INTRUSION Reports Fourth Quarter and Full Year 2020 Results
INTRUSION, Inc. (NASDAQ: INTZ) announced its financial results for Q4 and the full year ended December 31, 2020, revealing a revenue decline. Q4 revenue was $1.6 million, down from $2.6 million in Q4 2019, while the annual revenue decreased to $6.6 million from $13.6 million. The gross margin also fell to 58% from 61% year-on-year. Despite these challenges, the company reported growing orders for its Shield™ solution, expanded its distributor network, and ended the quarter with $16.7 million in cash after raising $18.2 million through public stock issuance.
- Received strong market interest and increased orders for the Shield™ solution post-release.
- Expanded channel distributor network to enhance sales reach.
- Strengthened executive team with experienced individuals from cybersecurity and software industries.
- Ended Q4 with a robust balance sheet and $16.7 million in cash.
- Q4 revenue declined to $1.6 million from $2.6 million year-over-year.
- Full year revenue decreased to $6.6 million compared to $13.6 million in 2019.
- Gross profit margin decreased from 61% in Q4 2019 to 58% in Q4 2020.
- Operating expenses surged to $4.8 million in Q4 2020, significantly higher than $1.3 million in Q4 2019.
- Net loss increased to $3.9 million in Q4 2020, compared to a net income of $0.3 million in Q4 2019.
Released Shield to Market After Successful Beta Testing Killed 77 Million Threats
PLANO, Texas, Feb. 25, 2021 (GLOBE NEWSWIRE) -- INTRUSION, Inc. (NASDAQ: INTZ) announced today financial results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter and Recent Business Highlights
- Ramping orders for its revolutionary Shield™ threat detection and prevention solution after successful market release
- Expanded network of channel distributors and resellers to sell Shield
- Further broadened executive team, particularly in sales and marketing, in support of rapid growth
- Hired Chief Marketing Officer with direct prior experience at McAfee and Intel
- Appointed new Board member with prior executive experience at Red Hat, Inc., within the enterprise software industry and in scaling organizations globally
- Ended the quarter with strengthened balance sheet and
$16.7 million in cash
“Since releasing INTRUSION’s revolutionary Shield solution only 6 weeks ago, we have received an unprecedented amount of interest and a growing pipeline of customers that is nothing short of extraordinary,” said Jack B. Blount, President and CEO of INTRUSION. “Shield is the first platform that uses real-time artificial intelligence to not just block intruders, but to kill cyberattacks including zero-days.
“Also during the quarter, we continued to expand our executive team with highly experienced individuals that offer deep domain expertise across the cybersecurity and software industries as well as channel sales. I firmly believe we have the right team in place to drive our company to the next level of growth, and I am very pleased with the progress we have made. I’m also encouraged by the early signs of recovery in our government business that should contribute to our growth this year as it returns to historical levels. Overall, the strong momentum we have generated in such a short period of time is indicative of the market need for our Shield family of solutions, for which we expect to see increasing traction and growth throughout the coming year.”
Fourth Quarter Financial Results
Revenue for the fourth quarter 2020 was
Gross profit margin was
Operating expenses in the fourth quarter of 2020 were
Net loss in the fourth quarter of 2020 was
As of December 31, 2020, cash and cash equivalents amounted to
Conference Call
INTRUSION’s management will host a conference call today at 4:00 P.M., CST. Interested investors can access the call at 1-833-366-0416 or +1-236-712-2506 for international callers and provide the following Conference ID: 5796455. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until March 4, 2021 by calling 1-800-585-8367 or +1-416-621-4642 for international callers. At the replay prompt, enter conference ID number 5796455. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.
About INTRUSION Inc.
INTRUSION Inc. 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 Shield™, a combination of plug-n-play hardware, software, global data, and real-time Artificial Intelligence (AI) services that provide organizations with the most robust cybersecurity defense possible; TraceCop™ for identity discovery and disclosure; and, Savant™ for network data mining and advanced persistent threat detection. INTRUSION’s solutions help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. 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.”
