BIO-key Reveals Strategic Move To AWS Marketplace Amid Q2 Revenue Challenges: Details
Portfolio Pulse from Akanksha Bakshi
BIO-key International, Inc. (NASDAQ:BKYI) has listed its PortalGuard IDaaS platform on the AWS Marketplace to expand its global reach. Despite this strategic move, the company reported a decline in Q2 revenues to $1.14 million from $1.9 million year-over-year, missing the consensus of $1.95 million. The revenue drop was attributed to delayed software license fees and reduced project-related services revenue. However, the net loss improved to $1.7 million from $2.6 million, and gross profit rose significantly. The company expects to benefit from stringent regulatory standards and cyber insurance requirements.
August 15, 2024 | 2:19 pm
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BIO-key's listing of PortalGuard on AWS Marketplace aims to expand its global reach. However, Q2 revenues declined to $1.14 million, missing the consensus of $1.95 million. The net loss improved to $1.7 million, and gross profit rose significantly.
The listing on AWS Marketplace is a strategic move that could enhance BIO-key's market presence and customer base. However, the immediate impact is neutralized by the disappointing Q2 revenue figures, which missed expectations. The improvement in net loss and gross profit provides some positive outlook, but the overall short-term impact on the stock price is likely to be neutral.
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