0001683168-26-002196
SEC filingIntrusion Inc. (INTZ) reported FY 2025 revenue of $7.1 million, a 22.9% increase from $5.8 million in 2024, driven by U.S. Department of Defense work on Shield OT Defender, boosting consulting revenues to $5.3 million (+26.2% YoY) and Shield revenues to $1.8 million (+12.5% YoY). U.S. government sales accounted for 94.6% of revenue ($6.7 million, +39.6% YoY), while commercial sales were $0.4 million (5.4%). Gross profit grew 21.4% to $5.4 million with a stable 75.8% margin (vs. 76.8% prior year). Operating expenses rose 13.0% to $14.5 million due to higher share-based compensation ($0.7 million increase), merit raises, and offset by 2024 one-time savings. This widened operating loss to $9.2 million (+8.5%) and net loss to $9.1 million (16.3% worse than $7.8 million). Net cash used in operations was $6.8 million, investing $2.5 million (including $1.8 million software capitalization), financing provided $8.1 million (primarily $7.0 million registered direct offering and $1.5 million SEPA). Cash ended at $3.6 million with $2.4 million working capital. Auditors note substantial going concern doubt from recurring losses and financing dependence. Forward focus includes Shield expansion commercially and via partnerships like Port Nexus, amid government funding timing risks.
Intrusion Inc. delivered FY 2025 revenue of $7.1 million, up 22.9% from $5.8 million in 2024, fueled by U.S. government contracts. Gross profit increased 21.4% to $5.4 million at 75.8% margin (flat vs. 76.8% prior). Operating expenses climbed 13.0% to $14.5 million, with sales/marketing $5.3 million (+11.2%), R&D $5.2 million (+16.6%), G&A $4.1 million (+10.8%), driven by $0.7 million higher share-based compensation and merit increases, offset by 2024 savings. Operating loss widened to $9.2 million (+8.5% worse), net loss to $9.1 million (16.3% worse than $7.8 million). Basic/diluted EPS -$0. Weighted average shares 19.8 million. Total assets $10.4 million, equity $7.3 million, accumulated deficit -$127.1 million.
Revenue totaled $7,095 thousand, +$1.3 million YoY. Key drivers: DoD Shield OT Defender development in Asia Pacific boosted consulting to $5.3 million (+$1.1 million) and Shield to $1.8 million (+$0.2 million). TraceCop $3.1 million (43.2%, +$0.2 million). U.S. government $6.7 million (94.6%, from $4.8 million or 83.8%), three entities >10% each. Commercial $0.4 million (5.4%, down from 16.2%). Indirect channels 55.0% of revenue (vs. 35.4%). Q4 revenue down 25% QoQ and 12% YoY due to government funding delays from shutdown/continuing resolution. Export sales 2.9%. Expanded Shield resellers/partners like Port Nexus.
Gross margin stable at 75.8% (vs. 76.8%), as Shield mix ~25% both years; expect improvement with higher Shield proportion. Cost of revenue $1.7 million (+27.9%). Operating margin not stated, but loss/revenue ~ -129%. Opex up from 2024 savings ($0.5 million), equity grants, raises. Interest expense $81K (down from $328K post-debt exchanges). Other income $186K (interest on cash). No income tax. Stock-based comp $1.1 million in cash flow adjustments.
Operating cash use $6.8 million (net loss -$9.1M + $3.2M non-cash like $1.8M depreciation, $1.1M stock comp; -$0.9M working capital). Investing -$2.5 million ($1.8M software cap, $777K PPE, $81K deposit). Financing +$8.1 million ($7.0M direct offering, $1.5M SEPA, $23K stock plan, -$386K leases, -$124K public offering). Net cash decrease $1.2 million; ending cash $3.6 million (BS), working capital $2.4 million. Current liabilities $1.8 million (no notes payable), noncurrent $1.3 million. Total liabilities ~$3.1 million. Public float $20.1 million (Mar 2026).
Anticipate Shield/OT Defender sales growth to other DoD/commercial, Port Nexus pipeline for school safety. Government concentration to lessen with commercial traction. Risks: funding delays (Q4 impact), budget cuts, competition (Darktrace, Trellix, Recorded Future), going concern (recurring losses, cash burn, financing need via ATM/SEPA). Public float limits S-3 offerings to 1/3 float. No dividends planned. 52 employees.