Intrusion(INTZ) - 2025 Q1 - Quarterly Results

Intrusion Inc. First Quarter 2025 Earnings Release Financial & Business Highlights Intrusion Inc. achieved its fourth consecutive quarter of revenue growth, significantly strengthening its balance sheet and securing funding into 2026 Management Commentary CEO Tony Scott emphasized the company's progress towards sustainable growth, a strengthened balance sheet, and unaffected government contracts - The company has secured sufficient cash to fund operations into 2026, eliminating the need for additional capital raising in 2025[2] - Management's core priorities include enhancing products, expanding the customer base, and strengthening the sales pipeline[2] - Existing government contracts remain unaffected despite some U.S. policy uncertainty[2] Key Achievements Intrusion achieved its fourth consecutive quarter of revenue improvement, generating $14.5 million and eliminating all debt - Achieved a fourth consecutive quarter of revenue improvement[9] - Strategic measures in Q4 2024 and Q1 2025 generated $14.5 million in proceeds and retired $10.1 million of Series A Preferred Stock[9] - Eliminated all remaining debt during Q1 2025 through an exchange for common stock[9] Q1 2025 Financial Performance Q1 2025 revenue reached $1.8 million with a 76% gross margin, resulting in a $2.1 million net loss and $10.7 million cash Q1 2025 Key Financial Metrics (In millions, except per share amounts and percentages) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | ~$1.8 million | $1.131 million | +59% YoY | | Gross Profit Margin | 76% | 80% | -4 p.p. | | Operating Expenses | $3.4 million | $3.4 million | Unchanged YoY | | Net Loss | $2.1 million | $1.7 million | Increased Loss | | Net Loss per Share | $(0.11) | $(0.94) | - | | Cash and Cash Equivalents (End of Period) | $10.7 million | N/A | - | - The 6% sequential revenue increase was driven by new customers, including a U.S. Department of Defense award[3] - The increase in net loss for 2025 was primarily due to a one-time net interest credit of $0.8 million recorded in Q1 2024 related to a debt-for-equity exchange[6] - Cash and cash equivalents improved to $10.7 million as of March 31, 2025, due to capital transactions in late Q4 2024 and Q1 2025[7] Financial Statements Unaudited Q1 2025 financial statements show total assets of $18.0 million, liabilities of $4.6 million, and a net loss of $2.1 million INTRUSION INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Q1 2025 statements show revenue of $1.775 million, gross profit of $1.343 million, and a net loss of $2.098 million or ($0.11) per share Unaudited Condensed Consolidated Statements of Operations (In thousands, except per share amounts) | | Three Months Ended March 31, | | | :--- | :--- | :--- | | | 2025 | 2024 | | Revenue | $1,775 | $1,131 | | Gross profit | $1,343 | $905 | | Operating loss | $(2,093) | $(2,472) | | Net loss | $(2,098) | $(1,716) | | Net loss per share (Basic & Diluted) | $(0.11) | $(0.94) | | Weighted average common shares outstanding (Basic & Diluted) | 19,216 | 1,865 | INTRUSION INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS As of March 31, 2025, total assets increased to $18.0 million, liabilities decreased to $4.6 million, and equity grew to $13.4 million Condensed Consolidated Balance Sheets Highlights (In thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Cash and cash equivalents | $10,744 | $4,851 | | Total current assets | $12,076 | $5,534 | | Total Assets | $17,982 | $11,509 | | LIABILITIES & EQUITY | | | | Total current liabilities | $3,045 | $3,672 | | Total liabilities | $4,581 | $5,258 | | Total stockholders' equity | $13,401 | $6,251 | | Total Liabilities and Stockholders' Equity | $17,982 | $11,509 | Additional Information This section provides conference call details, a corporate overview of Intrusion Inc. and its products, and forward-looking statements Conference Call Information A conference call and webcast were scheduled for April 29, 2025, at 5:00 P.M. EDT to discuss financial results - A conference call to discuss results was scheduled for 5:00 P.M. EDT on April 29, 2025[1][8] - A replay of the call will be accessible until May 13, 2025[8] About Intrusion Inc. Intrusion Inc. is a Plano, Texas-based cybersecurity company leveraging a threat intelligence database and offering its Zero Trust product, Intrusion Shield - The company's core offering is access to its threat intelligence database with historical data on over 8.5 billion IP addresses[10] - Its commercial product, Intrusion Shield, is a Zero Trust solution blocking malicious traffic to protect against zero-day and ransomware attacks[10] Forward-Looking Statements This section contains forward-looking statements regarding the company's financial position and strategies, subject to inherent risks and uncertainties - The report includes forward-looking statements regarding financial position, strategy, and sales, which are not guarantees of future performance[11] - Readers are advised not to place undue reliance on these statements and to refer to SEC filings for a full description of risks[12]