Core Insights - BIO-key International, Inc. has announced the migration of three additional customers to its PortalGuard IDaaS platform, increasing its user base to over 4 million since the platform's launch in November 2020 [1][2] Group 1: Customer Adoption and Growth - The new customers include Northeast Iowa Community College, Eastern University, and the University of Guam, collectively serving over 30,000 users [1] - Over 50 organizations have adopted BIO-key's cloud-based solution, demonstrating significant market acceptance and growth [1] Group 2: Benefits of PortalGuard IDaaS - Migrating to PortalGuard IDaaS allows organizations to adopt best IT practices, streamline operations, and improve uptime while enhancing resource access efficiency [2] - The platform reduces total cost of ownership and strengthens protection against cyberattacks, enabling organizations to manage end-user access collaboratively [2][3] Group 3: Industry Trends and Security - The increasing threat of security breaches and stricter IT standards are driving organizations to adopt cloud-based solutions for better protection of applications and data [3] - PortalGuard IDaaS supports Zero Trust security frameworks, which are essential for maintaining a strong security posture [3] Group 4: Market Positioning - BIO-key's President highlighted the shift from on-premises technology to flexible, scalable, and cost-effective cloud solutions, emphasizing the agility and cost savings offered by PortalGuard IDaaS [4] - The cloud solution provides opportunities for organizations to transform benefits into competitive advantages while reducing reputational risks [4] Group 5: Company Overview - BIO-key is focused on revolutionizing authentication and cybersecurity with its IAM software, securing access for over 40 million users [5] - The company offers a variety of authentication options, including phoneless, tokenless, and passwordless solutions, through its cloud-hosted or on-premise PortalGuard IAM solution [5]

Project Overview - The National Bank of Egypt (NBE) is deploying BIO-key's PortalGuard identity and access management platform and an Identity Governance solution in partnership with Raya Information Technology [8] - This project aims to enhance operational security and efficiency for NBE's 30,000 employees by implementing Single Sign-On (SSO) and Multi-Factor Authentication (MFA) [3][8] - The collaboration between BIO-key and Raya Information Technology ensures a comprehensive and future-proof security framework [9] Technology and Implementation - BIO-key's PortalGuard technology provides secure, multi-level authentication managed through a unified solution, simplifying workflows for employees and agents [2] - Raya Information Technology is managing the deployment, coordinating all technology vendor resources to ensure a smooth implementation process [1] - The SSO solution eliminates the need for 14 separate logins, streamlining access and boosting security compliance with industry standards [3] Strategic Impact - The project lays the groundwork for delivering secure and seamless authentication for millions of B2B and B2C customers in the near future [2] - BIO-key's PortalGuard CIAM approach aims to reduce fraud and mitigate cybersecurity scams by integrating with a Security Operations Center (SOC) equipped with advanced risk analysis tools [11] - This initiative highlights the growing need for advanced identity solutions in the Middle East and Africa, meeting the demands of prestigious institutions like NBE [11] Company Profiles - BIO-key International, Inc provides biometric-centric, multi-factor identity and access management (IAM) solutions, securing access for over forty million users globally [4] - The National Bank of Egypt (NBE) is Egypt's largest bank with 665 branches, offices, and banking units, serving nearly 20 million customers [5] - Raya Information Technology is a leading provider of integrated security solutions in the Middle East, specializing in cybersecurity, physical security, and identity management [13]

Core Insights - BIO-key International, Inc. will present at the Microcap Conference on January 29 & 30, 2025, in Atlantic City, New Jersey, with CEO Mike DePasquale scheduled to speak [1] - The company reported a revenue increase of 18% in Q3 2024, reaching $2.1 million, primarily driven by higher software license revenue from long-term customers [1] - BIO-key is pursuing strategic collaborations, including a recent agreement with Fiber Food Systems, Inc. to enhance global food security and produce plant-based proteins [1] Company Developments - A planned partnership with Guinn Partners aims to demonstrate how biometric security can improve safety and functionality in robotics and drones [2] - The Microcap Conference provides a platform for companies to showcase their value propositions through presentations and networking opportunities [2] - BIO-key's IAM solutions secure access for over 40 million users, offering phoneless, tokenless, and passwordless authentication options [2]

