Aankondiging • Mar 28

Intrusion Inc. Provides Non-Compliance Update

On March 26, 2024, Intrusion Inc. received an additional notice from Nasdaq notifying the Company that the Company has not regained compliance with the Minimum Bid Requirement and is not eligible for a second 180-day period because the Company does not comply with the $5,000,000 minimum stockholders' equity initial listing requirement for The Nasdaq Capital Market. Accordingly, this matter serves as an additional basis for delisting the Company's securities from The Nasdaq Stock Market. The notice also states that the Hearings Panel will consider the matter in their discretion regarding the Company's continued listing on Nasdaq and that the Company should present its views with respect to this additional deficiency to the Hearing Panel in writing no later than 5:00 p.m. Eastern Time on April 2, 2024. As previously reported, on September 26, 2023, the Company received a written notice from The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that the closing bid price of the Company's shares of common stock (the Common Shares") over the 30 consecutive trading days from August 14, 2023, through September 25, 2023, had fallen below $1.00 per share, which is the minimum closing bid price required to maintain listing on Nasdaq under Listing Rule 5550(a)(2) (the Minimum Bid Requirement"). Such notice additionally stated that in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company would receive 180 calendar days to regain compliance with the Minimum Bid Requirement (the Grace Period"), or until March 25, 2024, subject to a potential 180 calendar day extension. As previously reported, the Company conducted a 1-for-20 reverse stock split of its issued and outstanding shares of common stock, which is further described below in Item 5.03 and which became effective for trading on the Nasdaq on March 25, 2024, in order to regain compliance with the Minimum Bid Requirement. As also previously reported, on April 28, 2023, the Company received written notice from Nasdaq notifying the Company that, for the then-last 30 consecutive business days, the Company's Market Value of Listed Securities (MVLS") was below the minimum of $35 million required for continued listing on the Nasdaq Capital Market pursuant to Listing Rule 5550(b)(2) (the Market Value Standard"). The notice provided that, in accordance with Listing Rule 5810(c)(3)(C), the Company had a period of 180 calendar days from the date of the notice, or until October 25, 2023, to regain compliance pursuant to one of the three standards as set under Rule 5550(b)(1), (b)(2), or (b)(3). The Nasdaq provided written notification of the Company's failure to regain compliance with the MVLS requirement by October 25, 2023, and afforded the Company the opportunity to request a hearing before the Hearings Panel. The Company timely requested a hearing before a Hearings Panel, which stayed any action with respect to the Staff Determination until such Nasdaq Panel rendered a final decision subsequent to the hearing. At the hearing, the Company presented its plan for regaining and sustaining compliance with all applicable requirements for continued listing on The Nasdaq Capital Market. The Hearings Panel has subsequently given the Company, until April 23, 2023, to regain compliance. However, there can be no assurance that the Company will be able to regain or maintain compliance with the aforementioned Nasdaq listing criteria.

