BIO-key didn’t see as much business in the second quarter as its leadership had anticipated, but its net loss has improved in the company’s latest fiscal update.
Revenues for the quarter came in at $748,141, down from $886,881 in Q2 of 2017. In a statement announcing the results, BIO-key said the decline was “due principally to lower hardware revenue related to the timing of larger orders.”
BIO-key’s net loss, meanwhile, came in at $1,655,465, a $133,864 improvement over its net loss of $1,789,329 a year ago. Looking to the first half of 2018 more broadly, however, BIO-key saw a net loss of $3,847,456, compared to a loss of $3,145,516 in the first six months of 2017.
Commenting on the results, BIO-key CEO Mike DePasquale asserted that while the company saw “slower than anticipated deal activity” during the quarter, it “continued to advance a range of business development initiatives designed to position the Company for substantial growth.” He went on to highlight BIO-key’s growing network of distribution partners, opportunities in the call center market, growth in the company’s new line of biometric lock products, and its expanding presence in the Indian and Asia Pacific regions.
“As continues to be the case given that we are still in the early stages of market adoption of many of our products, BIO-key’s quarterly performance will fluctuate based on the timing of larger software and hardware agreements, which in the past two years have been heavily weighted to the second half of each fiscal year,” DePasquale said, concluding that year-end results are the key metric for the company’s leadership.
August 14, 2018 – by Alex Perala