Q2 2024 Intrusion Inc Earnings Call Transcript
Key Points
- Intrusion Inc (INTZ) reported a 29% sequential increase in total revenue for the second quarter, reaching $1.5 million.
- The company signed five new logos, bringing the total new logo count to 14 for the year, indicating strong sales momentum.
- Intrusion Inc (INTZ) has seen zero churn for the quarter, suggesting high customer satisfaction and retention.
- The company has been awarded two new government contracts for its Shield technology, marking significant milestones.
- Intrusion Inc (INTZ) opened a wholly-owned subsidiary in the Philippines to meet growing demand and better serve its expanding customer base in the region.
- Despite the revenue increase, Intrusion Inc (INTZ) reported a net loss of $2.1 million for the second quarter, up from a net loss of $1.7 million in the first quarter.
- Gross profit margin decreased to 76% from 80% in the previous quarter, primarily due to a higher percentage of lower-margin consulting revenue.
- The company experienced a loss of a large early Shield customer, which impacted Shield revenue negatively.
- Operating expenses totaled $3.1 million, although this was a decrease, it still represents a significant portion of the company's costs.
- The sales cycle has been longer than expected, attributed to the complexity of the cybersecurity space, which could delay revenue realization.
Welcome to Intrusion Inc's second quarter 2024 Earnings Conference Call and Webcast. (Operator Instructions) Please note this conference is being recorded and audio replay of the conference call will be available on the company's website within a few hours after this call.
I would now like to turn the call over to Josh Carroll with Investor Relations.
Thank you and welcome joining me today 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 relating to the Company's expected future performance, future business prospects, or future events. Our plans may include forward-looking statements as defined in the Private Securities Litigation Reform Act 1995. Please refer to our SEC filings for more information on the specific risk factors that could cause our
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