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Revenue growth of 34% in Q1 was driven by a significant software license renewal for a banking customer serving 30 million clients and expanded hardware deployments in foreign defense ministries.

The company is successfully transitioning to a predominantly subscription-based model with recurring revenues, supported by a scalable partner-led distribution strategy.

International growth is accelerating due to favorable regulatory frameworks in EMEA and Asia that lack the privacy-related restrictions often found in the U.S. market.

Management attributes hardware revenue growth of over 100% to the sale of previously fully reserved inventory, which carries high margins and contributes directly to the bottom line.

Strategic positioning focuses on 'leading edge' rather than 'bleeding edge' technology, prioritizing current real-world cybersecurity threats over speculative trends like quantum or crypto.

The partnership with DLT Solutions (TD Synnex) is designed to bypass public sector procurement hurdles in the U.S. by providing a streamlined path for government agencies to meet Zero Trust mandates.

Management projects the company will achieve profitability and positive cash flow in Q2 2026, supported by a projected $5 million in revenue for the first half of the year.

The sales pipeline for the remainder of 2026 includes several large-scale transactions ranging from $500,000 to over $1 million that have been awarded but not yet finalized.

The company expects passwordless authentication to become the industry standard throughout 2026, positioning its biometric solutions as a primary alternative to vulnerable phone-based methods.

Future growth is expected to scale profitably as the company leverages its international channel partner network, which handles 100% of non-domestic sales.

Management anticipates that the recent launch of a new partner-focused website will improve the efficiency of the sales funnel and support long-term growth goals.

Shares were suspended from NASDAQ due to a statutory timing issue regarding the 10-day minimum bid price requirement; an appeals hearing is scheduled for June 16, 2026.

Management expressed optimism for a return to NASDAQ trading by summer 2026, though the timing and final decision of the panel remain uncertain.

The company is currently catching up on financial reporting, with plans to file the 2025 10-K and subsequent 10-Q within the current week to regain compliance.

A 1-for-10 reverse stock split was executed on April 30, 2026, to address share price requirements, impacting per-share calculations for the period.

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Management confirmed the appeals hearing is set for June 16 and expects to be fully compliant with all SEC filings by the end of the current week.

Advisers indicated optimism for a late June or July return to the NASDAQ capital market.

BIO-key differentiates itself by offering a full biometric authentication platform that integrates with 16 other factors, a capability management claims competitors like Okta or SailPoint lack.

The company often acts as a partner rather than a direct competitor to larger firms, providing the specific biometric technology layer for their broader identity management suites.

While education provides a stable base, management views financial services as having 'hyper-growth' potential, particularly with national banks managing currency.

International banks are increasingly adopting biometrics for staff and portal access due to the lack of restrictive privacy regulations compared to the U.S.

Management stated it would love to buy back shares given the current 'obscene' undervaluation but noted it is not currently prudent as they must prioritize reinvestment for scaling.

The company believes its valuation is currently depressed by the NASDAQ suspension rather than operational performance.