Intrusion Inc. Reports Third Quarter 2024 Results
Intrusion Inc. (NASDAQ:INTZ) reported Q3 2024 financial results, highlighting a 49% sequential increase in Intrusion Shield revenue. The company secured a $2.0 million contract with the U.S. Department of Defense for cybersecurity services. Total revenue reached $1.5 million, up 3% sequentially. The company maintained a 77% gross profit margin and reduced its net loss to $(2.1) million, or $(0.35) per share, compared to $(3.2) million in Q3 2023. Intrusion signed 7 new Shield logos during Q3, bringing the year-to-date total to 18, with zero customer churn. Cash and cash equivalents stood at $1.1 million as of September 30, 2024.
Intrusion Inc. (NASDAQ:INTZ) ha riportato i risultati finanziari del terzo trimestre del 2024, evidenziando un aumento sequenziale del 49% nel fatturato di Intrusion Shield. L'azienda ha ottenuto un contratto di 2,0 milioni di dollari con il Dipartimento della Difesa degli Stati Uniti per servizi di cybersecurity. Il fatturato totale ha raggiunto 1,5 milioni di dollari, in aumento del 3% rispetto al trimestre precedente. L'azienda ha mantenuto un margine di profitto lordo del 77% e ha ridotto la propria perdita netta a 2,1 milioni di dollari, pari a 0,35 dollari per azione, rispetto ai 3,2 milioni di dollari del terzo trimestre del 2023. Intrusion ha firmato 7 nuovi contratti Shield durante il terzo trimestre, portando il totale dall'inizio dell'anno a 18, senza alcun abbandono dei clienti. Le disponibilit脿 liquide e equivalenti ammontavano a 1,1 milioni di dollari al 30 settembre 2024.
Intrusion Inc. (NASDAQ:INTZ) report贸 los resultados financieros del tercer trimestre de 2024, destacando un aumento secuencial del 49% en los ingresos de Intrusion Shield. La empresa asegur贸 un contrato de 2,0 millones de d贸lares con el Departamento de Defensa de EE. UU. para servicios de ciberseguridad. Los ingresos totales alcanzaron 1,5 millones de d贸lares, un incremento del 3% secuencialmente. La compa帽铆a mantuvo un margen de utilidad bruta del 77% y redujo su p茅rdida neta a 2,1 millones de d贸lares, o 0,35 d贸lares por acci贸n, en comparaci贸n con los 3,2 millones de d贸lares en el tercer trimestre de 2023. Intrusion firm贸 7 nuevos logotipos de Shield durante el tercer trimestre, llevando el total del a帽o a 18, sin p茅rdida de clientes. Efectivo y equivalentes de efectivo se situaron en 1,1 millones de d贸lares a fecha del 30 de septiembre de 2024.
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Intrusion Inc. (NASDAQ:INTZ) a annonc茅 ses r茅sultats financiers pour le troisi猫me trimestre 2024, mettant en 茅vidence une augmentation s茅quentielle de 49 % des revenus d'Intrusion Shield. L'entreprise a obtenu un contrat de 2 millions de dollars avec le D茅partement de la D茅fense des 脡tats-Unis pour des services de cybers茅curit茅. Le chiffre d'affaires total a atteint 1,5 million de dollars, en hausse de 3 % par rapport au trimestre pr茅c茅dent. L'entreprise a maintenu une marge brute de 77 % et a r茅duit sa perte nette 脿 2,1 millions de dollars, soit 0,35 dollar par action, contre 3,2 millions de dollars au troisi猫me trimestre 2023. Intrusion a sign茅 7 nouveaux logos Shield au cours du troisi猫me trimestre, portant le total depuis le d茅but de l'ann茅e 脿 18, sans aucune perte de clients. Les liquidit茅s et 茅quivalents de liquidit茅s s'茅levaient 脿 1,1 million de dollars au 30 septembre 2024.
Intrusion Inc. (NASDAQ:INTZ) berichtete 眉ber die finanziellen Ergebnisse des dritten Quartals 2024 und hob einen sequenziellen Anstieg der Intrusion Shield-Einnahmen um 49% hervor. Das Unternehmen sicherte sich einen Vertrag 眉ber 2,0 Millionen Dollar mit dem US-Verteidigungsministerium f眉r Cybersicherheitsdienstleistungen. Der Gesamterl枚s erreichte 1,5 Millionen Dollar, was einem Anstieg von 3% im Vergleich zum vorherigen Quartal entspricht. Das Unternehmen hielt eine Bruttogewinnmarge von 77% aufrecht und verringerte seinen Nettoverlust auf 2,1 Millionen Dollar oder 0,35 Dollar pro Aktie, verglichen mit 3,2 Millionen Dollar im dritten Quartal 2023. Intrusion unterschrieb im dritten Quartal 7 neue Shield-Logos, was das Jahr-zu-Datum-Gesamt von 18 auf 0 Kundenabwanderung brachte. Bargeld und Cash-脛quivalente beliefen sich zum 30. September 2024 auf 1,1 Millionen Dollar.
