BIO-key has posted some impressive numbers with it’s most recent quarterly financial update. The company’s Q2 revenue reached almost $2.3 million, and it brought in a net income of $753,000.
It’s a significant boost in revenues against Q2 2014’s $402,879; and it’s a major turnaround overall, given that last year’s second quarter saw a net loss of $1,026,286. The boost wasn’t entirely unexpected; when the company announced its results for the first quarter, CEO Michael DePasquale voiced his expectation that Q2 would “demonstrate the strength of our sales effort”. Those efforts in securing new clients and establishing important partnerships have evidently paid off. Commenting on the newest results, DePasquale said in a statement that “BIO-key continues to see growth in demand for our products as enterprises and governments move to deploy stronger user authentication technologies.”
And the company expects to more-or-less maintain this momentum through the rest of its fiscal year. Part of the reason is that BIO-key is in talks with current partner Worldwide Touch Technology about what DePasquale characterized as “a strategic partnership and substantial capital infusion” that could help to expand distribution of BIO-key technology in the Asian region. That, along with other potential deals that the company is working on, means that its managers “remain confident that we will achieve our full year revenue guidance of between 5 and 7 million and expect cash flow breakeven at or above revenue of 6.5 million,” DePasquale said.
(Originally posted on FindBiometrics)