Welcome to Intrusion's third quarter 2025 earnings conference call and webcast. At this time, all participant lines are in a listen-only mode. For those of you participating in the conference call, there will be an opportunity for your questions at the end of today's prepared comments. Please note this conference call is being recorded. An audio replay of the conference call will be available on the company's website within a few hours after the call. I would now like to turn the call over to Josh Carroll with Investor Relations. Thank you and welcome. Joining me today are Tony Scott, President, Chief Executive Officer, and Kimberly Pinson, Chief Financial Officer. This call is being webcast and will be archived on the Investor Relations section of our website. Before I turn the call over to Tony, I would like to remind everyone that statements made during this conference call relating to the Company's expected future performance, future business prospects, future events, or may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Please refer to our SEC filings for more information on the specific risk factors that could cause our actual results to differ materially from the projections described in today's conference call. Any forward-looking statements that we make on this call are based upon information that we believe as of today. We undertake no obligation to update these statements as a result of new information or future events. In addition to U.S. GAAP reporting, we report certain financial measures that do not conform to Generally Accepted Accounting Principles. During the call, we may use non-GAAP measures if we believe it is useful to investors or if we believe it will help investors better understand our performance or business trends. With that, let me now turn the call over to Tony for a few opening remarks. Thank you, Josh, and good afternoon, and thank you all for joining us today. I'm pleased to report that during the third quarter of 2025, we continue our path toward achieving our goal of creating sustainable growth and long-term profitability, and a few of our highlights of our progress in Q3 include our sixth consecutive quarter of sequential top-line growth, demonstrating consistent execution and increasing demand for our. Products. Continued near zero customer churn, which we view as a testament to the value of our offerings and the expansion of our Shield Technology offering through the launch of Shield Cloud on the AWS Marketplace. I'd also highlight the ongoing rollout of our critical infrastructure solutions, reinforcing the demand that we see to help protect these essential assets from cyber threats and finally. The strong momentum we are seeing from. Our solution partner Port Nexus as they continue to deploy the MyFlare Alert platform. Now, none of what we achieved this. Quarter would be possible without our incredible team, and I'm deeply grateful for the passion and the commitment our employees show every day in serving our customers and advancing our mission. I'd like to provide some additional context. On a few of these highlights, all. Of which are aimed at positioning Intrusion for sustained growth. First, we're really excited about the launch of our Shield Cloud offering on the AWS Marketplace, which we believe will help drive long term growth for our business. By making Shield Cloud available on the AWS Marketplace, we're not only expanding the opportunity for customers to access our Shield Technology, but we're also positioning our cybersecurity engine directly where innovation is taking place. Although still in the early stages, we're already seeing encouraging traction with new potential customers, which we believe will begin contributing positively to our financial results in the fourth quarter and throughout fiscal year 2026. In addition to AWS, we're also preparing for the launch of our Shield Cloud offering on Microsoft's Azure cloud platform later this quarter or early in the first quarter of 2026. This launch will further expand our ability to reach new potential customers. Next, I wanted to mention that we're continuing to make progress with the rollout and adoption of our Shield Critical Infrastructure offering, and at the end of the third quarter we shipped over 230 units of this Critical Infrastructure device as a part of our previously announced contract with the Department of Defense. As we previously noted, this represents a promising opportunity for Intrusion driven by the growing need to protect critical infrastructure from evolving cyber threats. We're actively pursuing additional contracts in the private sector as well, at both the. Federal, state and local government levels. We remain optimistic about closing new agreements in the near future. As for our partnership with Port Nexus, we're continuing to see strong demand for Shield Endpoint that's embedded within their MyFlare solution, and that solution provides enhanced security for education and law enforcement customer endpoints. As some of you may have heard me say during recent discussions, the sales. Cycle for this solution has been one. Of the shortest I've ever seen. The demand for this solution, especially among. School districts, is strong, and we anticipate that we will see further adoption of this offering in coming quarters. Now briefly onto our financials for the quarter. Total revenues for the third quarter were $2.0 million, representing a 5% increase compared to the previous quarter and a 31% increase on a year -over- year basis. This was largely driven by the contract. Expansion with the Department of Defense that we previously discussed, and our operating expenses increased modestly this quarter, primarily