INTRUSION Reports Second Quarter 2021 Results
INTRUSION, Inc. (NASDAQ: INTZ) reported its Q2 2021 financial results, showcasing a revenue of $2.0 million, an increase from $1.9 million in Q1 2021 and $1.7 million in Q2 2020. The gross profit margin decreased to 63% compared to 66% in Q1 2021. Operating expenses surged to $6.9 million from $5.1 million in the previous quarter. The net loss widened to $5.0 million, or ($0.28) per share. As of June 30, cash and equivalents stood at $9.3 million with working capital of $7.3 million.
- Revenue increased to $2.0 million in Q2 2021, up from $1.9 million in Q1 2021 and $1.7 million in Q2 2020.
- Gross profit margin was strong at 63%.
- Operating expenses rose significantly to $6.9 million from $5.1 million in Q1 2021.
- Net loss increased to $5.0 million, compared to $3.9 million in the prior quarter.
PLANO, Texas, Aug. 12, 2021 (GLOBE NEWSWIRE) -- 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
Gross profit margin was
Operating expenses in the second quarter 2021 were
The second quarter 2021 net loss was
As of June 30, 2021, cash and cash equivalents were
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 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.”
Investor Relations Contact
Joel Achramowicz
sheltonir@sheltongroup.com
P: (415) 845-9964
INTRUSION INC. AND SUBSIDIARIES
UNAUDITED 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, | ||||||||
| 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 SUBSIDIARIES
UNAUDITED 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 | ||||||||||||||
FAQ
What were INTRUSION's revenue figures for Q2 2021?
How did INTRUSION's Q2 2021 net loss compare to previous quarters?
What was the operating expense for INTRUSION in Q2 2021?
What was the cash position for INTRUSION at the end of Q2 2021?
