Intrusion ( (INTZ) ) has released its Q3 earnings. Here is a breakdown of the information Intrusion presented to its investors.
Intrusion Inc., based in Plano, Texas, is a cybersecurity company specializing in cyberattack prevention solutions, offering products like Intrusion Shield, which implements a Zero Trust, reputation-based security system.
Intrusion Inc. reported its financial results for the third quarter of 2024, highlighting a substantial increase in Intrusion Shield revenue and securing a significant contract with the U.S. Department of Defense. These developments signify notable progress in its cybersecurity offerings and customer acquisition.
The company saw a 49% sequential increase in Intrusion Shield revenue and maintained a strong customer retention rate with zero churn. Intrusion Inc. also added seven new clients, including a lucrative $2 million contract with the U.S. Department of Defense for cybersecurity services. Despite these positive strides, the overall revenue increase was moderate, with a 3% rise to $1.5 million.
Financially, the company reported a net loss of $2.1 million for the quarter, an improvement compared to a $3.2 million loss in the same quarter the previous year. This reduction in losses is attributed to lower operating expenses and reduced interest expenses following the conversion of senior debt to equity.
Looking ahead, Intrusion Inc. remains optimistic about its future financial performance, driven by the growing momentum of its Intrusion Shield technology and new strategic contracts. The company anticipates continued growth in the fourth quarter and into 2025.
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