reflecting the continued strategic investments that we're making in the business to drive growth. As we've noted in the past, we remain committed to disciplined spending as we invest to support our growth over the coming quarters. Now, before I turn the call over to Kim, I'd like to address the current government shutdown. You all know the current government shutdown has impacted businesses across the board. For Intrusion, we've not yet seen any meaningful effect on our business. It looks like. The situation is on a path to resolution, thankfully. Most of the government contract conversations are still occurring and we expect that we will be able to see additional. Government contracts once this situation has been resolved in Washington. In the meantime, we're continuing to see our pipeline of non government opportunities expand and we remain excited about the future here at Intrusion as the demand for our products continues to grow. With that, I'd now like to turn the call over to Kim for a more detailed review of our third quarter financials. Kim, thanks Tony, and good afternoon everyone. Third quarter 2025 revenue was $2 million, up 5% sequentially and 31% year-over- year. Growth was driven by expansion of work performed under the contract with the U.S. Department of Defense, which utilizes both Shield technology and consulting services. Consulting revenue of $1.5 million is up $0.1 million sequentially and $0.4 million year-over- year. Shield revenues in the third quarter totaled $0.5 million, which was relatively flat sequentially but up approximately $0.1 million year -over- year. The increase in Shield revenue primarily reflects the work performed under the previously noted DoD contract award. As Tony mentioned, we are continuing to see strong demand for our services with both governmental and commercial customers and anticipate deeper penetration in both sectors, which will result in further changes to our customer mix. Third quarter gross profit margin was 77%, down 58 basis points year-over- year, which is consistent with expected variability based on product and service mix. Operating expenses in the third quarter of 2025 totaled $3.6 million, an increase of $0.1 million sequentially and $0.4 million year-over- year. The increase sequentially was largely driven by an increase in sales and marketing expense related to increased participation in trade shows and programs to generate brand awareness and concise product marketing messaging. We may continue to further increase our investment in both product development and sales and marketing to accelerate the growth of our customer base which will result in higher operating expenses. The increase over the prior year period of $0.4 million is primarily due to higher share based compensation from equity grants made in the first quarter. Timing of merit increases and minor changes to staffing. Net loss for the third quarter of 2025 was $2.1 million, or $0.10 per share, compared to a net loss of $2.1 million for the third quarter of 2024. Turning to the balance sheet from a liquidity perspective, on September 30, 2025, we had cash and cash equivalents $2.5 million and short term investments in U.S. treasuries of $2 million. Subsequent to quarter end, we received $3 million in cash related to the DoD contract extension, which increased our cash position inclusive of short term investments to $7.5 million, which we believe is sufficient to fund operations through the remainder of 2025 and into early 2026. With that, I'd now like to turn the call back over to Tony for a few closing comments. Tony. Thank you, Kim. I think the third quarter was another step in the right direction for Intrusion as we are continuing to make great progress towards achieving our goal of generating sustainable growth and long term profitability. While we're proud of the progress we've made, we're not satisfied with our overall financial results. We know there's still more work to do and we're confident that we can and will deliver stronger performance over time. Achieving this will require continued discipline and time, but we believe our ongoing investments in the business, the strength of our expanding pipeline, and the improved engagement we're seeing with both customers and partners has positioned us well to drive enhanced financial results. This concludes our prepared remarks and I'll now turn the call over to the operator for Q and A. Thank you. At this time we will be conducting a question-and- answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we poll for questions. Once again, please press star one if you have a question or comment. The first question comes from Scott Buck with HC Wainwright. Please proceed. Hi, good afternoon, guys. Thanks for taking my questions, Tony. I think you touched on it a little bit in the prepared remarks, but wanted to kind of dig in a little bit deeper on the infrastructure work with the DoD. When do you get far enough along the process or prove yourself enough that maybe you open the door to some additional work of a similar nature with. Them. Already in progress? With this first project, it's opened the doors for us to have conversations about deployment in other locations. Right now we're in, you know, one island location in the Pacific Rim, but there's lots of islands there. There's also, you know, domestic opportunities for this, you know, from a government perspective and then there's, we think, even more opportunities from a, you know, private sector or commercial perspective. I'm particularly excited about this product. You know, these are like, like we've seen in this particular case, it's, you know, a big dollar sale when it happens. We think we