Operational cash flow remains deeply negative, as evidenced by a 2026Q1 free cash flow margin of -2.1% and a persistent inability to convert accounting losses into stable cash generation.
Intrusion Inc. (INTZ) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -8.92M | -6.76M | -6.29M | -7.77M | -13.19M | -16.56M | -5.18M | 4.29M | 2.58M | 272K | -1.24M | -638K | 571K | 1.41M | -276K | -1.54M | 1.27M | -469K | -112K | -1.76M | -2.92M | -2.33M | -4.74M | -7.94M | -9.72M | -24.8M | -49.76M | -1.3M | -5.3M | 13.4M | 3.9M |
| Operating CF Margin % | - | -95.26% | -109.05% | -138.42% | -175.19% | -227.53% | -78.21% | 31.44% | 25.09% | 3.96% | -20.39% | -9.35% | 7.91% | 18.4% | -4.12% | -28.78% | 22.73% | -9.53% | -2.71% | -50.11% | -55.65% | -39.01% | -78.68% | -122.63% | -124.13% | -148.63% | -214.41% | -2.24% | -7.1% | 14.52% | 3.31% |
| Operating CF Growth % | -379.44% | -7.41% | 18.98% | 41.11% | 20.34% | -219.82% | -220.68% | 66.41% | 847.79% | 121.86% | -94.98% | -211.73% | -59.5% | 610.87% | 82.07% | -221.18% | 370.79% | -318.75% | 93.63% | 39.7% | -25.09% | 50.76% | 40.38% | 18.31% | 60.79% | 50.17% | -3728% | 75.47% | -139.55% | 243.59% | -65.49% |
| Net Income | -11.07M | -1.27M | -7.79M | -13.89M | -16.23M | -18.8M | -6.52M | 4.46M | 2.29M | -30K | -1.55M | -1.25M | -274K | 623K | -246K | -933K | 226K | 186K | -808K | -2.4M | -3.02M | -3.32M | -4.53M | -9.6M | -21.82M | -39.62M | 23.21M | -12M | -25.8M | -4.9M | 11.1M |
| Depreciation & Amortization | 1.65M | 114K | 1.65M | 1.66M | 1.31M | 780K | 231K | 184K | 133K | 206K | 294K | 305K | 236K | 147K | 155K | 109K | 76K | 81K | 50K | 56K | 97K | 185K | 201K | 1.4M | 2.96M | 4.37M | 4.55M | 3.8M | 4.6M | 3.3M | 2.6M |
| Stock-Based Compensation | 489K | 738K | 343K | 972K | 1.46M | 1.26M | 322K | 47K | 20K | 18K | 96K | 206K | 375K | 189K | 213K | 220K | 160K | 107K | 75K | 123K | 441K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 64K | -56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -123K | -441K | 0 | 0 | 0 | 1.92M | 1.92M | -4.22M | 800K | 1M | -200K | -500K |
| Other Non-Cash Items | 871K | -6.2M | -250K | 2.06M | 2.24M | -382K | 1.39M | 238K | 47K | 33K | 20K | 6K | 6K | 415K | -185K | 119K | -47K | 0 | -40K | 73K | 429K | -405K | -59K | 0 | 2.61M | 13.38M | -66.36M | -100K | 8.1M | -100K | 100K |
| Working Capital Changes | -852K | -144K | -244K | 1.44M | -1.97M | 587K | -598K | -644K | 27K | 101K | -102K | 94K | 228K | 451K | -398K | -1.05M | 855K | -843K | 611K | 507K | -419K | 1.21M | -350K | 256K | 5.99M | 1.31M | -6.96M | 6.1M | 6.8M | 15.2M | -9.6M |
| Change in Receivables | 185K | -145K | 106K | 97K | 504K | 172K | 333K | 401K | -1M | -217K | -165K | 157K | 79K | 130K | -466K | -258K | 129K | -10K | -191K | 784K | -389K | 1.18M | -182K | 1.39M | 1.68M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 990K | 0 | 0 | 0 | 0 | 0 | 496K | 15K | 30K | -6K | -33K | 7K | -14K | 34K | 56K | -54K | 13K | 127K | 63K | 164K | 577K | 336K | 125K | 3.6M | 3.34M | -1.63M | -1.4M | 5.8M | 10.9M | -6.2M |
| Change in Payables | 352K | 118K | 0 | 0 | 0 | 0 | 0 | -496K | 419K | 291K | 60K | -22K | -136K | 298K | 78K | 102K | -155K | 164K | -122K | -410K | -27K | -503K | -584K | -717K | -3.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | 1.6M | -2.55M | -1.81M | -1.45M | -1.48M | -1.15M | -320K | -260K | -202K | 36K | -47K | -121K | -55K | -116K | -21K | -29K | -48K | -57K | -76K | -39K | 497K | -567K | 1.42M | 6.02M | -3.32M | 19.75M | 40.41M | -2.9M | 3.9M | -2.4M | -8.4M |
