Intrusion(US:INTZ)2024-05-15 18:49Revenue and Profitability - Revenue for the three-month period ended March 31, 2024, was $1.1 million, a decrease of 13.6% compared to $1.3 million for the same period in 2023[82] - Gross profit was $0.9 million, representing 80.0% of revenues for the quarter ended March 31, 2024, compared to $1.0 million or 76.1% of revenues for the same period in 2023[84] - Net loss for the quarter ended March 31, 2024, was $1.7 million, a significant improvement of 63.8% compared to a net loss of $4.7 million for the same period in 2023[82] - The company reported a net loss of $1.7 million for the quarter ended March 31, 2024, compared to a net loss of $4.7 million in the same quarter of 2023[102] Operating Expenses - Operating expenses totaled $3.4 million for the quarter ended March 31, 2024, a 33.0% decrease from $5.0 million for the same period in 2023[85] - Research and development expenses decreased to $1.0 million for the quarter ended March 31, 2024, down from $1.8 million in the same period in 2023[88] Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2024, were $0.1 million, with a working capital deficit of $(4.7) million[93] - The company raised $5.7 million in net proceeds through common stock issuance after March 31, 2024, improving liquidity[81] - Net cash used in operating activities for the quarter ended March 31, 2024, was $1.1 million, an improvement from $2.3 million in the same period of 2023[101] - The company’s cash and cash equivalents decreased by $17 thousand during the quarter, a significant improvement from a decrease of $2.6 million in the same period of 2023[101] Financing Activities - Net cash provided by financing activities for the three months ended March 31, 2024, was $1.5 million, a significant increase from $0.0 million in the same period of 2023, driven by proceeds from note issuances and public offerings[105] - The company made $200 thousand in principal payments on a note during the March 2024 quarter, reducing the outstanding balance to $0.9 million[97] - A second note payable of $343 thousand was purchased by the CEO, with a principal reduction of $101 thousand reflecting the exercise of stock purchase warrants[98] - The total outstanding balance of $1.1 million for both notes was converted into common stock and warrants on April 19, 2024[99] Sales and Market Performance - INTRUSION Shield revenues were $0.4 million for the three-month period ended March 31, 2024, compared to $0.3 million for the same period in 2023, indicating growth in sales[82] - Sales to U.S. government entities accounted for 58.6% of total revenues for the quarter ended March 31, 2024, compared to 48.4% for the same period in 2023[83] Accounting and Estimates - The company continues to evaluate its critical accounting policies and estimates, with no significant changes reported since the last annual filing[107] - Changes in working capital contributed to the reduction in net cash used in operations, primarily through reductions in prepaid expenses[102]