Financial Data and Key Metrics Changes - BIO-key reported a revenue increase of 18% year-over-year to $2.1 million in Q3 2024, up from $1.8 million in Q3 2023 and $1.1 million in Q2 2024 [5][24] - High-margin license revenue rose 52% to $1.4 million in Q3 2024, indicating significant improvement [6] - The net loss improved to $0.7 million or $0.39 per share in Q3 2024, compared to a loss of $1.8 million or $3.22 per share in Q3 2023 [29] Business Line Data and Key Metrics Changes - The increase in revenue was driven by higher software license fees and hardware revenue as several long-term customers expanded their BIO-key deployments [24] - The company exited its Swivel Secure services agreement in Europe, which was a low-margin business, expected to benefit gross margins moving forward [26][49] Market Data and Key Metrics Changes - The province of British Columbia is adding 10,000 users to their existing deployment of BIO-key's WEB-key software, enhancing secure biometric access [12] - The defense ministry has expanded its deployment to over 33,000 users, indicating a growing market presence [11] Company Strategy and Development Direction - BIO-key is focused on driving revenue growth and progressing towards profitability and positive cash flow [20] - The company plans to leverage its core expertise and products to create shareholder value, with a growing base of high-margin annual recurring revenues [17][18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the adoption and expansion of their solutions among larger customer accounts, indicating a positive trend [33] - The company expects Q4 revenue to meet or exceed Q3 levels, primarily driven by license revenue [37][38] Other Important Information - The cash position improved with approximately $1.9 million in gross proceeds from a warrant inducement agreement [21] - The company has a current asset position of approximately $4.6 million, including $1.8 million in cash and cash equivalents [30] Q&A Session Summary Question: What contributed to the revenue increase in Q3? - Management noted that Q3 is typically a softer quarter, but strong business from existing customers contributed to the positive results [33] Question: Did the $500,000 order from the defense ministry get recognized in Q3? - Yes, the entire order was recognized in Q3 [34] Question: What is the expected revenue from the large financial services customer? - A portion of the $910,000 order will be recognized in Q4, with the balance in Q1 2025 [35] Question: What is the outlook for operating expenses? - The current operating expenses of approximately $2.3 million are considered a good baseline moving forward [39][40] Question: When can formal guidance be expected? - Management indicated that formal guidance may be introduced in 2025 as visibility into subscription revenue increases [42] Question: What is the recurring revenue from the defense ministry? - The defense ministry is not a subscription customer, but they typically spend between $1 million to $1.5 million annually [45] Question: What is the status of accounts receivable? - The majority of accounts receivable has been collected, with most expected to be collected in Q4 [63]

Exhibit 99.1 BIO-key Reports Q3'24 Revenue Rose 18% to $2.1M, Reduced Q3'24 Net Loss, and Improved Cash Position; Hosts Investor Call Tomorrow, Fri. Nov. 15th, 10am ET Holmdel, NJ – November 14, 2024 – BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its third quarter ended September 30, 2024 (Q3'24). ...

Table of Contents U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT For the Transition Period from to Commission file number 1-13463 BIO-KEY INTERNATIONAL, INC. (Exact Name of Registrant as Specified in Its Charter) DELAWARE 41-1741861 (State or Other Jurisdiction of Incorporation of O ...

BIO-key International, Inc. (NASDAQ:BKYI) Q2 2024 Earnings Conference Call August 15, 2024 10:00 AM ET Company Participants Bill Jones - Investor Relations Mike DePasquale - Chairman and Chief Executive Officer Cecilia Welch - Chief Financial Officer Conference Call Participants Jack Vander Aarde - Maxim Group Operator Good morning, everyone. Thank you for standing by and welcome to the BIO-key International First Quarter 2024 Conference Call. During management's prepared remarks, all participants will be i ...

Exhibit 99.1 BIO-key Reports Reduced Net Loss and Cash Used in Operations on Lower Q2'24 Revenues; Hosts Investor Call Thu. Aug. 15th at 10am ET Holmdel, NJ – August 14, 2024 – BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication, announced results for its second quarter ended June 30, 2024 (Q2'24). Note, BIO-key's results for ...

