Q1 Update Shows Huge Revenue Increase for BIO-key

“In a statement, BIO-key CEO Mike DePasquale attributed the software and hardware revenues to deals with new and existing customers…”

BIO-key has issued its Q1 update for 2017, reporting a major increase in revenues.

Q1 Update Shows Huge Revenue Increase for BIO-keyAcross software, licensing, and hardware sales, the company saw revenues of $1,418,335, compared to revenues of $430,592 in Q1 of 2016. That’s a 229.4 percent increase.

In a statement, BIO-key CEO Mike DePasquale attributed the software and hardware revenues to deals with new and existing customers, with successes on the software side in the areas of healthcare, POS devices, and banking, and hardware having seen “a nice pick-up” in sales through Amazon.

Despite the increased revenues, the company also reported a net loss of $1,356,187, up from a net loss of $1,163,214 in Q1 of 2016.

Nevertheless, DePasquale was optimistic about the future, asserting that the increased sales through Amazon are “a very encouraging sign for future demand,” and that the company is seeing “some solid interest from major retailers” with respect to its new biometric padlocks.

May 16, 2017 – by Alex Perala