INTRUSION Reports Third Quarter 2021 Results
November 11 2021 - 4:07PM
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
CallINTRUSION’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 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.”
INTRUSION INC. AND
SUBSIDIARIESUNAUDITED 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 |
|
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|
|
|
|
|
|
|
|
Current Liabilities: |
|
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|
|
|
|
|
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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 |
|
|
|
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Stockholders’ equity: |
|
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|
|
|
|
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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
SUBSIDIARIESUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands except per share
amounts)
|
|
|
|
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|
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|
|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Investor Relations ContactJoel
Achramowiczsheltonir@sheltongroup.comP: (415) 845-9964
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