The following is a summary of the Intrusion, Inc. (INTZ) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Intrusion encountered a decrease in total revenue of $0.1 million for Q1 2024, the majority attributable to a decrease in consulting revenue that stemmed from delayed federal budget approval.

• Consulting revenue also declined sequentially and year-over-year, resulting in $0.7 million for the first quarter.

• Shield revenues, on the other hand, remained stable sequentially, with a year-over-year increase, amounting to $0.4 million for Q1.

• The company reported an improvement in net loss from the previous quarter, earning interest savings, with a net loss of $1.7 million for Q1 2024.

• As of March 31, the company reported cash and cash equivalents on hand totaling $0.1 million.

Business Progress:

• Having achieved several milestones in the first quarter, Intrusion reported a gross undervaluation of their current stock price and expressed optimism for future financial growth.

• Five new clients have been acquired from various sectors, and partner iOne Resources has won a contract expected to boost second-half earnings.

• Intrusion expects to generate a minimum of $1-million-ARR in revenues from the aforementioned contract, with the potential to increase over time.

• A contract to improve supply chain security for customer Orca Cold Chain Solutions has been received.

• The company bought a minority stake in Klever AI, and continues to invest in its Shield Technology to upgrade its AI and machine-learning capabilities.

• Efforts have been made to comply with NASDAQ's listing requirements, including the sale of 1.3 million shares of common stock.

• Improvements are planned for upcoming endpoint and cloud products, and despite potential future challenges, the company's team is ready to manage such difficulties.

• The management has reiterated its focus on the company's growth and increased sales, showing confidence in customers' readiness to adopt their solutions.

More details: Intrusion IR

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