Announcement • Feb 23
IronNet Files Form 15 IronNet, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its Common Stock under the Securities Exchange Act of 1934, as amended. The par value of the company's Common Stock was $0.0001 per share. Announcement • Feb 22
IronNet, Inc. Announces Board Changes IronNet, Inc. welcomed new Board Members including Rear Admiral (Ret.) Mike Hewitt, CEO of IP3, a company that develops sustainable energy and security infrastructure, and John Akridge, Co-Founder, Managing Partner, and CEO of Height Capital Markets, a Washington, D.C.-based capital markets firm that provides investment banking services. General (Ret.) Keith Alexander has stepped down as the Chairman of the Board of IronNet. Announcement • Dec 19
IronNet, Inc. announced delayed 10-Q filing On 12/18/2023, IronNet, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Sep 19
IronNet, Inc. announced delayed 10-Q filing On 09/18/2023, IronNet, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Sep 02
IronNet, Inc. Announces Resignation of Mary Gallagher from the Board of Directors and Audit Committee of Board IronNet, Inc. announced that on August 31, 2023, Mary Gallagher notified the Company of her resignation from the Company’s Board of Directors and the Audit Committee of the Board, effective immediately. Announcement • Jul 27
IronNet Announces Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard On July 20, 2023, Hon. Michael J. Rogers notified IronNet, Inc. of his resignation from the Company's Board of Directors and the Audit Committee of the Board (the Audit Committee), effective immediately. After giving effect to Mr. Rogers resignation, on July 20, 2023 the Audit Committee no longer had three members as required by Section 303A.07(A) of the Listed Company Manual of the New York Stock Exchange (NYSE). The Company informed the NYSE of the foregoing on July 20, 2023. The Company intends to regain compliance with NYSE Listed Company Manual Section 303A.07(A) promptly. Announcement • Jul 26
IronNet, Inc. Announces Resignation of Michael J. from Board of Directors and Audit Committee IronNet, Inc. on July 20, 2023 announced the resignation of Hon. Michael J. from the Company's Board of Directors and the Audit Committee of the Boardeffective immediately. Announcement • Jul 18
IronNet Announces Intention to Voluntarily Delist Securities from New York Stock Exchange IronNet, Inc. announced its intention to voluntarily delist from the New York Stock Exchange (“NYSE”). This announcement follows the Company’s receipt of notice from the NYSE that the Company is not in compliance with the NYSE’s continued listing standards. The Company has been evaluating its options with respect to its NYSE listing. After discussions and deliberations on these matters, the Company’s board of directors has approved a resolution authorizing the Company to voluntarily delist from the NYSE. On July 17, 2023, the Company notified NYSE of its intent to voluntarily delist its securities from NYSE. The Company currently anticipates that it will file a Form 25 with the Securities and Exchange Commission (the “SEC”) relating to the delisting on or about July 27, 2023, and anticipates that the delisting of its securities will become effective on or about August 6, 2023. Following delisting, the Company expects that its common stock will be traded on over-the-counter markets. The Company does not expect that the delisting will have any adverse effects on its business operations, and the Company will remain subject to the periodic reporting requirements of the Securities Exchange Act of 1934, as amended. Announcement • Jun 30
IronNet Announces Receipt of Notification Letter from NYSE IronNet, Inc. announced that it received a notice from the New York Stock Exchange (the “NYSE”) indicating that IronNet is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended April 30, 2023 with the Securities and Exchange Commission. As previously reported by IronNet in its Notification of Late Filing on Form 12b-25, filed with the SEC on June 15, 2023, IronNet was unable to file the Form 10-Q within the prescribed period due to diversion of company resources related in part to ongoing efforts by management to raise additional capital and negotiate a potential strategic transaction for the Company. The notice has no immediate effect on the listing of IronNet’s securities on the NYSE. The NYSE informed IronNet that, under NYSE rules, IronNet will have six months from June 21, 2023, or until December 20, 2023, to file the Form 10-Q with the SEC. IronNet can regain compliance with the NYSE listing standards at any time prior to that date by filing Form 10-Q. If IronNet fails to file the Form 10-Q before the NYSE’s compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months for IronNet to regain compliance, depending on the specific circumstances. Announcement • Jun 16
IronNet, Inc. announced delayed 10-Q filing On 06/15/2023, IronNet, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Reported Earnings • May 03
Third quarter 2023 earnings released: US$0.30 loss per share (vs US$1.87 loss in 3Q 2022) Third quarter 2023 results: US$0.30 loss per share (improved from US$1.87 loss in 3Q 2022). Revenue: US$6.99m (up 1.1% from 3Q 2022). Net loss: US$32.0m (loss narrowed 80% from 3Q 2022). Revenue is expected to decline by 7.4% p.a. on average during the next 3 years, while revenues in the Software industry in the US are expected to grow by 12%. Board Change • Mar 16
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Jan Tighe is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Seeking Alpha • Feb 16
IronNet: On Life Support By C5 Capital - Sell Summary
Ailing cybersecurity firm remains in bail-out discussions with long-term shareholder C5 Capital.
