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BIO key International Inc

BIO key International Inc (BKYI)

1.16
0.00
(0.00%)
Closed November 11 4:00PM
1.1691
0.0091
(0.78%)
After Hours: 7:38PM

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Key stats and details

Current Price
1.1691
Bid
1.09
Ask
1.16
Volume
117,716
1.13 Day's Range 1.1999
0.5187 52 Week Range 4.428
Market Cap
Previous Close
1.16
Open
1.19
Last Trade
1
@
1.12
Last Trade Time
Financial Volume
$ 136,750
VWAP
1.1617
Average Volume (3m)
5,317,060
Shares Outstanding
1,982,201
Dividend Yield
-
PE Ratio
-0.27
Earnings Per Share (EPS)
-4.3
Revenue
7.76M
Net Profit
-8.52M

About BIO key International Inc

BIO-key International Inc is a fingerprint biometric technology company. It develops and markets advanced fingerprint biometric identification and identity verification technologies, as well as related identity management and credentialing hardware and software solutions. Its product portfolio compr... BIO-key International Inc is a fingerprint biometric technology company. It develops and markets advanced fingerprint biometric identification and identity verification technologies, as well as related identity management and credentialing hardware and software solutions. Its product portfolio comprises SideSwipe, SidePass, EcoID, WEB-key, and others. The company generates its revenue in the form of Services, License fees, and others. Show more

Sector
Prepackaged Software
Industry
Prepackaged Software
Website
Headquarters
Wilmington, Delaware, USA
Founded
-
BIO key International Inc is listed in the Prepackaged Software sector of the NASDAQ with ticker BKYI. The last closing price for BIO key was $1.16. Over the last year, BIO key shares have traded in a share price range of $ 0.5187 to $ 4.428.

BIO key currently has 1,982,201 shares outstanding. The market capitalization of BIO key is $2.30 million. BIO key has a price to earnings ratio (PE ratio) of -0.27.

BKYI Latest News

Identity and Access Management and Biometric Solutions Provider BIO-key Hosts Q3 Investor Call Friday, November 15th at 10am ET

HOLMDEL, N.J., Nov. 07, 2024 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management and Identity-Bound Biometric solutions, will...

BIO-key Secures $910,000 Order to Upgrade Long-Time Financial Services Customer to Enhanced Biometric Customer Identification Technology

HOLMDEL, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions...

BIO-key Accelerates Zero Trust Solutions at Industry-Leading Cybersecurity Conference, ISC² Security Congress 2024

LAS VEGAS and HOLMDEL, N.J., Oct. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM...

BIO-key Expands Deployment with Province of British Columbia, Adds 10,000 Biometric Users for Sign-on and Physical Access Control

VANCOUVER, British Columbia and HOLMDEL, N.J., Sept. 23, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
1-0.0809-6.4721.251.311.12182153401.23350368CS
40.480169.68069666180.6891.950.518763061781.21629495CS
12-0.0809-6.4721.253.21990.518753170601.66046058CS
26-0.5009-29.9940119761.673.21990.518724761411.6604001CS
52-2.4471-67.67048282733.61624.4280.518714409951.84882903CS
156-54.6309-97.904838709755.857.240.51875818513.2268561CS
260-79.7157-98.554611002380.8848371.520.5187111712374.67002651CS

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BKYI Discussion

View Posts
wickw50 wickw50 4 days ago

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wickw50 wickw50 4 days ago

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wickw50 wickw50 4 days ago

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wickw50 wickw50 4 days ago

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wickw50 wickw50 2 weeks ago
Nice movement. 
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tw0122 tw0122 2 weeks ago
Superb pump to $1.95 keep an eye on NBIS ipo branch off of Yandez autonomous AI play
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subslover subslover 2 weeks ago
AMAZING VOLUME 73 mil shares!!!!😲
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ecmoney ecmoney 2 weeks ago
Circuit breaker


Ec
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tw0122 tw0122 2 weeks ago
Got out a little too early but it's all good. 
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TheFinalCD TheFinalCD 2 weeks ago
1.80 the guy is good almost 200k shares $BKYI 1.80
Yooooooooooooooooooooooooooooo— THE FINAL COUNTDOWN (@READY_2_PROFIT) October 29, 2024
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glenn1919 glenn1919 2 weeks ago
BKYI...........................................https://stockcharts.com/h-sc/ui?s=BKYI&p=W&b=5&g=0&id=p86431144783
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TheFinalCD TheFinalCD 2 weeks ago
$BKYI we are long 7% of the float from $1.

Sell target $1.9

We will sell our entire position starting at 9am market time https://t.co/brFVKPeO5O— Benjamin Yo (@short_cap) October 29, 2024
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tw0122 tw0122 2 weeks ago
Checkout NWTN nice gains BKYI
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TheFinalCD TheFinalCD 2 weeks ago
1.55 congrat$

another moon alert @ .98
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subslover subslover 2 weeks ago
That's a nice little order for this Company: BIO-key Secures $910,000 Order to Upgrade Long-Time Financial Services Customer to Enhanced Biometric Customer Identification Technology
HOLMDEL, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication, announced that it has received a $910,000 order from a long-term financial services customer to upgrade to BIO-key’s “fingerprint only” Biometric Customer Identification Technology.

The technology enhancement builds on the customer’s expanding deployment of BIO-key technology to verify the identity of customers, now totaling over 25 million enrolled individuals. Previously customers were verified at a branch location by matching their fingerprint scan and their ID number, account number or card. By upgrading to BIO-key’s “fingerprint only” identification, the customer will be able to identify each of its clients by a simple fingerprint scan – without the need for a card, account or ID number, saving an estimated thirty seconds per client encounter.

The financial services customer plans to upgrade all its users to BIO-key’s fingerprint-only identity solution in order to further streamline what is already a best-in-class client experience of its existing BIO-key-based verification solution. The new client identification solution will be entirely hosted on Amazon Web Services (AWS) infrastructure in order to support the technical demands of real-time, one-to-many biometric identification as compared to one-to-one matching of a fingerprint scan with a biometric associated with an account number, ID number or card.

Following full deployment of the enhanced biometric customer identification solution during 2025, BIO-key expects annual recurring revenue (ARR) from this financial services customer to increase to approximately $1.4M per year.

“This financial services customer remains on the cutting edge of biometric technology deployment as it works to deliver the best possible customer experience and protection against fraud”, said Jim Sullivan, BIO-key’s SVP of Strategy and CLO. “After closely working with our team on advance testing, they found that upgrading to BIO-key’s one-to-many fingerprint-only identification technology would not only provide a better user experience but would also save a substantial amount of time at every client encounter, avoiding the time to retrieve a physical ID card. BIO-key’s unparalleled accuracy in identification and speed of indexed search makes this leap in efficient customer engagement possible. The upgrade advances our customer’s commitment to leveraging the power of biometric technology to execute secure digital, paper-less transactions for their clients. We believe this is one of the world’s largest deployments of one-to-many biometric technology in a private commercial or enterprise setting. Working with the client and our partner at AWS, we intend to publish a more detailed whitepaper on this deployment in order to support other enterprises’ understanding the benefits our advanced biometric identity solutions can provide.”
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tw0122 tw0122 2 weeks ago
Time to flip out $1.17 smaller gains lock them in 
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tw0122 tw0122 2 weeks ago
.99 with 2m float. A little morning coffee brew
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Monksdream Monksdream 4 weeks ago
BKYI new 52 week low
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wickw50 wickw50 4 weeks ago
BIO-key Accelerates Zero Trust Solutions at Industry-Leading Cybersecurity Conference, ISC² Security Congress 2024

Showcasing cutting-edge phoneless, tokenless, and passwordless authentication


LAS VEGAS and HOLMDEL, N.J., Oct. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring phoneless, tokenless, passwordless and phish-resistant authentication solutions, announced the company will sponsor, speak, and exhibit at ISC2 Security Congress 2024, in Las Vegas on October 14 – 16, 2024. BIO-key will be hosting a session on Passkeys. Passkeys and zero trust are core enabling concepts of the National Institute of Standards and Technology (NIST) guidance on cybersecurity for digital identities. Passkeys are identified as aiding adherence to NIST Authentication Assurance Levels (AAL) standards in the NIST 800-63B Passkey Supplementary Guidelines released in May 2024.

Passkeys have historically been stored or secured by phones, personal laptops or hardware tokens but many enterprise users work in phone-free, roving user environments. The cost of hardware tokens for thousands of users becomes a drain on critical security budgets. BIO-key’s core differentiator in the authentication category is allowing users to take advantage of a biometric passwordless authentication solution that does not require the use of phones or tokens. This unique capability fills a crucial business use case gap that traditional MFA overlooks – roving users working without phones, providing a secure authentication experience that reduces the total cost of ownership and provides the highest levels of usability and security. BIO-key’s award-winning unified IAM platform, PortalGuard®, has helped organizations of all sizes balance risk with flexibility and productivity for users and identity administrators. The company’s newest offering, Passkey:YOU brings a phoneless, tokenless, passwordless experience to any IdP via a managed passkey secured by a touch of a fingerprint or any door badge.

The ISC2 Security Congress, themed “Boldly Forward,” brings together thousands of cybersecurity professionals and inspires attendees from all stages of the cybersecurity profession to elevate their careers, providing the opportunity to acquire new strategies, skills, and expertise to overcome the industry’s most pressing challenges.

“Continuous Education is vital for security professionals to stay ahead of innovative threat actors,” states BIO-key’s Director of Marketing, Mary Roark, CISSP. “Conferences such as this provide attendees with interactive sessions where everyone can learn something new and put it into practice as soon as they return to the office.”

