Business
INTRUSION Reports Third Quarter 2020 Results
Positive Response to Beta Testing of New Cybersecurity Solution and Strengthened Balance Sheet with Successful Follow-On Offering PLANO, Texas, Nov. 12, 2020
About this update from Intrusion Inc.
[{"type":"text","content":"Positive Response to Beta Testing of New Cybersecurity Solution and\n Strengthened Balance Sheet with Successful Follow-On Offering PLANO, Texas, Nov. 12, 2020 (GLOBE NEWSWIRE) -- INTRUSION, Inc. (NASDAQ: INTZ) announced today financial results for the three- and nine-month periods ended September 30, 2020. Third Quarter and Recent Business Highlights With positive beta-testing results, accepts pre-orders for INTRUSION Shield™$18.1 million in net proceeds raised from a public offering of common sharesSuccessfully uplisted to the Nasdaq Capital MarketExpansion of executive team with key appointments to support growth strategy “While extended government shutdowns associated with the pandemic continued to impact our legacy subscription and reporting businesses during the third quarter, the growing trend of sophisticated cybersecurity attacks underscores the crucial need for more advanced, innovative solutions,” stated Jack B. Blount, President and CEO of INTRUSION. “We are capitalizing on this need through the recent introduction and aggressive ramp of our new Shield family of disruptive cybersecurity solutions. “Recent feedback from enterprise customers that are beta testing Shield has been extraordinarily positive, which is why we made the decision to take pre-orders ahead of general availability. Leveraging our unique proprietary database of threat indicators and advanced AI, Shield detects and neutralizes threats that are actively inside customers’ networks, effectively tackling the problem of vulnerability from the inside out. Shield will disrupt the cybersecurity industry beginning with the enterprise market, which represents more than a $7 billion opportunity in the U.S. alone. Moreover, the launch of subsequent solutions within the Shield family will also increase our addressable market, further fueling our growth.” Third Quarter Financial Results Revenue for the third quarter 2020 was $1.6 million, compared to $3.9 million in the third quarter 2019 and $1.7 million for the second quarter 2020. Gross profit margin was 59 percent of revenue in the third quarter of 2020, compared to 62 percent in the third quarter 2019 and 61 percent in the second quarter 2020. INTRUSION’s third quarter 2020 operating expenses were $2.3 million, compared to $0.9 million in the third quarter 2019 and $1.7 million in the second quarter 2020. IN...