According to C5 Capital's non-binding expression of interest submitted in December, outside shareholders will be offered $0.30 per share in cash.
Due to "exigent circumstances" and considering the composition of the Board of Directors and stockholder base, IronNet does not intend to seek outside shareholder approval for the transaction.
Should negotiations break down, the company is likely to file for bankruptcy in the very near future.
With the shares trading approximately 60% above C5 Capital's non-binding offer and a definitive agreement likely to be finalized until the end of this month, investors should consider selling existing positions and moving on.
Five months ago, I advised investors to consider selling existing positions or outright shorting the shares of ailing cybersecurity start-up IronNet (IRNT) based on severe execution issues and elevated liquidity needs.
Since that time, the company's fundamentals have continued to deteriorate as evidenced by IronNet's latest going concern warning on November 14:
The timing and extent of spending to support the Company’s efforts to market and continue to develop its products in fiscal 2023 has been in excess of forecasted levels and the delayed timing and magnitude of contracts with customers have been below the levels previously anticipated. Based on the Company’s current operating plans and after considering the liquidity sources described above, management believes that the Company may not have sufficient cash and cash equivalents and capital resources to support planned operations for at least one year from the date of issuance of these consolidated financial statements. Management has concluded that there is substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might become necessary should the Company be unable to continue as a going concern.
On December 16, IronNet disclosed an Audit Committee Investigation related to certain allegations made by a former employee and delayed the filing of its quarterly report on form 10-Q for the fiscal quarter ended October 31, 2022.
In addition, the company announced a review of strategic alternatives amid an imminent cash crunch (emphasis added by author):
The Company is actively pursuing additional financing, and the Board of Directors has initiated a review of strategic alternatives for the Company, including retaining advisors to assist in the strategic review process. Based on its current operations, in the absence of additional sources of liquidity, management anticipates that the Company’s existing cash and cash equivalents and anticipated cash flows from operations will not be sufficient to meet the Company’s operating and liquidity needs through the end of December 2022.
In the event the Company determines that additional sources of liquidity will not be available to it or will not allow it to meet its obligations as they become due, the Company may need to file a voluntary petition for relief under the United States Bankruptcy Code in order to implement a plan of reorganization, court-supervised sale and/or liquidation.
Between December 14 and December 16, IronNet raised $6.9 million from the issuance of secured promissory notes to insiders and associated funds to satisfy current liabilities:
The Company has used the proceeds of the Notes to satisfy certain of its current liabilities. However, even after the application of the proceeds, management anticipates that, in the absence of additional sources of liquidity, the Company’s existing cash and cash equivalents and anticipated cash flows from operations will not be sufficient to meet the Company’s operating and liquidity needs beyond the end of December 2022.
