There is no fundamental reason why the IronNet, Inc. (IRNT) stock plummeted 18.29% in the current-market trading session at the price of $33.83. IRNT is a leading cybersecurity company. It delivers the first-ever Collective Defense sales operating platform to transform the way organizations secure their networks. It solves challenging cyber problems by integrating deep tradecraft knowledge into its industry-leading products.
IRNT Fiscal Second Quarter 2022 Financial Results
On 14th September 2021, IRNT published its financial and operating results for the second quarter ended 31st July 2021. CFO of IronNet, James Gerber, remarked that during their first half of fiscal 2022, the greater company deployments had shifted the expected closing of numerous new customer contracts into the third quarter. In the first half of the year, their cloud-based subscription revenue increased to 60% of product revenue. It represents a subsequential growth rate of 65% year-over-year. Their cloud focus reflects the company’s ease of deployment and increase market recognition. They are expecting to double ARR in the third quarter to meet their full-year growth objectives, he concluded.
Fiscal Second Quarter 2022 Financial Highlights
IRNT reported revenue of $6.1 million for the second quarter ended 31st July 2021. The total revenue was approximately $7.9 million in the same quarter of the previous year. Subscription revenue increased by $5.8 million in the second quarter of fiscal 2022 from $5.3 million in the same quarter last year.
Operating loss was $17.0 million for the second quarter ended 31st July 2021. For the same quarter of the previous year, the operating loss was $14.2 million. IRNT reported a net loss of $17.2 million for the fiscal 2022 second quarter. Net loss was $14.3 million in the same quarter last year. Cash and cash equivalents were $14.1 million for the fiscal 2022 second quarter.
Philanthropic Partnership With 9/11 Memorial & Museum
On 10th September 2021, IRNT announced the expansion of its philanthropic partnership with the 9/11 Memorial & Museum. The extended partnership will sponsor the 9/11 Memorial’s fifth annual Summit on Security in November 2021. The company will assist in the 9/11 Memorial’s efforts by providing timely educational and public programming. The Summit will bring corporate and civic leaders on a national platform to discuss national security, counterterrorism, and combating attacks facing the United States. IRNT has also announced that 11th September will be a public service day for company employees. The working staff will have the opportunity to participate in charitable activities or volunteer through other service opportunities.