PLANO, Texas, Aug. 12, 2021 (GLOBE NEWSWIRE) -- INTRUSION, Inc. (NASDAQ:INTZ), a provider of cyberattack prevention solutions including zero-days, announced today financial results for the second quarter ended June 30, 2021.

Revenue for the second quarter 2021 was $2.0 million, compared to $1.9 million for the first quarter 2021 and $1.7 million for the second quarter 2020.

Gross profit margin was 63% of revenue in the second quarter 2021, compared to 66% for the first quarter 2021 and 61% for the second quarter 2020.

Operating expenses in the second quarter 2021 were $6.9 million, compared to $5.1 million for the first quarter 2021 and $1.7 million for the second quarter 2020.

The second quarter 2021 net loss was $5.0 million, or ($0.28) per share, compared to a net loss of $3.9 million, or ($0.22) per share, for the first quarter 2021 and a net loss of $0.7 million, or ($0.05) per share, for the second quarter 2020.

As of June 30, 2021, cash and cash equivalents were $9.3 million and working capital was $7.3 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 1-833-366-0416, or 1-236-712-2506 for international callers, and providing the following access code: 5994378. For those unable to participate in the live conference call, a replay will be accessible beginning tonight at 7:00 P.M. CST until August 19, 2021 by dialing 1-800-585-8367, or 1-416-621-4642 for international callers, and entering the following access code: 5994378. 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)

	June 30, 2021			December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	9,337		$	16,704
Accounts receivable		1,668			1,233
Prepaid expenses		445			370
Other current assets		16			-
Total current assets		11,466			18,307
Non-Current Assets:
Property and Equipment:
Equipment		2,259			1,453
Furniture and fixtures		43			43
Leasehold improvements		67			67
		2,369			1,563
Accumulated depreciation and amortization		(1,281	)		(1,097	)
Property and equipment, net		1,088			466
Finance leases, right-of-use assets, net		200			20
Operating leases, right-of-use assets, net		920			1,010
Other assets		169			79
Total non-current assets		2,377			1,575
TOTAL ASSETS	$	13,843		$	19,882

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable, trade	$	1,361		$	408
Accrued expenses		854			628
Finance leases liabilities, current portion		71			21
Operating leases liabilities, current portion		709			487
PPP loan payable, current portion		-			421
Deferred revenue		1,170			177
Total current liabilities		4,165			2,142

Non-Current Liabilities:
PPP loan payable, noncurrent portion		-			212
Finance lease liabilities, noncurrent portion		93			-
Operating leases liability, noncurrent portion		1,600			1,867
Total non-current liabilities		1,693			2,079

Commitments and contingencies

Stockholders' equity:
Common stock, $0.01 par value:
Authorized shares — 80,000
Issued shares — 17,631 in 2021 and 17,428 in 2020
Outstanding shares — 17,621 in 2021 and 17,418 in 2020		176			174
Common stock held in treasury, at cost – 10 shares		(362	)		(362	)
Additional paid-in capital		78,363			77,187
Accumulated deficit		(70,149	)		(61,295	)
Accumulated other comprehensive loss		(43	)		(43	)
Total stockholders' equity		7,985			15,661
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	13,843		$	19,882

INTRUSION INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands except per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2021			June 30, 2020			June 30, 2021			June 30, 2020
Revenue	$	1,960		$	1,655		$	3,812		$	3,450
Cost of revenue		733			651			1,358			1,398

Gross profit		1,227			1,004			2,454			2,052

Operating expenses:
Sales and marketing		3,652			485			6,341			995
Research and development		1,530			907			2,999			1,660
General and administrative		1,696			326			2,668			582

Operating loss		(5,651	)		(714	)		(9,554	)		(1,185	)

Interest and other income		66			1			68			7
Interest expense		(1	)		(2	)		(3	)		(2	)
Gain on the extinguishment of debt		635			-			635			-

Net loss	$	(4,951	)	$	(715	)	$	(8,854	)	$	(1,180	)

Preferred stock dividends accrued		-			(33	)		-			(66	)
Net loss attributable to common stockholders	$	(4,951	)	$	(748	)	$	(8,854	)	$	(1,246	)

Net loss per share attributable to common stockholders:
Basic	$	(0.28	)	$	(0.05	)	$	(0.50	)	$	(0.09	)
Diluted	$	(0.28	)	$	(0.05	)	$	(0.50	)	$	(0.09	)

Weighted average common shares outstanding:
Basic		17,620			13,784			17,581			13,743
Diluted		17,620			13,784			17,581			13,743

INTRUSION Reports Second Quarter 2021 Results