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HOLMDEL, N.J. - BIO-key International, Inc. (NASDAQ: BKYI), a provider of biometric identity and access management solutions, has regained compliance with Nasdaq’s listing rules following a brief period of noncompliance due to a delay in filing its annual report. The company, which had been out of compliance with Nasdaq Listing Rule 5250(c)(1) for not filing its annual report on time, submitted the required Form 10-K for the fiscal year ended December 31, 2024, on April 23, 2025. According to InvestingPro data, BIO-key maintains impressive gross profit margins of 81.39%, though the company faces challenges with a market capitalization of just $2.78 million.
The Nasdaq notification, received by BIO-key on April 17, 2025, indicated that the company failed to file its annual report within the prescribed timeframe, which is a requirement for continued listing on the Nasdaq Capital Market. However, this notification did not immediately affect the trading of BIO-key’s common stock.
Upon filing the overdue document, BIO-key received a subsequent notice from Nasdaq on April 24, 2025, confirming that the company has now satisfied the necessary conditions and the matter regarding their compliance status has been resolved.
BIO-key’s portfolio includes Identity and Access Management (IAM) software that emphasizes biometric-based, multi-factor authentication without the need for passwords, phones, or tokens. Their solutions are designed to provide secure access to computers, information, applications, and transactions. The company’s IAM software, PortalGuard, caters to a user base of over forty million and can be deployed in cloud-hosted or on-premise environments.
The announcement from BIO-key comes as a positive development for the company, ensuring its continued listing on the Nasdaq Capital Market. The information is based on a press release statement from BIO-key International, Inc. For deeper insights into BIO-key’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which includes detailed analysis of over 30 financial metrics and expert recommendations.
In other recent news, BIO-Key International reported a mixed financial performance for the full year 2024. The company’s revenue decreased by 11% to $6.9 million, while gross profit saw a notable increase to $5.6 million, up from $1.4 million in the previous year. This improvement in gross profit was largely due to increased license fee revenue and a strategic exit from low-margin agreements. Despite these developments, the company’s stock experienced a significant decline. BIO-Key is optimistic about its growth prospects for 2025, with expectations of improved financial performance driven by strategic partnerships and innovative product offerings. The company highlighted the importance of biometrics in its solutions, indicating that these are becoming integral to their deals. Additionally, BIO-Key’s focus on high-margin software products has led to a 20% increase in license fee revenue to $5.2 million. The company has also reduced its net loss to $4.3 million, down from $8.5 million in 2023, and plans to continue cost-reduction efforts to enhance profitability.
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