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Tuesday, June 6, 2023

Ironnet Inc (IRNT) has skyrocketed in Premarket. What’s Going On?

Ironnet Inc (IRNT) experienced an increase of 48.77% in the premarket today. However, the last trading session concluded at $32.13 with an incline of 37.78%.

IRNT announced Second Quarter Financial Results 2021

IRNT announced second-quarter 2021 financial results on 14th September 2021.

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  • Revenue came out to be $6.1 million, down from $7.9 million the previous quarter.
  • Subscription sales increased to $5.8 million from $5.3 million the previous quarter.
  • $17.0 million in operating loss, compared to $14.2 million in the same period the previous year.
  • $17.2 million in net loss, up from $14.3 million in the same quarter the previous year.
  • Calculated Billings (non-GAAP): $3.5 million, down from $7.4 million at the end of the previous quarter.
  • At the conclusion of the quarter, there was $14.1 million in cash and cash equivalents.
  • After redemptions and expected expenditures, the net proceeds from the business combination are about $109 million.

Expansion of Philanthropic Partnership With 9/11 Memorial & Museum

On 10 September 2021, IRNT announced an increase in its financial support for the 9/11 Memorial & Museum. IronNet will assist the 9/11 Memorial’s efforts to provide timely educational and public programming through its extended relationship. This includes supporting the fifth annual Summit on Security at the 9/11 Memorial in November 2021.

Furthermore, the Summit brings together business and civic leaders to debate national security, counterterrorism, and attacks on the physical and digital infrastructure of the United States. Lastly, IRNT Founder and co-Chief Executive Officer, General (Ret.) Keith Alexander was the keynote speaker at the first Summit on Security in November 2017.

IRNT to Ring Opening Bell at New York Stock Exchange

On 8th September 2021, IRNT has pioneered a new approach to cybersecurity since its inception in 2014. Firstly, the Collective Defense approach brings together organizations as a community of defenders. Secondly, this is helpful to resist growing cyberattacks by improving threat visibility and providing a radar-like view of assault events as they unfold. Thirdly, this strategy marks a significant shift in how the cybersecurity market, which is anticipated to reach $40 billion by 2024, is addressed.

Former NSA Chief GEN Keith Alexander Joins SolCyber’s Board of Directors

Keith Alexander joined as a member of the Board of Directors, with immediate effect on 1st September 2021. Moreover, he joins SolCyber with over three decades of government, commercial, and cybersecurity expertise, and will play a key role in shaping the company’s strategic direction. Last but not the least, this news follows SolCyber’s recent $20 million Series A investment round, which was headed by ForgePoint Capital.

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