“The announcement comes after a flurry of activity over the first part of 2018, with BIO-key having seen orders from across the government, manufacturing, and banking sectors…”
BIO-key‘s business has been booming, suggest preliminary and unaudited results for the company’s 2017 fiscal year.
While the company once again saw a net loss of $4.2 million – the same as in 2016 – revenues were up 110 percent, at $6.3 million, compared to 2016; and the company’s gross profit is up 36 percent over the same period, at $3 million.
In a statement announcing the preliminary results, BIO-key CEO Mike DePasquale explained that over the past year, BIO-key’s team “worked to lay the foundation for long-term revenue growth,” adding, “We focused on increasing our base of customers, growing our distribution channels, and launching a new line of products to deliver BIO-key’s secure biometric technology to both enterprise and consumer customers.” DePasquale also pointed out that the efforts produced a net income in the company’s fourth quarter, which came in at about half a million dollars.
The announcement comes after a flurry of activity over the first part of 2018, with BIO-key having seen orders from across the government, manufacturing, and banking sectors, suggesting that the company’s momentum has carried on into the new year. Looking ahead, DePasquale says BIO-key will focus on expanding the use of its biometric solutions in mobile applications, adding further authentication factors to its solutions portfolio, and increasing the company’s presence in Asia, particularly China, India, Malaysia, Singapore, and Sri Lanka.
In the meantime, BIO-key will schedule the publication of its full earnings report and an attendant conference call for sometime in March.
February 20, 2018 – by Alex Perala