- The stock price of IronNet Inc (NYSE: IRNT) increased by more than 28% yesterday. This is why it happened.
The stock price of IronNet Inc (NYSE: IRNT) increased by more than 28% yesterday. This is a continuation of momentum as the company stock price is up more than 131% over the past 5 trading sessions.
IRNT is one of the latest stocks to become heavily discussed on social media platforms like Reddit, Discord, StockTwits, Twitter, Facebook, etc.
In late August, IronNet completed a business combination with special purpose acquisition company LGL Systems Acquisition Corp. Launched in 2014, IronNet offers a unique operational model for cybersecurity defense as it enables companies to break away from having to defend in isolation – a dramatically different way to address a market that is expected to grow from $25 billion to $40 billion over the next 3 years. And IronNet has a proven ability to detect hidden intrusions that no other tools can see and a real-time threat sharing platform that brings speed and precision to security teams and enables companies to detect and collaborate in real-time. This provides the cybersecurity industry’s first network effect go-to-market strategy and builds on the company’s subscription-based recurring revenue financial model.
A couple of days ago, IronNet announced its fiscal second-quarter 2022 highlights.
Fiscal Second Quarter 2022 Operating Highlights
— Annual Recurring Revenue (ARR): $24.1 million compared to $19.5 million at the end of the same quarter last year
— Dollar-based average contract length: 2.8 years compared to 3.2 years at the end of the same quarter last year
— Customer Count: 51 compared to 22 at the end of the same quarter last year
Fiscal Second Quarter 2022 Financial Highlights
— Revenue: $6.1 million compared to $7.9 million in the same quarter last year
— Subscription revenue grew to $5.8 million from $5.3 million in the same quarter last year
— Operating loss: $17.0 million compared to $14.2 million in the same quarter last year
— Net loss: $17.2 million compared to $14.3 million in the same quarter last year
— Calculated billings (non-GAAP): $3.5 million compared to $7.4 million at the end of the same quarter last year
— Cash and cash equivalents: $14.1 million at end of the quarter
— Excludes net proceeds from the business combination, after redemptions and estimated expenses, of approximately $109 million
— Weighted average diluted shares outstanding: 103,395,486 on a pro forma basis giving effect to the close of the business combination
— 1,078,125 additional shares will be added to shares outstanding in the fiscal third quarter 2022 as a result of the achievement of the earnout triggering event under the terms of the merger agreement
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