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INTRUSION Reports Third Quarter 2021 Results

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  • INTZ

Shield revenue represents 13% of total consolidated revenue up from 7% in the prior quarter

PLANO, Texas, Nov. 11, 2021 (GLOBE NEWSWIRE) -- INTRUSION, Inc. (NASDAQ: INTZ), a provider of cyberattack prevention solutions, including zero-days, announced today financial results for the third quarter ended September 30, 2021.

Recent Financial & Business Highlights

  • Third quarter revenue of $1.8 million was up 14% over the prior year

  • Shield revenue represented 13% of total revenue in the quarter, up from 7% in the prior quarter

  • Top Shield customer, Lippert Components, accelerated deployment across its global workforce

  • Added five new Shield customers during the quarter varying in size

  • Received further validation of Shield’s efficacy to protect against contemporary cyberattacks from three separate cybersecurity evaluation firms

Third Quarter Financial Results

Revenue for the third quarter 2021 was $1.8 million, compared to $2.0 million for the second quarter 2021 and $1.6 million for the third quarter 2020.

Gross profit margin was 62% of revenue in the third quarter 2021, compared to 63% for the second quarter 2021 and 59% for the third quarter 2020.

Operating expenses in the third quarter 2021 were $7.2 million, compared to $6.9 million for the second quarter 2021 and $2.3 million for the third quarter 2020.

The third quarter 2021 net loss was $6.1 million, or ($0.34) per share, compared to a net loss of $5.0 million, or ($0.28) per share, for the second quarter 2021 and a net loss of $1.4 million, or ($0.10) per share, for the third quarter 2020.

As of September 30, 2021, cash and cash equivalents were $7.2 million and working capital was $4.9 million.

Conference Call
INTRUSION’s management will host a conference call today at 4:00 P.M., CST. Interested investors can access the live call by dialing 1-888-330-2041, or 1-646-960-0151 for international callers, and providing the following access code: 6774917. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until November 18, 2021, by dialing 1-800-770-2030, or 1-647-362-9199 for international callers, and entering the following access code: 6774917. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

About INTRUSION, Inc.
INTRUSION, Inc. (NASDAQ: INTZ) protects any-sized company by leveraging advanced threat intelligence with real-time artificial intelligence to kill cyberattacks as they occur – including zero-days. INTRUSION’s solution families include INTRUSION Shield, an advanced cyber-defense solution that kills cyberattacks in real-time using artificial intelligence (AI) and advanced cloud threat intelligence; INTRUSION TraceCop™ for identity discovery and disclosure; and INTRUSION Savant™ for network data mining and advanced persistent threat detection. For more information, please visit www.intrusion.com.

Cautionary Statement Regarding Forward Looking Information
This release may contain certain forward-looking statements, including, without limitations, statements about the performance of protections provided by our Shield products, the effect of the recent additions to our board and executive management team, the anticipated recovery of our governmental customers and an expanded need for them and an increasing customer base to address cybersecurity risks, leading to expected growth in our sales performance for this year, as well as any other statements which reflect management's expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof and involve a number of risks and uncertainties, including, the risk that the Company does not benefit as anticipated from sales of our current solutions, including the INTRUSION Shield solution, the performance of our expanded management team, and that customers will address and mitigate their perceived cybersecurity risks through the purchase of our products and solutions. 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.”


INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)

September 30,
2021

December 31,
2020

ASSETS

Current Assets:

Cash and cash equivalents

$

7,153

$

16,704

Accounts receivable

1,048

1,233

Prepaid expenses

617

370

Other current assets

19

Total current assets

8,837

18,307

Non-Current Assets:

Property and Equipment:

Equipment

2,502

1,453

Furniture and fixtures

43

43

Leasehold improvements

67

67

Property, plant and equipment, gross

2,612

1,563

Accumulated depreciation and amortization

(1,417

)

(1,097

)

Property and equipment, net

1,195

466

Finance leases, right-of-use assets, net

1,696

20

Operating leases, right-of-use assets, net

882

1,010

Other assets

167

79

Total non-current assets

3,940

1,575

TOTAL ASSETS

$

12,777

$

19,882

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable, trade

$

747

$

408

Accrued expenses

957

628

Finance lease liabilities, current portion

582

21

Operating lease liabilities, current portion

860

487

PPP loan payable, current portion

421

Deferred revenue

822

177

Total current liabilities

3,968

2,142

Non-Current Liabilities:

PPP loan payable, noncurrent portion

212

Finance lease liabilities, noncurrent portion

620

Operating lease liabilities, noncurrent portion

1,412

1,867

Total non-current liabilities

2,032

2,079

Commitments and contingencies

Stockholders’ equity:

Common stock $0.01 par value:

Authorized shares — 80,000
Issued shares — 18,803 in 2021 and 17,428 in 2020
Outstanding shares — 18,793 in 2021 and 17,418 in 2020

188

174

Common stock held in treasury, at cost – 10 shares

(362

)

(362

)

Additional paid-in capital

83,240

77,187

Accumulated deficit

(76,246

)

(61,295

)

Accumulated other comprehensive loss

(43

)

(43

)

Total stockholders’ equity

6,777

15,661

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

12,777

$

19,882

INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)

Three Months Ended

Nine Months Ended

September 30, 2021

September 30, 2020

September 30, 2021

September 30, 2020

Revenue

$

1,819

$

1,588

$

5,632

$

5,039

Cost of revenue

690

652

2,048

2,050

Gross profit

1,129

936

3,584

2,989

Operating expenses:

Sales and marketing

3,782

885

10,123

1,880

Research and development

1,863

1,081

4,862

2,741

General and administrative

1,592

377

4,261

962

Operating loss

(6,108

)

(1,407

)

(15,662

)

(2,594

)

Interest and other income

19

87

8

Interest expense

(8

)

(2

)

(11

)

(4

)

Gain on the extinguishment of debt

635

Net loss

$

(6,097

)

$

(1,409

)

$

(14,951

)

$

(2,590

)

Preferred stock dividends accrued

(13

)

(79

)

Net loss attributable to common stockholders

$

(6,097

)

$

(1,422

)

$

(14,951

)

$

(2,669

)

Net loss per share attributable to common stockholders:

Basic

$

(0.34

)

$

(0.10

)

$

(0.85

)

$

(0.19

)

Diluted

$

(0.34

)

$

(0.10

)

$

(0.85

)

$

(0.19

)

Weighted average common shares outstanding:

Basic

17,909

14,450

17,692

13,981

Diluted

17,909

14,450

17,692

13,981

Investor Relations Contact
Joel Achramowicz
sheltonir@sheltongroup.com
P: (415) 845-9964


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