Seeking Alpha • Sep 22

Intrusion Nears Pivot Point

Summary INTZ continues to methodically prepare for the launch of its new Cloud and Endpoint products. These products, which significantly increase the company’s TAM, should be ready by EOQ3. A strategic partnership with a major company is expected to be announced within the next month or two, which will likely validate INTZ’s Shield product. INTZ’s Shield product could be included on the important GSA Schedule, as well as on the list of the Department of Homeland Security’s approved cybersecurity products by EOY. These developments indicate the company is at a pivot point, with 2023 set to be the year that INTZ starts to reach its full potential. My followers may recall I recently re-initiated coverage on Intrusion (INTZ), a cybersecurity threat detection company, with an article in early June. For those who do not wish to read the entire article, let me sum up my thesis: a professional with the pedigree of new CEO Tony Scott (formerly CTO at [[GM]]; CIO at [[DIS]], [[MSFT]], [[VMW]], and the Federal Government under Obama Administration) does not come to run a small, beleaguered company unless he truly believes in the company’s technology. In other words, an investment in INTZ is essentially an investment in Tony Scott. And as someone following small-cap companies for some time now, let me tell you: we rarely get to invest in CEOs like Tony Scott in the small-cap space. Granted, my investment thesis is a little more nuanced than how I summarized it above, but my basic point remains. During Tony Scott’s short tenure, the company has made several key changes. First, the messaging surrounding their Shield product changed. This messaging makes sense. Instead of advertising Shield as the “be all, end all,” INTZ now properly markets the product as one among several that companies can use to enhance their protection against destructive cyber attacks. Second, the company quickly changed its go-to-market strategy. Instead of hiring dozens of salespeople to sell a product that, frankly, was not yet fully ready for market, Scott invested in improving Shield and is focusing on partnering with major players in the technology space. In this article, I will update on INTZ’s progress over the past three months. All of these changes and updates indicate to me that INTZ is soon to reach a pivot point. Specifically, the company is nearing a point where Shield’s family of products is ready for primetime. This should result in the company materially increasing its revenue and EPS in 2023 and beyond. Because of this, I believe investors in the stock now will be handsomely rewarded. Shield Cloud & Endpoint Ready for Primetime INTZ currently offers one form of Shield. This initial version is an on-premise device. The problem with an on-prem device is that it requires hardware installation. While this might not be a major issue for a big-name player in cybersecurity, it does handicap Shield salespeople. In order to currently sell Shield, the company must convince prospective customers to install hardware as part their network; hardware from a company they had not heard of previously. That is a heavy lift. Fortunately, INTZ is about to remedy this scenario with the release of Shield Cloud and Shield Endpoint. These products will allow prospective companies to use Shield on a more limited basis, ensuring the product works and does no harm. If the customer is satisfied with Shield at that point, it greatly increases the chance of the customer installing Shield on-premise. Regardless, even with the Cloud and Endpoint solutions, INTZ profits and protects a significant portion of a customer’s infrastructure. Intrusion Website According to the most recent guidance on the 2Q22 earnings call, the Cloud and Endpoint solutions should be ready for general availability by EOQ3--within the next few days. When I spoke to people familiar with the company, they indicated INTZ remains on track to meet this target, so I expect to see an announcement and/or an update to the company’s website soon. The availability of these solutions greatly increases INTZ’s TAM and sales opportunities. Strategic Partnership Opportunities Nearing In addition to, and likely dependent upon, the Cloud and Endpoint releases, INTZ continued to guide on the 2Q22 earnings call for a major strategic partnership to be finalized by EOQ3. My own research indicates the company continues to progress in reaching the finish line on a first strategic partnership for its Shield product. However, it may be in October or early November before that deal is fully finalized and announced. As is so often the case, massive companies move at a slower pace than smaller companies like INTZ. But, in the end, whether INTZ finalizes the deal in September or October is rather irrelevant to the bigger picture. Speaking of the bigger picture, you may notice I mentioned INTZ is close to signing its “first” strategic partnership. That is because the company has hinted they expect to sign at least one, if not two, additional strategic partnerships over the next 6-12 months. Each of these partnerships would address various aspects of the cybersecurity market. While I am not aware of the identity of any of these partners, I am under the distinct impression they will be major players in their space and will, thus, validate the Shield product. With Scott’s resume (again: MSFT, VMW, Federal CIO), one can imagine the possibilities. In any case, based on Tony Scott’s commentary on the Q2 call, it sounds like INTZ expects their strategic partners to make a financial investment in the company. Based on all these factors, I believe the stock could rally if and when a strategic partnership is announced. Opportunities Abound In addition to the strategic partnership opportunities, INTZ already formed and announced smaller partnerships. For example, in June the company announced a reseller deal with InnerCore Technologies. And in August they entered an agreement with OneSmartLaboratory, a deal that required Shield to meet and exceed HIPAA regulations for Electronic Protected Health Information. But there are three other near-term