On December 24, long-term shareholder C5 Capital Ltd. ("C5 Capital") submitted a non-binding expression of interest to acquire all of the company's outstanding common shares "at a price equal to $0.30 per share" and provide bridge funding until completion of the proposed transaction:
Further, in light of the Company’s liquidity needs and in order to enable the Company to complete the Proposed Transaction, C5 indicated that it was prepared to extend the Company financing on terms no less favorable than those set forth in the secured promissory notes issued by the Company on or around December 14, 2022 in the aggregate principal amount of approximately $6.9 million, including (i) an initial payment of $2 million by December 28, 2022, (ii) a second payment of $3.5 million on January 9, 2023 and (iii) a mutually agreed amount to be placed in escrow upon entering into definitive agreements with respect to the Proposed Transaction. C5 has conditioned further discussion regarding the Proposal on the Company agreeing to a mutual exclusivity period through January 31, 2022 (subject to an automatic extension of an additional seven days) to seek to negotiate definitive agreements with respect to the Proposed Transaction. Announcement • Jan 05
IronNet, Inc. Enhances Its Network Detection and Response Solution to Provide Broader Visibility of Cyber Threats IronNet, Inc. announced enhanced capabilities of its network detection and response (NDR) solution, IronDefense. Recognized with the highest possible rating for Enterprise Advanced Security NDR Detection by SE Labs, IronDefense enables advanced and early visibility of unknown cyber threats that have slipped past endpoint and firewall detection and entered the network, whether on-premises or in the cloud. With IronNet’s latest NDR updates, Security Operations Center (SOC) analysts can use IronDefense to detect VPN abuse such as high failed logins, password spray, and suspicious login times, any of which may be indicative of a brute force attack or unauthorized access attempts. Additional analytics updates enable detection of ongoing patterns of both fixed-interval and randomized-timing beacon activity as well as the detection of DNS tunnels using advanced encoding techniques being leveraged by attackers. The IronNet product team also has evolved IronDefense’s ease of use. Specifically, new sensors can now be auto-commissioned and auto-upgraded without requiring interaction from the SOC staff. From an ecosystem perspective, IronDefense enables customers using SentinelOne endpoint detection and response (EDR) to create and update network inventory as well as isolate a device in a SentinelOne-deployed network remotely from the Entity page in the IronDefense user interface. Similar capability exists for CarbonBlack and Crowdstrike endpoints. IronNet continues to empower security teams to do more with fewer resources, especially as organizations struggle to find the level of security talent needed to secure the network against both advanced and less sophisticated cyber attacks. The IronDefense product updates, suitable for organizations with more cyber-mature teams, complement IronNet’s new proactive command and control (C2) threat intel feed, IronRadarSM. Developed by IronNet’s team of elite threat hunters, IronRadar scours the internet fingerprinting servers to determine whether they are C2 infrastructure while being stood up, even before a cyber attack, such as ransomware, is initiated. Available now on AWS Marketplace for a free 14-day trial, IronRadar allows organizations with less sophisticated cybersecurity infrastructure to proactively and automatically update their existing cybersecurity tools to be able to block suspicious and malicious indicators of adversary infrastructure as they are being set up. IronNet’s advanced threat detection technology and proactive threat intelligence allow the IronNet Collective DefenseSM platform, powered by AWS, to serve as an early warning system for all companies and organizations participating in IronNet’s shared defense approach to cybersecurity. Announcement • Dec 29
IronNet Announces Receipt of Notification Letter from NYSE IronNet, Inc. announced that it received a notice from the New York Stock Exchange indicating that IronNet is not in compliance with Section 802.01E of the NYSE Listed Company Manual as a result of its failure to timely file its Quarterly Report on Form 10-Q for the quarter ended October 31, 2022 (the “Form 10-Q”) with the Securities and Exchange Commission (the “SEC”). As previously reported by IronNet in its Notification of Late Filing on Form 12b-25, filed with the SEC on December 16, 2022, IronNet was unable to file the Form 10-Q within the prescribed period due to its inability to complete its quarterly financial statements and related disclosures pending a planned investigation by the audit committee of the board of directors in response to allegations by a former employee. The allegations do not relate to IronNet’s financial statements for the quarter ended October 31, 2022. The notice has no immediate effect on the listing of IronNet’s securities on the NYSE. The NYSE informed IronNet that, under NYSE rules, IronNet will have six months from December 20, 2022, or until June 20, 2023, to file the Form 10-Q with the SEC. IronNet can regain compliance with the NYSE listing standards at any time prior to that date by filing Form 10-Q. If IronNet fails to file the Form 10-Q before the NYSE’s compliance deadline, the NYSE may grant, at its sole discretion, an extension of up to six additional months for IronNet to regain compliance, depending on the specific circumstances. Announcement • Dec 17
