Revenue Performance - BIO-key's 2024 revenues decreased approximately 11% to $6.9M from $7.8M in 2023, primarily due to the exit from a low-margin services relationship with Swivel Secure[12] - License fee revenue increased 20% to $5.2M in 2024 compared to $4.3M in 2023, while service fees declined 50% to $1.1M[12] - Total revenues for Q4 2024 were $1,462,278, a decrease of 19.9% compared to $1,825,101 in Q4 2023[23] - License fees increased significantly to $1,023,701 in Q4 2024, up 77.1% from $577,669 in Q4 2023[23] Profitability and Loss - BIO-key's net loss improved to $4.3M, or ($2.10) per share, in 2024, compared to a net loss of $8.7M, or ($15.21) per share, in 2023[16] - The gross profit grew to $5.6M in 2024 from $1.4M in 2023, benefiting from higher-margin license sales and a reduction in lower-margin services[14] - Operating loss narrowed to $1,427,310 in Q4 2024 from $2,723,834 in Q4 2023, indicating better cost management[23] - The company reported a net loss of $4,323,690 for the year ended December 31, 2024, an improvement from a net loss of $8,521,837 in 2023[23] - Basic and diluted loss per common share improved to $2.10 in 2024 from $15.21 in 2023, reflecting reduced losses[23] Expenses and Cost Management - Operating expenses were reduced by $606,409 to $9.7M in 2024 from $10.3M in 2023, with SG&A costs decreasing by $722,563[15] - The company experienced a net cash used for operating activities of $2,914,072 in 2024, compared to $3,793,456 in 2023, showing improved cash flow management[31] Assets and Equity - Cash and cash equivalents at the end of 2024 were $437,604, down from $511,400 at the end of 2023[27] - Total assets increased to $8,615,560 in 2024, compared to $4,517,035 in 2023, reflecting growth in the company's asset base[27] - Total stockholders' equity increased to $3,749,033 in 2024 from $1,063,565 in 2023, indicating a stronger financial position[28] Strategic Partnerships and Market Presence - The company secured a $910K contract with a financial services client to implement biometric identification technology, with over 25M end-users enrolled[6] - BIO-key partnered with California Ed Tech JPA to provide solutions to 195 member institutions serving over 2.6M students[5] - The company has established a presence in education across over 100 institutions serving over 4M end users, with recent migrations to PortalGuard IDaaS[9] - A strategic collaboration with Fiber Food Systems was announced to explore IAM use cases across the food industry, alongside an equity exchange with Boumarang, Inc.[10] Future Outlook - BIO-key is optimistic about 2025, citing increasing interest in biometric solutions and a focus on higher-margin offerings[11]

Core Insights - BIO-key International, Inc. reported a strategic transition in 2024, focusing on high-margin software license fee revenue, which increased by 20%, while overall revenue decreased by 11% due to exiting low-margin services [2][12][16] - The company is optimistic about future growth, driven by increasing demand for its passwordless, phoneless, and tokenless biometric solutions across various sectors, including national defense, financial services, and education [4][11] Financial Performance - Total revenues for 2024 decreased to $6.9 million from $7.8 million in 2023, with license fee revenue rising to $5.2 million, a 20% increase from $4.3 million in 2023 [12][16] - Operating expenses were reduced by 6% to $9.7 million in 2024, contributing to an improved net loss of $4.3 million, compared to a net loss of $8.7 million in 2023 [15][16] - Gross profit increased significantly to $5.6 million in 2024 from $1.4 million in 2023, reflecting the shift to higher-margin products [14][16] Strategic Developments - BIO-key secured a $910,000 contract with a financial services client to implement biometric identification technology, enhancing customer interaction efficiency [5] - The company expanded its partnership with the National Bank of Egypt to integrate its PortalGuard IAM platform, securing digital identities for 30,000 employees [7] - A strategic collaboration with Fiber Food Systems was announced to explore IAM use cases in the food industry, indicating diversification into new markets [10] Market Positioning - BIO-key has established a growing presence in the education sector, serving over 4 million end users across more than 100 institutions [9] - The company is experiencing strong order demand in EMEA countries, indicating a robust international market presence [4] - The transition to focus on proprietary solutions is expected to enhance profitability and market competitiveness [2][11]

Core Insights - BIO-key International, Inc. has successfully deployed a comprehensive suite of biometric-based Identity and Access Management (IAM) solutions for a new International Defense Agency customer, completing the initial deployment in just four days, highlighting efficiency and collaboration [1][3] Company Overview - BIO-key is a leader in IAM and biometric authentication solutions, securing access for over 40 million users and offering diverse authentication factors including phoneless, tokenless, and passwordless options [4] Solution Features - The deployment includes PortalGuard On-Prem, WEB-key biometric software, FIPS-certified fingerprint scanners, and Passkey:YOU FIDO2 authentication, demonstrating high-security, passwordless, and phoneless authentication capabilities [2][7] Management Commentary - The International Managing Director emphasized the innovative thinking and strong partnerships that contributed to the rapid deployment, which enhances security while simplifying access for the customer [3] - The Technical Manager noted that completing such a large-scale project in four days showcases the seamless integration capabilities of BIO-key's IAM solutions [3]

