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01/11 11:04
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call presents a mixed picture. Positive aspects include revenue growth and improved net loss, but concerns arise from declining gross margins and customer retention issues. The Q&A reveals some uncertainty in management's responses, especially regarding strategic focus and promotional efforts. The registered direct offering could dilute stock value. Overall, with no strong catalysts or clear guidance shifts, the stock price is likely to remain stable.
Total Revenues Q4 2024 $1.7 million, an 11% increase sequentially and a 23% increase year-over-year.
Total Revenues FY 2024 $5.8 million, a 3% increase compared to FY 2023.
Consulting Revenue Q4 2024 $1.3 million, an increase of $0.3 million sequentially and $0.4 million year-over-year.
Consulting Revenue FY 2024 $4.2 million, an increase of $0.2 million from last year.
Shield Revenue Q4 2024 $0.4 million, a decrease of $0.1 million both sequentially and year-over-year, due to the loss of a large customer.
Shield Revenue FY 2024 $1.6 million, a decrease of $0.1 million or 5% from FY 2023.
Gross Profit Margin Q4 2024 75%, down from 79% in Q4 2023, primarily due to product mix.
Gross Profit Margin FY 2024 77%, compared to 78% in FY 2023.
Operating Expenses Q4 2024 $3.2 million, flat sequentially and down $0.3 million year-over-year, due to a one-time legal settlement.
Operating Expenses FY 2024 $12.9 million, a decrease of $3.5 million or 21% from FY 2023.
Net Loss from Operating Activities Q4 2024 $1.9 million, a $0.1 million improvement from Q3 and a $0.5 million or 20% improvement year-over-year.
Net Loss from Operating Activities FY 2024 $8.4 million, a $3.6 million or 30% improvement from FY 2023.
Net Loss Q4 2024 $2 million or $0.36 per share, improved by $0.9 million from a loss of $2.8 million in Q4 2023.
Net Loss FY 2024 $7.8 million or $1.63 per share, a $6.1 million or 44% improvement from the prior year.
Cash and Cash Equivalents $4.9 million as of December 31, 2024, compared to $0.1 million in 2023.
New Product Launches: Launched the Intrusion Shield Command Hub, a centralized hub for MSPs and network administrators, featuring an AI-driven insights engine. Introduced Intrusion Shield Sentinel, a high-performance monitoring appliance for large enterprises and telecom providers.
New Product Development: Developed and piloted a new product for critical infrastructure cybersecurity, currently in early deployment stages.
Market Expansion: Signed 20 new Shield logos and experienced near zero churn with Shield customers, indicating strong market demand. Expanded pipeline with high-quality opportunities driven by increasing demand in the U.S. and Asia Pacific region. Making Shield Cloud product available in the AWS marketplace to enhance market reach.
Operational Efficiencies: Achieved a virtually debt-free status and eliminated Series A preferred stock, improving financial flexibility. Maintained disciplined cost controls, resulting in a 21% decrease in operating expenses for 2024. Improved cash position with $4.9 million in cash and equivalents, ensuring operational funding through 2025.
Strategic Shifts: Shifted focus from capital raising to business growth, eliminating previous financial barriers. Revamping channel program to enhance messaging, pricing, and go-to-market processes. Increased digital marketing efforts for better visibility and engagement.
Competitive Pressures: The company faces competitive pressures in the cybersecurity market, which may impact its growth and revenue generation.
Regulatory Issues: The company has dealt with legal issues, including an SEC investigation, which has previously affected its operations and financial reporting.
Supply Chain Challenges: There have been significant delays in onboarding new customers and closing deals, impacting revenue timing and resource allocation.
Economic Factors: The company operates in a challenging economic environment, which may affect customer spending on cybersecurity solutions.
Customer Retention: The loss of a large customer due to a customized product configuration has impacted Shield revenue, highlighting risks in customer retention.
Investment in R&D: While the company continues to invest in R&D, increased spending in sales and marketing may lead to higher operating costs.
New Shield Logos: Signed a total of 20 new Shield logos in 2024.
Customer Churn: Maintained near zero churn with Shield customers.
Product Availability: Making Shield Cloud product available in the AWS marketplace.
Digital Marketing: Increasing digital marketing for better visibility and engagement.
Channel Program Revamp: Revamping channel program to improve messaging, pricing, and go-to-market processes.
R&D Investment: Continued investment in R&D to improve product portfolio.
New Product Launches: Launched Intrusion Shield Command Hub and Shield Sentinel.
Cybersecurity Product Development: Developed new product for critical infrastructure cybersecurity.
Revenue Expectations Q4 2024: Total revenues for Q4 2024 were $1.7 million, an 11% sequential increase.
Revenue Expectations FY 2024: Total revenues for FY 2024 were $5.8 million, a 3% increase compared to FY 2023.
Operating Expenses FY 2024: Operating expenses totaled $12.9 million in FY 2024, a 21% decrease from FY 2023.
Net Loss FY 2024: Net loss for FY 2024 was $7.8 million, a 44% improvement from the prior year.
Cash Position: Cash and cash equivalents of $4.9 million as of December 31, 2024.
Future Capital Needs: No plans to raise additional capital in 2025 unless a compelling opportunity arises.
S-3 Shelf Registration: Filed a $100 million replacement S-3 shelf registration for financial flexibility.
Share Price Compliance: Intrusion successfully regained compliance with NASDAQ's $1 minimum bid price requirement.
Equity Awards: Equity awards were granted to employees in March 2023 with a 1-year vesting period.
Common Stock Sale: The company sold approximately $5 million of common stock pursuant to the ATM program during Q4 2024.
Registered Direct Offering: A registered direct offering on January 7, 2025, resulted in gross proceeds of approximately $7.5 million.
Series A Preferred Stock Elimination: The company eliminated $10.1 million notional value of all Series A preferred stock.
Shelf Registration: Filed a $100 million replacement S-3 shelf registration on January 30, 2025, effective February 10, 2025.
The earnings call indicates positive sentiment due to several factors: strong financial performance driven by DoD contracts, expansion in AWS and Azure marketplaces, and promising partnerships like PortNexus. Despite some margin decline, the company shows potential for growth with new revenue opportunities like OT Defender. The Q&A reveals optimism about future projects and market expansion, although there is some uncertainty in specific revenue projections. Overall, the strategic initiatives and partnerships suggest a positive outlook for the stock price in the short term.
The earnings call indicates positive financial performance with a 28% revenue increase year-over-year, driven by a significant DoD contract. Despite a slight increase in operating expenses, the company is managing losses effectively. The partnership with PortNexus and AWS Marketplace availability are strategic positives. The Q&A reveals optimism about future contracts and market opportunities, particularly in defense and critical infrastructure. However, concerns about customer mix and long sales cycles are noted. Overall, the sentiment is positive, with potential for stock price appreciation, especially if new contracts materialize.
The earnings call reveals a mixed outlook. Financially, there is a positive revenue increase, but gross margins have declined, and net loss has widened. The Q&A section highlighted competitive pressures and regulatory uncertainties, with management providing unclear responses on growth potential. The entrance into the AWS marketplace and potential DoD expansion are positive, but the lack of specific guidance on break-even points and revenue from new partnerships tempers optimism. Without a clear market cap, the prediction remains neutral due to the offsetting factors.
The earnings call presents a mixed picture. Positive aspects include revenue growth and improved net loss, but concerns arise from declining gross margins and customer retention issues. The Q&A reveals some uncertainty in management's responses, especially regarding strategic focus and promotional efforts. The registered direct offering could dilute stock value. Overall, with no strong catalysts or clear guidance shifts, the stock price is likely to remain stable.
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