Summary by Futu AI
Intrusion Inc. reported Q2 2024 financial results, with revenue increasing 29% sequentially to $1.5 million. The company's operating loss improved by 18% or $0.4 million QoQ. Intrusion was awarded a new contract expanding Shield use in the government sector, marking the first large-scale adoption of their technology by government customers.Gross profit margin was 76%, compared to 78% in Q2 2023. Operating expenses decreased to $3.1 million, down $0.2 million QoQ and $0.9 million YoY. Net loss from operating activities improved to $(2.0) million, a 30% YoY improvement. The company ended the quarter with $1.5 million in cash and cash equivalents.Intrusion completed two financing efforts to strengthen its balance sheet, including a private placement of 1.3 million shares with warrants, raising $2.6 million, and a warrant inducement offering that raised $0.6 million. The company aims to improve financial performance in future periods, focusing on driving sales volume and ensuring adequate funding for business operations.