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.
