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Intrusion Inc.(INTZ) and its subsidiaries have released their financial statements for the first quarter of 2023, revealing a net loss of $4.7 million. The company's revenue for the same period was reported at $1.3 million. Let's delve into the details of their financial performance.
The unaudited condensed consolidated statements of operations for the three months ended March 31, 2023, show that Intrusion Inc. incurred a net loss of $4.7 million. This represents a challenging quarter for the company, as it has experienced a significant decrease in its net income compared to previous periods.
In Q1 2023, Intrusion Inc. generated a total revenue of $1.3 million. This figure includes the income generated from the sales of the company's products and services during the first quarter of the year. However, it is evident that the revenue for this period is lower than in the same quarter of the previous year.
As of March 31, 2023, the company's total assets amount to $5.2 million. Current assets, which include cash and cash equivalents, accounts receivable, and prepaid expenses, were reported at $1.3 million. Noncurrent assets, comprising property and equipment, finance leases, and other assets, stood at $3.95 million.
The company's current liabilities, which consist of accounts payable, accrued expenses, finance leases liabilities, operating leases liabilities, notes payable, and deferred revenue, were recorded at $13.8 million as of March 31, 2023. Noncurrent liabilities, which mainly include long-term finance and operating leases liabilities, were reported at $0.2 million.
Furthermore, Intrusion Inc.'s stockholders' deficit as of March 31, 2023, amounts to $8.8 million. This deficit is primarily attributed to the accumulated deficit resulting from the net losses incurred over time. The deficit also considers common stock held in treasury, the accumulated other comprehensive loss, and the additional paid-in capital from stockholders.
Intrusion Inc. faced significant challenges in the first quarter of 2023, reporting a net loss of $4.7 million and total revenue of $1.3 million. The company's financial statements reflect a need for careful evaluation and strategic planning to improve its financial performance in subsequent quarters. As the year progresses, the management will likely focus on implementing measures to optimize revenue generation and minimize losses, striving for sustainable growth and financial stability.