• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

FindBiometrics

FindBiometrics

Global Identity Management

  • Biometrics
    • What are Biometrics?
    • FAQ
    • Biometric Associations
    • Companies
    • Premier Partners
  • News
    • Featured Articles
    • Interviews
    • Thought Leadership
    • Podcasts
    • Webinars
    • Year in Review
  • Applications
    • Biometric Security
    • Border Control and Airport Biometrics
    • Consumer and Residential Biometrics
    • Financial Biometrics
    • Fingerprint & Biometric Locks
    • Healthcare Biometrics
    • Justice and Law Enforcement Biometrics
    • Logical Access Control Biometrics
    • Mobile Biometrics
    • Other Biometric Applications
    • Physical Access Control Biometrics
    • Biometric Time and Attendance
  • Solutions
    • Behavioral Biometrics
    • Biometric Sensors and Detectors
    • Facial Recognition
    • Biometric Fingerprint Readers
    • Hand Readers & Finger Scanners
    • Iris Recognition
    • Biometric Middleware and Software
    • Multimodal Biometrics
    • Physiological Biometrics
    • Smart Cards
    • Vein Recognition
    • Voice and Speech Recognition
  • Stocks
  • Events
  • Companies
  • Podcasts

BIO-key Reports Massive Revenue Jump in Q4/2020 Update

March 25, 2021

BIO-key Reports Massive Revenue Jump in Q4/2020 Update

Revenues are way up and losses are way down in BIO-key‘s latest corporate update, reflecting growing demand for strong online authentication solutions in the wake of the COVID-19 pandemic, and brisk business with respect to the PortalGuard solution acquired by the company last year.

Revenues for the fourth quarter of 2020 came in at $1.1 million, a 99 percent jump over BIO-key’s revenues of $0.5 million in Q4 of 2019. Its net loss for the quarter was $1.4 million, compared to a net loss of $9.5 million in the same quarter a year prior.

Looking to the full-year results, BIO-key is reporting revenues of $2.8 million for fiscal 2020, compared to revenues of $2.3 million in 2019. Its net loss, meanwhile, shrank from a loss of $14.6 million in 2019 to a net loss of $9.8 million in fiscal 2020.

Commenting on the results, BIO-key CEO Michael DePasquale noted that while business activity was curtailed by the challenges of the COVID-19 pandemic last year, BIO-key turned things around with a mid-year recapitalization effort (in the form of a stock and warrants offering) and the acquisition of the PortalGuard Single Sign-On solution.

“Almost immediately, we began building momentum in our business, which is benefiting from IT security challenges driven by the shift to remote work and studies,” DePasquale explained, adding later, “We continue to see robust interest for our PortalGuard solution within the higher education and enterprise markets, particularly now that we have added a cloud-hosted, identity as a service solution (IDaaS) to our existing on-premises solution.”

DePasquale also expressed optimism about BIO-key’s efforts in Africa – a region of “substantial opportunity” for the company – and highlighted the company’s recent delivery of fingerprint sensors to support initiatives in Nigeria. And he suggested that BIO-key’s Channel Alliance Partner program will likely become “a key driver” in the company’s long-term growth.

Looking ahead to the new fiscal year, BIO-key’s leadership anticipate full-year revenues in the range of $8 million to $12 million, the midpoint of which would mean roughly 250 percent growth over the company’s 2020 revenues.

“Depending on the mix of hardware and software revenues, we believe BIO-key is positioned to achieve profitability within our revenue guidance range,” DePasquale said.

–

March 25, 2021 – by Alex Perala

Related News

  • PortalGuard, Other Successes Set BIO-key On Path to Potential Break-Even Operations 2022PortalGuard, Other Successes Set BIO-key On Path to Potential Break-Even Operations 2022
  • Aware Shows Improved Bottom Line in Q4 UpdateAware Shows Improved Bottom Line in Q4 Update
  • BIO-key Anticipates Big Jump in Revenues for 2019BIO-key Anticipates Big Jump in Revenues for 2019
  • BIO-key Heads to Another EDUCAUSE EventBIO-key Heads to Another EDUCAUSE Event
  • Rio Arriba County Deploys PortalGuard and BIO-key Fingerprint ReadersRio Arriba County Deploys PortalGuard and BIO-key Fingerprint Readers
  • BIO-key Shows Remarkable Growth in Q1 UpdateBIO-key Shows Remarkable Growth in Q1 Update

Filed Under: News, Stocks Tagged With: BIO-key, Biometric, biometrics, corporate updates, fingerprint biometrics, fingerprint sensors, fiscal updates, PortalGuard, Q4 2020, Q4 updates, Single Sign-On

Primary Sidebar

EXCLUSIVE MEMBERS ONLY CONTENT:

Become a FindBiometrics Member and gain easy access to specialty content, including the ID Tech column, replays of virtual events, and Identity School educational checklists:

The Tech Bubble Is Bursting. VCs Are Nervous. What Does That Mean for Biometrics?

Identity School: Facial Recognition Cheat Sheet

REPLAY: Travel & Hospitality Virtual Identity Summit

Sponsored Links

TECH5 showcase logo

TECH5 is an international technology company founded by experts from the biometrics industry, which focuses on developing disruptive biometric and digital ID solutions through the application of AI and Machine Learning technologies.

TECH5 target markets include both Government and Private sectors with products powering Civil ID, Digital ID, as well as authentication solutions that deliver identity assurance for various use cases. 

Learn more: www.tech5.ai

cmitech logo

CMITech is a leading provider of high performance, cost effective iris recognition systems. The company is setting the industry standard for advanced user interfaces that are fast, intuitive and effortless. Serving enrollment and authentication solutions of all sizes, CMITech systems include binoculars-type, wall mount, desktop, and kiosk-type product configurations.

Onfido logo

Onfido is building the new identity standard for the internet.Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.. For more information, please visit www.onfido.com

ThreatMark brings trust to the digital world by providing cutting-edge fraud prevention solutions. Major banks use ThreatMark’s AI-powered technology and behavioral biometrics to build secured banking experience to precisely verify their legitimate users, seamlessly across all digital channels. All while securing the users’ most precious assets and keeping the fraudsters away. Learn more: www.threatmark.com/

With its secunet border gears product portfolio and specialised consulting expertise, secunet supports police forces and security authorities in their sovereign tasks. Whether ABC gates, self-service kiosks or biometric middleware – each component helps to strengthen identity protection and to accelerate verification – in mobile and stationary scenarios.

Mobile ID World Logo

Mobile ID World is here to bring you the latest in mobile authentication solutions and application providers. Our company is dedicated to providing users with the best content and cutting edge information on technology, news, and mobile solutions for your mobile identity management needs.

Recent Posts

  • Onfido Gears Up for Fintech Nexus 2022
  • Insight Partners Forecasts $4.82 Billion Voice Biometrics Market
  • Onfido Finds Identity Fraud is Personal for Most People
  • Parsons to Acquire Xator, Adding State Department to Client Roster and Bolstering Biometrics Portfolio
  • Clearview AI Enters the Selfie Authentication Market

Biometric Associations

IBIA and fido

Tweets

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2022 FindBiometrics