BIO-key International Projects Year-End Growth

BIO-key’s partnership with Microsoft and its Windows 10 OS, which can use BIO-key devices for biometric authentication, remains “a substantial and growing market opportunity,” says company CEO Mike DePasquale.

BIO-key International has issued its corporate update for the second quarter of the year.

BIO-key International Projects Year-End GrowthCompared to Q2 of 2015, revenues declined, dropping from $2,272,804 to $415,814. The company also saw a net loss of $1,576,114 for the quarter, compared to a net income of $753,146 in the second quarter of last year.

Commenting on the results in a statement, BIO-key CEO Mike DePasquale acknowledged that the company’s “second quarter sales performance was disappointing,” and explained that revenues decreased because “several larger scale opportunities did not close during the period for a variety of reasons that were unrelated to BIO-key.”

Nevertheless, DePasquale remains optimistic. The company is still working to close at least some of those deals, and BIO-key is working to develop channels that will help its fingerprint scanning devices to reach more enterprise and retail customers. Meanwhile, its partnership with Microsoft and its Windows 10 OS, which can use BIO-key devices for biometric authentication, remains “a substantial and growing market opportunity”.

With so many irons in the fire, BIO-key is still projecting revenues between $6.0 million and $8.5 million for the year.

August 16th, 2016 – by Alex Perala