BIO-key's Fundraising Urgency and Fingerprint Cards' Growth Surge
TL;DR
BIO-key's Fundraising and Partnership
BIO-key has secured additional funding and established a new distribution partnership. The company raised $3.1 million through a warrant inducement agreement and also secured a $1.13 million promissory note. Details on the SEC filing outline conditions for repayment to Streeterville Capital in case of default. BIO-key also partnered with Scandinavian IT distributor IT2Trust to distribute identity and access management (IAM) solutions in Nordic countries.
The warrant inducement agreement involved an existing institutional investor who purchased 3,091,668 shares from outstanding Series A and B warrants at a reduced exercise share price of $1.02. The investor also received new warrants to purchase up to 6,183,336 shares at the same price. More on BIO-key's previous financing is available.
BIO-key's IAM Solutions and Financials
BIO-key's IAM technologies are GDPR-compliant and scalable. IT2Trust will distribute and support BIO-key’s PortalGuard, Passkey:YOU, PIN:You, WEB-key, Identity-Bound Biometrics and biometric scanners like PIV-Pro and EcoID III. The EcoID III features built-in liveness detection. BIO-key reported a 49 percent revenue increase in the second fiscal quarter of 2025, with revenues reaching nearly $1.7 million.
Fingerprint Cards' Revenue Growth
Fingerprint Cards reported a 35 percent revenue increase in the third quarter of 2025, with revenues of 20.4 million Swedish krona (approximately US$2.2 million). A licensing deal with Egis Technology contributed SEK 4.8 million ($ million) to this increase. The company’s interim report provides further details.
Image courtesy of Biometric Update
The EBITDA loss was reduced from SEK 40.8 million ($4.4 million) in Q3 2024 to SEK 9.8 million ($1.1 million) last quarter. Fingerprint Cards and partner Anonybit have entered the Microsoft Entra Marketplace to offer AAL2-compliant passwordless authentication.