- 49% sequential increase in Intrusion Shield revenue
- Secured $2.0 million DOD contract
- Zero customer churn in Q3
- 24% year-over-year improvement in operating loss
- Net loss per share improved from $(2.78) to $(0.35)
- Added 7 new Shield logos in Q3
- Overall revenue growth to 3% sequentially
- Operating loss of $(2.0) million continues
- Low cash position of $1.1 million
- Gross margin slightly declined from 78% to 77% year-over-year
Insights
The Q3 2024 results reveal mixed signals for Intrusion Inc.
The gross margin remains healthy at
Zero customer churn and 7 new Shield logos in Q3 indicate growing market acceptance of Intrusion's cybersecurity solutions. The DoD contract is particularly noteworthy as government contracts often lead to expanded opportunities within the federal sector and validate the technology's effectiveness. However, the relatively small customer base (18 new logos year-to-date) suggests slow market penetration in a highly competitive cybersecurity landscape. The company needs to significantly accelerate customer acquisition to achieve sustainable growth and profitability.
Improved Intrusion Shield customer penetration continues to enhance financial performance
PLANO, TX / ACCESSWIRE / November 12, 2024 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention solutions, announced today financial results for the third quarter ended September 30, 2024.
Recent Financial & Business Highlights:
Intrusion Shield revenue for the third quarter increased by
49% on a sequential basis.Awarded a
$2.0 million contract with the U.S. Department of Defense for cybersecurity services.Experienced zero Intrusion Shield customer churn during the third quarter.
Signed 7 new Intrusion Shield logos during the third quarter, bringing the year-to-date total new logo count to 18.
"During the third quarter, we continued to make progress toward improving our financial performance, highlighted by the forty-nine percent improvement in Intrusion Shield revenues we experienced on a sequential basis," said Tony Scott, CEO of Intrusion. "This improvement in our performance was driven by both our recently announced two-million-dollar Shield and Consulting contract that we signed with the U.S. Department of Defense to support its growing cybersecurity efforts and the addition of several other new Intrusion Shield logos over the past few quarters. We're encouraged by the strong momentum we are seeing for our Shield technology, and we anticipate this growth will help further improve our financial results in both the fourth quarter and in 2025."
Third Quarter Financial Results
Revenue for the third quarter of 2024 was
The gross profit margin was
Operating expenses in the third quarter of 2024 were
The net loss from operating activities for the third quarter of 2024 was
The net loss for the third quarter of 2024 was
As of September 30, 2024, cash and cash equivalents were
Conference Call
Intrusion's management will host a conference call today at 5:00 P.M., EST. Interested investors can access the live call by dialing 1-888-506-0062, or 1-973-528-0011 for international callers, and providing the following access code: 846531. The call will also be webcast live (). For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. EST until November 26, 2024, by dialing 1-877-481-4010, or 1-919-882-2331 for international callers, and entering the following access code: 51213. Additionally, a live and archived audio webcast of the conference call will be available at .
About Intrusion Inc.
Intrusion Inc. is a cybersecurity company based in Plano, Texas. The Company offers its customers access to its exclusive threat intelligence database containing the historical data, known associations, and reputational behavior of over 8.5 billion IP addresses. After years of gathering global internet intelligence and working with government entities, the company released its first commercial product in 2021. Intrusion Shield allows businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure. Intrusion Shield observes traffic flow and instantly blocks known or unknown malicious connections from entering or exiting a network to help protect against zero-day and ransomware attacks. Incorporating Intrusion Shield into a network elevates an organization's overall security posture by enhancing the performance and decision-making of other solutions in its cybersecurity architecture.
Cautionary Statement Regarding Forward-Looking Information
This release may contain certain forward-looking statements, including, without limitations, comments about the performance of protections provided by our Intrusion Shield product and any other words that react to management's expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof. They involve several risks and uncertainties, including, without limitation, the chances that our products and solutions do not perform as anticipated or do not meet with widespread market acceptance. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including risks that we have detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors."
