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Tag: IRNT

  • Q4 Fiscal 2022 Earnings Report: IronNet Inc. (IRNT) stock Takes a Hit After Hours on Bleak Outlook

    Q4 Fiscal 2022 Earnings Report: IronNet Inc. (IRNT) stock Takes a Hit After Hours on Bleak Outlook

    IronNet Inc. (IRNT) stock crashed by 9.22% in late trading on April 6, 2022, after the company posted its preliminary financial report. Also, the company is said to have found an error in its previous financials and will likely revise the Q3 results. Thus, the stock plunged down to a value of $3.25 per share in the after-hours against its previous close at $3.58. The prior session had reported a decline of 3.76%.

    Source: Uni of Pennsylvania

    IRNT’s Latest Financial Report

    On Wednesday, the company announced its preliminary Q4 and fiscal 2022 results which ended on January 31, 2022.

    Q4 Fiscal 2022 Highlights

    The company reported revenue of $8.2 million for the quarter against $7.4 million in the year-ago period. With a nice YOY growth the revenue beat the higher end of expectations of $7.10 million while Zacks expected sales of $6.85 million. Furthermore, the ARR was $31.8 million on January 31.

    Moreover, IRNT reduced its adjusted net loss to $19.6 million from $20.2 million in the prior quarter.

    At the end of the quarter, the company’s cash and cash equivalents totaled $47.7 million while its equity line facility with Tumim Stone Capital remains undrawn.

    Fiscal 2023 Outlook

    The company’s 2023 outlook remained shy of analysts’ expectations while CFO James Gerber said that they will increase guidance with strategic customer contracts in mind.

    For fiscal 2023, IRNT expects revenue of roughly $34 million with a YOY increase of approximately 25%. On the other hand, analysts were expecting revenue of $41.97 million for the year.

    Additionally, the projected ARR stands at $48 million approx. with 50% YOY growth.

    Cybersecurity Market & IRNT

    The global cybersecurity market is expected to grow at a CAGR of 13.4% by 2029. Thus bullish outlook comes from multiple dynamics in the market including the increasing adoption of AI and other technologies, digital payments, and the geopolitical situation.

    The Russian invasion of Ukraine has been a major driver of increased focus on cybersecurity companies lately. Investors have been betting on cybersecurity stocks as the threat of cyber attacks has escalated.

    Given the increasing focus on cybersecurity and its bullish market outlook, it is unclear and disappointing as IRNT forecasted a bleak outlook.

    Conclusion

    Due to the gloomy outlook of IRNT despite huge market growth, the company’s stock took a hit in the after hours. But there is still hope as the company expects to improve and revise the guidance with time as it secures contracts.

  • IronNet, Inc. (IRNT) stock gained in the Pre-market; here is why?

    IronNet, Inc. (IRNT) stock gained in the Pre-market; here is why?

    IronNet, Inc. (IRNT) gained in the pre-market after increasing the demand for cybersecurity services post-Russia attack on Ukraine. IRNT values at $5.40 gained more than 4% compared to yesterday’s closing price. The stock closed at $5.20 at the end of the last trading session. The stock volume traded in the last trading session was around 3.82 million shares. The current market cap of the company is around $461.34 million.

    IRNT is gaining due to the surge in cybersecurity demand

    The stock of IRNT is gaining due to the ongoing unstable political situation. Russia invaded Ukraine yesterday and started a war on Ukraine. The unstable political situation has caused the stock market to decline, but some of the stocks are gaining, for instance, Agricultural, Crude oil, and Cybersecurity stocks. 

    IRNT is a cyber security company, and its stock is surging in the market due to the ongoing uncertain situation. The demand for cybersecurity has increased more than before. Ukraine has claimed that hackers have attacked its two government websites. On the other hand, Russia denied the attacks, but the US has linked the attack to Russia seeing the pattern of attack. The US attributed that one cyber-related attack was from Russian hackers, and the other attack was almost similar to the ones before. 

    Being a cybersecurity company, the demand for its services could surge in a moment of uncertainty. Due to this, cybersecurity stocks are surging at the moment.

    IRNT: Q3 2022 Key Financials  

    • IRNT’s Q3 2022 revenue was $6.9 million, compared to $7.0 million in the same period of the previous year.
    • IRNT’s gross margin in the third quarter of 2022 was 65.7%, compared to 70.5% in the same quarter the previous year, with the one-time cost of sales accounting charges accounting for 2.4% of the yo-y fall in the period.
    • In the third quarter of 2022, IRNT GAAP reported a net loss of $193.1 million, compared to a net loss of $12.5 million in the same prior year.

    IRNT 2022 Outlook

    IronNet expects to generate around $26 million in revenue and approximately $30 million in Annual Recurring Revenue (ARR) by the end of the fiscal year 2022.

    Conclusion

    The company had announced its financial statement for the third quarter last week. The results were not that extraordinary, but the current demand in cybersecurity has resulted in its stock surging. 

  • IrontNet Inc. (IRNT) Collapsed in the After Hours. What is Happening?

    IrontNet Inc. (IRNT) stock plunged by 21.32% in the after-hours when the company declared its Q3 earnings, on Wednesday.

    During the regular session, the stock was in the green at a gain of 2.10%. After closing the session at $6.80, the stock fell down in the after-hours following the news. Hence, the stock plummeted to $5.35 at an after-hours’ volume of 1.47 million on December 15.

    The cyber security company IrontNet Inc. has a market capitalization of $562.26 million. Currently, the company has 84.42 million shares outstanding in the market.

    IRNT’s Q3 Fiscal 2022

    On Wednesday, the company announced its third-quarter fiscal 2022, financial results, which ended on October 31, 2021. In the Q3 of fiscal 2022, the total revenue was $6.9 million, against $7.0 million in the year-ago period. While the revenue decreased year-over-year, it also missed the consensus estimate of $11.79 million. Further, the Cloud subscriptions revenue and Recurring product revenue were $3.8 million and $6.1 million respectively.

    Moreover, the Q3 FY2022, reported a gross margin of 65.7%, against that of 70.5% in the Q3 of last year.

    Furthermore, GAAP net loss in the third quarter of fiscal 2022, was $193.1 million. This included $160.1 million as the one-time, accounting-driven

    Consequently, the GAAP net loss per basic and diluted share was $2.22 in the Q3 of fiscal 2022.

    In addition, IRNT ended the third quarter of fiscal 2022, with cash and cash equivalents of $73.9 million.

    Recent Developments

    Throughout the year 2021, IRNT has been entitled many well-known and distinguished awards. The most recent award received by the company is Product of the Year.

    Product of the Year Award

    On December 10, IRNT announced winning the 2021 Threat Detection Product of the Year at the Cyber Security Awards. Further, IRNT’s IronDome® Collective Defense platform was the one getting the recognition of Product of the Year. This marked the second consecutive year for IronNet winning the esteemed award.

    IronDome is the first automated threat-sharing solution in the industry. This platform through a crowdsourced-like environment delivers real-time cyber-attack intel along with situational context.

    Other Titles and Awards

    IRNT has won many other prestigious awards and titles throughout the year. Firstly, Advanced Persistent Threat (APT) Solution Provider of the Year by the CyberSecurity Breakthrough Awards. Secondly, AWS Public Sector Best Cybersecurity Solution by the same CyberSecurity Breakthrough Awards. Thirdly, the title of Vendor Who Shaped the Year by IDC also for the second consecutive time.