Intrusion Inc. reported a modest increase in revenue for the fiscal year ending December 31, 2024, totaling $5.8 million, up 2.9% from $5.6 million in 2023. The company experienced a net loss of $7.8 million, a significant improvement compared to the $13.9 million loss reported in the previous year. This reduction in losses was attributed to a decrease in operating expenses, which fell by 21.5% to $12.9 million, driven by cost-cutting measures including staff reductions and renegotiated contracts. Gross profit remained relatively stable at $4.4 million, with a slight decline in gross profit margin from 77.6% in 2023 to 76.8% in 2024.
A notable shift in revenue sources occurred, with sales to U.S. government entities accounting for 83.8% of total revenue, a significant increase from 46.2% in 2023. This change reflects the company's strategic focus on government contracts, which are expected to continue to be a substantial revenue source. Conversely, revenue from commercial customers dropped to $0.9 million, or 16.2% of total revenue, down from $3.0 million in the previous year. The company anticipates that as it gains traction with its INTRUSION Shield product line, the proportion of revenue from commercial customers will increase.
Operationally, Intrusion has been expanding its sales and marketing efforts, particularly through reseller and channel partnerships, to enhance the adoption of its INTRUSION Shield solutions. The company launched additional products within the Shield line, including Shield Cloud and Shield End-Point, aimed at providing comprehensive cybersecurity solutions. As of December 31, 2024, the company employed 50 individuals, a slight increase from 49 in the previous year, indicating a stable workforce amidst ongoing restructuring efforts.
Looking ahead, Intrusion's management expressed optimism about the potential for revenue growth driven by the expanding customer base for its Shield products. However, the company acknowledged the challenges posed by market conditions and the need for continued investment in product development to maintain competitiveness. The filing also highlighted the risks associated with reliance on government contracts and the potential impact of budgetary constraints on future revenues. Overall, while the company has made strides in reducing losses and stabilizing revenue, it remains focused on executing its growth strategy in a competitive cybersecurity landscape.
About INTRUSION INC
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