Business
Intrusion Inc. Reports Second Quarter 2024 Results
Intrusion Shield customer penetration continues to expand PLANO, TX / ACCESSWIRE / August 13, 2024 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack
About this update from Intrusion Inc.
[{"type":"text","content":"Intrusion Shield customer penetration continues to expand PLANO, TX / ACCESSWIRE / August 13, 2024 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention solutions, announced today financial results for the second quarter ended June 30, 2024.Recent Financial & Business Highlights:Revenue for the second quarter increased by 29% on a sequential basis.Operating loss improved by 18% or $0.4 million sequentially.Awarded a new contract expanding the use of Shield in the government sector.Appointed Dion Hinchcliffe, an information technology, business strategy, and next-generation enterprises expert to the Board of Directors.\"Our ongoing efforts delivered a twenty-nine percent improvement in sequential revenue during the second quarter as our cybersecurity solutions and innovative strategies continue to gain traction with customers across a wide range of industries,\" said Tony Scott, CEO of Intrusion. \"These successes include the expansion of our government sector customer base, where we have been awarded a new order for Intrusion Shield which marked an important milestone as this was the first large scale adoption of our Shield technology with government customers. As a result of these new government contracts, the other new logos we recently signed over the past few quarters, and our strong pipeline, we believe that we are well-positioned to improve our financial performance in future periods.\"Mr. Scott continued, \"During the quarter, we also completed two financing efforts that helped improve the strength of our balance sheet. We are continuing to work closely with our financial partners to enhance our financial flexibility, which will allow us to be more strategic with how we access and deploy capital to support our future business operations. As we look forward to the second half of 2024, our focus continues to remain on driving sales volume and ensuring that we have the funds we need to execute our mission to provide customers with cost-effective cybersecurity solutions for their enterprise.\"Second Quarter Financial ResultsRevenue for the second quarter of 2024 was $1.5 million, an increase of 29% on a sequential basis. The sequential increase in revenue during the second quarter of 2024 was driven by the recent award of a large government contract for the use of both Intrusion Shield technology and Consulting s...