View all news

INTRUSION Reports Fourth Quarter and Full Year 2020 Results

February, 25, 2021
Released Shield to Market After Successful Beta Testing Killed 77 Million Threats

PLANO, Texas, Feb. 25, 2021 (GLOBE NEWSWIRE) -- INTRUSION, Inc. (NASDAQ: INTZ) announced today financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter and Recent Business Highlights

  • Ramping orders for its revolutionary Shield™ threat detection and prevention solution after successful market release
  • Expanded network of channel distributors and resellers to sell Shield
  • Further broadened executive team, particularly in sales and marketing, in support of rapid growth
  • Hired Chief Marketing Officer with direct prior experience at McAfee and Intel
  • Appointed new Board member with prior executive experience at Red Hat, Inc., within the enterprise software industry and in scaling organizations globally
  • Ended the quarter with strengthened balance sheet and $16.7 million in cash

“Since releasing INTRUSION’s revolutionary Shield solution only 6 weeks ago, we have received an unprecedented amount of interest and a growing pipeline of customers that is nothing short of extraordinary,” said Jack B. Blount, President and CEO of INTRUSION. “Shield is the first platform that uses real-time artificial intelligence to not just block intruders, but to kill cyberattacks including zero-days.

“Also during the quarter, we continued to expand our executive team with highly experienced individuals that offer deep domain expertise across the cybersecurity and software industries as well as channel sales. I firmly believe we have the right team in place to drive our company to the next level of growth, and I am very pleased with the progress we have made. I’m also encouraged by the early signs of recovery in our government business that should contribute to our growth this year as it returns to historical levels. Overall, the strong momentum we have generated in such a short period of time is indicative of the market need for our Shield family of solutions, for which we expect to see increasing traction and growth throughout the coming year.”  

Fourth Quarter Financial Results

Revenue for the fourth quarter 2020 was $1.6 million, compared to $2.6 million in the fourth quarter 2019 and $1.6 million for the third quarter 2020. For the full year 2020, revenue was $6.6 million as compared to $13.6 million in 2019.

Gross profit margin was 58% of revenue in the fourth quarter of 2020, compared to 61% in the fourth quarter 2019 and 59% in the third quarter 2020. For the full year 2020, gross margin was 59% as compared to 61% in the prior year.

Operating expenses in the fourth quarter of 2020 were $4.8 million, which included a $1.1 million non-cash write-off related to a prior office lease agreement. This compares to operating expenses of $1.3 million in the fourth quarter 2019 and $2.3 million in the third quarter 2020. Full year 2020 operating expenses were $10.4 million, which included the aforementioned non-cash write-off, compared to $3.8 million in 2019.

Net loss in the fourth quarter of 2020 was $3.9 million, which included the $1.1 million non-cash write-off and compares to net income of $0.3 million in the fourth quarter 2019 and a net loss of $1.4 million in the third quarter 2020. For the full year 2020, net loss was $6.5 million, which included the fourth quarter non-cash write-off, compared to net income of $4.5 million in the prior year.

As of December 31, 2020, cash and cash equivalents amounted to $16.7 million. In October, INTRUSION raised $18.2 million in net proceeds from a follow-on public issuance of approximately 2.5 million shares of its common stock.
Conference Call
INTRUSION’s management will host a conference call today at 4:00 P.M., CST. Interested investors can access the call at 1-833-366-0416 or +1-236-712-2506 for international callers and provide the following Conference ID: 5796455. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until March 4, 2021 by calling 1-800-585-8367 or +1-416-621-4642 for international callers. At the replay prompt, enter conference ID number 5796455. Additionally, a live and archived audio webcast of the conference call will be available at

INTRUSION Inc. protects any-sized company by leveraging advanced threat intelligence with real-time artificial intelligence to kill cyberattacks as they occur – including zero-days. INTRUSION’s solution families include Shield™, a combination of plug-n-play hardware, software, global data, and real-time Artificial Intelligence (AI) services that provide organizations with the most robust cybersecurity defense possible; TraceCop™ for identity discovery and disclosure; and, Savant™ for network data mining and advanced persistent threat detection. INTRUSION’s solutions help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please visit

