BIO-key Issues Q3 Results, is Optimistic About Q4

BIO-key International has released its third quarter fiscal results for 2015.

The company’s revenues came in slightly under the low end of its revenue guidance for the quarter, at $670,000, versus $1,283,847 in Q3 of 2014. The company has also posted a net loss of $1,079,584 for the quarter, against a net loss of $51,526 in Q3 of last year.

While these numbers are lower than anticipated after the company’s strong showing in Q2, BIO-key did see an eventful third quarter, with $7.5 million in capital investment, a major IP acquisition with China Goldjoy Group Limited (formerly World Wide Touch Technology), the opening of new offices in Hong Kong and China, and a partnership with Microsoft on its “Ignite your business with Windows 10 and Office 2016” event series.

In a statement announcing the results, BIO-key CEO Michael DePasquale emphasized his optimism about the future, noting that in Q3 the company was “focused on negotiating and completing transformational technology licensing and funding transactions that have closed in recent weeks,” and adding that its leadership has “fundamentally reshaped BIO-key and its future growth potential through a significant cash infusion combined with a technology license agreement with an existing partner and provider of biometric and mobile payment technologies.”

DePasquale concluded, “we are now even more bullish on BIO-key’s near- and long- term prospects, and remain comfortable in achieving full year 2015 results within our guidance range.”

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November 16, 2015 – by Alex Perala

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