| Capital Expenditures | -1.2M | -244K | -614K | -157K | -307K | -1.06M | -320K | -260K | -202K | -20K | -47K | -121K | -55K | -116K | -21K | -29K | -48K | -57K | -76K | -39K | -3K | -144K | -227K | -100K | -151K | -680K | -6.41M | -1.4M | 0 | -3.4M | -4.9M |
| CapEx % of Revenue | 20.78% | 3.44% | 10.64% | 2.8% | 4.08% | 14.61% | 4.83% | 1.91% | 1.97% | 0.29% | 0.77% | 1.77% | 0.76% | 1.51% | 0.31% | 0.54% | 0.86% | 1.16% | 1.84% | 1.11% | 0.06% | 2.41% | 3.77% | 1.54% | 1.93% | 4.08% | 27.63% | 2.41% | - | 3.68% | 4.16% |
| Acquisitions | -356K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -587K | -2.31M | -1.2M | -1.29M | -1.17M | -85K | 0 | 0 | 0 | 56K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 17K | 0 | 0 | 0 | 0 | 2.6M | -9.2M | -5.6M | -5M |
| Cash from Financing | 2.81M | 8.08M | 12.81M | 6.34M | 13.58M | 5.1M | 18.87M | -2.35M | -948K | -148K | 1.25M | -145K | -649K | -207K | 41K | 1.34M | -1.2M | 491K | 380K | 1.23M | 509K | 3.43M | 4.6M | 0 | 52K | 402K | 17.13M | 100K | 300K | 600K | 600K |
| Debt Issued (Net) | 2.96M | -118K | -604K | -690K | 7.86M | -699K | 586K | -1.87M | -1.12M | -159K | 1.15M | -211K | -168K | -237K | -51K | 1.34M | -740K | 490K | 380K | -100K | 200K | 0 | 0 | 0 | 0 | 0 | 13K | 0 | -400K | 0 | 0 |
| Equity Issued (Net) | -8K | -13.49M | 12.42M | 7.03M | 6.38M | 5.56M | 18.17M | 0 | 168K | 0 | 0 | 66K | 0 | 0 | 0 | 0 | 1K | 1K | 0 | 1.5M | 501K | 3.62M | 4.73M | 0 | 51K | 405K | 15.94M | 0 | 700K | 600K | 600K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | -99K | -714K | -47K | -33K | -20K | -6K | -558K | -30K | -16K | -51K | -462K | -154K | -161K | -173K | -192K | -186K | -129K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -239K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K | -1.2M | 0 | 0 |
| Other Financing | -141K | 21.69M | 997K | 3K | -652K | 244K | 209K | 239K | 47K | 44K | 120K | 6K | 77K | 60K | 108K | 49K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | -3K | 1.18M | 100K | 0 | 0 | 0 |
| Net Change in Cash | -4.51M | -1.23M | 4.71M | -2.88M | -1.08M | -12.6M | 13.37M | 1.68M | 1.43M | 160K | -38K | -904K | -133K | 1.09M | -256K | -232K | 21K | -35K | 192K | -571K | -1.91M | 529K | 1.34M | -1.92M | -12.88M | -4.56M | 7.74M | -4.2M | 300K | 11.4M | 600K |
| Free Cash Flow | -10.12M | -7.54M | -8.1M | -9.21M | -14.67M | -17.7M | -5.5M | 4.03M | 2.38M | 252K | -1.29M | -759K | 516K | 1.29M | -297K | -1.57M | 1.22M | -526K | -188K | -1.8M | -2.92M | -2.48M | -4.96M | -8.04M | -9.88M | -25.48M | -56.18M | -2.7M | -5.3M | 10M | -1M |
| FCF Margin % | -174.87% | -106.22% | -140.39% | -164.23% | -194.83% | -243.3% | -83.05% | 29.54% | 23.12% | 3.67% | -21.16% | -11.12% | 7.15% | 16.89% | -4.43% | -29.32% | 21.87% | -10.69% | -4.54% | -51.23% | -55.7% | -41.42% | -82.46% | -124.17% | -126.05% | -152.71% | -242.03% | -4.66% | -7.1% | 10.83% | -0.85% |
| FCF Growth % | -31.48% | 6.99% | 12.08% | 37.18% | 17.15% | -222.08% | -236.4% | 69.61% | 842.86% | 119.52% | -70.09% | -247.09% | -60.12% | 535.69% | 81.06% | -228.31% | 332.32% | -179.79% | 89.54% | 38.42% | -17.93% | 50.11% | 38.3% | 18.54% | 61.24% | 54.64% | -1980.59% | 49.06% | -153% | 1100% | -119.23% |
| FCF per Share | -0.50 | -0.38 | -1.54 | -0.76 | -1.21 | -0.96 | -7.49 | 0.26 | 0.16 | 0.02 | -0.10 | -0.06 | 0.04 | 0.09 | -0.02 | -0.13 | 0.09 | -0.04 | -0.02 | -0.18 | -0.41 | -0.39 | -0.96 | -1.56 | -1.91 | -4.96 | -10.97 | -0.58 | -1.23 | 2.43 | -0.24 |
