Intrusion Inc. Reports Third Quarter 2024 Results

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 $1.5 million, an increase of 3% on a sequential basis. The sequential increase in revenue during the third quarter of 2024 was driven by new customers signed in recent quarters, including the U.S. Department of Defense award for the use of both Intrusion Shield technology and Consulting services.

The gross profit margin was 77% for the third quarter of 2024, compared to 78% in the third quarter of 2023. Gross margin will vary based on product mix.

Operating expenses in the third quarter of 2024 were $3.2 million, an increase of $0.1 million sequentially and a decrease of $0.6 million from the comparable quarter of last year.

The net loss from operating activities for the third quarter of 2024 was $(2.0) million, representing a $0.7 million or 24% improvement on a year-over-year basis. The improvement was driven by lower operating expenses.

The net loss for the third quarter of 2024 was $(2.1) million, or $(0.35) per share, compared to a net loss of $(3.2) million, or $(2.78) per share for the third quarter of 2023. The significantly lower net loss is a result of both reduced operating expenses and reduced interest expense as a result of converting $9.5 million of senior debt to equity earlier in the year.

As of September 30, 2024, cash and cash equivalents were $1.1 million.

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 (LINK). 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 www.intrusion.com.

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
[email protected]

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SOURCE: Intrusion Inc.