[wickw50]

BIO-key Showcasing Unique Identity, Authentication Innovations to Executives at Invite-Only Boston Cybersecurity Summit

Highlighting phoneless, tokenless, passwordless and lower cost phish resistant security options


BOSTON and HOLMDEL, N.J., Nov. 13, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring phoneless, tokenless and passwordless Identity-Bound Biometric (IBB) multi-factor authentication (MFA) solutions, announced the company will sponsor the seventh annual Boston Cyber Security Summit. The one-day event will be held at the Westin Copley Place on November 14th.

The Boston Cyber Security Summit is an exclusive, invite-only event hosting approximately 300 C-Level & Senior Executives responsible for managing the information security frameworks within their organizations. BIO-key and other leading cybersecurity solution providers will present cutting-edge products and solutions to this all-executive audience in an intimate, non-trade show like setting.

BIO-key will showcase its differentiating capability on center stage to high-level decision makers, including: FIDO2-compliant passwordless authentication options that include phoneless and tokenless MFA, in addition to offering all of the traditional multi-factor authentication approaches commonly used in mainstream MFA solutions. Unlike any other product or solution in the authentication category, BIO-key’s IBB allows users to take advantage of a true biometric passwordless authentication solution that does not require the use of phones or tokens to assist in the authentication process. With phish-resistant MFA and passwordless authentication top of mind for organizations of all sizes and across all industries, conference attendees will learn how the company’s award-winning unified IAM platform, PortalGuard®, along with Identity-Bound Biometrics, helps fill a critical business use case that traditional MFA overlooks – users who cannot use a phone or token to authenticate.

“Multi-factor authentication is no longer just nice-to-have. For most organizations it’s becoming mandatory, whether due to tightening SEC, FTC or cyber insurer scrutiny. Adopting company-wide MFA is bringing new challenges to enterprises for whom phones or tokens are not a viable option for large subsets of their users. Traditional approaches to MFA can require painful and costly solutions and pose an unnecessary barrier to adoption for many companies,” said Mark Cochran, President of PortalGuard. “Cybersecurity solutions need to provide elite security, but they also need to offer the same level of flexibility and usability. That’s a big reason why we’re so excited about the unique capabilities of PortalGuard with the power of Identity-Bound Biometrics. This exclusive event will be a prime opportunity to differentiate our solutions and have meaningful discussions with key stakeholders.”

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 phish-resistant authentication factors for diverse use cases, including phoneless, tokenless and passwordless biometric options when users cannot use phones or tokens to sign in. 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
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR


Investor Contacts
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[wickw50]

BIO-key Awarded $800K Follow-On Order for Biometric User Authentication from Leading Government Defense Ministry


HOLMDEL, N.J., Nov. 06, 2023 (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 selected and awarded BIO-key a new $800k order, leveraging a previously announced three-year purchasing agreement. The defense ministry is accelerating its deployment of BIO-key biometric authentication to secure, yet simplify, access to its most critical information systems. This order, along with portions of earlier $340k and $150K orders received in Q3’23, is expected to be recognized during Q4’23.

The defense ministry continues to expand its BIO-key user authentication deployment into new programs and user scenarios, delivering convenient phoneless, tokenless, and passwordless authentication access to digital services for over 30,000 users. BIO-key expects that expansion of the programs using its solution to additional defense ministry personnel will result in other awards in future periods.

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 state-of-the-art, cloud-enabled biometric authentication with its authentication federation platform to deliver advanced and secure biometric access to systems and applications across organizational boundaries. Because BIO-key credentials are the individuals themselves, access cannot be shared, delegated, phished, or forgotten.

Jim Sullivan, BIO-key’s SVP Strategy and Chief Legal Officer, said, “When the stakes are at their highest, security must be uncompromising yet user-friendly. BIO-key’s relationship with this innovative customer continues to expand, as does interest from the defense vertical in general. Last week, we were pleased to announce the addition of another new government defense ministry customer. We are pleased 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 of providing very secure and 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; 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, 2022 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
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR
Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[Invest-in-America]

Wrong Board.

