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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 12, 2024

 

INTRUSION INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware 001-39608 75-1911917
(State or Other Jurisdiction
of Incorporation)
(Commission File
Number)
(IRS Employer
Identification No.)

 

101 East Park Blvd, Suite 1200
Plano, Texas
75074
(Address of Principal Executive Offices) (Zip Code)

 

(888) 637-7770

(Registrant’s Telephone Number, Including Area Code)

 

N/A

 

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value per share INTZ NASDAQ Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

     

 

ITEM 2.02   RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

The following information is furnished pursuant to Item 2.02, Disclosure of Results of Operations and Financial Condition.

 

On November 12, 2024, Intrusion Inc. issued a press release announcing its financial results for the quarter ended September 30, 2024. A copy of the press release is attached as Exhibit 99.1 hereto and incorporated herein by reference.

 

ITEM 9.01   FINANCIAL STATEMENTS AND EXHIBITS

 

(d) Exhibits

 

  99.1 Press Release Issued by Intrusion Inc. on November 12, 2024
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

  Intrusion, Inc.
   
Dated: November 12, 2024 By: /s/ Kimberly Pinson
    Kimberly Pinson
    Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

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EX-99.1 2 intrusion_ex9901.htm PRESS RELEASE

Exhibit 99.1

 

Intrusion Inc. Reports Third Quarter 2024 Results

 

Improved Intrusion Shield customer penetration continues to enhance financial performance

 

PLANO, Texas, November 12, 2024 (ACCESSWIRE) -- Intrusion Inc. (NASDAQ: INTZ), a leader in cyberattack prevention solutions, announced today financial results for the third quarter ended September 30, 2024.

 

Recent Financial & Business Highlights:

· Intrusion Shield revenue for the third quarter increased by 49% on a sequential basis.
· Awarded a $2.0 million contract with the U.S. Department of Defense for cybersecurity services.
· Experienced zero Intrusion Shield customer churn during the third quarter.
· Signed 7 new Intrusion Shield logos during the third quarter, bringing the year-to-date total new logo count to 18.

 

“During the third quarter, we continued to make progress toward improving our financial performance, highlighted by the forty-nine percent improvement in Intrusion Shield revenues we experienced on a sequential basis,” said Tony Scott, CEO of Intrusion. “This improvement in our performance was driven by both our recently announced two-million-dollar Shield and Consulting contract that we signed with the U.S. Department of Defense to support its growing cybersecurity efforts and the addition of several other new Intrusion Shield logos over the past few quarters. We’re encouraged by the strong momentum we are seeing for our Shield technology, and we anticipate this growth will help further improve our financial results in both the fourth quarter and in 2025.”

 

Third Quarter Financial Results

 

Revenue for the third quarter of 2024 was $1.5 million, an increase of 3% on a sequential basis. The sequential increase in revenue during the third quarter of 2024 was driven by new customers signed in recent quarters, including the U.S. Department of Defense award for the use of both Intrusion Shield technology and Consulting services.

 

The gross profit margin was 77% for the third quarter of 2024, compared to 78% in the third quarter of 2023. Gross margin will vary based on product mix.

 

Operating expenses in the third quarter of 2024 were $3.2 million, an increase of $0.1 million sequentially and a decrease of $0.6 million from the comparable quarter of last year.

 

The net loss from operating activities for the third quarter of 2024 was $(2.0) million, representing a $0.7 million or 24% improvement on a year-over-year basis. The improvement was driven by lower operating expenses.

 

The net loss for the third quarter of 2024 was $(2.1) million, or $(0.35) per share, compared to a net loss of $(3.2) million, or $(2.78) per share for the third quarter of 2023. The significantly lower net loss is a result of both reduced operating expenses and reduced interest expense as a result of converting $9.5 million of senior debt to equity earlier in the year.

 

As of September 30, 2024, cash and cash equivalents were $1.1 million.

 

Conference Call

 

Intrusion’s management will host a conference call today at 5:00 P.M., EST. Interested investors can access the live call by dialing 1-888-506-0062, or 1-973-528-0011 for international callers, and providing the following access code: 846531. The call will also be webcast live (https://www.webcaster4.com/Webcast/Page/3014/51213). For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. EST until November 26, 2024, by dialing 1-877-481-4010, or 1-919-882-2331 for international callers, and entering the following access code: 51213. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

 

 

     

 

About Intrusion Inc.

