Business
Identity and Access Management Provider BIO-key Reports Q2 Revenue of $1.9M; Hosts Investor Call Tomorrow, August 15th at 10am ET
WALL, N.J. , Aug. 14, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and
About this update from Bio-key International, Inc.
[{"type":"text","content":"WALL, N.J. , Aug. 14, 2023 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, today reported results for its second quarter ended June 30, 2023 (Q2’23). BIO-key will host an investor call tomorrow at 10:00 a.m. ET (details below) to review its results and outlook. Highlights: Q2’23 revenues of $1.9M approximated Q2’22 revenue of $1.9M, despite delays in the closing of certain larger customer opportunities, including a $0.3M defense ministry order signed in early Q3’23. Revenue rose 29% in the first six months of FY’23 over the prior-year period, due to a record start in Q1’23.Continued PortalGuard IDaaS Traction Supporting Healthcare Migrations to Epic Hyperdrive, including Dayton Children’s Hospital, University of Iowa Hospitals and clinics, and Paulding, Ohio Hospital.Growing customer footprint across geographies and markets, including in Florida, Ohio, and Maine, particularly in higher education and other migrations to our cloud solution PortalGuard® IDaaS.Expanding global distribution partner network, including Savvy Info Tech, the AWS Partner Network, and Pixel Infinito, in large, growing markets in Europe, the Middle East and Africa (EMEA).BIO-key remains positioned to deliver significant top-line growth and bottom-line improvements for the full fiscal 2023 year. CEO Commentary BIO-key CEO Michael DePasquale commented, “While Q2’23 revenues were roughly flat compared to Q2’22, related principally to the timing of larger opportunities, our first half performance demonstrates growing demand for our unique set of IAM solutions, supported by our industry leadership in Identity-Bound Biometrics. Our first six months revenues rose 29% and we were able to trim our net loss from a year ago. “Importantly, we have developed a robust pipeline of highly qualified, large revenue opportunities and a growing base of annual recurring revenue in key verticals, including government and higher education, which we expect will generate positive results in the coming quarters and years. Our internal sales and marketing efforts have generated several significant IAM deployment prospects that we are working to advance to the contract stage. However, the size and scope of these projects makes it more dif...