Intrusion Q1 revenue $1.3M, net loss $(4.7)M; cash drops to $0.4M, cost cuts initiated

INTRUSION INC

2023-Q1 EPS reported -$0.22 revenue$1,309,000

Q1 revenue $1.3M, down $0.1M sequentially and $0.5M YoY; gross margin improved to 76% from 51%.
Net loss $(4.7)M ($(0.22)/share) vs $(4.1)M ($(0.21)/share) a year ago; operating expenses surged to $5.0M.
Cash and equivalents $0.4M as of March 31, 2023, from $3.0M at Dec 31, 2022; $1.3M prepayment received after quarter end.
Cost reductions include executive salary cuts (6 months), elimination of 16 positions, and contractor reductions, saving ~$1.5M/quarter.
CEO notes elongated sales cycles and economic uncertainty; company may rely on equity offerings for 2023 financing.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

INTRUSION INC reported first quarter ended March 31, 2023 results: revenue $1.3 million, net income $(4.7) million, EPS $(0.22) per share.

Period: first quarter ended March 31, 2023
Revenue: $1.3 million
Net income: $(4.7) million
EPS: $(0.22) per share
Result: reported results

Exact text from the filing

First Quarter Financial Results Revenue for the first quarter of 2023 was $1.3 million, a decrease of $0.1 million sequentially and $0.5 million compared with the first quarter of the prior year. The decline in total revenue for the quarter was largely due to the loss of a consulting contract in the fourth quarter of 2022 in which Intrusion’s prime sponsor chose not to renew the final option year of a contract that had been in place since 2018. The gross profit margin was 76% for the first quarter of 2023, compared to 51% in the first quarter of 2022. Operating expenses in the first quarter of 2023 were $5.0 million, an increase from $0.1 million in the comparable quarter of last year. The net loss for the first quarter of 2023 was $(4.7) million, or $(0.22) per share, compared to a loss of $(4.1) million, or $(0.21) per share for the first quarter of 2022.

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Source: SEC EDGAR

accession 0001683168-23-003211

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