BIO-key International, Inc. is a leading provider of identity and access management solutions focusing on secure multi-factor authentication to enhance security and facilitate passwordless experiences for various organizations.

# BIO-key International, Inc. Overview

BIO-key International, Inc. is a prominent provider of identity and access management (IAM) solutions, specializing in secure multi-factor authentication (MFA). The company's products aim to enhance security while enabling a passwordless experience for enterprises, educational institutions, and government entities. 

## Company Vision and Products
- **Vision:** To empower any organization to secure streamlined and passwordless access for users to online services, workstations, and mobile applications without the need for tokens or phones.
- **Products include:**
  - **PortalGuard®:** An IAM platform offering comprehensive MFA, Single Sign-On (SSO), and Self-Service Password Reset (SSPR) functionalities.
  - **PortalGuard Identity-as-a-Service (IDaaS):** A cloud-based IAM solution designed to secure identities across all applications.
  - **WEB-key®:** A scalable biometric service management platform utilized in large-scale identity projects.
  - **MobileAuth®:** A mobile phone authentication app for iOS and Android.
  - **Fingerprint Scanners:** Provide low-cost biometric hardware, including devices compliant with FIDO standards.

## Unique Features
- **Identity-Bound Biometrics (IBB):** Unlike traditional MFA solutions, BIO-key's IBB methods allow biometric authentication without requiring users to carry external tokens or phones.
- **Server-Secured Authentication:** The company's technology enables secure identity verification at any endpoint device, significantly enhancing security compared to conventional methods.

## Customer Base
- **Number of Customers:** More than **600 customers** across various industries, including government and education.
  
## Employee Count
- **Total Employees:** As of the most recent report, BIO-key has **42 employees**, including:
  - 19 in engineering, customer support, and R&D
  - 9 in finance and administration
  - 14 in sales and marketing

## Financial Performance
- **Revenue:** The company reported approximately **$7.0 million** in revenue for the year ended December 31, 2024.
- **Research and Development Expenses:** In 2024, expenses amounted to **$2,511,080**, slightly up from **$2,394,926** in 2023. 

## Growth Strategy
BIO-key has expanded its operations through strategic acquisitions, notably:
- **PistolStar, Inc.** (acquired June 30, 2020): Strengthened the PortalGuard product line for IAM solutions.
- **Swivel Secure Europe, SA** (acquired March 8, 2022): Increased sales and support capabilities in Europe, the Middle East, and Africa.

## Market Position
Historically focused on regulated sectors like government and healthcare, BIO-key is now witnessing broader adoption of MFA solutions across all industries. The rising awareness of security breaches and human error in traditional authentication methods is driving demand for BIO-key's solutions.

## Risks and Challenges
The company faces a range of risks, including financial reporting weaknesses, dependency on capital markets, cybersecurity threats, and evolving competition within the IAM space.

## Conclusion
BIO-key International, Inc. stands out in the IAM landscape by leveraging advanced biometric technology to enhance security while simplifying user access, aiming to meet the growing demand for effective identity management in an increasingly digital world.

BIO-key International, Inc. is a technology company specializing in biometric identification solutions, offering fingerprint identification technology and a range of software and hardware products for identity access management.


# BIO-key International, Inc. Overview

## Company Profile
**BIO-key International, Inc.** is a technology company specializing in **biometric identification solutions**. Founded in 1993, the company develops and markets proprietary fingerprint identification technology and software solutions that provide **identity access management** for various sectors, including **commercial, government, and education**.

## Products and Services
- **Fingerprint Identification**: The company created automated finger identification technology that complements various identification and verification methods (e.g., passwords, tokens, smart cards).
- **Software Solutions**: BIO-key offers both **perpetual and subscription software licenses** for biometric fingerprint solutions, identity management systems, and access control systems.
- **Hardware Products**: The company also sells biometric hardware, including fingerprint readers and associated equipment.
- **Professional Services**: Services include deployment, optimization, and training related to their technology solutions.
- **Support and Maintenance**: The company offers ongoing support and software maintenance for its products.

## Customer Base
- As of the latest reports, BIO-key has served a **diverse customer base**, which includes government agencies, educational institutions, commercial enterprises, and international markets. 
- The company has increasingly focused on expanding its customer base, including the pursuit of projects in different geographical territories, such as **Nigeria**.

## Financial Highlights
- **Revenue**: For the fiscal year ended December 31, 2023, **BIO-key reported total revenues of $7,754,905**, a slight increase compared to revenues of $7,020,258 in 2022.
- **Net Loss**: BIO-key experienced a net loss of **$8,521,837** in 2023, compared to a loss of **$11,909,903** in 2022.
- **Total Assets**: As of December 31, 2023, the company reported total assets of **$4,517,035**.
- **Cash Position**: The cash and cash equivalents stood at **$511,400** at the end of 2023, indicating a significant reduction from **$2,635,522** in 2022, primarily due to ongoing operational costs and investments.

## Workforce
- **Employees**: The company operates with a relatively small team, consisting of approximately **50 to 100 employees**. This includes positions within management, technology development, sales, and support services.

## Recent Acquisitions and Developments
- The company acquired **Swivel Secure Europe, SA** in March 2022, allowing it to broaden its product offerings and improve its market reach in Europe.
- The acquisition also provided additional resources for operations in various international markets.

## Growth Strategy
- BIO-key continues to focus on enhancing its technology offerings and expanding its market presence, particularly in biometric access solutions within government and commercial sectors.
- The company aims to improve operational efficiencies and secure additional funding that supports ongoing development and marketing efforts.

## Conclusion
BIO-key International, Inc. is positioned as a leader in biometric identification technology, with a growing customer base and a commitment to innovation. The company is focusing on expanding its footprint in both domestic and international markets, despite facing challenges with net income and cash flow.



BIO KEY INTERNATIONAL INC

10-K / April 23, 2025

10-K / June 20, 2024

10-K / April 23, 2025

BIO-key International, Inc. Overview

Company Vision and Products

Unique Features

Customer Base

Employee Count

Financial Performance

Growth Strategy

Market Position

Risks and Challenges

Conclusion