have an opportunity for, you know, many more of these during, you know, not only the next quarter, but next year. It's a big, a big area, a big opportunity for us. Now we got to close them. We got to get, you know, government funding squared away, which, you know, as we've all experienced, is a daily up and down, you know, sort of situation. I think the potential is big for this product. It is our most successful, you know, product at this particular point. We are going to bet on it and get all we can. No, that's great to hear. Now, Kim, do you need to add heads or any kind of other support to kind of press on those opportunities? No, there's a fairly small capital investment because there is a device that goes with this infrastructure monitoring. Otherwise, we don't expect or anticipate having to add heads or increase our operating expenses to any large degree. All right, perfect. Tony, I want to ask. I know it has not been very long, but I am curious what the experience has been like so far on AWS, where you may be seeing some interest and any kind of initial feedback you guys are getting, I think would be helpful. Yeah, it's, you know, we've gone through. We've actually been in AWS for the bulk of the third quarter and now into the fourth quarter, and we've already done a couple of updates to make it easier to configure and install. We have one more big update coming shortly that I think will make it even easier. This is all based on feedback we've gotten from our initial beta customers and so on. I think with these changes, it'll significantly make it easier for people to adopt. A lot of excitement around it. You know, the numbers aren't huge at the moment, but we're on our plan. We're starting to do the marketing and advertising work that I think we've talked about on prior calls. Our expectation is that that's going to pay off. The lessons we've learned from this will also apply as we get into the Azure Marketplace on the Microsoft platform. I'm expecting that, you know, the acceleration there can go even quicker than what we've experienced in the AWS environment. I'm very positive about it. Good. No, that makes sense. On Azure, it sounds like could be end of this quarter, could be getting. 26. What steps do you have left there to get up and active? We created a new. Kind of. Built from scratch variant of Shield for the cloud that makes it much easier to deploy in these virtual environments. That is the one that we are going to target for Azure as well. A better build for us, easier for the customer to adopt. The current AWS one is coupled with pfSense, the open source firewall, and the new versions that will go into AWS shortly and also Azure are just Shield and not coupled to. We think that is going to attract a broader set of customers. We will still offer the pfSense version in AWS, so we will actually have two properties in AWS, one with pfSense and one standalone and probably in Azure. Can you change the way you price it, Tony? Pardon me? Does it change the pricing, the way you price it? Yeah. Not a whole lot because the pfSense is open source, so there's no royalties or anything like that associated with it. What we heard from customers is some of them want choice around which firewall they use. While they like our technology, they had a different choice for firewall than what we chose, which was pfSense. This will give customers broader choice. If they do not have a firewall and want one, and like open source, they can use that. If they want to choose something else but still want our technology, they can have that choice as well. Okay, perfect. That's all I had, guys. I appreciate the time. Thank you very much and congrats on. The progress this quarter. Thanks. The next question comes from Ed Woo with Ascendiant Capital. Please proceed. Yeah, congratulations on the progress. My question is on your channel partner Port Nexus, what are you able to do there that is, you know, able to give you the successes? And is this able to be translated to other channel partners? Yeah, so what we're providing to Port Nexus is endpoint security for their solution that's deployed in classrooms and other public sort of places. That endpoint security is important so that the devices are effectively tamper proof and, you know, safe from hacking and so on. I'm excited about it because as we've done trade shows with Port Nexus and school administrators come by and see the demo and understand the capability, they get pretty excited and as I kind of hinted, the sales cycle looks like it's pretty short. The feedback is I want this now kind of thing which with other solutions, you know, there's a much longer conversation that ordinarily takes place. We're in a couple of school districts already and I think as experience with this product grows, you know, the excitement is going to only accelerate. We're attending all the right trade shows with Port Nexus but also word of mouth is beginning to get out that this is a pretty cool solution. At the end of the day we've got, you know, great expectations for this. Can you translate these opportunities to other channel partners or is this very specific just to Port Nexus? We can certainly port it to or extend it to other endpoint kinds of solutions where, you know, network security is a fair amount of importance and we are looking for those opportunities. I'd say, you know, the success with Port Nexus will certainly be a good indicator for other potential partners as well. Yes, I think it can extend and we are looking for those kinds of opportunities. Great. My last question is, as you rolled out in AWS, then also on the Azure platform soon, do you care where your customer buys it? Is there any