Summary by Moomoo AI
Intrusion Inc. announced Q3 2024 financial results, with total revenue of $1.5 million, up 3% QoQ. Intrusion Shield revenue increased 49% sequentially. The company reported a net loss of $2.1 million, or $0.35 per share, an improvement from $3.2 million loss in Q3 2023. Gross profit margin was 77%.Key highlights include a $2.0 million contract with the U.S. Department of Defense, zero Intrusion Shield customer churn, and 7 new Shield logos signed in Q3. The company ended the quarter with $1.1 million in cash and cash equivalents.CEO Tony Scott expressed optimism about the strong momentum for Shield technology, anticipating further financial improvements in Q4 and 2025. The reduced net loss was attributed to lower operating expenses and reduced interest expense following the conversion of $9.5 million senior debt to equity earlier in the year.
