The Results Are in For BIO-key ‘s Performance in Q4 and 2016

The results are in for BIO-key‘s performance in Q4 for 2016, and the year as a whole.

For the quarter, revenues were up, reaching $1.7 million, against $1.67 million in Q4 of 2015. Meanwhile, it saw a reduced net loss of $516,580, compared to a net loss of $606,766 a year ago.

Looking to the full year, BIO-key saw revenues totalling about $3 million, compared to revenues of $5.3 million in 2015. A net loss of $2 million in 2015 sank to a loss of $4.2 million last year.

In a statement announcing the results, BIO-key CEO Michael DePasquale strategic initiatives and the launch of new products like BIO-key’s fingerprint-scanning padlocks, but acknowledged that revenues were lower than the company had hoped, which he credited to “the inherent variability of our business at this stage due to the timing of large enterprise contracts, and a growing customer preference for the ‘software as a service’ (SaaS) delivery model versus perpetual software licenses.”

Accordingly, while the company’s management maintain “substantial confidence” in its initiatives on both the hardware and software fronts, it is accommodating such variability in its 2017 outlook with a wide revenue guidance, laying out a range of $6 million to $12 million for the year to come, with a gross margin somewhere between 68 and 82 percent.

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March 31, 2017 – by Alex Perala