Business
Intrusion, Inc. Reports Second Quarter 2023 Results
INTRUSION Shield revenue continues to gain tractionPLANO, TX / ACCESSWIRE / August 14, 2023 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention
About this update from Intrusion Inc.
[{"type":"text","content":"INTRUSION Shield revenue continues to gain tractionPLANO, TX / ACCESSWIRE / August 14, 2023 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention solutions, announced today financial results for the second quarter ended June 30, 2023.Recent Financial & Business Highlights:Second quarter revenue of $1.5 million was up $0.2 million sequentially or 12%.Gross margin increased to 79% during the second quarter, an increase of 2.4% sequentially.Successfully implemented cost reduction measures resulting in $1.5 million in second quarter savingsImproved second quarter EPS of $(0.15) per share from $(0.22) per share in the first quarter 2023.\"The second quarter of 2023 was a period of continued progress toward growing our INTRUSION Shield revenue, gaining traction across our suite of value-added products, and improving our financial flexibility to support our growth objectives,\" said Tony Scott, CEO of Intrusion. \"Our team has been working hard, and we are beginning to see the early-stage financial performance benefits of our improved sales and marketing efforts. As we look toward the second half of the year, we anticipate additional growth in both INTRUSION Shield and our Consulting business as a result of new bookings in the second and early third quarters. We are also encouraged by the volume and nature of discussions we are having within our qualified pipeline as the demand for our products and consulting services continues to grow. This positions us well to improve our revenue and booking performance as more customers seek better and more cost-effective cybersecurity solutions for their enterprises.\"Mr. Scott continued, \"We have taken broad steps toward reducing our cash burn and providing the capital necessary to execute our business plan. The cost reduction efforts we implemented in late March contributed $1.5 million in cost savings during the June quarter. Last week, we filed an initial S-1 registration statement to raise up to $8.5 million from the sale of common stock and warrants. We believe these combined actions, along with the recent restructuring of our debt with Streeterville, will provide the resources needed to fund our growth objectives and financial commitments.\"Second Quarter Financial ResultsRevenue for the second quarter of 2023 was $1.5 million, an increase of $0.2 million sequentially and a dec...