 

Intrusion Inc. is a cybersecurity company based in Plano, Texas. The Company offers its customers access to its exclusive threat intelligence database containing the historical data, known associations, and reputational behavior of over 8.5 billion IP addresses. After years of gathering global internet intelligence and working with government entities, the company released its first commercial product in 2021. Intrusion Shield allows businesses to incorporate a Zero Trust, reputation-based security solution into their existing infrastructure. Intrusion Shield observes traffic flow and instantly blocks known or unknown malicious connections from entering or exiting a network to help protect against zero-day and ransomware attacks. Incorporating Intrusion Shield into a network elevates an organization's overall security posture by enhancing the performance and decision-making of other solutions in its cybersecurity architecture.

 

Cautionary Statement Regarding Forward-Looking Information

 

This release may contain certain forward-looking statements, including, without limitations, comments about the performance of protections provided by our Intrusion Shield product and any other words that react to management’s expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof. They involve several risks and uncertainties, including, without limitation, the chances that our products and solutions do not perform as anticipated or do not meet with widespread market acceptance. 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."

 

IR Contact:

Alpha IR Group

Mike Cummings or Josh Carroll

INTZ@alpha-ir.com

 

Source: Intrusion Inc.

 

 

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INTRUSION INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value amounts)

 

 

    September 30, 2024     December 31, 2023  
      (unaudited)          
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 1,051     $ 139  
Accounts receivable, net     924       364  
Prepaid expenses and other assets     500       635  
Total current assets     2,475       1,138  
Noncurrent Assets:                
Property and Equipment:                
Equipment     1,886       2,069  
Capitalized software development     3,688       2,791  
Leasehold improvements     18       15  
Property and equipment     5,592       4,875  
Accumulated depreciation and amortization     (2,515 )     (1,955 )
Property and equipment, net     3,077       2,920  
Finance leases, right-of-use assets, net     154       382  
Operating leases, right-of-use assets, net     1,434       1,637  
Other assets     274       171  
Total noncurrent assets     4,939       5,110  
TOTAL ASSETS   $ 7,414     $ 6,248  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)                
                 
Current Liabilities:                
Accounts payable, trade   $ 1,142     $ 2,215  
Accrued expenses     402       222  
Finance lease liabilities, current portion     261       384  
Operating lease liabilities, current portion     232       178  
Notes payable     1,118       10,823  
Deferred revenue     298       439  
Total current liabilities     3,453       14,261  
                 
Noncurrent Liabilities:                
Finance lease liabilities, noncurrent portion           3  
Operating lease liabilities, noncurrent portion     1,394       1,539  
Total noncurrent liabilities     1,394       1,542  
                 
Commitments and Contingencies                
                 
Stockholders’ Equity (Deficit):                
Series A preferred stock, $0.01 par value:  Authorized shares – 20; Issued and outstanding shares – 9 in 2024 and 0 in 2023     8,946        
Common stock, $0.01 par value:  Authorized shares – 80,000; Issued shares – 7,516 in 2024 and 1,848 in 2023; Outstanding shares – 7,515 in 2024 and 1,847 in 2023     75       18  
Common stock held in treasury, at cost – 1 share     (362 )     (362 )
Additional paid-in capital     110,001       101,049  
Accumulated deficit     (116,050 )     (110,217 )
Accumulated other comprehensive loss     (43 )     (43 )
Total stockholders’ equity (deficit)     2,567       (9,555 )
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)   $ 7,414     $ 6,248  

 

 

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

 

 

    Three Months Ended     Nine Months Ended  
    September 30, 2024     September 30, 2023     September 30, 2024     September 30, 2023  
Revenue   $ 1,504     $ 1,468     $ 4,095     $ 4,245  
Cost of revenue     344       324       920       967  
                                 
Gross profit     1,160       1,144       3,175       3,278  
                                 
Operating expenses:                                
Sales and marketing     1,207       1,357       3,542       4,518  
Research and development     1,150       1,171       3,204       4,418  
General and administrative     841       1,309       2,972       4,000  
                                 
Operating loss     (2,038 )     (2,693 )     (6,543 )     (9,658 )
                                 
Interest expense     (12 )     (211 )     (274 )     (729 )
Interest accretion and amortization of debt issuance costs, net           (309 )     990       (730 )
Other (expense) income, net           2       (6 )     43  
                                 
Net loss   $ (2,050 )   $ (3,211 )   $ (5,833 )   $ (11,074 )
                                 
Net loss per share:                                
Basic   $ (0.35 )   $ (2.78 )   $ (1.49 )   $ (10.13 )
Diluted   $ (0.35 )   $ (2.78 )   $ (1.49 )   $ (10.13 )
                                 
Weighted average common shares outstanding:                                
Basic     6,557       1,154       4,264       1,093  
Diluted     6,557       1,154       4,264       1,093  

 

 

 

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