INTRUSION Reports Second Quarter 2021 Results

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 $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 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, $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 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  


Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.