BIO-key on the Upswing, Posts Financial Update

BIO-key’s Jay Meier on Mobile Payments and Mobile Banking (Part 1)Today,BIO-key International announced its fourth quarter and full-year 2014 results, just as promised. The results indicate encouraging trends and strong revenue growth.

The company’s Q4 revenues were 191 percent higher than those from Q4 last year, while it full-year revenues were 102 percent higher, at $4,005,856, compared to last year’s revenues. Much of the company’s revenues came from hardware and service sales, and especially from “substantially higher license sales”, as in the case of its strategic partnership with NEXT Biometrics announced last September. But the company also suffered losses, with Q4 seeing operating expenses increase by 9% over last year’s fourth quarter, contributing to a Q4 net loss of $506,546; and the company reported a full-year loss of $1,883,572.

Still, those losses are considerably lower than their 2013 counterparts: The Q4 net loss decreased by about 45 percent, while the full year loss was down by about 27 percent against last year’s. The company has already been showing off its new offerings at the Mobile World Congress earlier this month in preparation for a busy 2015.

In a statement, BIO-key CEO Michael DePasquale said his company’s primary goals for the year are “to grow profitable revenue rapidly and implement rigorous internal business processes and best practices, to ensure the most consistent and predictable outcomes as the business grows in 2015 and beyond,” adding, “Even after doubling our revenue in 2014, our pipeline remains robust and we expect our momentum to continue.”