IronNet, Inc. announced delayed 10-Q filing On 12/16/2022, IronNet, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Nov 30
IronNet, Inc. Launches IronRadar IronNet, Inc. announced the launch of IronRadar, a new solution designed to proactively and automatically update customer cybersecurity tools to be able to detect and block malicious indicators of adversary infrastructure as they are being set up. Security teams can now gain access to IronRadar through a free trial being offered on AWS Marketplace. Developed by IronNet’s team of elite threat hunters, IronRadar scours the internet fingerprinting servers to determine whether they are command and control (“C2”) infrastructure while being stood up, even before a cyber attack, such as ransomware, is initiated. Demonstrating 98% accuracy over a six-month testing period, IronRadar further enriches the data by creating purpose-built intelligence updates for proactively blocking adversarial infrastructure. IronRadar threat detection and response is built from the ground up to be easy to deploy; accordingly, security teams can integrate IronRadar into existing tools, including SIEM/SOAR, TIP, EDRs, and firewalls, to increase effectiveness and defense. Once set up, IronRadar is regularly updated and automatically fed into a customer’s security landscape to proactively block threats, enabling faster response and realizing value without the need for sophisticated tools or large teams. IronRadar integrates seamlessly with the IronNet Collective DefenseSM platform, powered by AWS, which is the only solution that can identify anomalous behaviors and deliver anonymized, actionable attack intelligence to all the other participants in the IronNet community. The Collective Defense platform serves as an early warning system for all participating companies and organizations, strengthening network security through correlated alerts, automated triage, and extended hunt support. Board Change • Nov 26
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. No experienced directors. No highly experienced directors. Independent Director Jan Tighe is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 19
IronNet Announces Executive Changes On November 16, 2022, IronNet, Inc. (Company) and Donald Closser, the Company’s Chief Product Officer, mutually agreed to Mr. Closser’s separation from the Company, effective as of November 18, 2022 (Separation Date). The Company will not fill the vacancy at this time, and GEN (Ret.) Keith Alexander, Founder and Chief Executive Officer, will oversee the Company’s product function. Announcement • Nov 01
IronNet Announces Receipt of Continued Listing Standard Notice from NYSE On October 31, 2022, IronNet, Inc. announced that on October 25, 2022 it received written notice from the New York Stock Exchange (‘NYSE’) that the Company is not in compliance with the continued listing standards set forth in Rule 802.01C of the NYSE Listed Company Manual that requires listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period (the ‘Notice’). The NYSE rules require the Company to notify the NYSE, within 10 business days of receipt of the Notice, of its intent to cure this deficiency. The Company has six months following the receipt of the Notice to cure the deficiency and regain compliance. The Company’s common stock will continue to be listed and trade on the NYSE during this period, subject to the Company’s compliance with other NYSE continued listing standards. IronNet can regain compliance at any time during the six-month cure period if, on the last trading day of any calendar month during the cure period, its common stock has a closing price of at least $1.00 and an average closing price of at least $1.00 over the 30 consecutive trading-day period ending on the last trading day of that month. The Company will closely monitor the closing share price of its common stock and is considering all available options and intends to regain compliance with the NYSE listing standards by pursuing measures that are in the best interests of the Company and its shareholders. During this period, the Company’s common stock will continue to be listed and traded on the NYSE under its existing ticker symbol, with the addition of a suffix indicating the ‘below compliance’ status of its common stock, as ‘IRNT.BC.’ The Notice does not affect the Company’s business operations, or its Securities and Exchange Commission reporting requirements, and does not conflict with or trigger any violation under the Company’s material equity and debt financing agreements. Announcement • Sep 30
