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BIO-key International, Inc. reports developments in identity and access management software, biometric authentication technology, and related security hardware. The company’s updates center on cloud-hosted and on-premise PortalGuard IAM, biometric-centric multi-factor authentication, Passkey:YOU, and devices such as Pocket 10 Finger Scanners and Mobile POS Pro. Customer news includes software license renewals, public-sector channel partnerships, defense deployments, and retail-bank biometric identification programs.
Financial and corporate updates also cover operating results, revenue contributions from services, license fees, and hardware, Nasdaq listing compliance, periodic-report timing, and share-structure actions such as the company’s 1-for-10 reverse stock split.
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BIO-key International (Nasdaq: BKYI) announced receiving a Notification Letter from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1), due to the failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The company filed a Notification of Late Filing on March 31, 2023, citing the need for more time to compile necessary financial information. The Notification Letter allows the company 60 days to submit a plan for compliance, potentially extending the deadline to October 16, 2023. The company's common stock remains listed on the Nasdaq Capital Market. BIO-key emphasizes its commitment to filing the Form 10-K as soon as possible to regain compliance.
BIO-key International (NASDAQ: BKYI) has announced the migration of three customers from on-premises deployments of PortalGuard to its PortalGuard IDaaS cloud platform. The new customers include Leon County Supervisor of Elections, Unity College, and Rockford University. This transition aims to enhance IT infrastructure by modernizing operations, increasing efficiency, and reducing costs while securing applications from cyber threats. The growing demand for cloud solutions highlights the need for better security in remote work environments. Mark Cochran, President of BIO-key, emphasized the advantages of cloud migration, including agility, scalability, and cost-effectiveness in managing IT resources.
BIO-key International (NASDAQ: BKYI) announced that Dayton Children's Hospital will expand its investment in biometric authentication by adding the PortalGuard IDaaS platform. This upgrade facilitates the migration from Epic Systems' legacy Hyperspace application to the new Hyperdrive interface, enhancing security and user experience without requiring re-enrollment. The migration is part of a deadline for all Epic customers to transition by November 2023. BIO-key's PortalGuard supports multiple authentication methods, enabling a streamlined login experience. The company has been a trusted partner of Dayton Children's since 2011, ensuring compliance with DEA regulations while providing a user-friendly solution.
BIO-key International, Inc. (BKYI) reported strong financial growth for Q4'22 and FY'22, with a revenue increase of 88% to $1.7M in Q4 and a 37% rise to $7.0M for the full year. The growth stemmed from increased software and service revenues, countered by lower hardware sales. The company expanded its customer base in higher education and government sectors and launched the Mobile Authenticator App in 2022. Despite a net loss of $10.2M for FY'22, BIO-key aims for profitability in 2023 through cost-reduction measures. The company expects record revenue in Q1'23, bolstered by a growing annual recurring revenue base.
BIO-key International announced a strategic partnership with Ethnos IT Solutions, aiming to enhance cybersecurity through innovative Identity and Access Management (IAM) solutions across Africa. Ethnos, recognized as a leader in cybersecurity and compliance management, will help BIO-key expand its international presence. The collaboration includes participation in BIO-key’s Channel Alliance Partner program, facilitating new revenue streams through products like the PortalGuard IAM platform. The partnership is expected to leverage Ethnos's reputation and expertise, benefiting both companies in the growing African market.
BIO-key International, Inc. (NASDAQ: BKYI) will host a conference call on March 31, 2023, at 10 a.m. ET to discuss its Q4 and full year results. The financial results will be released before the market opens that day. Mike DePasquale, Chairman & CEO, and Cecilia Welch, CFO, will lead the call and engage in a Q&A session with participants. The call can be accessed via a live audio link and will be available for replay for three months. BIO-key specializes in Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions, managing millions of users and providing secure access to critical information.
BIO-key International, Inc. (BKYI) will showcase its Identity and Access Management (IAM) innovations at the Gartner IAM Summit from March 20-23, 2023, in Grapevine, Texas. The company aims to address the evolving challenges in IAM, emphasizing the importance of multi-factor authentication (MFA) and password elimination. Their award-winning PortalGuard® platform will be highlighted, showcasing phone-less, token-less, and passwordless workflows. CEO Michael DePasquale underscored the need for flexible solutions in modern authentication to meet diverse access requirements, stressing the unique advantages of Identity-Bound Biometrics in security strategies.
BIO-key International, Inc. (NASDAQ: BKYI) announced the integration of its PortalGuard Identity-as-a-Service platform with BeyondTrust's Privileged Remote Access solution. This collaboration aims to enhance security for privileged remote access, addressing vulnerabilities associated with traditional authentication methods. Users will benefit from flexible authentication options, including Identity-Bound Biometrics, which use unique biometric identifiers for secure access. The partnership is part of BIO-key's strategy to strengthen its presence in the identity and access management ecosystem, promoting a Zero Trust security approach essential for today’s remote workforce.