Bio-Key Intl Inc Stock Price, News & Analysis

BIO-key International, Inc. (BKYI) has expanded its intellectual property portfolio with the issuance of patent #10,984,085 for "Biometric Recognition for Uncontrolled Acquisition Environments." This brings the total to 18 IAM and biometric patents. The patent enhances BIO-key's authentication platforms and positions the company to license its technology to mobile and laptop manufacturers. The method allows for continuous biometric authentication, improving user experience while combating identity theft. The CTO emphasized the innovation's potential in meeting demand for less intrusive identity protection methods.

BIO-key International (NASDAQ: BKYI) announced that Barstow Community College and Southeastern Illinois College have chosen its PortalGuard® IDaaS Platform, indicating strong customer adoption of its cloud-based IAM solution. The platform enhances IAM security, streamlining processes and improving user experience. Both institutions seek to migrate IAM strategies to the cloud for scalability, cost-effectiveness, and 24/7 availability. President Mark Cochran emphasized the importance of partnerships in optimizing security and user experience in educational environments.

BIO-key International, Inc. (BKYI) announced an expansion in its security solutions for higher education, particularly within the California Community College System, with over 55 colleges now receiving support. Mendocino College recently adopted BIO-key's PortalGuard IDaaS solution to enhance its online user experience and reduce IT costs related to password management. The solution offers secure single sign-on to critical applications like O365 and G-Suite, and is projected to cut IT help desk costs related to password resets by up to 95%. The growth of PortalGuard indicates a rising demand for robust identity management solutions.

BIO-key International (NASDAQ: BKYI) announces the launch of new biometrics hardware solutions, including the Pocket10™ fingerprint scanner and USB-C versions of the SidePass® and SideSwipe® scanners. Designed to meet rising demand from enterprises and government, these devices enhance mobile enrollment and provide secure authentication options. The global biometric market is projected to grow from $22 billion in 2021 to $55 billion by 2027. These innovations strengthen BIO-key's position as a leader in identity and access management solutions.

BIO-key International (NASDAQ: BKYI) has partnered with Kristel Communication Ltd., a Kenyan cybersecurity provider, to enhance its distribution of the PortalGuard Identity as a Service (IDaaS) solution in East Africa. Kristel will leverage its reseller network to sell BIO-key’s cloud-based identity management and biometric solutions, catering to commercial and government domains. The partnership aims to capitalize on the rising demand for IDaaS amid the shift to cloud computing and biometric authentication, as predicted by Gartner, which anticipates a 35% growth in the sector.

BIO-key International (Nasdaq: BKYI) has announced a $1.2M, three-year follow-on contract from a Fortune 500 telecommunications client. This order ensures continued support for its enterprise fingerprint biometric authentication platform, safeguarding access for hundreds of thousands of global personnel and supply chain partners. The company's solutions are designed to provide enhanced security and flexibility over traditional multi-factor authentication methods, addressing enterprise needs for secure access management.

BIO-key International (BKYI) announced significant growth in product revenue, rising from $257K to nearly $1.4M. The company reported two follow-on orders totaling nearly $500K from a renowned international defense ministry, expanding their biometric authentication solutions. This deployment enhances security for Microsoft applications through biometric single sign-on, demonstrating the efficacy of BIO-key's technology. The ministry's repeated orders reflect their satisfaction with BIO-key's services, indicating a strong partnership and ongoing demand.

BIO-key International, Inc. (NASDAQ: BKYI) has announced its PortalGuard IDaaS has been shortlisted as a finalist for SC Media's Trust Awards in the Best Authentication Technology category. This recognition highlights the platform's comprehensive identity and access management capabilities, which include multi-factor authentication, single sign-on, and over 15 authentication methods. With over 20 years of experience, PortalGuard serves various sectors, including healthcare and finance, addressing increasing cybersecurity threats.

BIO-key International, Inc. (Nasdaq: BKYI) announced its Q4 and FY 2020 results, reporting a 99% revenue increase in Q4 to $1.1M, and an overall 25% rise to $2.8M for the year. The company completed a $24.8M public offering and ended 2020 with $19.0M in current assets. Notable highlights include the acquisition of PortalGuard, which boosted growth potential and positioned the company for significant expansion, particularly with projected revenues in 2021 between $8M and $12M. Despite a net loss of $1.4M in Q4, improvements in gross margin and operating expenses reflect positive trends.