IronNet, Inc. (IRNT) gained in the pre-market after increasing the demand for cybersecurity services post-Russia attack on Ukraine. IRNT values at $5.40 gained more than 4% compared to yesterday’s closing price. The stock closed at $5.20 at the end of the last trading session. The stock volume traded in the last trading session was around 3.82 million shares. The current market cap of the company is around $461.34 million.
IRNT is gaining due to the surge in cybersecurity demand
The stock of IRNT is gaining due to the ongoing unstable political situation. Russia invaded Ukraine yesterday and started a war on Ukraine. The unstable political situation has caused the stock market to decline, but some of the stocks are gaining, for instance, Agricultural, Crude oil, and Cybersecurity stocks.
IRNT is a cyber security company, and its stock is surging in the market due to the ongoing uncertain situation. The demand for cybersecurity has increased more than before. Ukraine has claimed that hackers have attacked its two government websites. On the other hand, Russia denied the attacks, but the US has linked the attack to Russia seeing the pattern of attack. The US attributed that one cyber-related attack was from Russian hackers, and the other attack was almost similar to the ones before.
Being a cybersecurity company, the demand for its services could surge in a moment of uncertainty. Due to this, cybersecurity stocks are surging at the moment.
IRNT: Q3 2022 Key Financials
- IRNT’s Q3 2022 revenue was $6.9 million, compared to $7.0 million in the same period of the previous year.
- IRNT’s gross margin in the third quarter of 2022 was 65.7%, compared to 70.5% in the same quarter the previous year, with the one-time cost of sales accounting charges accounting for 2.4% of the yo-y fall in the period.
- In the third quarter of 2022, IRNT GAAP reported a net loss of $193.1 million, compared to a net loss of $12.5 million in the same prior year.
IRNT 2022 Outlook
IronNet expects to generate around $26 million in revenue and approximately $30 million in Annual Recurring Revenue (ARR) by the end of the fiscal year 2022.
Conclusion
The company had announced its financial statement for the third quarter last week. The results were not that extraordinary, but the current demand in cybersecurity has resulted in its stock surging.
