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INTRUSION Reports Second Quarter 2021 Results

August, 12, 2021

PLANO, Texas, Aug. 12, 2021 (GLOBE NEWSWIRE) -- INTRUSION, Inc. (NASDAQ: INTZ), a provider of cyberattack prevention solutions including zero-days, announced today financial results for the second quarter ended June 30, 2021.

Revenue for the second quarter 2021 was $2.0 million, compared to $1.9 million for the first quarter 2021 and $1.7 million for the second quarter 2020.
  
Gross profit margin was 63% of revenue in the second quarter 2021, compared to 66% for the first quarter 2021 and 61% for the second quarter 2020.

Operating expenses in the second quarter 2021 were $6.9 million, compared to $5.1 million for the first quarter 2021 and $1.7 million for the second quarter 2020.

The second quarter 2021 net loss was $5.0 million, or ($0.28) per share, compared to a net loss of $3.9 million, or ($0.22) per share, for the first quarter 2021 and a net loss of $0.7 million, or ($0.05) per share, for the second quarter 2020.

As of June 30, 2021, cash and cash equivalents were $9.3 million and working capital was $7.3 million.

Conference Call
INTRUSION’s management will host a conference call today at 4:00 P.M., CST. Interested investors can access the live call by dialing 1-833-366-0416, or 1-236-712-2506 for international callers, and providing the following access code: 5994378. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until August 19, 2021 by dialing 1-800-585-8367, or 1-416-621-4642 for international callers, and entering the following access code: 5994378. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

About INTRUSION, Inc.
INTRUSION, Inc. (NASDAQ: INTZ) 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 INTRUSIONShield, an advanced cyber-defense solution that kills cyberattacks in real-time using artificial intelligence (AI) and advanced cloud threat intelligence; INTRUSIONTraceCop™ for identity discovery and disclosure; and INTRUSION Savant™ for network data mining and advanced persistent threat detection. For more information, please visit www.intrusion.com.

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
sheltonir@sheltongroup.com
P: (415) 845-9964

        

INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)

    June 30,
2021
    December 31,
2020
 
ASSETS                
Current Assets:                
Cash and cash equivalents   $ 9,337     $ 16,704  
Accounts receivable     1,668       1,233  
Prepaid expenses     445       370  
Other current assets     16       -  
Total current assets     11,466       18,307  
Non-Current Assets:                
Property and Equipment:                
Equipment     2,259       1,453  
Furniture and fixtures     43       43  
Leasehold improvements     67       67  
      2,369       1,563  
Accumulated depreciation and amortization     (1,281 )     (1,097 )
Property and equipment, net     1,088       466  
Finance leases, right-of-use assets, net     200       20  
Operating leases, right-of-use assets, net     920       1,010  
Other assets     169       79  
Total non-current assets     2,377       1,575  
TOTAL ASSETS   $ 13,843     $ 19,882  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
                 
Current Liabilities:                
Accounts payable, trade   $ 1,361     $ 408  
Accrued expenses     854       628  
Finance leases liabilities, current portion     71       21  
Operating leases liabilities, current portion     709       487  
PPP loan payable, current portion     -       421  
Deferred revenue     1,170       177  
Total current liabilities     4,165       2,142  
                 
Non-Current Liabilities:                
PPP loan payable, noncurrent portion     -       212  
Finance lease liabilities, noncurrent portion     93       -  
Operating leases liability, noncurrent portion     1,600       1,867  
Total non-current liabilities     1,693       2,079  
                 
Commitments and contingencies                
                 
Stockholders’ equity:                
Common stock, $0.01 par value:                
Authorized shares — 80,000                
Issued shares — 17,631 in 2021 and 17,428 in 2020                
Outstanding shares — 17,621 in 2021 and 17,418 in 2020     176       174  
Common stock held in treasury, at cost – 10 shares     (362 )     (362 )
Additional paid-in capital     78,363       77,187  
Accumulated deficit     (70,149 )     (61,295 )
Accumulated other comprehensive loss     (43 )     (43 )
Total stockholders’ equity     7,985       15,661  
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 13,843     $ 19,882  

        

INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)

    Three Months Ended     Six Months Ended  
    June 30, 2021     June 30, 2020     June 30, 2021     June 30, 2020  
Revenue   $ 1,960     $ 1,655       $ 3,812     $ 3,450    
Cost of revenue     733       651         1,358       1,398    
                                 
Gross profit     1,227       1,004         2,454       2,052    
                                 
Operating expenses:                                
Sales and marketing     3,652       485         6,341       995    
Research and development     1,530       907         2,999       1,660    
General and administrative     1,696       326         2,668       582    
                                 
Operating loss     (5,651 )     (714 )       (9,554 )     (1,185 )  
                                 
Interest and other income     66       1         68       7    
Interest expense     (1 )     (2 )       (3 )     (2 )  
Gain on the extinguishment of debt     635       -         635       -    
                                 
Net loss   $ (4,951 )   $ (715 )     $ (8,854 )   $ (1,180 )  
                                 
Preferred stock dividends accrued     -       (33 )       -       (66 )  
Net loss attributable to common stockholders   $ (4,951 )   $ (748 )     $ (8,854 )   $ (1,246  
                                 
Net loss per share attributable to common stockholders:                                
Basic   $ (0.28 )   $ (0.05 )     $ (0.50 )   $ (0.09 )  
Diluted   $ (0.28 )   $ (0.05 )     $ (0.50 )   $ (0.09 )  
                                 
Weighted average common shares outstanding:                                
Basic     17,620       13,784         17,581       13,743    
Diluted     17,620       13,784         17,581       13,743    


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Source: INTRUSION Inc.

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