“…total revenues were up 110 percent, rising from $3 million in 2016 to $6.3 million in 2017. “
BIO-key has reported its fiscal results for Q4 of 2017 and for the year-end, and the numbers point to some positive trends.
For the quarter, revenues came in at $3.1 million, up from $1.7 million in Q4 of 2016. Net income rose to about $0.5 million, from a net loss of $0.5 million in Q4 of 2016.
Looking to the full year, the results are perhaps more striking. While the change in BIO-key’s net loss was somewhat minor, rising from a loss of $4.2 million in 2016 to a loss of $4.3 million last year, total revenues were up 110 percent, rising from $3 million in 2016 to $6.3 million in 2017. Licensing revenues in particular increased by a whopping 167 percent year over year.
Commenting on the results, BIO-key CEO Mike DePasquale attributed the growth to “solid sales execution across the business, supported by the increasing realization by enterprise customers that passwords alone are inadequate to protect networks, data and transactions.” And DePasquale added that this growing recognition of the value of biometric security is “a trend we believe will continue in 2018.”
In particular, the company outlined three pillars for its business strategy for this year: An expansion of its roster of OEM partnerships, an intensifying focus on the Asian region (with the help of BIO-key’s Hong Kong subsidiary), and a greater emphasis on hardware solutions such as BIO-key’s biometric locks. The company has formally issued a revenue guidance of somewhere between $8 million and $12 million for the full year, during which BIO-key’s management expects to achieve “positive cash flow from operations”, according to a statement announcing the fiscal update.
(Originally posted on FindBiometrics)