BIO-key is maintaining its streak of higher revenues in its latest fiscal update.
The company reports that revenues for the third quarter came in at about $942,o00, up 118 percent compared to BIO-key’s $431,000 in revenues in Q3 of 2016. That appears to continue a trend from BIO-key’s Q2 update this past summer, which showed a 113 percent year-over-year uptick in revenues.
The bulk of Q3’s revenues – about $512,000 – came from hardware sales, with the company’s Windows 10-compatible USB fingerprint readers enjoying a rising profile, and BIO-key’s new T0uchLock biometric padlocks making a strong contribution as well, with about $164,000 in sales.
Of course, with increasing sales activity comes increasing costs; and BIO-key’s higher percentage of hardware sales, which carry lower margins than software, has cut into the company’s overall gross margin. BIO-key thus saw a net loss of $1.6 million, compared to a loss of $1.1 million in Q3 of 2016.
Nevertheless, in a statement announcing the results, the company’s leadership said they “remain confident in BIO-key’s long-term growth potential,” offering a revenue guidance of $6 million, which will reflect year-over-year growth of about a hundred percent if it is achieved.
November 15, 2017 – by Alex Perala