Welcome to our dedicated page for Intrusion New news (Ticker: INTZ), a resource for investors and traders seeking the latest updates and insights on Intrusion New stock.
Intrusion Inc., based in Plano, Texas, is a prominent cybersecurity company known for its innovative threat detection and prevention technologies. The company focuses on developing, marketing, and supporting a suite of products aimed at identifying and mitigating cyber threats. Intrusion's core offerings include TraceCop for identity discovery, Savant for network data mining, and Compliance Commander for data privacy protection.
Intrusion serves a diverse clientele, from financial institutions and government entities to healthcare providers. In 2021, the company launched its first commercial product, Intrusion Shield, which offers a Zero Trust, reputation-based security solution that integrates seamlessly into existing infrastructures. This product is designed to observe traffic flow and block malicious connections, thereby safeguarding against Zero-Day and ransomware attacks.
Recent achievements include a 1-for-20 reverse stock split and an exchange agreement with Streeterville Capital to manage senior debt, both aimed at maintaining compliance with Nasdaq listing requirements. Furthermore, Intrusion's financial results for Q4 2023 and full year indicate a strategic focus on reducing operational costs and increasing gross profit margins, despite a decrease in revenue primarily due to federal budget issues.
Intrusion's latest collaborations include a strategic investment in Houston-based AI company Klever AI, enhancing Intrusion Shield's capabilities and market reach. Additionally, the company secured a significant contract with the Philippines' Commission on Elections to provide cybersecurity services for the 2025 midterm elections, demonstrating its expanding global footprint and expertise in protecting critical infrastructure.
Intrusion continues to strengthen its financial position through private offerings, raising substantial funds to support working capital and corporate needs. The company's proactive approach to financial management aims to propel growth and sustain its leadership in the cybersecurity market.
Intrusion Inc. (NASDAQ:INTZ), a key player in cyberattack prevention, announced the appointment of Dion Hinchcliffe to its Board of Directors, effective July 1, 2024. Hinchcliffe brings a wealth of experience in IT, business strategy, and AI, with a background in consulting Fortune 1000 companies and the federal government. Currently, he holds a VP position at The Futurum Group and is an executive fellow at Dartmouth College. His previous roles include VP at Constellation Research and lead enterprise architect at T. Rowe Price and the Missile Defense Agency. Intrusion aims to leverage Hinchcliffe's expertise to enhance their market strategy and cybersecurity offerings.
Intrusion Inc. (NASDAQ:INTZ) announced its first quarter 2024 financial results, highlighting several key developments.
EPS improved to $(0.94) per share from $(4.49) per share year-over-year. Revenue decreased by $0.2 million to $1.1 million due to reduced consulting revenue.
Gross profit margin rose to 80%, while operating expenses dropped to $3.4 million from $5.0 million. Net loss reduced to $(1.7) million, compared to $(4.7) million year-over-year. Cash and equivalents were $0.1 million as of March 31, 2024.
Subsequent to the quarter, Intrusion raised $2.6 million through a private offering and $0.6 million from a warrant inducement offering. The company regained Nasdaq compliance and achieved significant business milestones, including a $25 million contract with iOne Resources for the 2025 Philippines midterm elections and a partnership with TIM to enhance supply chain security for Orca Cold Chain Solutions. Intrusion also acquired a minority stake in Klever AI to improve its technology.
Intrusion Inc. (INTZ) will announce its first quarter 2024 financial results on May 14, 2024. The CEO and CFO will host a conference call to discuss the results. Analysts and investors can join via teleconference or webcast.
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