Business
Intrusion, Inc. Reports Fourth Quarter and Full Year 2022 Results
Intrusion Shield Gains Traction Year over YearPLANO, TX / ACCESSWIRE / March 6, 2023 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention
About this update from Intrusion Inc.
[{"type":"text","content":"Intrusion Shield Gains Traction Year over YearPLANO, TX / ACCESSWIRE / March 6, 2023 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention solutions, announced today financial results for the fourth quarter and full year ended December 31, 2022.Recent Financial & Business Highlights:Fourth quarter revenue of $1.4 million was down $0.2 million, or 12%, year-over-year.Full year 2022 revenue of $7.5 million was up $0.3 million, or 3%, year-over-year.Intrusion Shield revenues for the fourth quarter totaled $0.3 million, representing 22% of total revenues.Intrusion Shield revenues for the full year 2022 totaled $1.2 million, representing 16% of total revenues.\"Intrusion improved its overall financial performance on nearly every standard financial metric during fiscal year 2022, capping an important year where we made progress along our financial, operational, and strategic objectives,\" said Tony Scott, CEO of Intrusion. \"Our top line fourth quarter results were not as we expected, primarily due to the loss of a single consulting contract in the fourth quarter. Fortunately, this contract carried a lower margin profile and the impact on our bottom line was not as pronounced. Shield revenues for the fourth quarter were $0.3 million, which was flat sequentially and up compared to the fourth quarter of 2021. This was disappointing, but understandable when taken in the context of the broader macroeconomic landscape. The demand remains strong for both the Shield On-Premise and the new products with several potential large deals in the pipeline.\"Mr. Scott continued, \"We exited 2022 with positive momentum having rounded out the management team, enhanced the product branding and messaging, increased the stability and performance of the Shield appliance, and launched new products. The majority of the overhang that existed when I first joined the Company has been resolved and we are moving forward with a clear path forward to achieve our objectives.\"Fourth Quarter Financial ResultsRevenue for the fourth quarter of 2022 was $1.4 million, a decrease of $0.7 million sequentially and $0.2 million compared with the fourth quarter of the prior year.The gross profit margin was 63% for the fourth quarter of 2022, compared to 50% in the fourth quarter of 2021.Operating expenses in the fourth quarter of 2022 were $5.4 million, an increa...