INTRUSION Reports Second Quarter 2021 Results
August 12 2021 - 4:05PM
INTRUSION, Inc. (NASDAQ: INTZ), a provider of
cyberattack prevention solutions including zero-days, announced
today financial results for the second quarter ended June 30, 2021.
Revenue for the second quarter 2021 was $2.0
million, compared to $1.9 million for the first quarter 2021 and
$1.7 million for the second quarter 2020. Gross profit
margin was 63% of revenue in the second quarter 2021, compared to
66% for the first quarter 2021 and 61% for the second quarter
2020.
Operating expenses in the second quarter 2021
were $6.9 million, compared to $5.1 million for the first quarter
2021 and $1.7 million for the second quarter 2020.
The second quarter 2021 net loss was $5.0
million, or ($0.28) per share, compared to a net loss of $3.9
million, or ($0.22) per share, for the first quarter 2021 and a net
loss of $0.7 million, or ($0.05) per share, for the second quarter
2020.
As of June 30, 2021, cash and cash equivalents
were $9.3 million and working capital was $7.3 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 1-833-366-0416, or 1-236-712-2506 for international
callers, and providing the following access code: 5994378. For
those unable to participate in the live conference call, a replay
will be accessible beginning tonight at 7:00 P.M. CST until August
19, 2021 by dialing 1-800-585-8367, or 1-416-621-4642 for
international callers, and entering the following access code:
5994378. 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.comP: (415) 845-9964
INTRUSION INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS(In thousands except par value amounts)
|
|
June 30,2021 |
|
|
December 31,2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,337 |
|
|
$ |
16,704 |
|
Accounts receivable |
|
|
1,668 |
|
|
|
1,233 |
|
Prepaid expenses |
|
|
445 |
|
|
|
370 |
|
Other current assets |
|
|
16 |
|
|
|
- |
|
Total current assets |
|
|
11,466 |
|
|
|
18,307 |
|
Non-Current Assets: |
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
Equipment |
|
|
2,259 |
|
|
|
1,453 |
|
Furniture and fixtures |
|
|
43 |
|
|
|
43 |
|
Leasehold improvements |
|
|
67 |
|
|
|
67 |
|
|
|
|
2,369 |
|
|
|
1,563 |
|
Accumulated depreciation and amortization |
|
|
(1,281 |
) |
|
|
(1,097 |
) |
Property and equipment, net |
|
|
1,088 |
|
|
|
466 |
|
Finance leases, right-of-use assets, net |
|
|
200 |
|
|
|
20 |
|
Operating leases, right-of-use assets, net |
|
|
920 |
|
|
|
1,010 |
|
Other assets |
|
|
169 |
|
|
|
79 |
|
Total non-current assets |
|
|
2,377 |
|
|
|
1,575 |
|
TOTAL ASSETS |
|
$ |
13,843 |
|
|
$ |
19,882 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable, trade |
|
$ |
1,361 |
|
|
$ |
408 |
|
Accrued expenses |
|
|
854 |
|
|
|
628 |
|
Finance leases liabilities, current portion |
|
|
71 |
|
|
|
21 |
|
Operating leases liabilities, current portion |
|
|
709 |
|
|
|
487 |
|
PPP loan payable, current portion |
|
|
- |
|
|
|
421 |
|
Deferred revenue |
|
|
1,170 |
|
|
|
177 |
|
Total current liabilities |
|
|
4,165 |
|
|
|
2,142 |
|
|
|
|
|
|
|
|
|
|
Non-Current Liabilities: |
|
|
|
|
|
|
|
|
PPP loan payable, noncurrent portion |
|
|
- |
|
|
|
212 |
|
Finance lease liabilities, noncurrent portion |
|
|
93 |
|
|
|
- |
|
Operating leases liability, noncurrent portion |
|
|
1,600 |
|
|
|
1,867 |
|
Total non-current liabilities |
|
|
1,693 |
|
|
|
2,079 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: |
|
|
|
|
|
|
|
|
Authorized shares — 80,000 |
|
|
|
|
|
|
|
|
Issued shares — 17,631 in 2021 and 17,428 in 2020 |
|
|
|
|
|
|
|
|
Outstanding shares — 17,621 in 2021 and 17,418 in 2020 |
|
|
176 |
|
|
|
174 |
|
Common stock held in treasury, at cost – 10 shares |
|
|
(362 |
) |
|
|
(362 |
) |
Additional paid-in capital |
|
|
78,363 |
|
|
|
77,187 |
|
Accumulated deficit |
|
|
(70,149 |
) |
|
|
(61,295 |
) |
Accumulated other comprehensive loss |
|
|
(43 |
) |
|
|
(43 |
) |
Total stockholders’ equity |
|
|
7,985 |
|
|
|
15,661 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
13,843 |
|
|
$ |
19,882 |
|
INTRUSION INC. AND
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands except per share
amounts)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
|
June 30, 2021 |
|
|
June 30, 2020 |
|
Revenue |
|
$ |
1,960 |
|
|
$ |
1,655 |
|
|
|
$ |
3,812 |
|
|
$ |
3,450 |
|
|
Cost of revenue |
|
|
733 |
|
|
|
651 |
|
|
|
|
1,358 |
|
|
|
1,398 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
1,227 |
|
|
|
1,004 |
|
|
|
|
2,454 |
|
|
|
2,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
3,652 |
|
|
|
485 |
|
|
|
|
6,341 |
|
|
|
995 |
|
|
Research and development |
|
|
1,530 |
|
|
|
907 |
|
|
|
|
2,999 |
|
|
|
1,660 |
|
|
General and administrative |
|
|
1,696 |
|
|
|
326 |
|
|
|
|
2,668 |
|
|
|
582 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
(5,651 |
) |
|
|
(714 |
) |
|
|
|
(9,554 |
) |
|
|
(1,185 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other income |
|
|
66 |
|
|
|
1 |
|
|
|
|
68 |
|
|
|
7 |
|
|
Interest expense |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
Gain on the extinguishment of debt |
|
|
635 |
|
|
|
- |
|
|
|
|
635 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(4,951 |
) |
|
$ |
(715 |
) |
|
|
$ |
(8,854 |
) |
|
$ |
(1,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock dividends accrued |
|
|
- |
|
|
|
(33 |
) |
|
|
|
- |
|
|
|
(66 |
) |
|
Net loss attributable to common stockholders |
|
$ |
(4,951 |
) |
|
$ |
(748 |
) |
|
|
$ |
(8,854 |
) |
|
$ |
(1,246 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.28 |
) |
|
$ |
(0.05 |
) |
|
|
$ |
(0.50 |
) |
|
$ |
(0.09 |
) |
|
Diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.05 |
) |
|
|
$ |
(0.50 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
17,620 |
|
|
|
13,784 |
|
|
|
|
17,581 |
|
|
|
13,743 |
|
|
Diluted |
|
|
17,620 |
|
|
|
13,784 |
|
|
|
|
17,581 |
|
|
|
13,743 |
|
|
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