Business
Intrusion, Inc. Reports Third Quarter of Fiscal 2022 Results
New Intrusion Shield products reach general availabilityPLANO, TX / ACCESSWIRE / November 3, 2022 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack
About this update from Intrusion Inc.
[{"type":"text","content":"New Intrusion Shield products reach general availabilityPLANO, TX / ACCESSWIRE / November 3, 2022 / Intrusion Inc. (NASDAQ:INTZ), a leader in cyberattack prevention solutions, announced today financial results for the third quarter of fiscal year 2022.Recent Financial & Business Highlights:Third quarter revenue of $2.2 million was up $0.1 million or 7% sequentially and up $0.4 million or 21% year-over-year.Intrusion Shield revenue increased 70% year-over-year and represented approximately 15% of total revenue in the quarter.New Shield Cloud and Shield Endpoint products reach general availability in the third quarter.The Company continued to improve its financial flexibility by entering into a Securities Purchase Agreement raising $4 million during the third quarter.\"We are continuing to execute on our strategic initiatives through the launch of our new products and partnerships we have announced,\" said Tony Scott, CEO of Intrusion. \"While we continue to invest in our Shield On-Premise, the addition of the Cloud and Endpoint solutions improves the accessibility of our advanced threat intelligence dataset and sets the stage as we continue to execute along our multi-year product roadmap in support of the growing future demand in the space. I am optimistic about the ways in which our new and existing products stand up to the most challenging threats today.\"Scott continued, \"The threats from cybercriminals and ransomware remain prevalent. While the macroeconomic environment poses some challenges to broader IT budgets, the outlook for cybersecurity is robust and we continue to expect investments in cybersecurity, specifically in the market subsegments in which we operate. Intrusion is well-positioned for sustainable growth in this dynamic space with products designed to serve the rapidly expanding hybrid and cloud environment. We believe that the actions that we are taking today set us up well to end the year and move into 2023 with strong momentum.\"Third Quarter Financial ResultsRevenue for the third quarter of 2022 was $2.2 million, an increase of $0.1 million sequentially and $0.4 million compared with the third quarter of the prior year.The gross profit margin was 54.6%for the third quarter of 2022, an increase of 6.2% when compared to the third quarter of 2021.Operating expenses in the third quarter of 2022 were $5.0 millio...