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BIO-key International, Inc. (OTCQB: BKYI) is a leading provider of biometric software and hardware authentication solutions for enterprises and consumers alike. Established in 1993, BIO-key has become a trusted name, servicing diverse sectors including Fortune 500 companies, government agencies, healthcare organizations, call centers, schools, retailers, and OEM partners.
BIO-key's product portfolio includes advanced fingerprint biometric identification and identity verification technologies, with popular offerings such as SideSwipe, SidePass, EcoID, and WEB-key. The company's innovative solutions ensure secure and seamless access management, making them a preferred choice for high-security requirements.
In 2016, BIO-key introduced a series of compact fingerprint readers designed for compatibility with Windows Hello. These readers are not only affordable but also easy to install and use, available through major retailers like Amazon, Microsoft, and Dell.com. The company further expanded its consumer reach by launching a series of biometric padlocks at the Consumer Electronics Show in 2017. Their product, TouchLock, received significant acclaim, being featured on over 30 morning television shows.
BIO-key continues to innovate with its 'Biometric of Things' (BoT) initiative, aiming to create a range of biometrically enabled, consumer-friendly products. The company’s focus on the power of a touch drives their mission to enhance security and user experience across various applications.
Financially, BIO-key generates revenue through services, license fees, and other streams. The company remains committed to partnerships and collaborations that expand their market presence and technological capabilities.
One notable partnership is with Humanity International Investments, under the chairmanship of His Highness, Sheikh Marwan bin Mohamed bin Rashid Al Maktoum. This strategic collaboration has led to the launch of the Humanity Protocol, a blockchain-based economic empowerment initiative. The project leverages BIO-key’s biometric palm scan technology to authenticate identities, enabling individuals, particularly in Africa, to claim their digital footprint through Non-Fungible Tokens (NFTs). With over 15,000 palm scans and plans to verify more users, the initiative marks a significant step forward in integrating biometric technology with blockchain for identity verification.
Overall, BIO-key International, Inc. is at the forefront of revolutionizing digital identity and access management, ensuring secure, user-friendly authentication solutions for millions worldwide.
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.
BIO-key International, Inc. (NASDAQ: BKYI), a provider of Identity and Access Management (IAM) software, will participate in the H.C. Wainwright 26th Annual Hybrid Global Investment Conference on September 9th and 10th, 2024. CEO Mike DePasquale will be available for virtual meetings during the event. The company's presentation will be accessible to registered attendees via the conference website starting September 9th at 7:00 a.m. ET.
BIO-key specializes in innovative IAM solutions featuring passwordless, phoneless, and token-less Identity-Bound Biometrics (IBB) authentication. The H.C. Wainwright conference, running from September 9th to 11th, will showcase leading cleantech and growth companies. H.C. Wainwright & Co., is a full-service investment bank offering various financial services.
BIO-key International, Inc. (NASDAQ: BKYI) has announced the availability of its PortalGuard IDaaS platform on the Amazon Web Services (AWS) Marketplace. This strategic move allows AWS customers worldwide to easily purchase and integrate PortalGuard and its Identity-Bound Biometrics (IBB) authentication solutions into their enterprise systems.
The AWS Marketplace partnership significantly expands BIO-key's reach, offering its cutting-edge authentication security solutions to a broader customer base. With 2.5 million subscribers and over 300,000 active customers, the AWS Marketplace provides a streamlined process for implementing robust Identity & Access Management and IBB security, supporting digital transformation initiatives.
This collaboration aims to simplify the integration process for enterprises seeking advanced security measures to protect digital assets and enhance user authentication cost-effectively. BIO-key's presence on the AWS Marketplace aligns with its mission to provide world-class, flexible, and secure access management and biometric identity solutions globally.
BIO-key International, Inc. (Nasdaq: BKYI) reported Q2'24 financial results, showing a reduced net loss and improved cash management despite lower revenues. Key highlights include:
- Q2'24 revenues decreased to $1.1M from $1.9M in Q2'23
- Gross profit improved to $0.9M (77.0% margin) from $0.3M (16.7% margin)
- Net loss reduced to $1.7M from $2.6M in Q2'23
- Cash used in operations improved by 48% in the first six months of 2024
The company introduced Passkey:YOU, a biometric FIDO Passkey Authentication Solution, and won the Global InfoSec Award for Multi-factor Authentication. BIO-key remains focused on driving revenue growth and progressing towards profitability in the coming quarters.
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