BIO-key reports Q2 results
16 August 2019 13:26 GMT

BIO-key, a provider of biometric authentication and security solutions, today reported results for its second quarter.

The firm reported that  Q2'19 revenue of $728K declined slightly vs Q2'18 revenue of $748K but increased vs Q1'19 revenue of $552K

It said Q2'19 performance was "impacted by continued delays in the receipt of anticipated software license payments, now totaling $1.65M in Q2'19 and $2.75M in the first half of 2019".

BIO-key CEO Michael DePasquale commented, "Our second quarter results reflect progress engaging with foreign government institutions and companies operating in highly regulated industries such as financial services.  These areas represent the fastest growing verticals for our solutions.

"Our new sales and marketing initiatives are generating an increasing level of requests for demonstrations and proofs of concept from customers looking to incorporate the security and convenience of biometrics into their existing workflow. These initiatives include a range of enhancements to our website and sales & marketing collateral intended to better target and illustrate BIO-key's value-add for key verticals. During the second quarter, we advanced several new customer dialogues which provide promise for revenue in the second half of 2019.

"Unfortunately, our results continue to be negatively impacted by ongoing delays in anticipated cash payments from a large contract we closed with a Chinese customer in Q4 2018. To support BIO-key through this period, we have taken steps to provide sufficient working capital for our operations, including completing a convertible debt financing early in Q3'19."

 

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