Intrusion, a leading provider of cybersecurity solutions, has experienced a significant boost in its shares, soaring by 57% to 55 cents, following the company's recent achievement of securing a $5 million contract with a large telecommunications provider. This contract entails the provision of Intrusion Shield support for the provider's data centers.
The collaboration between Intrusion and the telecommunications giant will commence with a phased rollout of Intrusion Shield, commencing in the fourth quarter. The decision to engage in this partnership was made based on the successful pilot program that was initiated in the first quarter of 2023.
Spanning over a period of five years, this contract grants Intrusion the opportunity to expand the utilization of Intrusion Shield. As a result, there is potential for additional revenue generation once the initial set of projects is completed. Furthermore, during the third quarter of 2023, Intrusion has also secured four other major contracts, all of which are projected to grow significantly over time.
Additionally, Intrusion recently announced its decision to withdraw a registered stock offering, as revealed in a filing to the Securities and Exchange Commission on Tuesday. The initial plan entailed an offering of up to 8.17 million units, comprising shares and warrants. However, after careful consideration, the company has decided against pursuing this course of action.