The following is a summary of the Intrusion, Inc. (INTZ) Q1 2024 Earnings Call Transcript:
Financial Performance:
Intrusion encountered a decrease in total revenue of $0.1 million for Q1 2024, the majority attributable to a decrease in consulting revenue that stemmed from delayed federal budget approval.
Consulting revenue also declined sequentially and year-over-year, resulting in $0.7 million for the first quarter.
Shield revenues, on the other hand, remained stable sequentially, with a year-over-year increase, amounting to $0.4 million for Q1.
The company reported an improvement in net loss from the previous quarter, earning interest savings, with a net loss of $1.7 million for Q1 2024.
As of March 31, the company reported cash and cash equivalents on hand totaling $0.1 million.
Business Progress:
Having achieved several milestones in the first quarter, Intrusion reported a gross undervaluation of their current stock price and expressed optimism for future financial growth.
Five new clients have been acquired from various sectors, and partner iOne Resources has won a contract expected to boost second-half earnings.
Intrusion expects to generate a minimum of $1-million-ARR in revenues from the aforementioned contract, with the potential to increase over time.
A contract to improve supply chain security for customer Orca Cold Chain Solutions has been received.
The company bought a minority stake in Klever AI, and continues to invest in its Shield Technology to upgrade its AI and machine-learning capabilities.
Efforts have been made to comply with NASDAQ's listing requirements, including the sale of 1.3 million shares of common stock.
Improvements are planned for upcoming endpoint and cloud products, and despite potential future challenges, the company's team is ready to manage such difficulties.
The management has reiterated its focus on the company's growth and increased sales, showing confidence in customers' readiness to adopt their solutions.
More details: Intrusion IR
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