opportunities I want to highlight in more depth. These include a new relationship with Super Micro Computer (SMCI), the possibility of being added to the GSA Schedule, as well as the approved list of the Department of Homeland Security ("DHS"), and an upcoming exhibit at the Association of the United States Army ("AUSA"). Super Micro Agreement On the Q2 call, Tony Scott announced an agreement with SMCI as INTZ’s primary global supplier of hardware. He then highlighted how SMCI supports INTZ’s expected growth. “First, Super Micro helps us improve the performance of our existing technology through its excellent engineering capabilities. Second, it serves as a reliable hardware partner, with the ability to get us products promptly as we strive to satisfy global customer demand. Third, Super Micro has a global presence with operations in over 100 countries, which will accelerate our hardware deployment and provide international technical support to our global customers at a local level.” SMCI Website While this agreement is important in its own right, one has to wonder if the INTZ-SMCI relationship will deepen over time. To this point, fellow Seeking Alpha author Shareholders Unite recently wrote a piece about SMCI. In that article, Shareholders Unite stressed that SMCI “is undergoing a successful transformation from one that offers products to a company that offers solutions.” The author later noted: “[SMCI] is morphing from being a supplier of parts to a Total Solution Provider, basically acting as a one-stop shop for customers.” I would further note that SMCI white labels other companies’ products, such as Office Depot computers and several cloud-related products. Based upon all of this, it seems plausible that the INTZ-SMCI relationship could blossom into something more down the road. Government-Related Opportunities With respect to government opportunities, I noted in my previous article that CEO Scott has a plethora of connections in this space due to his time as Federal CIO. But in addition to those opportunities, INTZ could benefit from much broader government programs. One such program is the GSA Schedule. GSA Schedule is shorthand for the U.S. General Services Administration Multiple Award Schedule. The GSA Schedule simplifies what otherwise would be an extremely complex navigation for governmental entities through US law. Based upon that law, there are numerous requirements that need to be met for a government entity to purchase from a private enterprise. The GSA Schedule simplifies this by providing these government entities with a list of private enterprises, products, and pricing that satisfies US law. In other words, if you are listed on the GSA Schedule, you have already been vetted and approved to be used. An individual government entity, therefore, does not need to conduct their own due diligence or negotiate fair pricing. In short, being listed on the GSA Schedule provides a company with an enormous opportunity to earn government business. According to people familiar with INTZ, the company’s Shield product will likely become listed on the GSA Schedule in tandem with a strategic partnership under negotiation. If that partnership falls through, INTZ would, of course, attempt to be listed under the GSA Schedule separately, but the quickest approach is to be adopted in through the strategic partnership. As important as this would be for INTZ, a source also hinted that the company could be approved by the DHS as well. This list is even more exclusive than the GSA Schedule, and could greatly bolster INTZ’s exposure to prospective government customers. Association of the United States Army The AUSA plans to host its 2022 Annual Meeting and Exposition on October 10-12 in Washington, DC. INTZ is listed as a “National Partner Member Organization” for this upcoming Exposition. While INTZ having an exhibit at this event would be significant any year, given that international military and government representatives regularly attend, it is most especially important this year. That is because the meeting’s theme is “Building the Army of 2030.” As part of this theme, the AUSA will specifically highlight the role of cybersecurity in the Army of 2030, meaning that INTZ will be one of the companies showcased at the center of the Exposition. I believe this opportunity with the AUSA will allow INTZ to make important connections with military and government representatives from around the world, entities increasingly concerned about specific cybersecurity attacks INTZ can uniquely help prevent. Intrusion Website Risks In my re-initiation article linked in the intro, I cited INTZ's biggest risk as its bad reputation from the circumstances surrounding their former CEO. I believe the advancements made and being made by Tony Scott are beginning to heavily mitigate this risk. Still, until the company receives major validation via a strategic partnership, some investors will likely want to stay away based on past concerns. Another risk with INTZ is the obvious need for a capital raise. On the Q2 call, Tony Scott clearly indicated the company expects to raise $15-20M via equity offerings over the next year or so. This is to help support the continued investment in the Shield product offerings, as well as to eventually fund a sales team once the products are ready to be heavily marketed. The company, as I noted in my prior article, already gained access to around $10M of that money via short-term debt obligations. The proceeds of the equity raises, then, would be partially used to pay down that debt. The company chose that route—initially taking out debt to later be settled via equity—because they believed the stock was massively undervalued. That turned out to be a wise move. Recently, INTZ filed a Form 8-K with the SEC, noting they entered a Securities Purchase Agreement for $5.9M of INTZ shares. The purchasers of the company’s stock paid market value for the shares plus warrants ($4.29). Notably, the purchase price was roughly twice the value of INTZ’s shares when they took on the short-term debt. Hence, my comment that the company handled this situation wisely. Data by YCharts

