The following is a summary of the Intrusion Inc. (INTZ) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Total Q2 revenue was $1.5 million, marking a 29% increase sequentially.

• Consulting revenue reached $1.2 million, a $0.5 million increase sequentially.

• Shield revenue was $0.3 million, consistent with previous quarters despite a key customer loss.

• Gross profit margin stood at 76%, slightly lower due to a change in product mix.

• Operating expenses were reduced by $0.2 million sequentially to $3.1 million.

• Net loss improved by 18% sequentially to $2.1 million.

Business Progress:

• Signed five new logos, bringing total new logos year-to-date to 14.

• Marked entry into government contracts with two new Intrusion Shield orders.

• Expanded geographic presence by establishing a wholly-owned subsidiary in the Philippines.

• Continued strong customer renewals with nearly zero churn in Q2.

• Focused on product development by leveraging insights from government contract work.

• Appointed Dion Hinchcliffe to the board, enhancing strategic and technological direction.

Opportunities:

• Increased adoption and deployment of Intrusion Shield technology among diverse customer base, including government and overseas markets like the Philippines.

• Expansion of customer base and renewal rates suggest growing market footprint and product acceptance.

• Strategic partnerships and regional expansion aimed at addressing cybersecurity demands.

Risks:

• Loss of a large, early customer for Intrusion Shield who used a highly-customized version of the product, impacting Shield revenue.

More details: Intrusion IR

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