Summary by Moomoo AI
Intrusion Inc. reported Q2 2024 financial results with revenue of $1.46 million, nearly flat compared to $1.47 million in Q2 2023. Net loss narrowed to $2.07 million from $3.13 million year-over-year. Gross profit was $1.11 million with a 76% margin.Operating expenses decreased 23% to $3.14 million due to cost reduction measures implemented in March 2023, including headcount reductions and reduced spending on sales, marketing and R&D. Cash and cash equivalents stood at $1.51 million as of June 30, 2024.The company raised $6.5 million in Q2 through equity offerings and warrant exercises. Management plans to continue funding operations through ATM sales and equity financings. Intrusion also entered a $10 million standby equity purchase agreement in July to provide additional funding flexibility.