Sneeuwvlok Score
Waardering	2/6
Toekomstige groei	2/6
Prestaties in het verleden	0/6
Financiële gezondheid	5/6
Dividenden	0/6

Historische aandelenkoersen
Huidige aandelenkoers	US$1.02
52 Week Hoogtepunt	US$2.31
52 Week Laag	US$0.66
Bèta	-1.67
1 maand verandering	36.00%
3 maanden verandering	13.33%
1 Jaar Verandering	-51.66%
3 jaar verandering	-95.23%
5 jaar verandering	-99.40%
Verandering sinds IPO	-99.72%

	INTZ	US Software	US Markt
7D	25.9%	-1.4%	-0.9%
1Y	-51.7%	-20.9%	19.4%

INTZ volatility
INTZ Average Weekly Movement	15.8%
Software Industry Average Movement	10.0%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.7%
10% least volatile stocks in US Market	3.2%

INTZ fundamentele statistieken
Marktkapitalisatie	US$19.07m
Inkomsten(TTM)	-US$10.52m
Inkomsten(TTM)	US$6.21m

INTZ resultatenrekening (TTM)
Inkomsten	US$6.21m
Kosten van inkomsten	US$1.51m
Brutowinst	US$4.70m
Overige uitgaven	US$15.22m
Inkomsten	-US$10.52m

Winst per aandeel (EPS)	-0.52
Brutomarge	75.64%
Nettowinstmarge	-169.52%
Schuld/Eigen Vermogen Verhouding	0%

Gegevens	Laatst bijgewerkt (UTC-tijd)
Bedrijfsanalyse	2026/07/13 17:19
Aandelenkoers aan het einde van de dag	2026/07/13 00:00
Inkomsten	2026/03/31
Jaarlijkse inkomsten	2025/12/31

Pakket	Gegevens	Tijdframe	Voorbeeld Amerikaanse bron ^*
Financiële gegevens bedrijf	10 jaar	Resultatenrekening Kasstroomoverzicht Balans	SEC-formulier 10-K SEC-formulier 10-Q
Consensus schattingen analisten	+3 jaar	Financiële prognoses Koersdoelen analisten	Onderzoeksrapporten van analisten Blue Matrix
Marktprijzen	30 jaar	Aandelenprijzen Dividenden, splitsingen en acties	ICE Marktgegevens SEC-formulier S-1
Eigendom	10 jaar	Top aandeelhouders Handel met voorkennis	SEC-formulier 4 SEC-formulier 13D
Beheer	10 jaar	Leiderschapsteam Raad van bestuur	SEC-formulier 10-K SEC-formulier DEF 14A
Belangrijkste ontwikkelingen	10 jaar	Bedrijfsaankondigingen	SEC-formulier 8-K

Analist	Instelling
Edward Woo	Ascendiant Capital Markets LLC
Zachary Cummins	B. Riley Securities, Inc.
Scott Buck	H.C. Wainwright & Co.

Intrusion (INTZ) Aandelenoverzicht

Beloningen

Risicoanalyse

Analyst Price Targets

Migration To AWS And Azure Will Drive Cybersecurity Readiness

Government Challenges Will Limit Cybersecurity Scale Yet Foster Digital Shift

Rising Digitization And Cyber Threats Will Spur Network Security

Top Analyst Narratives

Migration To AWS And Azure Will Drive Cybersecurity Readiness

Government Challenges Will Limit Cybersecurity Scale Yet Foster Digital Shift

Rising Digitization And Cyber Threats Will Spur Network Security

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Prijsgeschiedenis en prestaties

Recent nieuws en updates

Intrusion Inc., Annual General Meeting, Aug 27, 2026

INTZ: Acquisition Focus And Nasdaq Compliance Plan Will Support Future Upside

Intrusion Inc. (NasdaqCM:INTZ) acquired VigilAigent Corp. (OTCPK:TGCB).

