secwatch.observer — SEC 8-K summary
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Issuer:     INTRUSION INC (INTZ)
CIK:        0000736012
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001683168-23-003211
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/736012/000168316823003211/0001683168-23-003211-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/736012/000168316823003211/intrusion_8k.htm
  HTML page:      https://secwatch.observer/filing/0001683168-23-003211

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