BIO-key increasing presence in Asia Pacific as earnings report confirms 2017 gains
BIO-key more than doubled its gross revenue in 2017 to $6.3 million, and set its 2018 revenue guidance at $8 million to $12 million as it pursues growth potential in Asia.
The company reported a net loss of $4.3 million, slightly more than its $4.2 million net loss in 2016, but last year’s total included $1.5 million of non-cash amortization expenses related to software license rights, and over $500,000 of non-recurring fees and costs related to uplisting its shares to the Nasdaq Capital Market.
“Our 2017 growth was the result of solid sales execution across the business, supported by the increasing realization by enterprise customers that passwords alone are inadequate to protect networks, data and transactions,” BIO-key’s CEO Michael DePasquale commented. “Growing recognition of how biometric solutions can solve both external and internal enterprise security vulnerabilities is accelerating the pace of biometric adoption, a trend we believe will continue in 2018.”
DePasquale also said that BIO-key’s expanding network of distributors and partners provides it with broad market reach, and the company is increasing its presence in Asia Pacific to take advantage of significant opportunities in the region. The company sees opportunities to embed its biometric modules in IoT devices, and will also attempt to expand global distribution of its consumer products in 2018, such as biometric and Bluetooth-enabled locks.
“As multi-factor biometric solutions gain increasing traction in mainstream use, we believe these core initiatives position BIO-key for significant growth in 2018 and beyond,” DePasquale continued.
The official earnings report confirms the unaudited preliminary results BIO-key announced in February.