Financial Performance - Total revenues for the three months ended June 30, 2024, were $1,141,286, a decrease of 40.9% compared to $1,928,929 for the same period in 2023[7]. - For the six-month period ended June 30, 2024, total revenues were $3,322,489, down 19.2% from $4,112,696 in the same period of 2023[25]. - The company reported a gross profit of $879,014 for the three months ended June 30, 2024, compared to $322,818 for the same period in 2023, showing a substantial increase in profitability[7]. - Gross profit for the six months ended June 30, 2024, was $2,760,574, compared to $1,186,311 for the same period in 2023, indicating an increase of approximately 133.3%[7]. - The company reported a comprehensive loss of $(1,642,730) for the three months ended June 30, 2024, compared to $(2,602,994) for the same period in 2023, reflecting a reduction of approximately 37%[7]. - Basic and diluted loss per common share for the three months ended June 30, 2024, was $(1.00), compared to $(4.71) for the same period in 2023, indicating an improvement of approximately 78.8%[7]. - Operating loss for the three months ended June 30, 2024, was $(1,654,086), an improvement from $(2,378,527) for the same period in 2023, indicating a 30.5% reduction in losses[7]. - Net loss for the six months ended June 30, 2024, was $(2,177,236), compared to $(4,311,200) for the same period in 2023, showing a decrease in loss of approximately 49.6%[7]. Cash and Liquidity - Cash and cash equivalents increased to $1,260,351 as of June 30, 2024, from $511,400 as of December 31, 2023, indicating a significant liquidity improvement[5]. - The company reported cash and cash equivalents of $1,260,351 at the end of the period, an increase of $748,951 from the previous period[14]. - Total cash and cash equivalents at the end of the period were $1,260,351, up from $565,513 at the end of June 2023, reflecting a 123.5% increase[14]. - Cash used in operating activities for the first half of 2024 was $1,123,533, significantly reduced from $2,095,192 in the prior year, indicating a 46.4% decrease[14]. - The company reported a net cash increase of $748,951 for the six months ended June 30, 2024, compared to a decrease of $2,070,009 in the same period of 2023[14]. Assets and Liabilities - Total current assets rose to $3,014,529 as of June 30, 2024, compared to $2,622,157 as of December 31, 2023, reflecting a 14.9% increase[5]. - Total liabilities increased to $5,855,288 as of June 30, 2024, from $3,453,470 as of December 31, 2023, marking a 69.7% rise[5]. - The company’s total stockholders' equity decreased to $(1,056,292) as of June 30, 2024, from $1,063,565 as of December 31, 2023[5]. - Total current liabilities surged to $5,574,685, compared to $3,213,389, reflecting an increase of approximately 73.5%[5]. - The accumulated deficit widened to $(127,184,445) from $(125,007,210), an increase of approximately 1.7%[5]. Shareholder Equity and Stock - The weighted average common shares outstanding for the three months ended June 30, 2024, were 1,663,042, compared to 556,758 for the same period in 2023, reflecting a significant increase due to the reverse stock split[7]. - The total common shares outstanding as of June 30, 2024, were 1,815,618, reflecting a reverse stock split effective December 21, 2023[10]. - The company issued common stock for directors' fees amounting to $9,003 and for employee stock purchase plans totaling $1,939 during the period[14]. - The Company issued 1,390 shares of common stock to employees on June 28, 2024, resulting in a non-cash compensation expense of $456[44]. - The Company recorded share-based compensation of $96,561 for the six months ended June 30, 2024, compared to $120,767 for the same period in 2023[47]. Revenue and Deferred Revenue - Deferred revenue increased by $414,878 for the six months ended June 30, 2024[14]. - The company reported a deferred revenue of approximately $858,000 as of June 30, 2024, compared to $443,000 at the end of 2023[26]. - Revenue recognized from deferred revenue for the six months ended June 30, 2024, was approximately $431,000, compared to $335,000 for the same period in 2023, showing an increase of about 28.7%[26]. - Deferred revenue increased significantly to $715,193 from $414,968, representing a growth of about 72.5%[5]. Operational Challenges and Strategies - The company has experienced substantial net losses and negative cash flows, raising doubts about its ability to continue as a going concern[22]. - The company is facing risks related to its ability to raise additional capital and the potential delisting from Nasdaq if stockholders' equity does not reach at least $2.5 million[4]. - The company has reduced marketing, research and development, and rent expenses in response to financial challenges[23]. - The company is exploring new markets and opportunities to sell or return products to generate additional cash[23]. - The company is actively working on integrating operations and personnel from Swivel Secure as part of its market expansion strategy[4]. Notes and Agreements - The Company signed a note purchase agreement on June 24, 2024, issuing a $2,360,000 principal amount senior secured promissory note, with $2,000,000 funded at closing for general working capital[36]. - The 2024 Note carries an interest rate of 9% per annum and is due eighteen months after issuance, with an exit fee of 7% on repayments[37]. - The Company issued a $2,200,000 principal amount senior secured promissory note on December 22, 2022, with $2,002,000 funded for general working capital[41]. - The Company repaid $1,400,000 of principal on October 31, 2023, and the remaining $800,000 was repaid on December 21, 2023, resulting in the Note being paid in full as of December 31, 2023[42].

Engage with BIO-key Facebook – Corporate: https://www.facebook.com/BIOkeyInternational/ LinkedIn – Corporate: https://www.linkedin.com/company/bio-key-international Twitter – Corporate: @BIOkeyIntl Twitter – Investors : @BIO_keyIR StockTwits: BIO_keyIR About BIO-key International, Inc. (www.BIO-key.com) BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows cus ...