[Triple nickle]

Added a few more

[wickw50]

BIO-key International Announces Closing of $3.75 Million Public Offering


HOLMDEL, N.J., Oct. 31, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced the closing of its previously announced public offering of 21,430,000 units, with each unit consisting of one share of common stock (or a pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock. Each unit was sold at a public offering price of $0.175. The warrants will be immediately exercisable at a price of $0.175 per share and will expire five years from the date of issuance. The shares of common stock (or pre-funded warrants in lieu thereof) and accompanying warrants could only be purchased together in the offering but were issued separately and were immediately separable upon issuance.

Gross proceeds, before deducting placement agent fees and estimated offering expenses, were approximately $3.75 million.

Maxim Group LLC acted as sole placement agent in connection with this offering.

The securities described above were offered pursuant to a registration statement on Form S-1 (File No. 333-275003), which was declared effective by the Securities and Exchange Commission (the "SEC") on October 30, 2023. A final prospectus relating to the offering was filed with the SEC on October 31, 2023 and is available on the SEC’s website at http://www.sec.gov. Electronic copies of the final prospectus relating to this offering may be obtained from 300 Park Avenue, 16th Floor, New York, New York 10022, at [phone].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About BIO-key International, Inc.
BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

Forward Looking 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 debt repayment obligations and 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 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 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
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[INFINITI]

Who knows at this point Il just let my shares ride or die

[wickw50]

So, dilution abounds. “Load up!” Or “Sell, Sell, Sell!!!” Reverse split will solve all the problems…

[wickw50]

BIO-key International Announces Pricing of $3.75 Million Public Offering


HOLMDEL, N.J., Oct. 30, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced the pricing of its public offering of 21,430,000 units, with each unit consisting of one share of common stock (or a pre-funded warrant in lieu thereof) and one warrant to purchase one share of common stock. Each unit is being sold at a public offering price of $0.175. The warrants in each unit will be immediately exercisable at a price of $0.175 per share and will expire five years from the date of issuance. The shares of common stock (or pre-funded warrants in lieu thereof) and the accompanying warrants can only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance.

Gross proceeds, before deducting placement agent fees and estimated offering expenses, are expected to be approximately $3.75 million. The offering is expected to close on October 31, 2023, subject to customary closing conditions.

Maxim Group LLC is acting as sole placement agent in connection with this offering.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-275003), which was declared effective by the Securities and Exchange Commission (the "SEC") on October 30, 2023. The offering is being made only by means of a prospectus, which is a part of the effective registration statement. A preliminary prospectus relating to the offering has been filed with the SEC. Copies of the final prospectus relating to this offering, when available, will be filed with the SEC and may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at [phone].

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

Forward Looking 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 debt repayment obligations and 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 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 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
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[INFINITI]

Good News!!!!

[wickw50]

Montenegro Ministry of Defense Selects BIO-key for Secure Data Access for All Ministry Employees With Multi-factor Authentication and Single Sign-On


MADRID, Spain and HOLMDEL, N.J., Oct. 30, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced that the Ministry of Defense of Montenegro has deployed AuthControl Sentry for secure IAM for all of the Ministry’s government employees through BIO-key EMEA (Europe, Middle East, Africa).

The Defense Ministry’s obligation is to ensure the security and defense of Montenegro and the objective of the project was to require MFA for login and to simplify the user experience through SSO integration with web and legacy applications. This project was managed by REAL security d.o.o, one of BIO-key EMEA’s trusted partners with several years of experience implementing complex cybersecurity solutions in the region.

"Adding another defense ministry client only further validates the strength of BIO-key’s multi-factor authentication solutions, not only in the defense industry but in any environment where strong security is a requirement. Our team continuously strives to improve our products and stay ahead of increasing threats in today’s global environment. We have earned trust working closely with various government-related customers, international partners, and enterprise customers, many in highly-regulated industries, where robust security is paramount," said Alex Rocha, Managing Director, BIO-key EMEA.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

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 debt repayment obligations and 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 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 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
Twitter – Corporate: @BIOkeyIntl
Twitter – Investors: @BIO_keyIR
StockTwits: BIO_keyIR

Investor Contacts:
William Jones, David Collins
Catalyst IR
[e-mail]
212-924-9800

[Awl416]

And back to square one…..

