BIO-key International, Inc. - BKYI STOCK NEWS

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.

BIO-key International (NASDAQ: BKYI), a leader in Identity and Access Management and Identity-Bound Biometric solutions, will host its Q2 2024 investor call on Thursday, August 15th at 10 a.m. ET.

Results will be released after markets close on Wednesday. Mike DePasquale, Chairman & CEO, and Cecilia Welch, CFO, will lead the conference and Q&A session.

Conference Call Details:

• Date / Time: Thursday, August 15th at 10 a.m. ET
• Call Dial-In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
• Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
• Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 7767803

The City of Williamsburg, VA, has selected BIO-key's PortalGuard IDaaS platform to enhance its security measures as part of a Zero Trust initiative. BIO-key (NASDAQ: BKYI) provides Identity and Access Management (IAM) solutions that include passwordless, phoneless, and token-less Identity-Bound Biometrics (IBB). The initiative aims to protect sensitive information and ensure critical services amidst increasing cyber threats. BIO-key's advanced multi-factor authentication and biometric solutions will consolidate security vendors, streamline access workflows, and deliver cost savings. The system also eliminates vulnerabilities associated with physical devices, providing a high level of security and usability.

BIO-key International (Nasdaq: BKYI), a leader in Identity and Access Management solutions, reported Q1'24 revenue of $2.2M, consistent with Q1'23 and a 19.5% increase from Q4'23. Gross profit surged to $1.9M, with a gross margin of 86.3% due to higher software license fees and reduced hardware reserve expenses. Operating expenses were cut by over $0.2M. The company reduced its net loss to $0.5M from $1.7M in Q1'23 and achieved positive operating cash flow of $0.3M. Recent deployments include Fargo, ND, and Bridgetown, Barbados. The company remains focused on revenue growth and profitability, leveraging a strong cybersecurity market and its unique passwordless authentication solutions. An investor call is scheduled for June 18th at 10:00am ET.

BIO-key has announced the launch of Passkey:YOU, a biometric FIDO passkey authentication solution designed for environments where phones or tokens are impractical. Targeting sectors like manufacturing and healthcare, Passkey:YOU eliminates the need for FIDO hardware tokens, cutting costs by 50-70%. It uses biometric data or door access badges for authentication, aligning with privacy laws. Passkey:YOU integrates seamlessly with existing IAM platforms, offering a secure and user-friendly authentication method without the need for phones or traditional tokens.

BIO-key International (NASDAQ: BKYI), a leader in Identity and Access Management (IAM) and Identity-Bound Biometric solutions, has announced it will hold its Q1 2024 investor call on Tuesday, June 18th at 10 a.m. ET. The company's Chairman & CEO Mike DePasquale and CFO Cecilia Welch will lead the conference and Q&A session. BIO-key's recent financial highlights include a stock price of $1.76, 2023 revenue of $7.8M, a 10.5% revenue growth, and a market cap of $3.3M. The conference call will provide a platform for discussing Q1 2024 results, which will be released prior to the call. The call can be accessed via dial-in numbers for U.S. and international participants, with a webcast and replay available for three months.

BIO-key, a provider of Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, will participate in the 2024 Virtual Tech Conference Series on June 4-5, presented by Maxim Group and hosted by M-Vest. CEO Mike DePasquale will join a Fireside chat on June 4th from 9:00 to 9:30 a.m. ET. The conference will feature discussions on how emerging growth companies leverage new technologies like AI. Investors can engage with management and submit questions during the event. Maxim Group, a full-service investment bank, will facilitate the conference, focusing on technological impacts on business growth.

BIO-key International (Nasdaq: BKYI), a provider of identity and access management solutions, received a non-compliance notice from Nasdaq on May 22, 2024.

The company failed to timely file its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. This delay is attributed to the ongoing restatement of financial statements for various periods in 2023. The company also remains delinquent in filing its Form 10-K for the period ended December 31, 2023.

BIO-key has until June 17, 2024, to submit a compliance plan to Nasdaq. If accepted, an extension until October 14, 2024, may be granted to regain compliance. The company intends to file the delayed reports soon to meet Nasdaq's listing requirements.