BIO-key Issues Q3 2018 Results, Focuses on Future

“Our outlook for the remainder of 2018 is supported by initiatives we have in place, as well as multimillion dollar software orders we expect to complete imminently.” – Mike DePasquale, CEO, BIO-key

BIO-key has issued its fiscal results for the third quarter ended September 30th.

The quarter brought in revenues of $739,750, compared to revenues of $942,417 in Q3 of 2017. Its net result for the latest quarter was a loss of $1,641,315, compared to a net loss of $1,605,784 a year ago.

In its update, BIO-key attributed the drop in revenues to reduced sales of its fingerprint scanning hardware including its biometric locks, as well as “lower service revenue related to the timing of certain projects.”

But in his commentary on the results, BIO-key CEO Mike DePasquale was upbeat, highlighting BIO-key’s sponsorship of and participation in Microsoft Ignite 2018, where he said the company found “several enterprise customer leads”. DePasquale also highlighted the recent appointment of BIO-key’s new Chief Revenue Officer, Fred Corsentino, who “will refine and refocus BIO-key’s business development, sales and marketing functions to optimize opportunities from our strong base of biometric software and hardware solutions.”

BIO-key’s Q3 update arrives alongside the announcement of new orders from Hong Kong-based companies totalling over $10 million in value, a propitious development for the company’s fourth quarter.

(Originally posted on FindBiometrics)