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- **Revenue Surge**: Q3 2025 revenue up 31% YoY to $2.0 million, driven by DoD contracts and Shield Cloud expansion.
- **Cloud Growth**: Shield Cloud launched on AWS, with Azure expansion planned for early 2026; standalone version targets broader market.
- **Critical Infrastructure Win**: 230 units shipped under DoD contract; pursuing additional government and private sector deals.
- **School Security Breakthrough**: PortNexus partnership sees rapid adoption, with school districts prioritizing real-time incident response.
- **IP Value**: CEO confirms IP could be worth multiples of current stock price, with potential for strategic acquisitions.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue of $2.0 million, up 5% sequentially and 31% year-over-year, driven by the U.S. Department of Defense (DoD) contract. This marks the sixth consecutive quarter of sequential growth.
- **Product Launches**: Launched Shield Cloud on AWS Marketplace, with plans to expand to Azure by early 2026. The standalone Shield Cloud variant (without pfSense) aims to attract broader customer segments.
- **Critical Infrastructure**: Shipped 230 units of Shield critical infrastructure devices under the DoD contract, with ongoing pursuit of private and government sector contracts.
- **Partnership Success**: PortNexus's MyFlare Alert platform, embedding Intrusion's Shield endpoint, is seeing strong adoption in schools, with a notably short sales cycle.
- **Government Impact**: Despite the government shutdown, no material impact on operations; pipeline of non-government opportunities remains strong.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Consulting revenue $1.5 million (up $0.1 million QoQ, $0.4 million YoY); Shield revenue $0.5 million (flat QoQ, +$0.1 million YoY). Gross margin 77%, down 58 bps YoY due to product mix.
- **Cost Management**: Operating expenses $3.6 million (up $0.1 million QoQ, $0.4 million YoY), driven by sales/marketing investments. Net loss $2.1 million, consistent with prior year.
- **Liquidity**: $2.5 million cash + $2 million short-term investments as of Q3 end. Post-DoD contract extension, total liquidity $7.5 million, sufficient for operations through early 2026.

**【Q&A Key Highlights】**
- **AWS/Azure Expansion**: Shield Cloud on Azure expected Q4 2025/Q1 2026. No R&D cost impact; pricing remains consistent with AWS version. Azure launch will leverage AWS beta learnings.
- **PortNexus Momentum**: School districts prioritize MyFlare Alert for real-time incident visibility. Partnership could expand to other endpoint security solutions.
- **OT Defender Opportunity**: Critical infrastructure protection solutions (e.g., water, grid) present $100k-$200k+ contract opportunities, with significant underinvestment in OT cybersecurity.
- **IP Valuation**: CEO confirms intellectual property could be worth multiples of current stock price; potential for integration with larger cybersecurity suites.


Intrusion Inc. (INTZ) Q3 2025 Earnings Call Transcript

- **Revenue Growth Momentum**: 5 straight quarters of growth (28% YoY), driven by DoD contracts and Shield adoption
- **Critical Infrastructure Expansion**: $3M DoD deal reflects federal focus; targeting water/energy/transportation sectors
- **School Safety Breakthrough**: PortNexus partnership sees 10min demo to purchase; 2025Q3 trade shows indicate strong demand
- **AWS Marketplace Play**: Beta release active; full launch with marketing spend to drive long-term growth
- **Competitive Edge**: Unique OT/IT convergence solutions; minimal competition in critical infrastructure monitoring

**【CEO Opening Remarks】**
- 5 consecutive quarters of sequential revenue growth (Q2 2025: $1.9M, +6% QoQ, +28% YoY)
- Near-zero customer churn (0% Q2 2025)
- Launch of Intrusion Shield on AWS Marketplace with beta release active
- $3M DoD contract expansion for critical infrastructure monitoring
- Strategic partnership with PortNexus for school safety solutions

**【CFO Financial Commentary】**
- Consulting revenue: $1.4M (flat QoQ, +$0.2M YoY)
- Shield revenue: $0.5M (+$0.1M QoQ, +$0.2M YoY)
- Gross profit margin: 76% (stable YoY)
- Operating expenses: $3.5M (+$0.1M QoQ due to R&D investment)
- Net loss: $2M (-$0.1M YoY)
- Cash balance: $4.7M (sufficient for 2025+ operations)

