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INTRUSION Reports First Quarter 2021 Results

PLANO, Texas, May 04, 2021 (GLOBE NEWSWIRE) -- INTRUSION, Inc. (NASDAQ: INTZ), a leading provider of cyberattack prevention solutions including zero-days, announced today financial results for the first quarter ended March 31, 2021.

“First quarter revenue grew quarter-over-quarter and year-over-year,” said Jack Blount, President and CEO of INTRUSION. “We continue to make excellent progress with the rollout of INTRUSION Shield in terms of new customers and adding channel partners. As is typical for newly launched SaaS products, it will take time for INTRUSION Shield to materially contribute to our quarterly results. We remain very encouraged by the exceptional feedback we’ve received from existing customers and the increasing interest from potential customers. We’re gaining strong momentum in our opportunity pipeline both in the U.S. as well as with our new international resellers.”

Blount continued, “A factor in our growth was our government business. We see activity in Washington progressing toward a gradual resumption of more normal ordering patterns as the year unfolds.”

First Quarter Financial Results

Revenue for the first quarter 2021 was $1.9 million, compared to $1.6 million for the fourth quarter 2020 and $1.8 million for the first quarter 2020.

Gross profit margin expanded to 66% of revenue in the first quarter 2021, compared to 58% for the fourth quarter 2020 and 58% for the first quarter 2020.

Operating expenses in the first quarter 2021 were $5.1 million, compared to $4.8 million for the fourth quarter 2020 and $1.5 million for the first quarter 2020.

The first quarter 2021 net loss was $3.9 million, or ($0.22) per share, compared to a net loss of $3.9 million, or ($0.23) per share, for the fourth quarter 2020 and a net loss of $0.5 million, or ($0.04) per share, for the first quarter 2020.

As of March 31, 2021, cash and cash equivalents were $13.1 million and working capital was $12.3 million.

Conference Call
INTRUSION’s management will host a conference call today at 4:00 P.M., CST. Interested investors can access the live call by dialing 1-844-200-6205, or +44-208-0682-558 for international callers, and providing the following access code: 969764. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until May 11, 2021 by clicking on the following link, Click Here, and entering the following access code: 898017. Additionally, a live and archived audio webcast of the conference call will be available at www.intrusion.com.

About INTRUSION, Inc.
INTRUSION, Inc. (NASDAQ: INTZ) protects any-sized company by leveraging advanced threat intelligence with real-time artificial intelligence to kill cyberattacks as they occur – including zero-days. INTRUSION’s solution families include INTRUSION Shield, an advanced cyber-defense solution that kills cyberattacks in real-time using artificial intelligence (AI) and advanced cloud threat intelligence; INTRUSION TraceCop™ for identity discovery and disclosure; and INTRUSION Savant™ for network data mining and advanced persistent threat detection. For more information, please visit www.intrusion.com.

Cautionary Statement Regarding Forward Looking Information
This release may contain certain forward-looking statements, including, without limitations, statements about the performance of protections provided by our Shield products, the effect of the recent additions to our board and executive management team, the anticipated recovery of our governmental customers and an expanded need for them and an increasing customer base to address cybersecurity risks, leading to expected growth in our sales performance for this year, as well as any other statements which reflect management's expectations regarding future events and operating performance. These forward-looking statements speak only as of the date hereof and involve a number of risks and uncertainties, including, the risk that the Company does not benefit as anticipated from sales of our current solutions, including the INTRUSION Shield solution, the performance of our expanded management team, and that customers will address and mitigate their perceived cybersecurity risks through the purchase of our products and solutions. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, risks that we have detailed in the Company's most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.”

Investor Relations Contact
Joel Achramowicz
sheltonir@sheltongroup.com
P: (415) 845-9964


INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands except par value amounts)


March 31,

December 31,

2021

2020

ASSETS

Current Assets

Cash and cash equivalents

$

13,072

$

16,704

Accounts receivable

1,305

1,233

Prepaid expenses

700

370

Total current assets

15,077

18,307

Noncurrent Assets

Property and equipment, net

592

466

Finance leases right-of-use assets, net

11

20

Operating leases right-of-use assets, net

979

1,010

Other assets

163

79

Total noncurrent assets

1,745

1,575

TOTAL ASSETS

$

16,822

$

19,882

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Accounts payable and accrued expenses

$

1,563

$

1,036

PPP loan payable, current portion

428

421

Finance leases liability, current portion

11

21

Operating leases liability, current portion

598

487

Deferred revenue

146

177

Total current liabilities

2,746

2,142

Noncurrent Liabilities

PPP loan payable, noncurrent portion

207

212

Operating leases liability, noncurrent portion

1,746

1,867

Total noncurrent liabilities

1,953

2,079

Stockholders' Equity:

Common stock, $0.01 par value:

Authorized shares – 80,000

Issued shares – 17,625 in 2021 and 17,428 in 2020

Outstanding shares – 17,615 in 2021 and 17,418 in 2020

176

174

Common stock held in treasury, at cost – 10 shares

(362

)

(362

)

Additional paid-in capital

77,550

77,187

Accumulated deficit

(65,198

)

(61,295

)

Accumulated other comprehensive loss

(43

)

(43

)

Total stockholders' equity

12,123

15,661

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

16,822

$

19,882


INTRUSION INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands except per share amounts)

Quarter ended

Quarter ended

March 31,

March 31,

2021

2020

Revenue

$

1,852

$

1,795

Cost of revenue

625

747

Gross profit

1,227

1,048

Operating expenses:

Sales and marketing

2,689

510

Research and development

1,469

753

General and administrative

973

256

Operating loss

(3,904

)

(471

)

Interest expense

(2

)

(1

)

Interest income

3

7

Net loss

(3,903

)

(465

)

Preferred stock dividends accrued

(33

)

Net loss attributable to common stockholders

$

(3,903

)

$

(498

)

Net loss per share attributable to common stockholders:

Basic

$

(0.22

)

$

(0.04

)

Diluted

$

(0.22

)

$

(0.04

)

Weighted average shares outstanding:

Basic

17,541

13,703

Diluted

17,541

13,703