IR Contact:
Alpha IR Group
Mike Cummings or Josh Carroll
INTZ@alpha-ir.com
INTRUSION INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except par value amounts)
|
| September 30, 2024 |
|
| December 31, 2023 |
| ||
|
| (unaudited) |
|
|
|
| ||
ASSETS |
|
|
|
|
|
| ||
Current Assets: |
|
|
|
|
|
| ||
Cash and cash equivalents |
| $ | 1,051 |
|
| $ | 139 |
|
Accounts receivable, net |
|
| 924 |
|
|
| 364 |
|
Prepaid expenses and other assets |
|
| 500 |
|
|
| 635 |
|
Total current assets |
|
| 2,475 |
|
|
| 1,138 |
|
Noncurrent Assets: |
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
Equipment |
|
| 1,886 |
|
|
| 2,069 |
|
Capitalized software development |
|
| 3,688 |
|
|
| 2,791 |
|
Leasehold improvements |
|
| 18 |
|
|
| 15 |
|
Property and equipment |
|
| 5,592 |
|
|
| 4,875 |
|
Accumulated depreciation and amortization |
|
| (2,515 | ) |
|
| (1,955 | ) |
Property and equipment, net |
|
| 3,077 |
|
|
| 2,920 |
|
Finance leases, right-of-use assets, net |
|
| 154 |
|
|
| 382 |
|
Operating leases, right-of-use assets, net |
|
| 1,434 |
|
|
| 1,637 |
|
Other assets |
|
| 274 |
|
|
| 171 |
|
Total noncurrent assets |
|
| 4,939 |
|
|
| 5,110 |
|
TOTAL ASSETS |
| $ | 7,414 |
|
| $ | 6,248 |
|
|
|
|
|
|
|
|
| |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
|
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| |
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable, trade |
| $ | 1,142 |
|
| $ | 2,215 |
|
Accrued expenses |
|
| 402 |
|
|
| 222 |
|
Finance lease liabilities, current portion |
|
| 261 |
|
|
| 384 |
|
Operating lease liabilities, current portion |
|
| 232 |
|
|
| 178 |
|
Notes payable |
|
| 1,118 |
|
|
| 10,823 |
|
Deferred revenue |
|
| 298 |
|
|
| 439 |
|
Total current liabilities |
|
| 3,453 |
|
|
| 14,261 |
|
|
|
|
|
|
|
|
| |
Noncurrent Liabilities: |
|
|
|
|
|
|
|
|
Finance lease liabilities, noncurrent portion |
|
| - |
|
|
| 3 |
|
Operating lease liabilities, noncurrent portion |
|
| 1,394 |
|
|
| 1,539 |
|
Total noncurrent liabilities |
|
| 1,394 |
|
|
| 1,542 |
|
|
|
|
|
|
|
|
| |
Commitments and Contingencies |
|
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| |
Stockholders' Equity (Deficit): |
|
|
|
|
|
|
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|
Series A preferred stock, |
|
| 8,946 |
|
|
| - |
|
Common stock, |
|
| 75 |
|
|
| 18 |
|
Common stock held in treasury, at cost - 1 share |
|
| (362 | ) |
|
| (362 | ) |
Additional paid-in capital |
|
| 110,001 |
|
|
| 101,049 |
|
Accumulated deficit |
|
| (116,050 | ) |
|
| (110,217 | ) |
Accumulated other comprehensive loss |
|
| (43 | ) |
|
| (43 | ) |
Total stockholders' equity (deficit) |
|
| 2,567 |
|
|
| (9,555 | ) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
| $ | 7,414 |
|
| $ | 6,248 |
|
INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
| Three Months Ended |
|
| Nine Months Ended |
| |||||||||||
| September 30, 2024 |
|
| September 30, 2023 |
|
| September 30, 2024 |
|
| September 30, 2023 |
| |||||
Revenue |
| $ | 1,504 |
|
| $ | 1,468 |
|
| $ | 4,095 |
|
| $ | 4,245 |
|
Cost of revenue |
|
| 344 |
|
|
| 324 |
|
|
| 920 |
|
|
| 967 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Gross profit |
|
| 1,160 |
|
|
| 1,144 |
|
|
| 3,175 |
|
|
| 3,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
| 1,207 |
|
|
| 1,357 |
|
|
| 3,542 |
|
|
| 4,518 |
|
Research and development |
|
| 1,150 |
|
|
| 1,171 |
|
|
| 3,204 |
|
|
| 4,418 |
|
General and administrative |
|
| 841 |
|
|
| 1,309 |
|
|
| 2,972 |
|
|
| 4,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Operating loss |
|
| (2,038 | ) |
|
| (2,693 | ) |
|
| (6,543 | ) |
|
| (9,658 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Interest expense |
|
| (12 | ) |
|
| (211 | ) |
|
| (274 | ) |
|
| (729 | ) |
Interest accretion and amortization of debt issuance costs, net |
|
| - |
|
|
| (309 | ) |
|
| 990 |
|
|
| (730 | ) |
Other (expense) income, net |
|
| - |
|
|
| 2 |
|
|
| (6 | ) |
|
| 43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net loss |
| $ | (2,050 | ) |
| $ | (3,211 | ) |
| $ | (5,833 | ) |
| $ | (11,074 | ) |
|
|
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| |
Net loss per share: |
|
|
|
|
|
|
|
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|
|
|
|
|
|
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Basic |
| $ | (0.35 | ) |
| $ | (2.78 | ) |
| $ | (1.49 | ) |
| $ | (10.13 | ) |
Diluted |
| $ | (0.35 | ) |
| $ | (2.78 | ) |
| $ | (1.49 | ) |
| $ | (10.13 | ) |
|
|
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| |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
| 6,557 |
|
|
| 1,154 |
|
|
| 4,264 |
|
|
| 1,093 |
|
Diluted |
|
| 6,557 |
|
|
| 1,154 |
|
|
| 4,264 |
|
|
| 1,093 |
|
SOURCE: Intrusion Inc.
View the original on accesswire.com
FAQ
What was Intrusion's (INTZ) revenue in Q3 2024?
How much was the Department of Defense contract awarded to Intrusion (INTZ)?
What was Intrusion's (INTZ) net loss per share in Q3 2024?
How many new Shield customers did Intrusion (INTZ) add in Q3 2024?
