Intrusion(INTZ) - 2025 Q1 - Quarterly Report

Revenue Performance - Revenue for the three-month period ended March 31, 2025, was $1.775 million, a 56.9% increase from $1.131 million in the same period in 2024[79] - Consulting services revenue totaled $1.4 million for the three months ended March 31, 2025, compared to $0.7 million for the same period in 2024[79] - INTRUSION Shield revenues were $0.4 million for both the three-month periods ended March 31, 2025, and 2024, with a significant customer loss impacting revenue[79] - Revenues from U.S. government entities accounted for 91.6% of total revenues for the quarter ended March 31, 2025, up from 58.6% in the same period in 2024[81] Profitability and Loss - Gross profit was $1.343 million, or 75.7% of revenues, for the quarter ended March 31, 2025, compared to $0.905 million, or 80.0% of revenues, for the same period in 2024[82] - Net loss for the first quarter of 2025 was $2.098 million, or $0.11 per share, compared to a net loss of $1.716 million, or $0.94 per share, for the first quarter of 2024[90] Expenses - Operating expenses totaled $3.4 million for the quarter ended March 31, 2025, unchanged from the same period in 2024[83] - Research and development expenses totaled $1.218 million for the quarter ended March 31, 2025, an increase of 19.5% compared to the same period in 2024[85] Cash and Financing - Cash and cash equivalents increased to $10.7 million as of March 31, 2025, up from $4.9 million as of December 31, 2024[91] - Net cash provided by financing activities was $8.37 million for the three months ended March 31, 2025, compared to $1.524 million for the same period in 2024[98] Accounting Policies - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP, requiring estimates and assumptions that impact reported amounts of assets, liabilities, revenue, and expenses[99] - There have been no significant changes to critical accounting policies and estimates since the 2024 Annual Report[100] - The company evaluates its estimates and assumptions on an ongoing basis, acknowledging that actual results may differ from these estimates[99]