| FCF Conversion (FCF/Net Income) | 0.91x | 0.75x | 0.81x | 0.56x | 0.81x | 0.88x | 0.79x | 0.96x | 1.13x | -9.07x | 0.80x | 0.51x | -2.08x | 2.26x | 1.12x | 1.65x | 5.62x | -2.52x | 0.14x | 0.73x | 0.96x | 0.70x | 1.05x | 0.83x | 0.46x | 0.54x | -2.14x | 0.11x | 0.21x | -2.73x | 0.35x |
| Interest Paid | 1K | -15K | 21K | 229K | 35K | 20K | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying INTZ stock.
Intrusion Inc. (INTZ) generated $-6.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intrusion Inc. (INTZ) reported negative free cash flow of $7.5M in 2025, indicating capital requirements exceeded cash from operations.
Intrusion Inc. (INTZ) spent $0.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity exhaustion
Metrics are mathematically derived from official filings.
Persistent Disconnect Between Earnings Reality
As reported in the quarterly cash flow statements, the OCF/NI ratio for Intrusion Inc. has fluctuated wildly, with the most recent 2026Q1 figure of 0.51 highlighting a persistent inability to convert accounting losses into a stable cash-generative operating profile for the firm.
The wide variance in the OCF/NI ratio suggests that operating cash flow is heavily influenced by non-recurring working capital swings rather than core operational efficiency. Investors should monitor this volatility, as it implies that the company's reported net losses may not fully capture the underlying cash burn required to sustain its current infrastructure.
Negative Free Cash Flow Trajectory
Based on the provided financial data, Intrusion Inc. has consistently posted negative free cash flow over the last ten quarters, with the 2025Q3 period showing a significant FCF margin of -191.4%, underscoring the company's ongoing struggle to achieve self-sustaining operations.
The consistent negative FCF trajectory suggests that the company is currently reliant on external financing to fund its daily operations and product development. This trend warrants further investigation into how much longer the firm can maintain this burn rate before requiring a dilutive capital event.
Volatile Working Capital Management Trends
According to the historical cash flow data, working capital changes have been highly erratic, swinging from a $1.5 million inflow in 2025Q4 to a $1.7 million outflow in 2025Q3, which suggests significant instability in the company's collection and payment cycles.
This erratic behavior in working capital appears to be a primary driver of the company's unpredictable cash flow profile. Such fluctuations may indicate challenges in managing customer receivables or timing vendor payments, which could exacerbate the firm's already precarious liquidity position.
SBC Obscures True Cash Burn
As indicated by the provided cash flow statements, stock-based compensation has remained a consistent add-back, reaching as high as $282,000 in 2025Q2, which effectively masks the true economic cost of talent acquisition during this period of negative operational performance.
While SBC is a non-cash expense, its persistent use suggests that the company is compensating for its lack of cash-based liquidity by diluting existing shareholders. Analysts should consider the impact of this ongoing dilution when evaluating the long-term viability of the company's current capital structure.