**【Q&A Highlights】**
- **DoD Contract**: $3M expansion includes scope increase and renewal; part of $100M+ federal budget allocation
- **Sales Cycles**: Schools show 10-15min demo to purchase decision; OT environments require 6-12mo validation
- **Competitive Position**: Unique differentiation vs Cisco, Palo Alto, CrowdStrike in OT/IT convergence
- **Marketplaces**: AWS launch with full marketing/sales support; Azure coming Q4 2025
- **Breakeven Path**: Multiple pathways including DoD contracts, school solutions, and OT deployments
- **Competitors**: Perceived overlap but minimal actual competition in critical infrastructure space

Intrusion Inc. (INTZ) Q2 2025 Earnings Call Transcript

- **Revenue Momentum**: Q1 2025 revenue up 6% QoQ to $1.8 million, supported by new contracts and 92% government contract contribution.
- **AWS Growth Engine**: Launching on AWS Marketplace in Q2, with potential for scalable, high-margin revenue.
- **Critical Infrastructure Expansion**: Piloting enhanced security solutions for utilities and public services, targeting Q2+ deployments.
- **Financial Strength**: $10.7 million cash balance provides 2025+ operational flexibility, with no capital raises needed.
- **Break-even Catalysts**: AWS, PortNexus, and critical infrastructure initiatives aim to accelerate Q2+ bookings and revenue growth.

**【CEO Summary Section】**
- Q1 2025 revenue reached $1.8 million, a 6% sequential increase, driven by new contracts and near-zero churn.
- Key initiatives: AWS Marketplace launch (Q2 2025), enhanced digital marketing, channel program revamp, and critical infrastructure product pilots.
- Government contracts represent 92% of Q1 revenue, with non-government pipeline growth offsetting federal budget uncertainty.
- New partnership with PortNexus to integrate Shield Endpoint into public safety and fleet management solutions, with first revenue expected in Q2.
- R&D investments focus on critical infrastructure protection, with expanded deployments planned for Q2+.

**【CFO Financial Commentary】**
- Q1 2025 GAAP net loss: $2.1 million (-$0.11/share), up from $1.7 million (-$0.94/share) in Q1 2024 due to interest credit reversal.
- Cash position strengthened to $10.7 million (vs. $0.1 million in Q1 2024), enabling 2025+ operations without capital raises.
- Operating expenses: $3.4 million (flat YoY), driven by audit fees and one-time D&amp;O carrier settlement.
- Gross margin: 76% (down from 80% in Q1 2024) due to product mix changes.
- Shield revenue: $0.4 million (flat YoY), fully backfilled after losing a large commercial customer in Q1 2024.

**【Q&A Highlights】**
- **AWS Strategy**: Will follow best practices for digital marketing and product bundling on the platform, targeting Q2+ revenue contributions.
- **Government Contracts**: No immediate federal budget impact, but non-government pipeline growth provides resilience.
- **MSP Pricing**: Adjusting pricing for monthly billing alignment with MSPs, while maintaining competitiveness.
- **Critical Infrastructure Growth**: Pilots show promise, with enhanced product capabilities to be launched in Q2+.
- **Break-even Potential**: CEO expects Q2+ bookings to accelerate, with AWS, PortNexus, and critical infrastructure initiatives driving 50%+ sequential growth.


Intrusion (INTZ)-29 Apr 25-2025 Q1 Earnings call transcript

- **Revenue Recovery**: Q4 2024 revenue up 23% YoY to $1.7M, driven by consulting growth and federal contracts.
- **Financial Health**: Debt-free with $4.9M cash, operating expenses down 21% YoY.
- **Product Momentum**: Shield Sentinel and Command Hub AI engine gaining traction, critical infrastructure pilot shows promise.
- **Growth Strategy**: Shifting to >$100K deals, doubling down on digital marketing and AWS channel expansion.
- **Federal Risk Mitigation**: No near-term impact from administration change, but cautious on new deal timing.

