BIO-key International, Inc.
Climate Impact & Sustainability Data (2018)
Reporting Period: 2018
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Substantial net losses in recent years.
- Accumulated deficit at December 31, 2018.
- Dependence on debt and equity financing to fund operations.
- Lack of widespread market acceptance of biometric technology.
- Competition from traditional security methods and other biometric technologies.
- Potential for defects in software products.
- Dependence on independent OEMs, system integrators, and application developers.
- Intense competition and rapid technological changes.
- Risks associated with changes in the value of the U.S. dollar versus local currencies.
- Dependence on key employees.
- Uncertainty regarding intellectual property protection.
- Inherent product liability risks.
- Need for additional financing.
- Potential for failure to achieve sustainable profitability.
Mitigation Strategies
- Developing a direct sales force.
- Focusing on recurring revenue opportunities.
- Developing and enhancing partnerships with hardware and software OEMs.
- Launching a new sales initiative targeting small-and medium-sized businesses.
- Continuing to align strategy with Microsoft.
- Expanding operations to participate in attractive growth opportunities in faster growing international markets.
- Investing in extending the use of biometric authentication across a growing base of standards and applications.
- Developing customer specific solutions if they are funded.
- Actively managing expenses in a rapidly changing economic environment.