| --- | --- | --- | --- | |-------------------------|-------|-----------------------------------------------------------|--------| | | | | | | Conference Call Details | | | | | Date / Time: | | Tuesday, June 18th at 10 a.m. ET | | | Call Dial In #: | | 1-877-418-5460 U.S. or 1-412-717-9594 Int'l | | | Live Webcast / Replay: | | Webcast & Replay Link – Available for 3 months. | | | Audio Replay: | | 1-877-344-7529 U.S. or 1-412-317-0088 Int'l; code 1988012 | | | BIO-key at a Glance | | | | | Recent Price | $ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K COMMISSION FILE NUMBER: 1-13463 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒ Table of Contents Non-accelerated filer ☒ Smaller reporting company ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial st ...

NEW YORK and HOLMDEL, N.J., May 31, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ:BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) and Identity-Bound Biometric (IBB) solutions will participate in the 2024 Virtual Tech Conference Series, presented by Maxim Group LLC and hosted by M-Vest June 4th-5th. BIO-key's CEO Mike DePasquale will join a Fireside chat with Maxim on Tuesday, June 4th from 9:00 to 9:30 a.m. ET. The conference, including panel disc ...

On April 23, 2024, BIO-key engaged Bush & Associates CPA as its independent registered public accounting firm. 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 customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. I ...

TICINO, Switzerland and HOLMDEL, N.J., April 09, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc.® (NASDAQ:BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced that Switzerland's Canton of Ticino (Ticino) has partnered with Asecus AG to implement BIO-key's AuthControl Sentry login solution. In a significant enhancement to its digital security, ...

Financial Data and Key Metrics Changes - BIO-key's revenue increased by approximately 29% to $9.1 million in 2023 from $7 million in 2022, driven by increases in all license fees, hardware sales, and service revenue [102][106] - The adjusted operating loss was trimmed by nearly two-thirds to $3.6 million, significantly advancing the company towards profitability [102] - The gross profit decreased to $3.3 million in 2023 from $4.6 million in 2022, impacted by a $2.8 million noncash inventory reserve [36][37] Business Line Data and Key Metrics Changes - Annual recurring revenues represented more than 70% of BIO-key's total revenue in 2023, with a blended gross margin of approximately 65% [8][10] - Hardware revenue grew significantly in Q4 2023, benefiting from sales to a foreign defense agency, contributing to a 26% increase in revenue over Q4 2022 [94] - Service revenues benefited from custom services for new installations and conversions to the PortalGuard IDaaS cloud platform [94] Market Data and Key Metrics Changes - North America revenue has remained flat over the past few years, while there has been growth in the Middle East, Europe, and Africa [73] - The company expects to see growth across all key regions in 2024, particularly in North America [73] Company Strategy and Development Direction - The company is focused on a bifurcated go-to-market strategy, utilizing direct sales for larger strategic opportunities and channel partners for small to medium enterprise business [45] - BIO-key plans to introduce Passkey:YOU, a biometric authentication solution, to capitalize on the growing trend of passwordless security [114] - The company aims to achieve cash flow breakeven and profitability in 2024 [46][105] Management's Comments on Operating Environment and Future Outlook - Management highlighted the increasing importance of Identity and Access Management as enterprises navigate security and efficiency challenges [113] - The ongoing migration to cloud solutions and hybrid work environments presents growth opportunities for BIO-key [113] - Management expressed optimism about the company's potential for continued growth and bottom line improvements in 2024 and beyond [105] Other Important Information - The company received $1.5 million in cash related to an expanded license agreement with a long-term financial services customer [12] - Cost-saving initiatives have been implemented, including downsizing the corporate headquarters in New Jersey, which is expected to save between $125,000 to $170,000 annually [64][116] Q&A Session Summary Question: What is the status of the inventory reserve? - Management confirmed that the inventory reserve was fully reserved and that selling this inventory would positively impact the bottom line [21][23] Question: Is there ongoing R&D for the Passkey solution? - Management indicated that the Passkey solution has been in development for a while and is nearing formal launch [25] Question: What are the expectations for recurring revenues in 2024? - Management stated that approximately 70% of 2023 revenue was recurring and expects this percentage to hold or grow in 2024 [63] Question: Why has North America revenue been flat? - Management noted that while transaction counts are higher in North America, the deals are smaller, and they are focused on larger strategic opportunities in the pipeline [79] Question: What are the expected savings from closing the New Jersey office? - Management estimated annual savings of $125,000 to $170,000 from downsizing the office [64]

HOLMDEL, N.J., April 01, 2024 (GLOBE NEWSWIRE) -- 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 preliminary results for its fourth quarter (Q4'23) and year ended December 31, 2023 (2023). The independent audit of BIO-key's 2023 financial statements has not yet been completed and, therefore, the figures included ...

DUBAI, United Arab Emirates and HOLMDEL, N.J., March 12, 2024 (GLOBE NEWSWIRE) -- Humanity International Investments (HII) and BIO-key® International, Inc. (NASDAQ:BKYI), announce significant milestones in HII's innovative Humanity Protocol initiative. Over 40,000 NFTs have been claimed to date, showcasing the project making remarkable strides in digital identity and blockchain technology integration. Humanity International Investments, under the Chairmanship of His Highness, Sheikh Marwan bin Mohamed bin R ...

MADRID, Spain and HOLMDEL, N.J., Jan. 22, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ:BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) featuring passwordless, phoneless and token-less Identity-Bound Biometric (IBB) authentication solutions, today announced that Spain's Grupo Tragsa (the Tragsa Group) has partnered with Factum España to implement BIO-key's AuthControl Sentry solution. AuthControl Sentry, renowned for its comprehensive authenticati ...

HOLMDEL, N.J. and OELDE, Germany, Jan. 17, 2024 (GLOBE NEWSWIRE) -- BIO-key® International, Inc. (NASDAQ:BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring Identity-Bound Biometric (IBB) authentication solutions, today announced that Haver & Boecker, a global leader in processing and packaging technology for bulk materials, has implemented Multifactor Authentication (MFA) and Single Sign-On (SSO) technology for its digital platforms via P&W Netzw ...