INTZ: Higher Future P/E Assumptions Will Support Earnings Upside

Consensus revenue estimates fall by 14%

INTZ: Nasdaq Compliance Efforts And Higher P/E Multiple Will Support Earnings Upside

Recent updates

Intrusion Inc., Annual General Meeting, Aug 27, 2026

INTZ: Acquisition Focus And Nasdaq Compliance Plan Will Support Future Upside

Intrusion Inc. (NasdaqCM:INTZ) acquired VigilAigent Corp. (OTCPK:TGCB).

INTZ: Higher Future P/E Assumptions Will Support Earnings Upside

Consensus revenue estimates fall by 14%

INTZ: Nasdaq Compliance Efforts And Higher P/E Multiple Will Support Earnings Upside

INTZ: Lower Multiple And Nasdaq Risk Will Still Support Earnings Upside

First quarter 2026 earnings: EPS and revenues miss analyst expectations

Intrusion Inc. Receives Notice of Non-Compliance with Nasdaq Listing Requirements

INTZ: Execution On New Secured Note And Tighter Assumptions Will Drive Upside

Intrusion Inc. to Report Q1, 2026 Results on May 14, 2026

INTZ: Future Execution On New Secured Note Funding Will Drive Upside

INTZ: Higher Risk Assumptions Will Still Support Longer Term Earnings Upside

Price target decreased by 21% to US$5.75

Full year 2025 earnings: EPS and revenues miss analyst expectations

INTZ: Stable Fair Value And Assumptions Will Support Future Upside Potential

INTZ: Maintained Fair Value Will Support Stronger Future Upside Potential

Intrusion Inc. to Report Q4, 2025 Results on Mar 24, 2026

INTZ: Refined Profitability Assumptions Will Support Future Upside Potential

INTZ: Stable Profit Assumptions Will Support Future Upside Potential

INTZ: Stable Assumptions And Margin Outlook Will Support Future Upside Potential

INTZ: Higher Projected P/E Will Support Stronger Future Upside Potential

INTZ: Future Margin Expansion Will Drive Attractive Upside Potential

INTZ: Future Earnings Multiple Compression Will Drive Attractive Upside Potential

New minor risk - Share price stability

Third quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

Will Intrusion (NASDAQ:INTZ) Spend Its Cash Wisely?

INTZ: Higher Fair Value Estimate Signals Strong Upside Potential Ahead

Intrusion Inc. to Report Q3, 2025 Results on Nov 11, 2025

Price target increased by 7.7% to US$7.00

Migration To AWS And Azure Will Drive Cybersecurity Readiness

Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

Intrusion Inc. to Report Q2, 2025 Results on Aug 12, 2025

Intrusion Inc., Annual General Meeting, Aug 19, 2025

Intrusion Inc. has completed a Follow-on Equity Offering in the amount of $18.263767 million.

Price target increased by 14% to US$6.25

First quarter 2025 earnings: EPS and revenues exceed analyst expectations

New major risk - Revenue and earnings growth

Intrusion Inc. to Report Q1, 2025 Results on Apr 29, 2025

Debt Elimination And New Cyber Solutions Will Expand Market Reach

Consensus revenue estimates decrease by 17%, EPS upgraded

Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

New major risk - Market cap size

Intrusion Inc. to Report Q4, 2024 Results on Feb 27, 2025

Intrusion Inc. has filed a Follow-on Equity Offering in the amount of $7.499818 million.

Intrusion Inc. Expands Cybersecurity Portfolio with Shield Sentinel: Advanced Network Monitoring for Large-Scale Environments

Consensus revenue estimates decrease by 10%, EPS upgraded

New major risk - Financial position

Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind

Intrusion Inc. Announces James F. Gero Will Retire from Its Board of Directors, Effective November 20, 2024

Intrusion Inc. to Report Q3, 2024 Results on Nov 12, 2024

Intrusion Receives Non-Compliance Letter from Nasdaq Regarding Minimum Bid Price Requirement

Price target decreased by 16% to US$7.75

Consensus EPS estimates fall by 49%

Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind