INTRUSION Reports Third Quarter 2021 Results


PLANO, Texas, Nov. 11, 2021 (GLOBE NEWSWIRE) — INTRUSION, Inc. (NASDAQ: INTZ), a provider of cyberattack prevention solutions, including zero-days, announced today financial results for the third quarter ended September 30, 2021.

 Recent Financial & Business Highlights

  • Third quarter revenue of $1.8 million was up 14% over the prior year
  • Shield revenue represented 13% of total revenue in the quarter, up from 7% in the prior quarter
  • Top Shield customer, Lippert Components, accelerated deployment across its global workforce
  • Added five new Shield customers during the quarter varying in size
  • Received further validation of Shield’s efficacy to protect against contemporary cyberattacks from three separate cybersecurity evaluation firms

Third Quarter Financial Results

Revenue for the third quarter 2021 was $1.8 million, compared to $2.0 million for the second quarter 2021 and $1.6 million for the third quarter 2020.

Gross profit margin was 62% of revenue in the third quarter 2021, compared to 63% for the second quarter 2021 and 59% for the third quarter 2020.

Operating expenses in the third quarter 2021 were $7.2 million, compared to $6.9 million for the second quarter 2021 and $2.3 million for the third quarter 2020.

The third quarter 2021 net loss was $6.1 million, or ($0.34) per share, compared to a net loss of $5.0 million, or ($0.28) per share, for the second quarter 2021 and a net loss of $1.4 million, or ($0.10) per share, for the third quarter 2020.

As of September 30, 2021, cash and cash equivalents were $7.2 million and working capital was $4.9 million.

Conference Call
INTRUSION’s management will host a conference call today at 4:00 P.M., CST. Interested investors can access the live call by dialing 1-888-330-2041, or 1-646-960-0151 for international callers, and providing the following access code: 6774917. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until November 18, 2021, by dialing 1-800-770-2030, or 1-647-362-9199 for international callers, and entering the following access code: 6774917. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

About INTRUSION, Inc.
INTRUSION, Inc. (NASDAQ: INTZ) protects any-sized company by leveraging advanced threat intelligence with real-time artificial intelligence to kill cyberattacks as they occur – including zero-days. INTRUSION’s solution families include INTRUSION Shield, an advanced cyber-defense solution that kills cyberattacks in real-time using artificial intelligence (AI) and advanced cloud threat intelligence; INTRUSION TraceCop™ for identity discovery and disclosure; and INTRUSION Savant™ for network data mining and advanced persistent threat detection. For more information, please visit www.intrusion.com.

Cautionary Statement Regarding Forward Looking Information
This release may contain certain forward-looking statements, including, without limitations, statements about the performance of protections provided by our Shield products, the effect of the recent additions to our board and executive management team, the anticipated recovery of our governmental customers and an expanded need for them and an increasing customer base to address cybersecurity risks, leading to expected growth in our sales performance for this year, as well as any other statements which reflect management’s expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof and involve a number of risks and uncertainties, including, the risk that the Company does not benefit as anticipated from sales of our current solutions, including the INTRUSION

Shield solution, the performance of our expanded management team, and that customers will address and mitigate their perceived cybersecurity risks through the purchase of our products and solutions. These statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, risks that we have detailed in the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”

INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)

             
    September 30,
2021
    December 31,
2020
 
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 7,153     $ 16,704  
Accounts receivable     1,048       1,233  
Prepaid expenses     617       370  
Other current assets     19        
Total current assets     8,837       18,307  
Non-Current Assets:                
Property and Equipment:                
Equipment     2,502       1,453  
Furniture and fixtures     43       43  
Leasehold improvements     67       67  
                 
Property, plant and equipment, gross     2,612       1,563  
Accumulated depreciation and amortization     (1,417 )     (1,097 )
Property and equipment, net     1,195       466  
Finance leases, right-of-use assets, net     1,696       20  
Operating leases, right-of-use assets, net     882       1,010  
Other assets     167       79  
Total non-current assets     3,940       1,575  
TOTAL ASSETS   $ 12,777     $ 19,882  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 
Current Liabilities:                
Accounts payable, trade   $ 747     $ 408  
Accrued expenses     957       628  
Finance lease liabilities, current portion     582       21  
Operating lease liabilities, current portion     860       487  
PPP loan payable, current portion           421  
Deferred revenue     822       177  
Total current liabilities     3,968       2,142  
                 
Non-Current Liabilities:                
PPP loan payable, noncurrent portion           212  
Finance lease liabilities, noncurrent portion     620        
Operating lease liabilities, noncurrent portion     1,412       1,867  
Total non-current liabilities     2,032       2,079  
                 
Commitments and contingencies                
                 
Stockholders’ equity:                
Common stock $0.01 par value:                
Authorized shares — 80,000
Issued shares — 18,803 in 2021 and 17,428 in 2020
Outstanding shares — 18,793 in 2021 and 17,418 in 2020
    188       174  
Common stock held in treasury, at cost – 10 shares     (362 )     (362 )
Additional paid-in capital     83,240       77,187  
Accumulated deficit     (76,246 )     (61,295 )
Accumulated other comprehensive loss     (43 )     (43 )
Total stockholders’ equity     6,777       15,661  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 12,777     $ 19,882  
                 

INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)

                         
    Three Months Ended     Nine Months Ended  
    September 30, 2021     September 30, 2020     September 30, 2021     September 30, 2020  
Revenue   $ 1,819     $ 1,588     $ 5,632     $ 5,039  
Cost of revenue     690       652       2,048       2,050  
                                 
Gross profit     1,129       936       3,584       2,989  
                                 
Operating expenses:                                
Sales and marketing     3,782       885       10,123       1,880  
Research and development     1,863       1,081       4,862       2,741  
General and administrative     1,592       377       4,261       962  
                                 
Operating loss     (6,108 )     (1,407 )     (15,662 )     (2,594 )
                                 
Interest and other income     19             87       8  
Interest expense     (8 )     (2 )     (11 )     (4 )
Gain on the extinguishment of debt                 635        
                                 
Net loss   $ (6,097 )   $ (1,409 )   $ (14,951 )   $ (2,590 )
                                 
Preferred stock dividends accrued           (13 )           (79 )
Net loss attributable to common stockholders   $ (6,097 )   $ (1,422 )   $ (14,951 )   $ (2,669 )
                                 
Net loss per share attributable to common stockholders:                                
Basic   $ (0.34 )   $ (0.10 )   $ (0.85 )   $ (0.19 )
Diluted   $ (0.34 )   $ (0.10 )   $ (0.85 )   $ (0.19 )
                                 
Weighted average common shares outstanding:                                
Basic     17,909       14,450       17,692       13,981  
Diluted     17,909       14,450       17,692       13,981  
                                 

Investor Relations Contact
Joel Achramowicz
sheltonir@sheltongroup.com
P: (415) 845-9964

INTRUSION Inc



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