Q1 2024 Intrusion Inc Earnings Call Transcript
Key Points
- Intrusion Inc (INTZ) announced significant customer wins, including a major contract in the Philippines for secure electronic transmission services, valued at approximately $25 million.
- The company has successfully added new logos across various sectors, indicating strong bookings momentum and diversification in its customer base.
- Intrusion Inc (INTZ) has made strategic investments in AI technology through a minority stake acquisition in Klever AI, enhancing its product offerings and market penetration.
- The company reported a gross profit margin increase to 80% in Q1 2024 from 76% in Q1 2023, reflecting a favorable product mix.
- Intrusion Inc (INTZ) regained compliance with NASDAQ's minimum bid price and equity requirements, stabilizing its market position.
- Total revenue for Q1 2024 was $1.1 million, marking a decrease of $0.2 million both sequentially and year-over-year, primarily due to a drop in consulting revenue.
- The company experienced a delay in federal contract awards due to the late approval of the federal budget, impacting revenue timing.
- A significant customer did not renew their contract, which is expected to impact revenues starting from Q2 2024.
- Intrusion Inc (INTZ) reported a net loss of $1.7 million in Q1 2024, although it was an improvement from previous quarters.
- The company continues to rely on various financing measures to fund operations, indicating potential liquidity concerns.
Welcome to intrusion Inc.'s first quarter 2024 Earnings conference call and webcast. (Operator Instructions) Please note this conference is being recorded. (Operator Instructions)
I would now like to turn the call over to Josh Carroll with Investor Relations.
Thank you, and welcome Joining me today are Tony Scott, Chief Executive Officer; and Kimberly Pinson, Chief Financial Officer. This call is being webcast and will be archived on the Investor Relations section of our website.
Before I turn the call over to Tony, I'd like to remind everyone that statements made during this conference call related and the company's expected future performance, future business prospects, future events our plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.
Please refer to our SEC filings for more information on the specific risk factors that could cause our actual results to differ materially from the projections described in today's conference
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