Ironnet Launches Ironradar to Automatically Block Adversary Infrastructure IronNet, Inc. has launched IronRadarSM, a new solution designed to proactively and automatically update customers’ cybersecurity tools with malicious indicators for adversary infrastructure. Developed by IronNet’s team of elite threat hunters, IronRadar uses an innovative process that fingerprints a server and determines whether it is a command and control (C2) server while those servers are being stood up, even before a cyber attack is initiated. IronRadar enriches the data creating purpose-built intelligence updates for proactively blocking adversarial infrastructure, and was observed to have 98% accuracy over six months of testing. IronRadar is now available for all networks beyond the IronNet Collective DefenseSM platform community as an annual subscription – sold directly from the Amazon Web Services (AWS) Marketplace makes it cost effective and easy to buy and scale. Once installed, customers can easily upgrade to join the Collective Defense community at any time. IronRadar is the only existing automated threat intelligence feed developed specifically to combat C2 behavior. This easy-to-use tool enables a customer’s SOC to: Actively block known C2 and emerging threat C2 IoCs. Integrate real-time threat intelligence into any security solution – SIEM, SOAR, Incident Response, and more. Accelerate threat response by exposing the adversaries and evolving tradecraft targeting infrastructure. IronRadar integrates seamlessly with the IronNet Collective Defense platform, powered by AWS, which is the only solution that can identify anomalous behaviors and deliver actionable attack intelligence to all the other participants in the IronNet community. The Collective Defense platform serves as an early warning system for all participating companies and organizations, strengthening network security through correlated alerts, automated triage, and extended hunt support. Announcement • Sep 16
IronNet, Inc. announced that it expects to receive $25.75 million in funding IronNet, Inc. announced that it has entered into a securities purchase agreement for a private placement of senior unsecured convertible promissory notes for a gross proceeds of up to $25,750,000 on September 14, 2022. The notes bear interest at an annual rate of 5.0% per annum, payable monthly on the first of each month, beginning the first month that is 90 days following the issuance date of such Convertible Note, payable in cash and/or shares of Common Stock, at the Company’s option. The interest rate will increase to an annual rate of 10.0% per annum upon the occurrence and during the continuance of an event of default under the Convertible Notes. Each Convertible Note issued pursuant to the Purchase Agreement will have a maturity date of 18 months from issuance, which may be extended at the option of the Investor in certain instances. The Convertible Notes provide a conversion right, in which the Investor may, at any time after the issuance date, convert any portion of the principal amount of the Convertible Notes, together with any accrued and unpaid interest and any other unpaid amounts, into shares of Common Stock at a conversion price of $7.50 per share, subject to adjustment in accordance with the terms of the Convertible Notes. Recent Insider Transactions • Sep 08
Co-CEO & Director recently sold US$80k worth of stock On the 2nd of September, William Welch sold around 42k shares on-market at roughly US$1.92 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$99k. William has been a net seller over the last 12 months, reducing personal holdings by US$6.5m. Announcement • Sep 01
IronNet, Inc. to Report Q2, 2023 Results on Sep 14, 2022 IronNet, Inc. announced that they will report Q2, 2023 results After-Market on Sep 14, 2022 Recent Insider Transactions • Aug 05
Co-CEO & Director recently sold US$99k worth of stock On the 3rd of August, William Welch sold around 42k shares on-market at roughly US$2.37 per share. This was the largest sale by an insider in the last 3 months. William has been a seller over the last 12 months, reducing personal holdings by US$6.4m. Recent Insider Transactions • Jul 07
Co-CEO & Director recently sold US$61k worth of stock On the 1st of July, William Welch sold around 29k shares on-market at roughly US$2.11 per share. In the last 3 months, they made an even bigger sale worth US$88k. William has been a seller over the last 12 months, reducing personal holdings by US$6.3m. Major Estimate Revision • Jun 21
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in 2023 has deteriorated. 2023 revenue forecast decreased from US$33.9m to US$33.5m. Losses expected to increase from US$0.83 per share to US$1.06. Software industry in the US expected to see average net income growth of 7.9% next year. Consensus price target down from US$4.63 to US$4.13. Share price was steady at US$2.60 over the past week. Reported Earnings • Jun 16
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: US$0.33 loss per share (down from US$0.28 loss in 1Q 2022). Revenue: US$6.69m (up 4.9% from 1Q 2022). Net loss: US$33.2m (loss widened 114% from 1Q 2022). Revenue missed analyst estimates by 7.1%. Earnings per share (EPS) also missed analyst estimates by 65%. Over the next year, revenue is forecast to grow 37%, compared to a 24% growth forecast for the industry in the US. Announcement • Jun 15
IronNet, Inc. Provides Revenue Guidance for the Fiscal Year 2023 IronNet, Inc. provided revenue guidance for the fiscal year 2023. IronNet still expects revenue of approximately $34 million, representing nearly 25% growth year over year. Recent Insider Transactions • Jun 05
Co-CEO & Director recently sold US$88k worth of stock On the 2nd of June, William Welch sold around 28k shares on-market at roughly US$3.08 per share. In the last 3 months, they made an even bigger sale worth US$5.9m. William has been a seller over the last 12 months, reducing personal holdings by US$6.2m. Recent Insider Transactions • May 11