Company Overview - BIO-key International, Inc. is an innovative provider of Identity and Access Management and Identity-Bound Biometric solutions, securing access for over forty million users [3]. Upcoming Events - The company will host its Q4 2024 investor call on Thursday, March 27th at 10 a.m. ET, with results released before the market opens on the same day [1]. - The conference call will be led by Mike DePasquale, Chairman & CEO, and Cecilia Welch, CFO [1]. Conference Call Details - Call Dial In Numbers: 1-877-418-5460 (U.S.) or 1-412-717-9594 (International) [2]. - Live Webcast and Replay will be available for 3 months [2]. - Audio Replay Numbers: 1-877-344-7529 (U.S.) or 1-412-317-0088 (International); code 6747311 [2]. Product Offering - BIO-key offers a multi-factor identity and access management (IAM) software that includes phoneless, tokenless, and passwordless biometric options, providing cost-effective and secure access to computers, information, applications, and high-value transactions [3].

Company Overview - BIO-key International, Inc. is an innovative provider of Identity and Access Management and Identity-Bound Biometric solutions, securing access for over forty million users [3]. Upcoming Events - The company will host its Q4 2024 investor call on Thursday, March 27th at 10 a.m. ET, with results released before the market opens on the same day [1]. - The conference call will be led by Mike DePasquale, Chairman & CEO, and Cecilia Welch, CFO [1]. Conference Call Details - Call Dial In Numbers: 1-877-418-5460 for U.S. and 1-412-717-9594 for International [2]. - A live webcast and replay will be available for three months [2]. - Audio replay can be accessed at 1-877-344-7529 for U.S. and 1-412-317-0088 for International, using code 6747311 [2].

Core Insights - BIO-key International, Inc. has partnered with California's Education Technology Joint Powers Authority (Ed Tech JPA) to provide its PortalGuard identity management solution, which offers secure multi-factor authentication without the need for phones or tokens [1][5][6] Group 1: Partnership and Product Offering - The partnership allows Ed Tech JPA's 195 member schools, serving over 2.6 million students, to access BIO-key's PortalGuard platform, which is now an approved identity management solution following a rigorous review process [1][2][5] - PortalGuard provides a comprehensive identity provider (IdP) and multi-factor authentication solution, enabling seamless login experiences across multiple applications while protecting sensitive educational data [5][6] Group 2: Competitive Advantages - PortalGuard's phone-less and tokenless authentication options are particularly relevant given California's regulatory environment, including the Phone-Free Schools Act, which limits smartphone use in schools [4][5] - The solution offers up to seventeen authentication methods, including privacy-compliant biometrics and challenge-response options, enhancing security while providing flexible login choices [5][6] Group 3: Industry Context - The Ed Tech JPA centralizes software procurement for member institutions, ensuring compliance with data privacy laws and facilitating access to high-quality digital products [2][3] - BIO-key has a long-standing track record in providing enterprise-grade IAM solutions tailored to the unique needs of educational institutions, having previously partnered with California Community Colleges [6][8]

Core Insights - BIO-key International, Inc. has been awarded a contract by the State of Wyoming Department of Education to implement its PortalGuard IDaaS platform for up to 20,000 staff members, enhancing security and user experience through Multi-Factor Authentication (MFA) and Single Sign-On (SSO) [1][2] Group 1: Contract and Implementation - The Wyoming Department of Education sought a comprehensive Identity and Access Management (IAM) solution to manage multiple account credentials and reduce IT support costs, particularly for password resets [2] - The PortalGuard deployment will improve the phish-resistance and resiliency of their systems against cyberattacks through advanced MFA options [2] Group 2: Features and Benefits - PortalGuard's SSO feature allows users to access multiple applications with one set of strong credentials, streamlining user access [3] - The strong MFA provided by PortalGuard adds an extra layer of protection against phishing and unauthorized access [3] - The customizable Account Dashboard offers users a centralized interface for managing authentication preferences, while the Application Launchpad provides one-click access to WDE digital resources and applications [3] - The customizable Administrator Dashboard enhances IT teams' control, visibility, and reporting of user access patterns [3] Group 3: Expected Outcomes - The implementation of PortalGuard IDaaS is expected to improve overall security posture, provide a superior user experience, streamline access procedures, and reduce IT support calls and password reset requests, leading to lower operational costs [4] - BIO-key's President expressed confidence that PortalGuard IDaaS will deliver significant value to the WDE, as it has for numerous governmental, educational, and commercial entities [5]

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]