INTRUSION Reports First Quarter 2021 Results
May 04 2021 - 4:05PM
INTRUSION, Inc. (NASDAQ: INTZ), a leading provider
of cyberattack prevention solutions including zero-days, announced
today financial results for the first quarter ended March 31, 2021.
“First quarter revenue grew quarter-over-quarter
and year-over-year,” said Jack Blount, President and CEO of
INTRUSION. “We continue to make excellent progress with the rollout
of INTRUSION Shield in terms of
new customers and adding channel partners. As is typical for newly
launched SaaS products, it will take time for
INTRUSION Shield to materially
contribute to our quarterly results. We remain very encouraged by
the exceptional feedback we’ve received from existing customers and
the increasing interest from potential customers. We’re gaining
strong momentum in our opportunity pipeline both in the U.S. as
well as with our new international resellers.”
Blount continued, “A factor in our growth was
our government business. We see activity in Washington progressing
toward a gradual resumption of more normal ordering patterns as the
year unfolds.”
First Quarter Financial
Results
Revenue for the first quarter 2021 was $1.9
million, compared to $1.6 million for the fourth quarter 2020 and
$1.8 million for the first quarter 2020.
Gross profit margin expanded to 66% of revenue
in the first quarter 2021, compared to 58% for the fourth quarter
2020 and 58% for the first quarter 2020.
Operating expenses in the first quarter 2021
were $5.1 million, compared to $4.8 million for the fourth quarter
2020 and $1.5 million for the first quarter 2020.
The first quarter 2021 net loss was $3.9
million, or ($0.22) per share, compared to a net loss of $3.9
million, or ($0.23) per share, for the fourth quarter 2020 and a
net loss of $0.5 million, or ($0.04) per share, for the first
quarter 2020.
As of March 31, 2021, cash and cash equivalents
were $13.1 million and working capital was $12.3 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 1-844-200-6205, or +44-208-0682-558 for
international callers, and providing the following access code:
969764. For those unable to participate in the live conference
call, a replay will be accessible beginning tonight at 7:00 P.M.
CST until May 11, 2021 by clicking on the following link, Click
Here, and entering the following access code: 898017. 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 InformationThis 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.”
Investor Relations ContactJoel
Achramowiczsheltonir@sheltongroup.com P: (415) 845-9964
INTRUSION INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS(In thousands except par value amounts)
|
March 31, |
|
|
December 31, |
|
|
2021 |
|
|
2020 |
|
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
13,072 |
|
|
$ |
16,704 |
|
Accounts receivable |
1,305 |
|
|
|
1,233 |
|
Prepaid expenses |
700 |
|
|
|
370 |
|
Total current assets |
15,077 |
|
|
|
18,307 |
|
|
|
|
|
|
|
|
Noncurrent Assets |
|
|
|
|
|
|
Property and equipment, net |
592 |
|
|
|
466 |
|
Finance leases right-of-use assets, net |
11 |
|
|
|
20 |
|
Operating leases right-of-use assets, net |
979 |
|
|
|
1,010 |
|
Other assets |
163 |
|
|
|
79 |
|
Total noncurrent assets |
1,745 |
|
|
|
1,575 |
|
TOTAL ASSETS |
$ |
16,822 |
|
|
$ |
19,882 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
$ |
1,563 |
|
|
$ |
1,036 |
|
PPP loan payable, current portion |
|
428 |
|
|
|
421 |
|
Finance leases liability, current portion |
|
11 |
|
|
|
21 |
|
Operating leases liability, current portion |
|
598 |
|
|
|
487 |
|
Deferred revenue |
|
146 |
|
|
|
177 |
|
Total current liabilities |
|
2,746 |
|
|
|
2,142 |
|
|
|
|
|
|
|
|
|
Noncurrent Liabilities |
|
|
|
|
|
|
|
PPP loan payable, noncurrent portion |
|
207 |
|
|
|
212 |
|
Operating leases liability, noncurrent portion |
|
1,746 |
|
|
|
1,867 |
|
Total noncurrent liabilities |
|
1,953 |
|
|
|
2,079 |
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
Authorized shares – 80,000 |
|
|
|
|
|
|
|
Issued shares – 17,625 in 2021 and 17,428 in 2020 |
|
|
|
|
|
|
|
Outstanding shares – 17,615 in 2021 and 17,418 in 2020 |
|
176 |
|
|
|
174 |
|
Common stock held in treasury, at cost – 10 shares |
|
(362 |
) |
|
|
(362 |
) |
Additional paid-in capital |
|
77,550 |
|
|
|
77,187 |
|
Accumulated deficit |
|
(65,198 |
) |
|
|
(61,295 |
) |
Accumulated other comprehensive loss |
|
(43 |
) |
|
|
(43 |
) |
Total stockholders'
equity |
|
12,123 |
|
|
|
15,661 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
16,822 |
|
|
$ |
19,882 |
|
INTRUSION INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands except per share
amounts)
|
Quarter ended |
|
|
Quarter ended |
|
|
March 31, |
|
|
March 31, |
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
Revenue |
$ |
1,852 |
|
|
$ |
1,795 |
|
Cost of revenue |
625 |
|
|
747 |
|
|
|
|
|
|
|
Gross profit |
1,227 |
|
|
1,048 |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Sales and marketing |
2,689 |
|
|
510 |
|
Research and development |
1,469 |
|
|
753 |
|
General and administrative |
973 |
|
|
256 |
|
|
|
|
|
|
|
Operating loss |
(3,904 |
) |
|
(471 |
) |
|
|
|
|
|
|
Interest expense |
(2 |
) |
|
(1 |
) |
Interest income |
3 |
|
|
7 |
|
|
|
|
|
|
|
Net loss |
(3,903 |
) |
|
(465 |
) |
|
|
|
|
|
|
Preferred stock dividends accrued |
— |
|
|
(33 |
) |
Net loss attributable to common stockholders |
$ |
(3,903 |
) |
|
$ |
(498 |
) |
|
|
|
|
|
|
Net loss per share attributable to common stockholders: |
|
|
|
|
|
Basic |
$ |
(0.22 |
) |
|
$ |
(0.04 |
) |
Diluted |
$ |
(0.22 |
) |
|
$ |
(0.04 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
Basic |
17,541 |
|
|
13,703 |
|
Diluted |
17,541 |
|
|
13,703 |
|
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