valued at $1.35 billion in 2023, is projected to grow at 54.9% CAGR to reach $23.4 billion by 2030.

The collaboration will implement BIO-key's identity-bound biometrics for phoneless, tokenless, and passwordless authentication, ensuring only authorized personnel can access and manage autonomous fleets.

BIO-key International (NASDAQ: BKYI) has entered into an agreement with Fiber Food Systems, exchanging 595,000 BIO-key shares (19% of outstanding shares) for 5,000,000 shares of Boumarang Inc., strengthening BIO-key's balance sheet with $5M in net assets. The collaboration combines BIO-key's Identity and Access Management (IAM) solutions with Fiber's food tech expertise, aiming to enhance security and efficiency in food service locations. BIO-key's PortalGuard IAM platform, supporting over 35 million users worldwide, will be integrated into Fiber's planned food service operations across schools, universities, and institutional cafeterias.

BIO-key International reported an 18% revenue increase to $2.1M in Q3'24, with improved financial metrics across the board. The company's license revenue grew 52% to $1.4M, while gross profit improved to $1.7M (78.3% margin) from $0.3M in Q3'23. The net loss was reduced to $0.7M compared to $1.8M in Q3'23.

Notable achievements include securing a $910k order from a financial services customer, a $500k follow-on order from an international defense ministry, and expanding British Columbia's deployment by 10,000 users. The company also strengthened its cash position to $1.8M through a warrant inducement agreement raising $1.9M.

BIO-key International (NASDAQ: BKYI), a provider of Identity and Access Management and Identity-Bound Biometric solutions, has scheduled its Q3 2024 earnings conference call for Friday, November 15th at 10 a.m. ET. The company will release its financial results after market close on Thursday. The call will be led by Chairman & CEO Mike DePasquale and CFO Cecilia Welch, featuring a Q&A session.

Investors can join via phone at 1-877-418-5460 (U.S.) or 1-412-717-9594 (International). A webcast replay will be available for 3 months, and audio replay can be accessed using code 7307131 at 1-877-344-7529 (U.S.) or 1-412-317-0088 (International).

BIO-key International (NASDAQ: BKYI) has secured a $910,000 order from a long-term financial services customer to upgrade their biometric identification system. The upgrade will enable fingerprint-only customer identification, eliminating the need for ID numbers, account numbers, or cards, saving approximately 30 seconds per client interaction. The system currently serves over 25 million enrolled individuals. The enhanced solution will be hosted on AWS infrastructure, and following full deployment in 2025, BIO-key expects annual recurring revenue from this customer to increase to $1.4M per year.

BIO-key International, Inc. (NASDAQ: BKYI) announced its participation in ISC2 Security Congress 2024, showcasing phoneless, tokenless, and passwordless authentication solutions. The company will sponsor, speak, and exhibit at the event in Las Vegas from October 14-16, 2024. BIO-key will host a session on Passkeys, which are core enabling concepts of NIST guidance on cybersecurity for digital identities.

BIO-key's unique offering, Passkey:YOU, provides a biometric passwordless authentication solution without requiring phones or tokens, addressing the needs of roving users in phone-free environments. This solution aims to reduce total cost of ownership while maintaining high security standards. The company's unified IAM platform, PortalGuard, has helped organizations balance risk with flexibility and productivity.

Attendees are invited to visit booth 716 or join the virtual conference to learn about BIO-key's IAM solutions and Passkey:YOU. A live speaking session, 'Introducing Passkey:YOU – a Passwordless Authentication Solution that Checks All the Boxes,' will be held on October 14 from 12:45 to 1:10 PM PT in Theatre 1.

BIO-key International, Inc. (NASDAQ: BKYI) announced that the province of British Columbia has placed new orders to expand its deployment of BIO-key's WEB-key software. The expansion will add 10,000 users to the existing system, which integrates with Broadcom's SiteMinder infrastructure to enhance access to new applications via SAML 2.0 federation standards.

Since 2012, BIO-key's biometric authentication platform has been integrated with the province's authentication infrastructure, providing secure biometric ID without phones or tokens. In 2017, the platform was expanded to include physical access control using fingerprint biometrics for door access.

Jim Sullivan, BIO-key's SVP Strategy and Chief Legal Officer, highlighted the company's long-standing relationship with the British Columbia government and emphasized the effectiveness of BIO-key's solutions for unique 'roving user' scenarios, offering uncompromising yet user-friendly security.

BIO-key International, Inc. (NASDAQ: BKYI) has entered into a $1.9 million warrant inducement agreement with an existing institutional investor. The investor will exercise warrants to purchase 1,030,556 shares of common stock at an amended price of $1.85 per share. In return, BIO-key will issue new unregistered Series A and Series B Warrants, each for 1,030,556 shares at $1.85 per share. These new warrants are immediately exercisable and expire in five years. The transaction is expected to close on September 13, 2024. Maxim Group is the exclusive Placement Agent. BIO-key will file a registration statement with the SEC within 45 days for the resale of shares from the new warrants.

BIO-key International, Inc. (NASDAQ: BKYI) has secured over $500K in new orders from a leading government defense ministry for its biometric user authentication solution. This follows a three-year purchasing agreement and expands the ministry's deployment to over 33,000 users. BIO-key's solution provides phoneless, tokenless, and passwordless authentication for secure access to digital services.

The company's biometric platform has been integrated with the ministry's virtual desktop infrastructure (VDI) and authentication federation platform. BIO-key's credentials, being the individuals themselves, cannot be shared, delegated, phished, or forgotten. The company expects additional awards as the ministry expands the solution's use to more personnel.