Attendees are encouraged to stop by booth 716 or join the virtual conference to learn about BIO-key’s IAM solutions and the new Passkey: YOU. If you plan to attend the event, we invite you to our live speaking session: "Introducing Passkey:YOU – a Passwordless Authentication Solution that Checks All the Boxes." Join us on Monday, October 14, from 12:45 to 1:10 PM PT in Theatre 1.

“From shared workstations to remote access, to users prohibited from having phones or tokens, enterprises face a complex and ever-changing landscape of access requirements,” said Galen Rodgers, VP of North America Sales & Channel. “Traditional authentication methods are insufficient, so security leaders attending ISC2 are exploring solutions that can offer flexibility to accommodate the needs of diverse users and use cases while maintaining the highest level of security. BIO-key is confident that adding passkeys and biometric authentication will accelerate their zero trust strategies.”

RESOURCES:
https://www.bio-key.com/identity-bound-biometrics/passkey-authentication/

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-five million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements, whether as a result of new information, future events, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
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Monksdream Monksdream 1 month ago
BKYI a new 52 week low
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wickw50 wickw50 2 months ago
New 52 week low… eom
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wickw50 wickw50 2 months ago
BIO-key Expands Deployment with Province of British Columbia, Adds 10,000 Biometric Users for Sign-on and Physical Access Control


VANCOUVER, British Columbia and HOLMDEL, N.J., Sept. 23, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, announced that its long-time customer, the province of British Columbia, has placed new orders with BIO-key. 10,000 users will be added to their existing deployment of WEB-key software, integrated with Broadcom’s SiteMinder infrastructure to streamline and strengthen access to a series of new applications via SAML 2.0 federation standards.

BIO-key has worked closely with the province’s cybersecurity team to integrate BIO-key’s state-of-the-art, cloud-enabled biometric authentication platform with its existing authentication infrastructure to deliver advanced and secure biometric access to systems, applications and facilities across the organization.

Since 2012, BIO-key’s secure biometric authentication platform has been integrated with the province’s authentication infrastructure to provide the strongest biometric ID without requiring phones or tokens. In 2017, the province expanded the platform to incorporate physical access control using the same fingerprint biometric for door access. This differentiated approach delivers secure sign in and streamlined access to facilities for users who roam among different workstations and locations without requiring added costs and risks of “what-you-have” token and card solutions that only verify that the card or token is present, not the user. BIO-key credentials derive from the individual themselves, so access cannot be shared, delegated, phished or forgotten.

Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer, said, “The British Columbia government has been a leader in providing secure biometric authentication with BIO-key solutions for more than a decade. They recognize that unique ‘roving user’ scenarios call for uncompromising yet user-friendly security. We are pleased to be the trusted provider of the highest level of security, by ensuring only the right user accesses the most sensitive information. BIO-key has a long history providing highly secure, robust and cost-efficient solutions in government, defense, finance, retail and other highly-regulated industries. Today, we are finding that BIO-key’s superior user experience, through phoneless, tokenless and passwordless solutions, translates very well to many enterprise use cases, particularly where we bring multi-factor authentication to roving workforces."

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to execute and deliver on contracts in Africa; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
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luckydude777 luckydude777 2 months ago
Wow - thanks for the post.
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wickw50 wickw50 2 months ago
GLOBENEWSWIRE
BIO-key International Enters into $1.9 Million Warrant Inducement

Provided by GlobeNewswire
Sep 12, 2024 1:18pm
HOLMDEL, N.J., Sept. 12, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, today announced it has entered into a warrant inducement agreement with an existing institutional investor for the immediate exercise of certain outstanding warrants that the Company issued on October 30, 2023. Pursuant to the warrant inducement agreement, the investor has agreed to exercise outstanding warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock at an amended exercise price of $1.85. The gross proceeds from the exercise of the warrants are expected to be approximately $1.9 million, prior to deducting placement agent fees and estimated offering expenses.

The closing of the warrant exercise transactions is expected to occur on or about September 13, 2024, subject to satisfaction of customary closing conditions.

Maxim Group LLC is acting as the exclusive Placement Agent for the transaction.

In consideration for the immediate exercise of the warrants, the Company also agreed to issue to the investor unregistered Series A Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock and Series B Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock, each with an exercise price of $1.85 per share (the “New Warrants”). The Series A and Series B warrants share substantially the same terms, are immediately exercisable and will expire five years from the date of issuance. The Company has agreed to file a registration statement within forty five (45) days with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of common stock issuable upon exercise of the New Warrants. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About BIO-key International, Inc.

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-five million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

Forward-Looking Statements

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, the ability to satisfy the closing conditions related to the transaction and the overall timing and completion of such closing; our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs and comply with Nasdaq continued listing rules to maintain stockholders’ equity of at least $2,500,000; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Investor Contact

William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
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wickw50 wickw50 2 months ago
I have been here for almost 20 years on this stock. Made a small profit, on a quick flip in the first year… decided to wait until the bottom to buy back in. Guess what… still looking for the bottom after numerous reverse splits… apparently, there is no bottom….
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wickw50 wickw50 2 months ago
And… now we know why they pumped the price up….


BIO-key International Enters into $1.9 Million Warrant Inducement


HOLMDEL, N.J., Sept. 12, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, today announced it has entered into a warrant inducement agreement with an existing institutional investor for the immediate exercise of certain outstanding warrants that the Company issued on October 30, 2023. Pursuant to the warrant inducement agreement, the investor has agreed to exercise outstanding warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock at an amended exercise price of $1.85. The gross proceeds from the exercise of the warrants are expected to be approximately $1.9 million, prior to deducting placement agent fees and estimated offering expenses.

The closing of the warrant exercise transactions is expected to occur on or about September 13, 2024, subject to satisfaction of customary closing conditions.

Maxim Group LLC is acting as the exclusive Placement Agent for the transaction.

In consideration for the immediate exercise of the warrants, the Company also agreed to issue to the investor unregistered Series A Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock and Series B Warrants to purchase an aggregate of 1,030,556 shares of the Company's common stock, each with an exercise price of $1.85 per share (the “New Warrants”). The Series A and Series B warrants share substantially the same terms, are immediately exercisable and will expire five years from the date of issuance. The Company has agreed to file a registration statement within forty five (45) days with the Securities and Exchange Commission (“SEC”) covering the resale of the shares of common stock issuable upon exercise of the New Warrants. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About BIO-key International, Inc.

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-five million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

Forward-Looking Statements

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, the ability to satisfy the closing conditions related to the transaction and the overall timing and completion of such closing; our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs and comply with Nasdaq continued listing rules to maintain stockholders’ equity of at least $2,500,000; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Investor Contact

William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
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luckydude777 luckydude777 2 months ago
Now moving on DOWN. Time to move on.
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luckydude777 luckydude777 2 months ago
Moving on UP.
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wickw50 wickw50 2 months ago
Boom! eom
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wickw50 wickw50 2 months ago
Leading Government Defense Ministry Awards BIO-key $500K In Follow-On Orders for Biometric User Authentication

BIO-key credentials are the individual themselves, access cannot be shared, delegated, phished or forgotten.


HOLMDEL, N.J., Sept. 10, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics (IBB) for phoneless, tokenless, passwordless and phish-resistant authentication experiences, announced that one of the world’s most respected government defense ministries has awarded BIO-key over $500K in new orders for BIO-key’s biometric user authentication solution pursuant to a three-year purchasing agreement.

The defense ministry continues to expand its deployment of BIO-key’s biometric authentication solution into new programs and user scenarios, delivering convenient phoneless, tokenless and passwordless authentication access to digital services for over 33,000 users. BIO-key expects additional awards in future periods as the defense ministry expands the use of its solution to additional defense ministry personnel.

BIO-key’s secure biometric authentication platform has been integrated with the ministry’s virtual desktop infrastructure (VDI) capabilities to allow secure VDI-optimized biometric authentication without requiring phones or tokens. BIO-key has worked closely with the ministry’s cybersecurity team to integrate its state-of-the-art, cloud-enabled biometric authentication with the ministry’s authentication federation platform to deliver advanced, secure biometric access to systems and applications across organizational boundaries. Because BIO-key credentials are the individual themselves, access cannot be shared, delegated, phished or forgotten.

Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer, said, “BIO-key’s relationship with this innovative customer continues to expand, as does interest from the defense vertical in general. This is one of the most discriminating buyers of security technology worldwide. It is an honor to be trusted to provide the highest level of security possible by biometrically ensuring only the right user accesses the most sensitive information. BIO-key has a long history providing secure, robust solutions in government, defense, finance, retail and other highly-regulated industries, and we are finding that our superior user experience and cost-saving tokenless solution translates well to enterprise authentication."

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over thirty-five million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
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weedtrader420 weedtrader420 2 months ago
✊🤑☝️
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Invest-in-America Invest-in-America 2 months ago
BKYI: "Leading Government Defense Ministry"??? But WHERE --- on the island of TONGA??? Heck, an invasion or attack might happen THERE any minute!!!
In any event, GO-GO-GO-BKYI --- to dah MOOOOOOOOOON!!!


