What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-04-23 compared with 2024-06-05 · 17 added, 24 removed, 212 unchanged (16% of the section changed)

37 unchanged sentences

Swivel Secure Europe is a Madrid, Spain based provider of IAM solutions serving over 300 customers through a network of dozens of channel partners throughout EMEA.

Swivel Secure Europe is the exclusive distributer of AuthControl® Sentry, AuthControl Enterprise and AuthControl MSP product line in Europe, Middle East, and Africa, excluding the United Kingdom.

Swivel Secure maintains a direct sales force with offices in Madrid, Spain and Lisbon, Portugal.

Until the fourth quarter of 2024, Swivel Secure Europe was the exclusive distributer of the AuthControl® Sentry, AuthControl Enterprise, and AuthControl MSP product line in Europe, Middle East, and Africa, excluding the United Kingdom.

Swivel Secure, now operates under the name BIO-key EMEA, maintains a direct sales force with offices in Madrid, Spain and Lisbon, Portugal, and sells only BIO-key hardware, software and services.

On November 27, 2024, we commenced a collaboration with Fiber Food Systems, Inc., an early-stage company engaged in developing global food security solutions.

Under this arrangement, we are working to explore IAM use cases across the food industry.

As part of this agreement, we acquired shares of Boumarang, Inc.

Boumarang is developing sustainable, AI-driven, hydrogen-powered, long-range drone technology.

We are working with Boumarang and its partners to integrate our biometric technology into autonomous systems, targeting applications across aerospace and other industries.

We expect that these initiatives have the potential to create new commercial opportunities in future periods.

BIO-key PortalGuard and PortalGuard IDaaS

33 unchanged sentences

We market and sell these fingerprint scanners through distributors and directly to end users via Amazon.

AuthControl Sentry;

AuthControl Enterprise;

AuthControl MSP

Swivel Secure is the exclusive distributer of AuthControl Sentry, AuthControl Enterprise, and AuthControl MSP product line in Europe, Africa and the Middle East, or EMEA, excluding the United Kingdom and Ireland.

These solutions include a patented one-time-code extraction technology, helping enterprises manage the increasing data security risks posed by cloud services and bring your own device policies.

Fingerprint Readers

15 unchanged sentences

Enterprise MFA for access to computer networks, and applications.

Large scale identification projects, especially in Africa and the surrounding regions.

Large scale identification projects.

Government funded initiatives, including the state board of elections.

13 unchanged sentences

We continue to prioritize securing agreements with OEM customers.

The history of success supporting NCR, McKesson, Omnicell, and LexisNexis provides an established footprint that we intend to build upon.

The history of success supporting NCR, Omnicell, and Idemia provides an established footprint that we intend to build upon.

As OEM customers embed our solutions within their products, the customer benefits from the enhanced security and workflow, and frees them from investing in R&D to manage an IAM infrastructure of their own.

2 unchanged sentences

Additionally, the financial services industry, including banks and credit unions has grown substantially.

In 2023, we continued to grow our Channel Alliance Partner program (CAP) focused on partnering with select value added resellers, integrators, and distributors.

In 2024, we continued to grow our Channel Alliance Partner program focused on partnering with select value added resellers, integrators, and distributors.

We are a Microsoft Partner and our line of compact fingerprint scanners has been tested and qualified by Microsoft to support Windows Hello and Windows Hello for Business.

Hardware products generated 9% and 15% of our revenue in 2024 and 2023, respectively.

EcoID II® has emerged as our most popular scanner for enterprise deployments.

EcoID II® has emerged as one of our most popular scanner for enterprise deployments.

For customers that require the highest level of security, PIV-Pro is a FIPS compliant fingerprint scanner, suitable for highly regulated industries and organizations that want a best-in-class solution.

8 unchanged sentences

We are committed to continue to aggressively grow this program in 2025.

We partner with leading application, managed service and infrastructure vendors, such as Intelisys, Insight, NGEN, Amazon Web Services, Pathify (formerly UCROO Campus), Software House International (SHI), BlueAlly, Atlassian, and ProCirrus.

We offer our software under a SaaS term license and generate annual recurring revenue (ARR) primarily by selling multi-year subscriptions to our software.

3 unchanged sentences

We own patented technologies and trade secrets developed or acquired by us.

On December 26, 2006, we were issued US patent No.

7,155,040 covering our unique image processing technology, which is critical for enhancing information used in the extraction of biometric minutiae.

The issued patent protects a critical part of an innovative four-phase image enhancement process developed by us.

With the payment of all maintenance fees, this patent will expire on January 29, 2025.

On April 15, 2008, we were issued US patent No.

7,359,553 covering our image enhancement and data extraction core algorithm components.

The solution protected under this patent provides the capability to quickly and accurately transform a fingerprint image into a computer image that can be analyzed to determine the critical data elements.

With the payment of all maintenance fees, this patent will expire on January 3, 2025.

On November 18, 2008, we were issued US patent No.

71 unchanged sentences

Various state, federal and EU privacy laws govern the collection, storage, use and any sale of biometric-related data.

To the extent that BIO-key’s IDaaS offerings include the collection and storage of customer users’ personal or biometric data, we operate as a processor of such data.

To the extent that our IDaaS offerings include the collection and storage of customer users’ personal or biometric data, we operate as a processor of such data.

Our WEB-key platform includes compliance features to ensure automated compliance with these laws including collection of informed written consent during enrollment workflows and robust auditing to control and report on the retention of biometric data and removal requests.

8 unchanged sentences

Human Capital Resources

As of the date of this report, we have forty-two employees consisting of forty-three individuals on a full-time basis and one part-time employee as follows:

As of the date of this report, we have forty-two employees consisting of forty-one individuals on a full-time basis and one part-time employee as follows:

(i) nineteen in engineering, customer support, and research and development;

(ii) ten in finance and administration;

and (iii) thirteen in sales and marketing.

(ii) nine in finance and administration;

and (iii) fourteen in sales and marketing.

We also have two factory contractors in China.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business