BIO-key Saw Strongly Increased Sales and Revenues in Q2 2017

BIO-key saw strongly increased sales and revenues in Q2 of this year, according to its recently published results. The company’s revenues for the quarter came in at $886,881, an increase of 113 percent against its Q2 2016 revenues of $415,814.BIO-key Saw Strongly Increased Sales and Revenues in Q2 2017

The biggest chunk of those revenues came from sales of its fingerprint scanning hardware, which brought in $415,814; on top of that, its new line of biometric padlocks brought in $158,000 from initial orders. Software licensing revenues also increased markedly, rising 76 percent from Q2 of 2016 to $128,000 this past quarter.

At the same time, the company’s net loss increased, from $1.4 million a year ago to $1.8 million in Q2 2017; in a statement announcing the results, the company attributed the increased loss mainly to a decrease in gross margin and an increase in operating expenses.

Nevertheless, in the company’s corporate update, CEO Mike DePasquale was upbeat about the remainder of the year’s prospects, noting that a $600,000 professional services contract has been established that is expected to bring in revenues starting in Q3, and highlighting the company’s recent debut on the Nasdaq, which he said will provide BIO-key increased “visibility and credibility” that should aid in marketing efforts. DePasquale also revealed that the company is in talks “with a leading national television shopping network that reaches nearly 100 million U.S. households” to have its products showcased on the air.

(Originally posted on Mobile ID World)