__________________________________________________________________
I'm writing a book, American Cars of 1918. Check often for the latest edition.
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luckydude777 luckydude777 2 months ago
Why NOT!
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Awl416 Awl416 2 months ago
Leading Government Defense Ministry Awards BIO-key $500K In Follow-On Orders for Biometric User Authentication
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wickw50 wickw50 2 months ago
Almost dipped below a buck… $1.0019! eom
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wickw50 wickw50 2 months ago
BKYI stock touches 52-week low at $1.16 amid sharp annual decline

Bio-Key International Inc. (BKYI) stock has hit a 52-week low, trading at $1.16, as the company faces a challenging period marked by a significant decrease in its stock value over the past year. The technology firm, which specializes in biometric software and hardware solutions, has seen its shares plummet, reflecting an 87.98% decline over the one-year period. This steep drop has alarmed investors and raised concerns about the company's future performance and strategy in a competitive market. The 52-week low serves as a critical indicator of the market's current sentiment towards Bio-Key International, suggesting that the company may need to reassess its business model and growth prospects to regain investor confidence.

In other recent news, BIO-key International (NASDAQ:BKYI)'s Q2 2024 revenues showed a decline, falling to $1.1 million from $1.9 million in the same quarter the previous year. Despite this, the company's net loss improved to $1.7 million from $2.6 million in the previous year. The company attributed this revenue decline to delays in software license contracts and the non-renewal of a significant maintenance contract. However, BIO-key also highlighted growth in its PortalGuard franchise and the successful launch of its Passkey:YOU product.

In other recent developments, BIO-key shareholders approved the election of five board members and the ratification of its independent registered public accounting firm, Bush & Associates CPA LLC, for the upcoming fiscal year. The company is also expecting higher revenues in the second half of 2024, with a significant order from Europe worth $450,000 expected to be recognized in Q3. These are recent developments that demonstrate the company's resilience and potential for future growth.

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Finally, the company's CFO, Cecilia C. Welch, confirmed the results of the Annual Meeting in an SEC filing. This filing is based on a press release statement issued by BIO-key International Inc.

InvestingPro Insights


As Bio-Key International Inc. (BKYI) navigates through its financial challenges, real-time data from InvestingPro offers a clearer picture of the company's current market standing. With a market capitalization of just $2.32 million, the company's valuation reflects the significant hurdles it faces. The revenue for the last twelve months as of Q2 2024 stands at $6.96 million, yet it's notable that the company has experienced a revenue decline of almost 3.86% during the same period, underscoring the concerns investors have regarding its growth trajectory.

InvestingPro Tips highlight two particularly concerning aspects for BKYI: the company's rapid cash burn and its inability to turn a profit over the last twelve months. These factors are critical for investors to consider as they evaluate the stock's potential for recovery. Moreover, with analysts expecting a sales decline in the current year and the stock's poor performance over various time frames – including a one-week total return of -9.02% and a staggering one-year total return of -87.72% – the outlook appears challenging.

For those looking for a more comprehensive analysis, additional insights are available on InvestingPro, with over 14 InvestingPro Tips that delve deeper into BKYI's financial health and future prospects. These tips, coupled with the detailed metrics provided, can help investors make more informed decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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wickw50 wickw50 2 months ago
New 52 week low… eom
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wickw50 wickw50 2 months ago
BIO-key shareholders approve board members and auditor

BIO-key International (NASDAQ:BKYI) Inc., a provider of identity and access management solutions, announced the results of its Annual Meeting of Stockholders held on Thursday, August 22, 2024. The company, which is incorporated in Delaware and trades on the Nasdaq Capital Market under the symbol NASDAQ:BKYI, confirmed the election of five board members and the ratification of its independent registered public accounting firm for the upcoming fiscal year.

At the Annual Meeting, shareholders voted on several key proposals, which had been detailed in the company's definitive proxy statement filed on July 10, 2024. All common stockholders as of July 1, 2024, were eligible to vote.

The elected board members for a one-year term include Michael W. DePasquale, Wong Kwok Fong (Kelvin), Robert J. Michel, Emmanuel Alia, and Cameron E. Williams. The election saw a majority of votes in favor, with Michael DePasquale receiving 368,965 votes for and 98,549 withheld. The other nominees received similar support, with all broker non-votes totaling 667,346 for each nominee.

Additionally, the selection of Bush & Associates CPA LLC as BIO-key's independent registered public accounting firm for the year ending December 31, 2024, was ratified with 831,104 votes for, 112,537 against, and 191,219 abstentions.

Stockholders also approved, on a non-binding and advisory basis, the compensation paid to the company's named executive officers, with 302,123 votes for, 101,061 against, and 64,330 abstentions. Furthermore, the frequency of the advisory approval of the compensation paid to the company's named executive officers was voted on, with the option of submitting the compensation for approval each year receiving the most votes.

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In light of the voting results, BIO-key International Inc. has decided to include a shareholder vote on the compensation of its named executive officers in its proxy materials annually until the next required vote on the frequency of such votes.

The company's Chief Financial Officer, Cecilia C. Welch, signed off on the SEC filing dated today, confirming the results of the Annual Meeting. This filing is based on a press release statement issued by BIO-key International Inc.

In other recent news, BIO-key International reported a decline in its Q2 2024 revenues, falling to $1.1 million from $1.9 million in the same quarter the previous year. The company attributed this to delays in software license contracts and the non-renewal of a significant maintenance contract. Despite this, BIO-key highlighted growth in its PortalGuard franchise as well as the successful launch of its Passkey:YOU product. As a result, the company's net loss improved, and it expressed confidence in achieving future profitability and growth.

BIO-key's gross profit and margin improved, and operating expenses were reduced by $168,000. The company's net loss improved to $1.7 million from $2.6 million in the previous year. The company has current assets of approximately $3 million as of June 30, 2024, and expects revenue growth from Amazon (NASDAQ:AMZN) marketplace inclusion and large projects in progress.

BIO-key anticipates higher revenues in the second half of 2024, expecting a year-over-year increase. A significant order from Europe worth $450,000 is expected to be recognized in Q3. These are recent developments that demonstrate the company's resilience and potential for future growth.
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wickw50 wickw50 3 months ago
Identity and Access Management Software Provider BIO-key to Participate at H.C. Wainwright Investment Conf. Sept. 9th to 10th


HOLMDEL, N.J., Aug. 22, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software featuring passwordless, phoneless and token-less Identity-Bound Biometrics (IBB) authentication solutions, will participate at H.C. Wainwright’s 26th Annual Hybrid Global Investment Conference September 9th and 10th.

BIO-key’s CEO Mike DePasquale will be available for virtual meetings on Monday and Tuesday, September 9th and 10th. Please contact your H.C. Wainwright representative or Lily Khaykina at lk@hcwco.com to schedule a meeting.

BIO-key’s conference presentation will be available to registered attendees via the conference website starting on Monday, September 9th at 7:00 a.m. ET.

H.C. Wainwright & Co., LLC is a full-service investment bank providing Investment Banking, Equity Research, Sales & Trading, Corporate Access and Strategic Advisory services. H.C. Wainwright’s 26th Annual Global Investment Conference will feature leading cleantech and growth companies from Monday, September 9th through Wednesday, September 11th.

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.


Engage with BIO-key
Facebook – Corporate: BIO-key International
LinkedIn – Corporate: BIO-key International
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
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wickw50 wickw50 3 months ago
https://findbiometrics.com/thales-exec-elected-ibia-chair/

Bio-key CEO also serves…
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wickw50 wickw50 3 months ago
BIO-key’s PortalGuard Identity and Access Management Solution and Identity-Bound Biometrics Are Now Available on the Amazon Web Services (AWS) Marketplace


HOLMDEL, N.J. , Aug. 15, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software featuring passwordless, phoneless and token-less Identity-Bound Biometrics (IBB) authentication solutions, announced the availability of its PortalGuard IDaaS platform in the Amazon Web Services (AWS) Marketplace enabling AWS customers around the world to seamlessly purchase and integrate PortalGuard and its IBB authentication solutions into their enterprise. The AWS Marketplace partnership expands the visibility and reach of BIO-key’s cutting-edge authentication security solutions to a broader range of customer prospects.

The AWS Marketplace is a curated digital catalog with 2.5 million subscribers and over 300,000 active customers who can find, test, buy, and deploy software solutions designed to run on AWS. By listing its solutions on this platform, BIO-key aims to simplify the integration process for enterprises seeking advanced security measures to protect their digital assets and enhance user authentication cost-effectively. Effective identity management is crucial for running secure and efficient cloud operations, enabling seamless access for employees while maintaining control over sensitive data. With the new enablement through AWS, global BIO-key prospects can now seamlessly purchase PortalGuard directly from the AWS Marketplace. This streamlined process enables AWS customers to effortlessly implement robust Identity & Access Management and IBB security, enhancing their digital transformation initiatives.

"BIO-key’s core mission is to provide world-class, flexible, secure access management, and biometric identity solutions to organizations globally. By collaborating with AWS, we enable organizations to gain streamlined access to our top-tier technologies, helping them to address complex challenges with enhanced security and compliance,” said Michael DePasquale, Chairman and CEO, BIO-key International, Inc.

To learn more about BIO-key in AWS Marketplace, visit: https://aws.amazon.com/marketplace/pp/prodview-px343thbnhuig

About BIO-key International, Inc. (www.BIO-key.com)

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
👍️0
wickw50 wickw50 3 months ago
BIO-key’s PortalGuard Identity and Access Management Solution and Identity-Bound Biometrics Are Now Available on the Amazon Web Services (AWS) Marketplace


HOLMDEL, N.J. , Aug. 15, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software featuring passwordless, phoneless and token-less Identity-Bound Biometrics (IBB) authentication solutions, announced the availability of its PortalGuard IDaaS platform in the Amazon Web Services (AWS) Marketplace enabling AWS customers around the world to seamlessly purchase and integrate PortalGuard and its IBB authentication solutions into their enterprise. The AWS Marketplace partnership expands the visibility and reach of BIO-key’s cutting-edge authentication security solutions to a broader range of customer prospects.

