IronNet, Inc. (NYSE: IRNT), a provider of data security tools, wants to quicken sales growth even though it was able to do so in the most recent quarter.
IRNT reported $30.1 million in sales, a net loss of $33.2 million, $31.4 million in cash and equivalent inventories, and 91 customers in the first quarter of the fiscal year 2023.
The firm gets 81% of its income from cloud subscriptions in the product revenue category. General Keith Alexander, the former director of the US National Security Agency and one of IronNet’s senior executives, stated last week that his organization had a chance to capitalize on the promising trend of collective security.
With the use of artificial intelligence, IronNet’s Collective Defense software analyses network behavior. It takes a novel method by identifying several attack models employed by attackers using data from numerous IT systems of various clients. This allows you to swiftly determine the spread of a worldwide cyber assault in addition to combining the knowledge obtained from other instances.
The creative IronNet system has won several accolades, including the Global Infosec Award 2022 for the finest method of identifying and countering online threats. IronNet, Inc. (IRNT) joined the Mandiant Cyber Alliance program as a flagship partner last quarter.
Additionally, the detection of Emotet malware spread across the company’s Asia-Pacific network has shown the usefulness of IronNet, Inc. (IRNT) solutions.
IronNet Inc. (NYSE: IRNT) shares have up 2.36 percent, or $0.06, in the most recent trading session, but are down 38.10 percent year to date (YTD). But the stock’s trailing 12-month performance has decreased by around 73.90 percent. The stock has decreased by 39.81 percent over the past six months and by 43.23 percent over the last three months. If we focus on the shorter time frame, its performance throughout the week is up 9.24% and down -2.99% over the month.