tw0122
5 months ago
$1.80s quick flipper .. Three Higher Education Customers with 30,000+ Users Migrate to BIO-key's PortalGuard IDaaS Cloud Platform for Streamlined Operations and Enhanced Access Management
January 21 2025 - 7:58AM
BIO-key® International, Inc. (NASDAQ: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) software for phoneless, tokenless, passwordless, and phishing-resistant authentication, announced today that three additional customers:Northeast Iowa Community College – Peosta, IA;
Eastern University – St. Davids, PA; and
University of Guam – Mangilao, Guam,with over 30,000 users, have migrated their on-premises deployments of PortalGuard to the PortalGuard IDaaS enterprise security platform. These customers join over 50 organizations with 4+ million users that have embraced BIO-key’s cloud-based solution since its November 2020 launch.Migrating to the PortalGuard IDaaS platform enables BIO-key customers to adopt IT infrastructure best practices, streamline and centralize operations, improve uptime, enhance resource access efficiency, and enable seamless disaster recovery. PortalGuard IDaaS adoption enhances operational effectiveness, reduces the total cost of ownership, and strengthens protection against cyberattacks. By partnering with BIO-key experts, organizations can collaboratively manage end-user access to applications and data while ensuring robust security controls are in place.The growing threat of security breaches, stricter IT standards, and more demanding cybersecurity insurance requirements are prompting organizations to embrace cloud-based solutions for protecting their applications and data. With PortalGuard IDaaS, BIO-key customers can seamlessly transition to a unified identity management system that provides comprehensive visibility into user access across the entire enterprise, regardless of login location. This integrated solution boosts productivity by minimizing workflow disruptions and enhances support for Zero Trust security frameworks, which are increasingly essential for maintaining a strong security posture."IT leaders are shifting from on-premises technology to flexible, scalable, and cost-effective cloud solutions," said Mark Cochran, President of BIO-key – PortalGuard. "With PortalGuard IDaaS, organizations can adjust resources as needed, eliminate wasteful spending, and quickly respond to peak demands. Our cloud solution not only offers greater agility and cost savings but also provides opportunities for organizations to transform these benefits into a competitive advantage, all while reducing reputational risks.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. Its cloud-hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.
wickw50
7 months ago
BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues Services $267,371 $587,893 $764,062 $1,740,880 License fees 1,441,011 950,015 4,165,669 3,764,342 Hardware 436,422 279,200 537,562 424,582 Total revenues 2,144,804 1,817,108 5,467,293 5,929,804 Costs and other expenses Cost of services 110,723 125,039 322,957 639,996 Cost of license fees 146,732 253,891 443,384 1,022,919 Cost of hardware 207,655 97,674 260,684 240,074 Cost of hardware - reserve - 1,000,000 - 2,500,000 Total costs and other expenses 465,110 1,476,604 1,027,025 4,402,989 Gross profit 1,679,694 340,504 4,440,268 1,526,815 Operating Expenses Selling, general and administrative 1,607,925 1,776,305 5,332,764 5,851,201 Research, development and engineering 652,174 529,757 1,850,929 1,778,097 Total Operating Expenses 2,260,099 2,306,062 7,183,693 7,629,298 Operating loss (580,405) (1,965,558) (2,743,425) (6,102,483)Other income (expense) Interest income 2 5,917 53 5,944 Loss on foreign currency transactions - - - (15,000)Loan fee amortization (60,000) - (64,000) - Change in fair value of convertible note - 167,283 - 264,706 Interest expense (98,556) (45,655) (108,823) (159,380)Total other income (expense), net (158,554) 127,545 (172,770) 96,270 Loss before provision for income tax (738,959) (1,838,013) (2,916,195) (6,006,213) Provision for (income tax) tax benefit - 189 - (142,811) Net loss $(738,959) $(1,837,824) $(2,916,195) $(6,149,024) Comprehensive loss: Net loss $(738,959) $(1,837,824) $(2,916,195) $(6,149,024)Other comprehensive income (loss) – Foreign currency translation adjustment 89,933 35,364 51,878 127,394 Comprehensive loss $(649,026) $(1,802,460) $(2,864,317) $(6,021,630) Basic and Diluted Loss per Common Share $(0.39) $(3.22) $(1.69) $(10.79) Weighted Average Common Shares Outstanding: Basic and diluted 1,889,694 570,753 1,726,716 569,882 All BIO-key shares issued and outstanding for all periods reflect BIO-key’s 1-for-18 reverse stock split, which was effective December 21, 2023.