[wickw50]

Oh, boy… here we go again with some “rah rahs” trying to pump it. They will learn the hard way …

[INFINITI]

Load up $$$$

[subslover]

EXPLOSIVE!

[BoilerRoom]

$BKYI $$$$$$$$

[subslover]

Logistics Provider ALPI Portugal Selects BIO-key for Secure Data Access, Including Multi-factor Authentication and Single Sign-On, Both Internally and for B2B
MADRID, Spain and HOLMDEL, N.J., Oct. 27, 2023 (GLOBE NEWSWIRE) -- BIO-key International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer identity and access management (IAM) featuring passwordless, phoneless, and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced that ALPI Portugal Lda. has deployed AuthControl Sentry company-wide for enhanced data access security through BIO-key. The solution will utilize Multi-factor Authentication (MFA) access and Single Sign-on (SSO) to secure data access by all of ALPI Portugal’s internal users, including employees and third party drivers, as well as those with restricted access to their B2B website.

The primary goal of this project was to implement MFA across all company systems for enhanced security during login. Additionally, ALPI aimed to enhance the user experience by integrating SSO (Single Sign-On) with web platforms, to ensure protected B2B interactions. This integration allows and protects 24x7 tracking of deliveries from any location worldwide. BIO-key EMEA (Europe, Middle East, Asia) collaborated with ALTICE Portugal, a manager of cybersecurity projects, for this initiative. Outside of Portugal, the ALTICE Group, operates in broadband, pay television, telephony services, digital advertising, and radio networks, and has a footprint in France, Israel, the Dominican Republic and the United States, among other countries.

"We are proud to work with and enable secure authentication solutions for ALPI Portugal, an esteemed logistics provider. We now have over 1 million [seat] licenses outstanding in the critical logistics sector. Altice stands as one of our pivotal international partners, boasting over 50 engineers trained in AuthControl Sentry. This collaboration will allow us to jointly provide round-the-clock support for 24x7 operations like ALPI logistics," stated Alex Rocha, Managing Director at BIO-key EMEA.

About ALPI Portugal (https://www.alpiportugal.com/eng/)
Established in Portugal for 30 years, ALPI Portugal is an integral part of Albini & Pitigliani, SpA. ALPI Portugal's mission is to find competitive solutions for all matters related to the import and export of goods via road, sea, and air transportation. With facilities in Vila do Conde, Mealhada, and Lisbon, the company covers the entire national territory of Portugal. ALPI Portugal provides logistics services, pick and pack, and navigation agents, offering regular transportation of full loads or groupage with home pick-up/delivery.

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 managing millions of users. Its cloud-based PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to devices, information, applications, and high-value transactions. With industry-leading Identity-Bound Biometric (IBB) capabilities, BIO-key's patented software and hardware solutions enable large-scale Identity-as-a-Service (IDaaS) solutions and customized on-premises solutions. BIO-key EMEA (formerly Swivel Secure Europe, S.A.) is an IAM solutions provider based in Madrid, Spain, that serves the European, Middle East, and African markets.

[Awl416]

.4050 high

[Awl416]

Logistics Provider ALPI Portugal Selects BIO-key for Secure Data Access, Including Multi-factor Authentication and Single Sign-On, Both Internally and for B2B

[Louied91]

$BKYI Digital Authentication and Identity Provider BIO-key Sees Q3 Revenues Rising over 30% to $1.8M on Strength in Software License Fees, Services and Hardware Sales


https://www.globenewswire.com/news-release/2023/10/25/2766662/0/en/Digital-Authentication-and-Identity-Provider-BIO-key-Sees-Q3-Revenues-Rising-over-30-to-1-8M-on-Strength-in-Software-License-Fees-Services-and-Hardware-Sales.html

HOLMDEL, N.J., Oct. 25, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, announced results for its third quarter ended September 30, 2023 (Q3’23).

