BIO-key has issued a preliminary update on its 2015 results via a letter to shareholders from CEO Michael DePasquale in which he called 2015 “a period of unprecedented growth and transformation” for the company.
In large part DePasquale’s enthusiasm revolved around the company’s revenues, with its Q4 results appearing to have exceeded the minimum $1.4 million of its guidance range. More importantly, BIO-key’s total revenues for the year are expected to fall within its target of between $5 and $6 million, reflecting a potential 25 percent increase over its 2014 revenues. DePasquale credited that uptick in part to the launch in 2015 of products like SideSwipe and the EcoID sensor device.
Looking ahead, DePasquale said BIO-key’s strategic partnership with China Goldjoy Group Limited has given the company “the financial strength and resources to accelerate our sales, marketing and R&D efforts in 2016 and beyond,” adding that the company has started to integrate CGG’s FingerQ software into its platform as part of an effort to break into the global payments market.
DePasquale also noted that BIO-key has requested a shareholder meeting to go ahead with a reverse split of its common stock as part of a larger effort to attain a NASDAQ listing, which could open doors to further investment and potential growth.
(Originally posted on FindBiometrics)