**【CEO Opening Remarks】**
- Q4 2024 revenue: $1.7M (11% sequential growth, 23% YoY increase). Full year 2024 revenue: $5.8M (+3% YoY). 
- Signed 20 new Shield customers in 2024 with near-zero churn. Expanded pipeline in U.S. and Asia-Pacific.
- Financial milestone: Debt-free status, $4.9M cash on hand, and NASDAQ compliance restored.
- Growth initiatives: AWS marketplace listing, enhanced digital marketing, channel program revamp.
- Product innovations: Shield Command Hub AI insights engine, 100Gbps Shield Sentinel appliance, and critical infrastructure cybersecurity pilot.

**【CFO Financial Review】**
- Q4 2024: 
  - Consulting revenue: $1.3M (+23% YoY)
  - Shield revenue: $0.4M (-25% YoY) due to loss of a large legacy customer
  - Gross margin: 75% (down from 79% Q4 2023)
  - Operating expenses: $3.2M (flat QoQ, -21% YoY)
  - Net loss: $2M (-32% YoY)
- Full year 2024: 
  - Operating expenses: $12.9M (-21% YoY)
  - Net loss: $7.8M (-44% YoY)
- Balance sheet: $4.9M cash as of Dec 31, 2024. Secured $14.5M through equity raises and debt conversions in Q4 2024.

**【Q&A Highlights】**
1. **Inorganic Growth Strategy**: Open to acquisitions that expand product portfolio, but no specific deals in pipeline.
2. **Sales Cycle & Federal Impact**: 
   - Enterprise demand driven by rising cyber threats and cost inefficiencies.
   - Federal sales cycle elongated due to new administration, but long-term opportunities exist.
3. **Shield Customer Expansion**: 
   - ~33% of 2024 Shield customers increased spend.
   - Shifting focus to >$100K deals, with pipeline reflecting larger transaction sizes.
4. **Cash Utilization**: 
   - $14.5M raised in Q4 2024 used to pay down liabilities and fund operations.
   - Plans to invest in sales hiring and channel program execution.


Intrusion (INTZ)-27 Feb 25-2024 Q4 Earnings call transcript

Intrusion (INTZ)-12 Nov 24-2024 Q3 Earnings call transcript

Intrusion (INTZ)-13 Aug 24-2024 Q2 Earnings call transcript

Intrusion (INTZ)-14 May 24-2024 Q1 Earnings call transcript

- **Revenue decline but Shield growth**: FY2023 revenue down 25% to $5.6M, but Shield revenue up 36% to $1.6M.
- **Key risks**: Loss of major Shield customer (80% of 2023 Shield revenue), federal budget delays, and low cash ($0.1M).
- **Strategic moves**: Cloud-based Shield management platform, StarLink integration, and $1M ARR Philippines election deal pursuit.
- **Capital actions**: $2.3M private offering, $1.1M AR financing, and $9.3M debt-to-equity exchange with Streeterville Capital.

**【CEO Opening Remarks】**
- Acknowledged poor stock performance in 2023 due to fundraising challenges, delayed Shield bookings, and federal budget delays.
- Highlighted product progress: cloud-based Shield management platform, performance improvements, and tooling upgrades.
- Q4 2023 sales: 7 new logos, $5M telecom deal delayed to Q2, and potential $1M ARR Philippines election deal.
- Financials: FY2023 revenue $5.6M (-25% YoY), Shield revenue $1.6M (+36% YoY). Lost a major Shield customer impacting Q2+.
- Capital actions: $2.3M private offering, $1.1M AR financing, and NASDAQ compliance efforts (reverse stock split, debt exchange).

**【CFO Financial Commentary】**
- Q4 2023 revenue $1.4M (-7% sequential), consulting down due to federal budget uncertainty, Shield flat sequentially.
- Gross margin 79% (vs 63% Q4 2022) due to higher Shield mix.
- Operating expenses reduced $5.2M via staff cuts (16 positions) and cost control.
- Net loss $2.8M (-16% YoY). Cash $0.1M, relying on ATM and debt exchanges.

**【Q&A Highlights】**
- **Shield Success Factors**: Macro fear of state-sponsored cyberattacks, cloud dashboard for fleet management, and StarLink integration.
- **Customer Impact**: 80% of 2023 Shield revenue from one large customer now lost; pipeline shifts to smaller, recurring Shield sales.
- **Capital Strategy**: $9M remaining on ATM; exploring private offerings with executives and loyal investors.
- **Consulting Outlook**: Optimistic on federal budget resolution; pipeline for new contracts post-continuing resolution.

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