Cautionary Statement Regarding Forward Looking Information

This release may contain certain forward-looking statements, including, without limitations, statements about the performance of protections provided by our Shield products, the effect of the recent additions to our board and executive management team, the anticipated recovery of our governmental customers and an expanded need for them and an increasing customer base to address cybersecurity risks, leading to expected growth in our sales performance for this year, as well as any other statements which reflect management's expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof and involve a number of risks and uncertainties, including, the risk that the Company does not benefit as anticipated from sales of our current solutions, including the INTRUSIONShield solution, the performance of our expanded management team, and that customers will address and mitigate their perceived cybersecurity risks through the purchase of our products and solutions. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, risks that we have detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”

Investor Relations Contact
Joel Achramowicz
P: (415) 845-9964


(In thousands except par value amounts)

     December 31,  
    2020     2019  
Current Assets:                
Cash and cash equivalents   $ 16,704     $ 3,334  
Accounts receivable     1,233       1,566  
Prepaid expenses     370       152  
Total current assets     18,307       5,052  
Property and Equipment:                
Equipment     1,453       1,138  
Furniture and fixtures     43       43  
Leasehold improvements     67       63  
      1,563       1,244  
Accumulated depreciation and amortization     (1,097 )     (909 )
      466       335  
Finance leases, right-of-use assets, net     20       62  
Operating leases, right-of-use assets, net     1,010       1,348  
Other assets     79       38  
TOTAL ASSETS   $ 19,882     $ 6,835  
Liabilities and Stockholders’ Equity                
Current Liabilities:                
Accounts payable, trade   $ 408     $ 252  
Accrued expenses     628       828  
Dividends payable           20  
Finance leases liabilities, current portion     21       43  
Operating leases liabilities, current portion     488       284  
PPP loan payable, current portion     421        
Deferred revenue     177       516  
Total current liabilities     2,143       1,943  
Finance leases liability, noncurrent portion           21  
PPP loan payable, noncurrent portion     212        
Operating leases liability, noncurrent portion     1,866       1,315  
Commitments and contingencies                
Stockholders’ Equity:                
Preferred stock, $0.01 par value:                
Authorized shares — 5,000                
Series 1 shares issued and outstanding — 200
Liquidation preference of $1,013 in 2019
Series 2 shares issued and outstanding — 460
Liquidation preference of $1,155 in 2019
Series 3 shares issued and outstanding — 289
Liquidation preference of $634 in 2019
Common stock, $0.01 par value:                
Authorized shares — 80,000                
Issued shares — 17,428 in 2020 and 13,552 in 2019                
Outstanding shares — 17,418 in 2020 and 13,542 in 2019     174       136  
Common stock held in treasury, at cost—10 shares     (362 )     (362 )
Additional paid-in-capital     77,187       56,759  
Accumulated deficit     (61,295 )     (54,777 )
Accumulated other comprehensive loss     (43 )     (43 )
Total stockholders’ equity     15,661       3,556  

(In thousands except per share amounts)

    Three Months Ended
December 31,
  Year Ended
December 31,
    2020   2019   2020   2019  
Revenue   $ 1,580   $ 2,572   $ 6,619   $ 13,643  
Cost of revenue   660   1,002   2,709   5,342  
Gross profit   920   1,570   3,910   8,301  
Operating expenses:                  
Sales and marketing   1,941   485   3,821   1,298  
Research and development   1,056   539   3,797   1,314  
General and administrative   760   252   1,723   1,182  
Loss on lease abandonment   1,092     1,092    
Operating income (loss)   (3,929 ) 294   (6,523 ) 4,507  

Interest expense
  (2 ) (1 ) (6 ) (46 )
Interest income   3   4   11   4  
Income (loss) before income taxes   (3,928 ) 297   (6,518 ) 4,465  
Income tax provision          
Net income (loss)   $ (3,928 ) $ 297   $ (6,518 ) $ 4,465  
Preferred stock dividends accrued     (35 ) (79 ) (139 )
Net income (loss) attributable to common stockholders   $ (3,928 ) $ 262   $ (6,597 ) $ 4,326  
Net income (loss) per share attributable to common stockholders: Basic   $ (0.23 ) $ 0.02   $ (0.45 ) $ 0.32  
                       Diluted   $ (0.23 ) $ 0.02   $ (0.45 $ 0.28  
Weighted average common shares outstanding:
  17,029   13,542   14,678   13,502  
                       Diluted   17,029   15,392   14,678   15,352  


Primary Logo

Source: INTRUSION Inc.

Multimedia Files:

Categories: Press Releases
View all news