Co-CEO & Director recently sold US$83k worth of stock On the 6th of May, William Welch sold around 29k shares on-market at roughly US$2.84 per share. In the last 3 months, they made an even bigger sale worth US$5.9m. William has been a seller over the last 12 months, reducing personal holdings by US$6.2m. Announcement • May 06
IronNet, Inc. Updates Revenue Guidance for the Fiscal Year Ending January 31, 2022 IronNet, Inc. updated revenue guidance for the fiscal year ending January 31, 2022. For the period, the company expects revenues of $43 million to $45 million. Price Target Changed • Apr 27
Price target decreased to US$4.63 Down from US$5.13, the current price target is an average from 5 analysts. New target price is 73% above last closing price of US$2.68. Stock is down 73% over the past year. The company is forecast to post a net loss per share of US$0.83 next year compared to a net loss per share of US$3.02 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. Independent Director Andre Pienaar is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 23
Johnson Fistel, LLP Files a Class Action Lawsuit on Behalf of IronNet Investors Alleging Violations of the Federal Securities Laws Johnson Fistel, LLP announced that it has filed a class-action lawsuit on behalf of all those who purchased IronNet, Inc. securities during the period between September 15, 2021 and December 15, 2021, inclusive (the "Class"). The action was filed in the United States District Court for the Eastern District of Virginia (Alexandria Division) and is captioned Grad v. IronNet, Inc., et al., Civil Action No. 1:22-cv-00449. CASE ALLEGATIONS: On August 27, 2021, IronNet became a publicly-traded company via a merger with LGL Systems Acquisition Corp. (“LGL”), a blank check company otherwise known as a special purpose acquisition vehicle (“SPAC”). Like other SPACs, LGL did not initially have any operations or business of its own. Rather, it raised money from investors in an initial public offering and then later used the proceeds from the offering to acquire IronNet, which had been a private company. The complaint charges IronNet, its Co-Chief Executive Officers, and its Chief Financial Officer with violations of the Securities Exchange Act of 1934. According to the complaint, the defendants made materially false and misleading statements and failed to disclose known adverse facts about IronNet's business, operations, and prospects, including that: (i) the Company had materially overstated its business and financial prospects; (ii) the Company was unable to predict the timing of significant customer opportunities which constituted a substantial portion of its publicly-issued Fiscal Year 2022 financial guidance; (iii) the Company had not established effective disclosure controls and procedures to reasonably ensure its public disclosures were timely, accurate, complete, and not otherwise misleading; and (iv) as a result, the Company’s public statements were materially false, misleading, and/or lacked any reasonable basis in fact at all relevant times. Major Estimate Revision • Apr 13
Consensus forecasts updated The consensus outlook for 2023 has been updated. 2023 revenue forecast fell from US$42.0m to US$33.9m. EPS estimate increased from -US$0.84 to -US$0.83 per share. Software industry in the US expected to see average net income growth of 6.1% next year. Consensus price target down from US$5.13 to US$4.63. Share price fell 17% to US$3.07 over the past week. Reported Earnings • Apr 07
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: US$3.02 loss per share (down from US$1.03 loss in FY 2021). Revenue: US$27.5m (down 5.8% from FY 2021). Net loss: US$241.7m (loss widened 336% from FY 2021). Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 5.8%. Over the next year, revenue is forecast to grow 52%, compared to a 47% growth forecast for the industry in the US. Announcement • Apr 07
IronNet, Inc. Provides Revenue Guidance for the Year 2023 IronNet, Inc. provided revenue guidance for the year 2023. For the fiscal year 2023, the company expects revenue of approximately $34 million, representing nearly 25% growth. Recent Insider Transactions • Mar 18
Chief Financial Officer recently sold US$93k worth of stock On the 10th of March, James Gerber sold around 19k shares on-market at roughly US$4.81 per share. This was the largest sale by an insider in the last 3 months. This was James' only on-market trade for the last 12 months. Board Change • Jan 31
High number of new and inexperienced directors There are 11 new directors who have joined the board in the last 3 years. The company's board is composed of: 11 new directors. No experienced directors. No highly experienced directors. Independent Director Andre Pienaar is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Jan 09
Independent Director recently bought US$106k worth of stock On the 3rd of January, John Keane bought around 25k shares on-market at roughly US$4.24 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Dec 16
IronNet, Inc. Provides Earnings Guidance for the Year of 2022 IronNet, Inc. provided earnings guidance for the year of 2022. For the year, the company expects revenue of approximately $26 million. Announcement • Sep 15
IronNet Cybersecurity, Inc. Provides Revenue Guidance for the Full Year of Fiscal 2022 IronNet Cybersecurity, Inc. provided revenue guidance for the full year of fiscal 2022. For the year, the company expects revenue of $43 to $45 million.