The AWS Marketplace is a curated digital catalog with 2.5 million subscribers and over 300,000 active customers who can find, test, buy, and deploy software solutions designed to run on AWS. By listing its solutions on this platform, BIO-key aims to simplify the integration process for enterprises seeking advanced security measures to protect their digital assets and enhance user authentication cost-effectively. Effective identity management is crucial for running secure and efficient cloud operations, enabling seamless access for employees while maintaining control over sensitive data. With the new enablement through AWS, global BIO-key prospects can now seamlessly purchase PortalGuard directly from the AWS Marketplace. This streamlined process enables AWS customers to effortlessly implement robust Identity & Access Management and IBB security, enhancing their digital transformation initiatives.

"BIO-key’s core mission is to provide world-class, flexible, secure access management, and biometric identity solutions to organizations globally. By collaborating with AWS, we enable organizations to gain streamlined access to our top-tier technologies, helping them to address complex challenges with enhanced security and compliance,” said Michael DePasquale, Chairman and CEO, BIO-key International, Inc.

To learn more about BIO-key in AWS Marketplace, visit: https://aws.amazon.com/marketplace/pp/prodview-px343thbnhuig

About BIO-key International, Inc. (www.BIO-key.com)

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
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wickw50 wickw50 3 months ago
BIO-key Reports Reduced Net Loss and Cash Used in Operations on Lower Q2’24 Revenues; Hosts Investor Call Thu. Aug. 15th at 10am ET


HOLMDEL, N.J., Aug. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its second quarter ended June 30, 2024 (Q2’24). Note, BIO-key’s results for 2023 were restated at year-end and filed with the Company’s 2023 Form 10-K, and as a result Q2’23 and six months ended June 30, 2023 comparisons in this release have been restated. BIO-key will host an investor call Thursday, August 15th at 10:00am ET (details below).

Financial Highlights

Q2’24 revenues decreased to $1.1M from $1.9M in Q2’23, principally due to a delay in recognition of approximately $450,000 in software license fees generated by the Company’s European subsidiary and lower project-related services revenue of approximately $200,000 as compared to the year-ago period for one large customer.
Gross profit improved to $0.9M (77.0% gross margin) in Q2’24 vs. $0.3M (16.7% gross margin) in Q2’23, primarily reflecting the impact of a $1M hardware reserve in Q2’23.
BIO-key trimmed Q2’24 operating expenses by $0.2M versus Q2’23, reflecting ongoing cost management initiatives.
BIO-key reported a Q2’24 net loss of $1.7M compared to a Q2’23 net loss of $2.6M, primarily due to a $1M hardware reserve in Q2’23.
Cash used in operating activities improved 48% to $1.1M in the first six months of 2024 vs. $2.1M used in the first six months of 2023. Improved operating cash flow reflects the benefit of a Q1’24 $1.5M 2-year extension/expansion of a biometric technology license with a long-term financial services customer and continued reductions in S,G &A.
Recent Business Highlights

Williamsburg, VA advanced its Zero Trust initiative with BIO-key’s Identity-Bound Biometrics.
Los Angeles LGBT Center secured its IT Systems with BIO-key’s Seamless Badge-Tap Authentication Solution.
University of Iowa Hospital and Dayton Children’s Hospital) expanded their BIO-key deployments in Q2’24.
BIO-key introduced Passkey:YOU, a phish-resistant, phoneless and tokenless biometric FIDO Passkey Authentication Solution.
BIO-key won the Global InfoSec Award for Multi-factor Authentication at RSA Conference 2024.
Commentary
BIO-key CEO, Mike DePasquale commented, “Q2 was impacted by delays we experienced in the closing of approximately $450,000 in software license contracts and lower non-recurring, project-related services revenue of approximately $200,000 versus the year-ago period for one large customer in 2023.

“Despite our lower than expected revenues this quarter, we remain very encouraged by the growing enterprise awareness of the importance of implementing secure, zero-trust Identity and Access Management solutions which form the core of our offerings. We remain focused on driving revenue growth and progressing our business to profitability and positive cash flow over the next several quarters. We are working to support our Channel Alliance Partners around the globe while also working to progress larger-scale customer dialogues via our in-house direct sales efforts.

“We are also excited by the growth potential for our new Passkey:YOU solution which we believe provides a very powerful, differentiated solution within the rapidly expanding deployment of passkey solutions by some of the largest global companies. Unlike other solutions, BIO-key’s Passkey:YOU utilizes our industry leading biometric technology to deliver a unique passwordless and device-less authentication solution able to meet a broad range of needs, including some of the most challenging use cases.

“We continue to expect to benefit from the rollout and enforcement of increasingly stringent regulatory standards and cyber insurance underwriting requirements, much of which are now mandating multi-factor authentication or passwordless security solutions that BIO-key is well positioned to provide on a very competitive basis.

“Given our size, our performance will likely remain variable on a quarter to quarter and year over year basis, based on the impact and timing of customer contracts, though we remain confident in our ability to drive sequential growth on a full year basis. Importantly, we are building a growing base of high-margin annually recurring revenues (ARRs) with solid potential to expand as we move forward. We also continue to seek and implement cost reduction opportunities and identify potential strategic opportunities to leverage our core expertise to accelerate our path to profitability and positive cash flow. For these and other reasons, we believe BIO-key is well-positioned for the future.”

Financial Results
BIO-key reported Q2’24 revenues of $1.1M compared to $1.9M in Q2’23. The current-year period was negatively impacted by the delay in recognition of approximately $450,000 in software license fees generated by the Company’s European subsidiary and the year-ago period benefitted from approximately $200,000 of non-recurring services revenue for one large customer. For the six months ended June 30, 2024, revenues were $3.3M compared to $4.1M in 2023, principally due to the factors that impacted Q2’24 results.

Q2’24 Gross profit was $0.9M (77.0% gross margin) versus $0.3M (16.7% gross margin) in Q2’23, primarily reflecting the impact of a $1M hardware reserve in 2023 and higher gross margins from services in Q2’24.

BIO-key was able to reduce operating expenses by $0.2M in Q2’24 versus Q2’23, reflecting reductions in administration, sales personnel costs and marketing show expenses, including lower headquarters expense. Partially offsetting lower SG&A costs, was a $33,000 increase in research, development and engineering expense related to new product development.

Reflecting lower costs and the $1M hardware reserve in 2023, BIO-key’s net loss improved to $1.7M, or $1.00 per share, in Q2’24, from $2.6M, or $4.71 per share, in Q2’23. Likewise, BIO-key trimmed its net loss for the first six months of 2024 to $2.2M, or $1.33 per share, compared to a net loss of $4.3M, or $7.74 per share, in the first six months of 2023. Q2’23 results included a hardware reserve of $1M and the first six months of 2023 included a hardware reserve of $1.5M.

Balance Sheet
At June 30, 2024, BIO-key had current assets of approximately $3.0M, including $1.3M of cash and cash equivalents, $932,210 of net accounts receivable and due from factor, and $433,182 of inventory. This compares to current assets of approximately $2.6M, including $511,400 of cash equivalents, $1.3M of net accounts receivable and due from factor, and $445,740 of inventory, at December 31, 2023.

Conference Call Details

Date / Time: Thursday, August 15th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 7767803

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; if we fail to increase our stockholders’ equity to at least $2.5 million, our common stock will be delisted from the Nasdaq Capital Market which could negatively impact the trading price of our common stock and impair our ability to raise capital, any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2024 2023 2024 2023
Revenues
Services $ 283,569 $ 620,465 $ 496,690 $ 1,152,987
License fees 774,225 1,235,771 2,724,659 2,814,327
Hardware 83,492 72,693 101,140 145,382
Total revenues 1,141,286 1,928,929 3,322,489 4,112,696
Costs and other expenses
Cost of services 73,385 360,156 212,234 514,957
Cost of license fees 148,432 198,147 296,652 819,028
Cost of hardware 40,455 47,808 53,029 92,400
Cost of hardware - reserve - 1,000,000 - 1,500,000
Total costs and other expenses 262,272 1,606,111 561,915 2,926,385
Gross profit 879,014 322,818 2,760,574 1,186,311

Operating Expenses
Selling, general and administrative 1,941,866 2,143,164 3,724,839 4,074,896
Research, development and engineering 591,234 558,181 1,198,755 1,248,340
Total Operating Expenses 2,533,100 2,701,345 4,923,594 5,323,236
Operating loss (1,654,086 ) (2,378,527 ) (2,163,020 ) (4,136,925 )
Other income (expense)
Interest income 46 23 51 27
Loss on foreign currency transactions - - - (15,000 )
Loan fee amortization (4,000 ) - (4,000 ) -
Change in fair value of convertible note - (44,568 ) - 97,423
Interest expense (8,910 ) (56,806 ) (10,267 ) (113,725 )
Total other income (expense), net (12,864 ) (101,351 ) (14,216 ) (31,275 )

Loss before provision for income tax (1,666,950 ) (2,479,878 ) (2,177,236 ) (4,168,200 )

Provision for (income tax) tax benefit - (143,000 ) - (143,000 )

Net loss $ (1,666,950 ) $ (2,622,878 ) $ (2,177,236 ) $ (4,311,200 )

Comprehensive loss:
Net loss $ (1,666,950 ) $ (2,622,878 ) $ (2,177,236 ) $ (4,311,200 )
Other comprehensive income (loss) – Foreign currency translation adjustment 24,220 19,884 (38,530 ) 92,030
Comprehensive loss $ (1,642,730 ) $ (2,602,994 ) $ (2,215,766 ) $ (4,219,170 )

Basic and Diluted Loss per Common Share $ (1.00 ) $ (4.71 ) $ (1.33 ) $ (7.74 )

Weighted Average Common Shares Outstanding:
Basic and diluted 1,663,042 556,758 1,639,183 556,758
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, December 31,
2024 2023
(Unaudited)
ASSETS
Cash and cash equivalents $ 1,260,351 $ 511,400
Accounts receivable, net 904,046 1,201,526
Due from factor 28,164 99,320
Inventory 433,182 445,740
Prepaid expenses and other 388,786 364,171
Total current assets 3,014,529 2,622,157
Equipment and leasehold improvements, net 174,419 220,177
Capitalized contract costs, net 348,617 229,806
Operating lease right-of-use assets 9,341 36,905
Intangible assets, net 1,252,090 1,407,990
Total non-current assets 1,784,467 1,894,878
TOTAL ASSETS $ 4,798,996 $ 4,517,035

LIABILITIES
Accounts payable $ 1,539,548 $ 1,316,014
Accrued liabilities 1,164,681 1,305,848
Note payable 2,010,293 -
Government loan – BBVA Bank, current portion 135,400 138,730
Deferred revenue, current 715,193 414,968
Operating lease liabilities, current portion 9,570 37,829
Total current liabilities 5,574,685 3,213,389
Deferred revenue, long term 142,949 28,296
Deferred tax liability 22,998 22,998
Government loan – BBVA Bank – net of current portion 114,656 188,787
Total non-current liabilities 280,603 240,081
TOTAL LIABILITIES 5,855,288 3,453,470

Commitments and Contingencies

STOCKHOLDERS’ EQUITY

Common stock — authorized, 170,000,000 shares; issued and outstanding; 1,815,618 and 1,032,777 of $.0001 par value at June 30, 2024 and December 31, 2023, respectively 182 103
Additional paid-in capital 126,143,205 126,047,851
Accumulated other comprehensive loss (15,234 ) 22,821
Accumulated deficit (127,184,445 ) (125,007,210 )
TOTAL STOCKHOLDERS’ EQUITY (1,056,292 ) 1,063,565
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,798,996 $ 4,517,035
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Six Months Ended June 30,
2024 2023

CASH FLOW FROM OPERATING ACTIVITIES:
Net loss $ (2,177,236 ) $ (4,311,200 )
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation 46,069 26,637
Amortization of intangible assets 155,900 162,166
Change in fair value of convertible note - (97,423 )
Amortization of capitalized contract costs 80,074 80,717
Reserve for inventory - 1,500,000
Operating leases right-of-use assets 27,564 112,745
Share and warrant-based compensation for employees and consultants 96,561 120,767
Stock based directors’ fees 9,003 28,004
Deferred income tax benefit (13,000 )
Bad debts 250,000
Change in assets and liabilities:
Accounts receivable 297,480 (757,170 )
Due from factor 71,156 (24,750 )
Capitalized contract costs (198,885 ) (75,096 )
Inventory 12,558 50,271
Prepaid expenses and other (24,615 ) 14,799
Accounts payable 258,384 726,657
Accrued liabilities (141,167 ) (109,208 )
Income taxes payable - 156,000
Deferred revenue 414,878 174,437
Operating lease liabilities (51,257 ) (110,545 )
Net cash used in operating activities (1,123,533 ) (2,095,192 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,869 ) -
Net cash used in investing activities (1,869 ) -
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Note Payable 2,000,000 -
Offering costs (13,470 ) -
Proceeds for exercise of warrants 1,400 -
Receipt of cash from Employee stock purchase plan 1,939 13,934
Repayment of government loan (77,461 ) (56,241 )
Net cash used in financing activities 1,912,408 (42,307 )

Effect of exchange rate changes (38,055 ) 67,490

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 748,951 (2,070,009 )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 511,400 2,635,522
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,260,351 $ 565,513
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.

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wickw50 wickw50 3 months ago
BIO-key Reports Reduced Net Loss and Cash Used in Operations on Lower Q2’24 Revenues; Hosts Investor Call Thu. Aug. 15th at 10am ET


HOLMDEL, N.J., Aug. 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its second quarter ended June 30, 2024 (Q2’24). Note, BIO-key’s results for 2023 were restated at year-end and filed with the Company’s 2023 Form 10-K, and as a result Q2’23 and six months ended June 30, 2023 comparisons in this release have been restated. BIO-key will host an investor call Thursday, August 15th at 10:00am ET (details below).

Financial Highlights

Q2’24 revenues decreased to $1.1M from $1.9M in Q2’23, principally due to a delay in recognition of approximately $450,000 in software license fees generated by the Company’s European subsidiary and lower project-related services revenue of approximately $200,000 as compared to the year-ago period for one large customer.
Gross profit improved to $0.9M (77.0% gross margin) in Q2’24 vs. $0.3M (16.7% gross margin) in Q2’23, primarily reflecting the impact of a $1M hardware reserve in Q2’23.
BIO-key trimmed Q2’24 operating expenses by $0.2M versus Q2’23, reflecting ongoing cost management initiatives.
BIO-key reported a Q2’24 net loss of $1.7M compared to a Q2’23 net loss of $2.6M, primarily due to a $1M hardware reserve in Q2’23.
Cash used in operating activities improved 48% to $1.1M in the first six months of 2024 vs. $2.1M used in the first six months of 2023. Improved operating cash flow reflects the benefit of a Q1’24 $1.5M 2-year extension/expansion of a biometric technology license with a long-term financial services customer and continued reductions in S,G &A.
Recent Business Highlights

Williamsburg, VA advanced its Zero Trust initiative with BIO-key’s Identity-Bound Biometrics.
Los Angeles LGBT Center secured its IT Systems with BIO-key’s Seamless Badge-Tap Authentication Solution.
University of Iowa Hospital and Dayton Children’s Hospital) expanded their BIO-key deployments in Q2’24.
BIO-key introduced Passkey:YOU, a phish-resistant, phoneless and tokenless biometric FIDO Passkey Authentication Solution.
BIO-key won the Global InfoSec Award for Multi-factor Authentication at RSA Conference 2024.
Commentary
BIO-key CEO, Mike DePasquale commented, “Q2 was impacted by delays we experienced in the closing of approximately $450,000 in software license contracts and lower non-recurring, project-related services revenue of approximately $200,000 versus the year-ago period for one large customer in 2023.

“Despite our lower than expected revenues this quarter, we remain very encouraged by the growing enterprise awareness of the importance of implementing secure, zero-trust Identity and Access Management solutions which form the core of our offerings. We remain focused on driving revenue growth and progressing our business to profitability and positive cash flow over the next several quarters. We are working to support our Channel Alliance Partners around the globe while also working to progress larger-scale customer dialogues via our in-house direct sales efforts.

“We are also excited by the growth potential for our new Passkey:YOU solution which we believe provides a very powerful, differentiated solution within the rapidly expanding deployment of passkey solutions by some of the largest global companies. Unlike other solutions, BIO-key’s Passkey:YOU utilizes our industry leading biometric technology to deliver a unique passwordless and device-less authentication solution able to meet a broad range of needs, including some of the most challenging use cases.

“We continue to expect to benefit from the rollout and enforcement of increasingly stringent regulatory standards and cyber insurance underwriting requirements, much of which are now mandating multi-factor authentication or passwordless security solutions that BIO-key is well positioned to provide on a very competitive basis.

“Given our size, our performance will likely remain variable on a quarter to quarter and year over year basis, based on the impact and timing of customer contracts, though we remain confident in our ability to drive sequential growth on a full year basis. Importantly, we are building a growing base of high-margin annually recurring revenues (ARRs) with solid potential to expand as we move forward. We also continue to seek and implement cost reduction opportunities and identify potential strategic opportunities to leverage our core expertise to accelerate our path to profitability and positive cash flow. For these and other reasons, we believe BIO-key is well-positioned for the future.”

Financial Results
BIO-key reported Q2’24 revenues of $1.1M compared to $1.9M in Q2’23. The current-year period was negatively impacted by the delay in recognition of approximately $450,000 in software license fees generated by the Company’s European subsidiary and the year-ago period benefitted from approximately $200,000 of non-recurring services revenue for one large customer. For the six months ended June 30, 2024, revenues were $3.3M compared to $4.1M in 2023, principally due to the factors that impacted Q2’24 results.

Q2’24 Gross profit was $0.9M (77.0% gross margin) versus $0.3M (16.7% gross margin) in Q2’23, primarily reflecting the impact of a $1M hardware reserve in 2023 and higher gross margins from services in Q2’24.

BIO-key was able to reduce operating expenses by $0.2M in Q2’24 versus Q2’23, reflecting reductions in administration, sales personnel costs and marketing show expenses, including lower headquarters expense. Partially offsetting lower SG&A costs, was a $33,000 increase in research, development and engineering expense related to new product development.

Reflecting lower costs and the $1M hardware reserve in 2023, BIO-key’s net loss improved to $1.7M, or $1.00 per share, in Q2’24, from $2.6M, or $4.71 per share, in Q2’23. Likewise, BIO-key trimmed its net loss for the first six months of 2024 to $2.2M, or $1.33 per share, compared to a net loss of $4.3M, or $7.74 per share, in the first six months of 2023. Q2’23 results included a hardware reserve of $1M and the first six months of 2023 included a hardware reserve of $1.5M.

Balance Sheet
At June 30, 2024, BIO-key had current assets of approximately $3.0M, including $1.3M of cash and cash equivalents, $932,210 of net accounts receivable and due from factor, and $433,182 of inventory. This compares to current assets of approximately $2.6M, including $511,400 of cash equivalents, $1.3M of net accounts receivable and due from factor, and $445,740 of inventory, at December 31, 2023.

Conference Call Details

Date / Time: Thursday, August 15th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 7767803

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; if we fail to increase our stockholders’ equity to at least $2.5 million, our common stock will be delisted from the Nasdaq Capital Market which could negatively impact the trading price of our common stock and impair our ability to raise capital, any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)

Three Months Ended Six Months Ended
June 30, June 30,
2024 2023 2024 2023
Revenues
Services $ 283,569 $ 620,465 $ 496,690 $ 1,152,987
License fees 774,225 1,235,771 2,724,659 2,814,327
Hardware 83,492 72,693 101,140 145,382
Total revenues 1,141,286 1,928,929 3,322,489 4,112,696
Costs and other expenses
Cost of services 73,385 360,156 212,234 514,957
Cost of license fees 148,432 198,147 296,652 819,028
Cost of hardware 40,455 47,808 53,029 92,400
Cost of hardware - reserve - 1,000,000 - 1,500,000
Total costs and other expenses 262,272 1,606,111 561,915 2,926,385
Gross profit 879,014 322,818 2,760,574 1,186,311

Operating Expenses
Selling, general and administrative 1,941,866 2,143,164 3,724,839 4,074,896
Research, development and engineering 591,234 558,181 1,198,755 1,248,340
Total Operating Expenses 2,533,100 2,701,345 4,923,594 5,323,236
Operating loss (1,654,086 ) (2,378,527 ) (2,163,020 ) (4,136,925 )
Other income (expense)
Interest income 46 23 51 27
Loss on foreign currency transactions - - - (15,000 )
Loan fee amortization (4,000 ) - (4,000 ) -
Change in fair value of convertible note - (44,568 ) - 97,423
Interest expense (8,910 ) (56,806 ) (10,267 ) (113,725 )
Total other income (expense), net (12,864 ) (101,351 ) (14,216 ) (31,275 )

Loss before provision for income tax (1,666,950 ) (2,479,878 ) (2,177,236 ) (4,168,200 )

Provision for (income tax) tax benefit - (143,000 ) - (143,000 )

Net loss $ (1,666,950 ) $ (2,622,878 ) $ (2,177,236 ) $ (4,311,200 )

Comprehensive loss:
Net loss $ (1,666,950 ) $ (2,622,878 ) $ (2,177,236 ) $ (4,311,200 )
Other comprehensive income (loss) – Foreign currency translation adjustment 24,220 19,884 (38,530 ) 92,030
Comprehensive loss $ (1,642,730 ) $ (2,602,994 ) $ (2,215,766 ) $ (4,219,170 )

Basic and Diluted Loss per Common Share $ (1.00 ) $ (4.71 ) $ (1.33 ) $ (7.74 )

Weighted Average Common Shares Outstanding:
Basic and diluted 1,663,042 556,758 1,639,183 556,758
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, December 31,
2024 2023
(Unaudited)
ASSETS
Cash and cash equivalents $ 1,260,351 $ 511,400
Accounts receivable, net 904,046 1,201,526
Due from factor 28,164 99,320
Inventory 433,182 445,740
Prepaid expenses and other 388,786 364,171
Total current assets 3,014,529 2,622,157
Equipment and leasehold improvements, net 174,419 220,177
Capitalized contract costs, net 348,617 229,806
Operating lease right-of-use assets 9,341 36,905
Intangible assets, net 1,252,090 1,407,990
Total non-current assets 1,784,467 1,894,878
TOTAL ASSETS $ 4,798,996 $ 4,517,035

LIABILITIES
Accounts payable $ 1,539,548 $ 1,316,014
Accrued liabilities 1,164,681 1,305,848
Note payable 2,010,293 -
Government loan – BBVA Bank, current portion 135,400 138,730
Deferred revenue, current 715,193 414,968
Operating lease liabilities, current portion 9,570 37,829
Total current liabilities 5,574,685 3,213,389
Deferred revenue, long term 142,949 28,296
Deferred tax liability 22,998 22,998
Government loan – BBVA Bank – net of current portion 114,656 188,787
Total non-current liabilities 280,603 240,081
TOTAL LIABILITIES 5,855,288 3,453,470

Commitments and Contingencies

STOCKHOLDERS’ EQUITY

Common stock — authorized, 170,000,000 shares; issued and outstanding; 1,815,618 and 1,032,777 of $.0001 par value at June 30, 2024 and December 31, 2023, respectively 182 103
Additional paid-in capital 126,143,205 126,047,851
Accumulated other comprehensive loss (15,234 ) 22,821
Accumulated deficit (127,184,445 ) (125,007,210 )
TOTAL STOCKHOLDERS’ EQUITY (1,056,292 ) 1,063,565
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,798,996 $ 4,517,035
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.


BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Six Months Ended June 30,
2024 2023

CASH FLOW FROM OPERATING ACTIVITIES:
Net loss $ (2,177,236 ) $ (4,311,200 )
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation 46,069 26,637
Amortization of intangible assets 155,900 162,166
Change in fair value of convertible note - (97,423 )
Amortization of capitalized contract costs 80,074 80,717
Reserve for inventory - 1,500,000
Operating leases right-of-use assets 27,564 112,745
Share and warrant-based compensation for employees and consultants 96,561 120,767
Stock based directors’ fees 9,003 28,004
Deferred income tax benefit (13,000 )
Bad debts 250,000
Change in assets and liabilities:
Accounts receivable 297,480 (757,170 )
Due from factor 71,156 (24,750 )
Capitalized contract costs (198,885 ) (75,096 )
Inventory 12,558 50,271
Prepaid expenses and other (24,615 ) 14,799
Accounts payable 258,384 726,657
Accrued liabilities (141,167 ) (109,208 )
Income taxes payable - 156,000
Deferred revenue 414,878 174,437
Operating lease liabilities (51,257 ) (110,545 )
Net cash used in operating activities (1,123,533 ) (2,095,192 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,869 ) -
Net cash used in investing activities (1,869 ) -
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Note Payable 2,000,000 -
Offering costs (13,470 ) -
Proceeds for exercise of warrants 1,400 -
Receipt of cash from Employee stock purchase plan 1,939 13,934
Repayment of government loan (77,461 ) (56,241 )
Net cash used in financing activities 1,912,408 (42,307 )

Effect of exchange rate changes (38,055 ) 67,490

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 748,951 (2,070,009 )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 511,400 2,635,522
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,260,351 $ 565,513
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wickw50 wickw50 3 months ago
Identity and Access Management Solutions Provider BIO-key Hosts Q2 Investor Call Thursday, August 15th at 10am ET


HOLMDEL, N.J., Aug. 12, 2024 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of Identity and Access Management and Identity-Bound Biometric solutions, will host its Q2 2024 investor call Thursday, August 15th at 10 a.m. ET. Results will be released after markets close on Wednesday. Mike DePasquale, Chairman & CEO and Cecilia Welch, CFO will lead the conference and Q&A session.

Conference Call Details
Date / Time: Thursday, August 15th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 7767803

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over 40 million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
X – Corporate: @BIOkeyIntl
X – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI@catalyst-ir.com
212-924-9800
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wickw50 wickw50 3 months ago
Chief Executive Officer Depasquale Michael W was granted 24,000 shares, increasing direct ownership by 117% to 44,573 units (SEC Form 4)

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wickw50 wickw50 4 months ago
Williamsburg, VA Advances Zero Trust Initiative for City Infrastructure and Data with BIO-key Identity-Bound Biometrics


WILLIAMSBURG, Va. and HOLMDEL, N.J., July 08, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software featuring passwordless, phoneless and token-less Identity-Bound Biometrics (IBB) authentication solutions, announces that the City of Williamsburg, VA has selected BIO-key’s PortalGuard IDaaS platform to enhance its security posture under a comprehensive Zero Trust initiative.

City governments like Williamsburg face numerous challenges related to authentication security, given their responsibility for protecting sensitive information and providing critical services to their constituents. Williamsburg’s senior IT leadership sought robust authentication mechanisms such as advanced multi-factor authentication (MFA) and biometrics to mitigate these threats. Williamsburg selected BIO-key’s solution over competitive offerings, enabling it to consolidate security vendors and implement a unified platform for secure access to systems and data across the municipality. PortalGuard IDaaS and its IBB capabilities will streamline access workflows for city users and deliver cost savings by securing desktop access with passwordless authentication.

The power of BIO-key’s identity bound biometrics (IBB) is in establishing trust and accountability rooted in a person's biometric identity. Biometrics provides assurance of a genuine presence as well as an audit trail with full transparency. IBB also eliminates a common authentication point of failure by removing physical devices (such as tokens or keys) as potential vulnerabilities, while PortalGuard provides the user with flexible authentication options to ensure security as well as usability.

"Government entities continue to be prime targets for cyber-attacks, including phishing, ransomware, and other forms of cybercrime, so ensuring data security is paramount as breaches can have severe legal, financial and reputational consequences,” said Mark Cochran, President of BIO-key’s PortalGuard division. “BIO-key has an extensive track record of collaboration with state, county, and local entities, built on our ongoing commitment to providing quick time-to-value security solutions and IBB to deliver passwordless authentication.”

About BIO-key International, Inc. (www.BIO-key.com)

BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key

Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
👍️0
wickw50 wickw50 5 months ago
BIO-key Secures Los Angeles LGBT Center's IT Systems with Seamless Badge-Tap Authentication Solution


HOLMDEL, N.J., June 25, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software infrastructure featuring passwordless, phoneless and token-less Identity-Bound Biometrics (IBB) authentication solutions, today announces that Los Angeles LGBT Center with 17 locations and nearly 800 employees has selected its PortalGuard® platform for secure, streamlined desktop sign-in that meets regulatory and insurance compliance requirements. The most prominent LGBTQ+ organization in the world, the Center offers programs, services, and advocacy spanning four areas: Health, Social Services and Housing, Culture and Education, and Leadership.

The newly implemented system marks a significant advancement for the Center, offering a highly scalable solution that includes enterprise-grade identity and access management capabilities and an identity provider (IDP) engine. BIO-key’s state-of-the-art PortalGuard security solution provides a badge-tap authentication system that eliminates the need for traditional password entry, ensuring secure and efficient access to critical resources in the Center. Using Center-provided badges, end-users can now simply tap their badge on a workstation reader and enter a 4-digit PIN to automatically sign in to their daily applications. PortalGuard has enhanced security and significantly reduced IT support demands, allowing LA LGBT Center staff to focus more on patient care.

"The decision to partner with BIO-key was influenced by the Center's goal to find an IAM solution that would bolster security while improving workflow efficiencies – like, for example, nurses accessing exam rooms,” said Mark Cochran, President of BIO-key’s PortalGuard division. “Additionally, unlike other competitive products that require extensive Active Directory modifications, our PortalGuard solution seamlessly integrates smoothly with the Center’s current infrastructure, minimizing disruption and maximizing productivity. BIO-key’s collaboration with the Los Angeles LGBT Center exemplifies our commitment to providing healthcare organizations with robust security solutions that simplify end-user access and workflows.”

Please visit the BIO-key website to learn about PortalGuard, Identity-Bound Biometrics, and Passkey:YOU.

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors : @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800
👍️0
wickw50 wickw50 5 months ago
HOLMDEL, N.J., June 17, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its first quarter ended March 31, 2024 (Q1’24). Note, BIO-key’s results for the first three quarters of 2023 were restated at year-end and filed with the Company’s 2023 Form 10-K, and as a result Q1’23 comparisons in this release have been restated. BIO-key will host an investor call Tuesday, June 18th at 10:00am ET (details below).

Q1 Financial Highlights

Q1’24 revenues of $2.2M were in line with Q1’23 and increased 19.5% from Q4’23 revenues of $1.8M
Gross profit increased to $1.9M (86.3% gross margin) from $0.9M (40% gross margin) in Q1’23, reflecting the impact of a Q1’23 $0.5M hardware inventory reserve, as well as higher software license fees in Q1’23 due to higher royalty payments on third-party software solutions.
Operating expenses were reduced over $0.2M in Q1’24 versus Q1’23, reflecting ongoing cost management initiatives.
BIO-key reported a Q1’24 net loss of $0.5M compared to a net loss of $1.7M in Q1’23
Cash generated from operating activities improved to $0.3M in Q1’24 vs. a $1.9M cash used in Q1’23, principally reflecting the benefit of a $1.5M cash payment in Q1’24 for 2-year extension/expansion of biometric technology license with a long-term financial services customer.
Other Recent Software Deployments:

Fargo, ND and Junction City, KS Chose PortalGuard with Biometric Authentication
Bridgetown, Barbados Credit Union Selected PortalGuard with Biometrics for Shared Workstations
Commentary
BIO-key CEO, Mike DePasquale commented, “BIO-key delivered solid progress in Q1’24, achieving positive cash flow from operations in the period, on revenue of $2.2M, representing a 19.5% increase over Q4’23 and roughly flat with the year-ago period. The current-year period benefitted from the expanded deployment of BIO-key’s biometric client identification system used by a long-standing financial services client. We also further trimmed operating expenses during Q1’24, contributing to our improved bottom-line performance.

“We remain focused on driving revenue growth and progressing our business to profitability and positive cash flow over the next several quarters. We are encouraged by the traction building within our global Channel Alliance Partner program and with the larger-scale customer dialogues in which we are engaged through our in-house direct sales effort. We believe the cybersecurity landscape continues to provide a compelling backdrop for our company, as we expect it will generate increased demand for secure, zero-trust Identity and Access Management solutions that are the core of our offerings.

“Tailwinds that we expect to support our growth include a growing proportion of enterprises that are moving IT infrastructure to the cloud as well as increasingly stringent regulatory standards as well as cyber insurance underwriting requirements, much of which are now mandating multi-factor authentication or passwordless security solutions that BIO-key is well positioned to provide on a very competitive basis.

“We are also very bullish on the growth potential for passkey authentication this year and going forward. We entered this market with the recent launch of Passkey:YOU – BIO-key’s unique passwordless authentication solution that leverages our strength in biometric security to deliver secure passkeys without the use of phones or hardware tokens.

“We continue to pursue large enterprise opportunities through our direct sales channel, looking to build on recent successes in this area. We are also working to support our global channel partners in developing new customer opportunities to further build our end-user base. Our efforts have forged a growing base of high-margin annually recurring revenues (ARRs) and believe there is substantial potential to grow our ARR base moving forward. At the same time, we will continue to pursue cost reduction opportunities to accelerate our path to profitability and positive cash flow. We are also working to identify potential strategic opportunities to leverage our growing global base of customers to accelerate shareholder value creation. For these and other reasons, we believe BIO-key is well-positioned for the future.”

Financial Results
Q1’24 revenues of $2.2M were in line with similarly strong Q1’23 revenues. The current-year period was positively impacted by the expanded use of BIO-key’s biometric client identification system by a long-time financial services customer in South Africa. One large order from this customer in Q1’24 was the primary driver of a 23.6% increase in license fee revenues, offset by a decline in recurring and custom services and hardware revenue. Services revenue decreased due to the loss of one large service agreement and the absence of a large customer for Swivel Secure customizations and upgrades, which had occurred in Q1’23.

Gross profit grew over 100% to $1.9M in Q1’24 from $0.9M in Q1’23, reflecting the impact of $0.5M hardware reserve in Q1’23, as well as higher software license fee costs in Q1’23 related to royalty payments resulting from higher sales of our third-party Swivel Secure offerings. As a result, gross profit margin improved to 86% in Q1’24 vs. 40% in Q1’23, which includes a hardware reserve expense. Q1’24 gross margin also increased due to a revenue mix that included more high-margin license fee revenue.

Total operating expenses were reduced by approximately $0.2M or 9%, to $2.4M in Q1’24 from $2.6M in Q1’23, due to lower selling, general and administrative costs (SG&A) and lower research, development and engineering expenses (RD&E). SG&A decreased $148,759 (8%) to $1.8M in Q1’24, due to reductions in administration, sales personnel costs and marketing show expenses, including lower lease expense for our NJ headquarters versus Q1’23, partially offset by higher audit and reporting expenses. In Q3 of 2023, we were able to downsize our corporate headquarters, as many of our team now work remotely, which benefitted Q1’24 vs. Q1’23. RD&E also declined by $82,638 (12%) to $607,521, due to reductions in personnel, related benefits and outside services expenses.

Reflecting revenue strength and lower operating costs, BIO-key trimmed its net loss by 70% to $510,285, or $0.32 per share, in Q1’24 from $1.7M, or $3.51 per share, in Q1’23.

Balance Sheet
At March 31, 2024, BIO-key had current assets of approximately $2.3M, including $690,449 of cash and cash equivalents, $710,026 of net accounts receivable and due from factor, and $440,194 of inventory.

Conference Call Details
Date / Time: Tuesday, June 18th at 10 a.m. ET
Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 1988012

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement
All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

Engage with BIO-key
Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/
LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts
William Jones, David Collins
Catalyst IR
BKYI @Bacchus-9800



BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)


Three Months Ended
March 31,
2024 2023
Revenues
Services $ 213,122 $ 532,522
License fees 1,950,434 1,578,556
Hardware 17,647 72,689
Total revenues 2,181,203 2,183,767
Costs and other expenses
Cost of services 138,849 154,801
Cost of license fees 148,221 620,881
Cost of hardware 12,573 44,592
Cost of hardware - reserve - 500,000
Total costs and other expenses 299,643 1,320,274
Gross profit 1,881,560 863,493

Operating Expenses
Selling, general and administrative 1,782,973 1,931,732
Research, development and engineering 607,521 690,159
Total Operating Expenses 2,390,494 2,621,891
Operating loss (508,934 ) (1,758,398 )
Other income (expense)
Interest income 5 4
Loss on foreign currency transactions - (15,000 )
Change in fair value of convertible note - 141,991
Interest expense (1,356 ) (56,919 )
Total other income (expense), net (1,351 ) 70,076

Loss before provision for income tax (510,285 ) (1,688,322 )

Provision for (income tax) tax benefit - -

Net loss $ (510,285 ) $ (1,688,322 )

Comprehensive loss:
Net loss $ (510,285 ) $ (1,688,322 )
Other comprehensive income (loss) – Foreign currency translation adjustment (62,275 ) 72,146
Comprehensive loss $ (572,560 ) $ (1,616,176 )

Basic and Diluted Loss per Common Share $ (0.32 ) $ (3.51 )

Weighted Average Common Shares Outstanding:
Basic and diluted 1,615,323 480,833
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.



BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS


March 31, December 31,
2024 2023
(Unaudited)
ASSETS
Cash and cash equivalents $ 690,449 $ 511,400
Accounts receivable, net 701,776 1,201,526
Due from factor 8,250 99,320
Inventory 440,194 445,740
Prepaid expenses and other 427,685 364,171
Total current assets 2,268,354 2,622,157
Equipment and leasehold improvements, net 198,238 220,177
Capitalized contract costs, net 349,145 229,806
Operating lease right-of-use assets 23,220 36,905
Intangible assets, net 1,329,985 1,407,990
Total non-current assets 1,900,588 1,894,878
TOTAL ASSETS $ 4,168,942 $ 4,517,035

LIABILITIES
Accounts payable $ 1,212,071 $ 1,316,014
Accrued liabilities 1,189,520 1,305,848
Government loan – BBVA Bank, current portion 135,835 138,730
Deferred revenue, current 755,405 414,968
Operating lease liabilities, current portion 23,797 37,829
Total current liabilities 3,316,628 3,213,389
Deferred revenue, long term 143,727 28,296
Deferred tax liability 22,998 22,998
Government loan – BBVA Bank – net of current portion 149,861 188,787
Total non-current liabilities 316,586 240,081
TOTAL LIABILITIES 3,633,214 3,453,470

Commitments and Contingencies

STOCKHOLDERS’ EQUITY

Common stock — authorized, 170,000,000 shares; issued and outstanding; 1,814,414 and 1,032,777 of $.0001 par value at March 31, 2024 and December 31, 2023, respectively 181 103
Additional paid-in capital 126,092,496 126,047,851
Accumulated other comprehensive loss (39,454 ) 22,821
Accumulated deficit (125,517,495 ) (125,007,210 )
TOTAL STOCKHOLDERS’ EQUITY 535,728 1,063,565
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 4,168,942 $ 4,517,035
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.



BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)


Three Months Ended
March 31,
2024 2023

CASH FLOW FROM OPERATING ACTIVITIES:
Net loss $ (510,285 ) $ (1,688,322 )
Adjustments to reconcile net loss to net cash used for operating activities:
Depreciation 23,808 13,242
Amortization of intangible assets 78,005 81,237
Change in fair value of convertible note - (141,991 )
Amortization of capitalized contract costs 38,665 37,529
Reserve for inventory - 500,000
Operating leases right-of-use assets 13,686 66,132
Share and warrant-based compensation for employees and consultants 47,790 59,373
Stock based directors’ fees 9,003 12,002
Bad debts 100,000 -
Change in assets and liabilities:
Accounts receivable 399,749 (898,881 )
Due from factor 91,070 (33,000 )
Capitalized contract costs (158,005 ) (8,739 )
Inventory 5,545 6,554
Prepaid expenses and other (63,513 ) 2,219
Accounts payable (116,012 ) 88,040
Accrued liabilities (104,257 ) (135,417 )
Deferred revenue 455,868 178,755
Operating lease liabilities (14,033 ) (67,544 )
Net cash provided by (used in) operating activities 297,084 (1,928,811 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (1,869 ) -
Net cash used in investing activities (1,869 ) -
CASH FLOW FROM FINANCING ACTIVITIES:
Deferred offering costs (13,470 ) -
Proceeds for exercise of warrants 1,400 -
Repayment of government loan (41,821 ) (34,289 )
Net cash used in financing activities (53,891 ) (34,289 )

Effect of exchange rate changes (62,275 ) 49,913

NET DECREASE IN CASH AND CASH EQUIVALENTS 179,049 (1,913,187 )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 511,400 2,635,522
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 690,449 $ 722,335
All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.
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wickw50 wickw50 5 months ago
BIO-key Introduces Passkey:YOU, a Phish-resistant, Phoneless and Tokenless Biometric FIDO Passkey Authentication Solution

Convenient, Lower-cost FIDO Passkey Authentication Provides a Superior User Experience powered by BIO-key's Identity-Bound Biometrics


HOLMDEL, N.J., June 14, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software infrastructure featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced the launch of a unique biometric FIDO passkey authentication solution targeting underserved workplace scenarios in manufacturing, retail, healthcare, call center and Sensitive Compartmentalized Information Facilities (SCIFs): Passkey:YOU.

Eliminating passwords and implementing multi-factor authentication (MFA) is a goal of nearly every security-conscious enterprise, but mainstream IAM platforms offer only limited “what you have” authentication options based on phone apps and FIDO tokens. These options are ill-suited for many workplace scenarios that prohibit the use of phones or personal devices, leading to challenges in implementing passwordless or MFA without using phones. The current industry-standard phone-less authentication solution is FIDO hardware tokens, requiring enterprises to purchase two or more FIDO hardware tokens for every user, ranging in cost from $25-$70 each, not to mention replacing user tokens when lost. The leading FIDO token manufacturer states that 25% annual token replacement is typical. The economics of procuring hardware tokens for tens of thousands of roving users to access an often much smaller set of shared workstations and devices just doesn’t make business sense.

Passkey:YOU avoids the high cost of buying FIDO hardware tokens for every user, turning the unfavorable economics of FIDO hardware tokens on its head by placing authentication hardware at device access points, not in every user’s pocket. Passkey:YOU leverages the managed hosted FIDO-certified passkey capabilities of BIO-key’s partner IDmelon’s managed passkey solution to replace per-user tokens and phones as device authenticators with a simple touch of a shared USB fingerprint scanner or the tap of a standard door access badge to a shared USB NFC scanner connected to any Windows workstation to unlock a managed Passkey for the user, authenticating the user without a phone or a FIDO hardware token needed.

In its biometric mode, Passkey:YOU is powered by BIO-key’s renowned Identity-Bound Biometrics, allowing an unlimited number of users to be their own phish-proof credential, eliminating the need for them to carry any device or token to authenticate and get work done. BIO-key’s biometric platform includes privacy law-compliant workflows and provides user controlled privacy dashboards, ensuring that enterprises can use biometrics with confidence that they will comply with privacy laws in every jurisdiction. Passkey:YOU’s phoneless and tokenless authentication is a user-centric, more cost-effective approach that is ideally suited for scenarios where users operate without phones, such as manufacturing shop floor, retail, call center, higher education, and healthcare. In addition to biometric access, Passkey:YOU also supports standard proximity door access cards as authenticators for appropriate security applications.

By eliminating the requirement for a phone or FIDO hardware token to strongly authenticate users, Passkey:YOU fills gaps in mainstream authentication, and is a drop-in, zero-configuration replacement for any application or identity provider that currently accepts FIDO hardware tokens or phone-based passkeys. Passkey:YOU can be deployed as a hosted or on-premise deployment, and provides security teams immediate visibility into user access patterns to third-party applications that traditional FIDO security keys do not. Passkey:YOU facilitates passwordless workflows and integrates seamlessly into zero-trust frameworks and existing Identity and Access Management (IAM) platform identity providers such as Microsoft Entra, Okta, Ping and Duo. With Passkey:YOU, users can effortlessly present a biometric-secured FIDO passkey, serving as a drop-in replacement for existing FIDO and WebAuthn passkeys or hardware tokens, ensuring secure and convenient authentication for every user.

“FIDO Passkeys are quickly becoming the dominant means to combat phishing and eliminate passwords for enterprise users,” said Jim Sullivan, SVP of Strategy and Chief Legal Officer at BIO-key. “Unfortunately, the mainstream ‘what-you-have’ approaches center on phone apps and hardware key-based passkeys, which don’t work in many workforce user scenarios. Our customers asked us to solve the passwordless and multi-factor authentication challenge arising among the largest segments of their digitally enabled workforces – what-you-have authentication approaches are inefficient, allow account sharing, and are too expensive. With our partner IDmelon, we developed a BIO-key-secured passkey authentication solution that makes using passkeys to eliminate passwords effortless while instantly identifying users with certainty. This authentication product should be a valuable tool for hundreds of thousands of global enterprises that struggle to deliver passwordless and strong authentication all users with their existing IAM platform choice.”

BIO-key's Passkey:YOU boasts unique technology and efficiency differentiations from existing passkey approaches:

Cost & Efficiency: Passkey:YOU cuts lifecycle costs by 50 – 70% compared to FIDO hardware tokens while exceeding strong authentication requirements of cyber insurers to avoid increased premiums or dropped coverage.
Flexibility and Familiarity: Passkey:YOU can be easily integrated into existing authentication processes for identity providers, applications, and infrastructure, because it presents to FIDO-compliant relying parties as a standard FIDO authenticator. There’s no need to rip and replace existing identity providers. Passkey:YOU has a minimal contact surface with existing systems because it leverages FIDO-certified workflows. One-time enrollment enables access across multiple devices and locations, without configuration of any relying party necessary.
Security: Passkey:YOU is powered by BIO-key's Identity-Bound Biometrics, which supports over 30 different fingerprint scanners interchangeably, utilizes centrally managed and encrypted NIST-certified biometrics, secured by patented 1024-bit encryption to defeat man-in-the-middle and replay attacks.
Biometric Privacy Law Compliance: BIO-key’s enrollment and operational workflows were designed to ensure compliance with global biometric privacy laws, ensuring that enterprises can yield the benefits of biometrics with confidence that compliance and privacy are integral to the platform.
Please visit the BIO-key website to learn more about Passkey:YOU and Identity-Bound Biometrics.

About BIO-key International, Inc. (www.BIO-key.com)
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

BIO-key Safe Harbor Statement

All statements contained in this press release other than statements of historical facts are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 (the "Act"). The words "estimate," "project," "intends," "expects," "anticipates," "believes" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology industry; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to integrate the operations and personnel of Swivel Secure into our business; fluctuations in foreign currency exchange rates; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission (“SEC”) and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal year 2024 certain material weaknesses in our internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

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