Highlights:

Revenue rose over 30% to $1.8M vs. $1.4M in Q3’22
Gross profit improved more than 40% to $1.4M vs. $1.0M in Q3’22
Q3’23 operating loss improved to approximately ($750,000) vs. an operating loss of ($2.4M) in Q3’22.
Q3’23 net loss per share reduced approximately 72% to ($0.08) vs. ($0.29) in Q3’22.
CEO Commentary
BIO-key CEO, Mike DePasquale commented, “Our Q3 performance reflects continued progress driving revenue growth and reducing expenses to move our business toward sustained profitability. These trends are also reflected in our nine-month results, with revenues up approximately 30% to $6.8M and our operating loss reduced by over 50%.

“We are pleased to report that our sales team has developed a significant pipeline of larger customer opportunities interested in the savings and superior user experience of our phoneless, tokenless, passwordless authentication. Our team is focused on those opportunities with the greatest potential for generating meaningful Annual Recurring Revenue (ARR). Our Channel Alliance Partner (CAP) program continues to build both its geographic scope and its sales productivity. These channels have enabled us to build our ARR to approximately $7M per year, providing a solid base on which to layer new SaaS deployments around the globe, through new customer wins and the expanded penetration of existing customer accounts.

Outlook
“We believe BIO-key is well positioned to deliver solid top-line and bottom-line improvements going forward. This view is based on the very attractive value proposition of our secure, convenient, scalable and cost-efficient solutions incorporating the industry’s widest array of multi-factor authentication methods, including our identity-bound biometric solutions. With greater cyber-insurer scrutiny and the recent SEC regulation requiring companies to report on their cybersecurity measures beginning in mid-December, we expect that most sizeable companies will be implementing multi-factor authentication throughout their workforce. We believe the market is ripe for a phoneless, tokenless passwordless FIDO passkey authentication option for manufacturing, retail, call center, and other roving workforces. Historically, Q4 tends to be one of our strongest quarters each year in terms of business volume, and we are confident about our prospects for continued growth and improved bottom line performance in 2024.

“Supporting our near-term outlook is a significant recent commitment from a long-standing international defense ministry customer, for additional software and hardware to support their expanded rollout of our biometric authentication solution. To support our working capital requirements, we are working to convert certain inventories into cash while also pursuing operating expense reduction opportunities, including relocating our headquarters, to accelerate our path to cash flow breakeven.”

Financial Results
Please note that the review of our Q3 FY2023 financial statements has not been completed by our independent registered public accounting firm as of the date of this press release and are therefore subject to change.

Q3’23 revenues rose 33% to $1.8M, reflecting increased services, software license and hardware revenue versus Q3’22. Q3’23 service revenue was driven by custom service installations for new and existing customer deployments and upgrades, and hardware revenue reflected new contact activity as well as progress in reducing hardware inventories. For the first nine months of 2023, total revenues rose 30% to $6.8M compared to $5.3M for the first nine months of 2022, reflecting growth in service and license revenue and a decline in hardware revenue.

Gross profit grew 43% to $1.4M in Q3’23 from $1.0M in Q3’22, reflecting an increase in gross margin to 77% from 71% in Q3’22. Gross profit and gross margin benefitted from a year-over-year increase in higher margin services and software license revenue and a decrease in third-party software costs, principally due to the seasonal, vacation-related slowdown in Q3 business activity in Europe.

Q3’23 operating expenses decreased 36% to $2.2 million from $3.3 million in Q3’22, due primarily to lower selling, general and administrative expenses reflecting progress in BIO-key’s expense reduction initiatives as well as lower research and development investments. BIO-key continues to seek expense reduction opportunities to further benefit its operating results.

Reflecting higher gross profit and lower operating costs, BIO-key trimmed its Q3’23 net loss to $749,000, as compared to $2.4M in Q3’22. Similarly, for the first nine months of 2023 compared to 2022, the Company reduced its year-to-date 2023 net loss to $2.5M from a net loss of $5.1M.

At September 30, 2023, BIO-key had current assets of $7.9M, including $0.3M of cash and cash equivalents, $2.9M of accounts receivable, and $4.3M of inventory.