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Intrusion | 8-K: Intrusion Inc. Reports Third Quarter 2024 Results

SEC ·  Nov 12, 2024 16:16

Summary by Moomoo AI

Intrusion Inc. reported Q3 2024 financial results with total revenue of $1.5 million, up 3% sequentially. The company's Intrusion Shield revenue increased 49% quarter-over-quarter, bolstered by a new $2.0 million contract with the U.S. Department of Defense for cybersecurity services. The company maintained a strong gross profit margin of 77% while adding 7 new Shield customers with zero churn.Operating expenses decreased to $3.2 million, down $0.6 million YoY, leading to a net loss of $(2.1) million or $(0.35) per share, compared to $(3.2) million or $(2.78) per share in Q3 2023. The improved bottom line reflects reduced operating expenses and lower interest costs following the conversion of $9.5 million senior debt to equity. Cash and equivalents stood at $1.1 million as of September 30, 2024.
Intrusion Inc. reported Q3 2024 financial results with total revenue of $1.5 million, up 3% sequentially. The company's Intrusion Shield revenue increased 49% quarter-over-quarter, bolstered by a new $2.0 million contract with the U.S. Department of Defense for cybersecurity services. The company maintained a strong gross profit margin of 77% while adding 7 new Shield customers with zero churn.Operating expenses decreased to $3.2 million, down $0.6 million YoY, leading to a net loss of $(2.1) million or $(0.35) per share, compared to $(3.2) million or $(2.78) per share in Q3 2023. The improved bottom line reflects reduced operating expenses and lower interest costs following the conversion of $9.5 million senior debt to equity. Cash and equivalents stood at $1.1 million as of September 30, 2024.
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