difference in profitability and R&D costs? No impact in R&D costs. We're only at this point extending it to U.S. customers. We're not in the global marketplaces so that, you know, kind of by definition restricts, you know, where it's for sale, but it doesn't really impact our costs one way or the other. You do not really care where your customer gets it because the profitability margins are about the same. Yes, correct. Great. Thanks for answering my questions. I wish you guys good luck. Thank you. Thank you. Once again, if you have a question or a comment, please indicate so by pressing star one. The next question comes from Howard Brou with Wellington Shields. Please proceed. Thank you. Tony, congratulations on the increase quarter over quarter over- quarter. I have a couple of questions. Can you discuss the revenue opportunity with OT Defender as an example? I can talk about it generally. I mean I think the nice thing about these is as compared to our Shield or Port Nexus deals that tend to be smaller, these tend to be bigger sales, you know, $100,000, $200,000, you know, above, you know, kind of opportunities. As you get one of these, there is a more meaningful impact in terms of revenue and overall sales. Obviously, that is important in terms of the revenue opportunity. The second thing is it is pretty widely recognized at this point that the OT environment is probably the biggest area of underinvestment from a cybersecurity perspective. It also happens to be one of the biggest targets for nation state actors who, in anticipation of some sort of, you know, aggressive activity, would love to take out water systems and the electrical grid and communication systems and the things that are necessary to sustain life in most places around the world. A lot of the environment in these OT spaces is old gear that, over time, got hooked up to networks but were never ever designed to fend off the kinds of attacks and threats that are just a part of our modern day world. The reality is we've, as a nation and even internationally, we've been a little slow to wake up to this aspect of cybersecurity, this particular kind of threat. We think the market opportunities are really big and we think we have a very cost effective and now proven solution, you know, to this particular problem. We are going to do everything we can to let everybody know what we have got and what its capabilities are. I think, you know, I am pretty bullish on this, it is going to take work. I am excited, not just from a revenue perspective for Intrusion, but I am excited for the protection I think this can bring to some very vulnerable environments in our cities and states and critical infrastructure generally. As I mentioned on the call, it also applies to commercial environments, shop floors and other manufacturing environments and so on. All of those are pretty vulnerable at this particular point. If you can disrupt manufacturing or disrupt the production of goods, that's got a pretty serious economic impact. I think our technology is good to help protect those environments as well. Pretty broad based market or, you know, surface for us to go after. The second question, the same question with revenue opportunity on Port Nexus school safety offering, which I, you know, from my understanding should be critical with every school in the country. Yeah, that one is probably not as big as the critical infrastructure stuff, but this is one of those things where once you see it, you can't unsee it. As we've experienced at trade shows, the school administrators love the simplicity of it and also the sort of capability that the Port Nexus solution provides. The critical thing there is visibility in that first, you know, one to five minutes of an incident where you have really good and better situational awareness than you do with any other solution that's out there. The first responders call that the critical first few minutes. If you can understand what's going on and have situational awareness, you can have a much better response. That's what the Port Nexus solution provides. We're happy, you know, happy to be a part of that, clearly. I think just like you've seen police departments all over have body worn cameras, I think ultimately this is going to be a required thing in every school classroom or at least public school classroom in the country because it's just such a good solution. We are happy to partner with Port Nexus on that journey. My last question. Let me come back to the Port Nexus. Any sense for 2026 of a revenue opportunity? I'd be wildly guessing at this point, Howard, but you know, our eyes are towards up and onward from a revenue perspective. So. We're, I think, genuinely excited about the opportunity. Clearly we've got to execute, clearly, you know, we've got to get in front of customers, make the case and go forward. I think we have all the right things in our, in our, you know, briefcase to go sell and we're as excited as I've ever been about it. My last question then, one comment afterwards. Shield Cloud revenue opportunity. Again, as I said on the call, that's the place where innovation is happening. And you know, the growth in small medium business, they've moved to the cloud and are moving to the cloud and that's where the economy is growing the fastest. It's probably the biggest opportunity from a tech standpoint for that part of the market. We'll see. Again, we've got to execute, we've got to continue to work our marketing plan and demand gen plan. But we've seen a lot of other companies do it and we're going to be a fast follower in terms of all of the things that we've seen work on that journey. Hard to, hard to exactly predict, but we have, I would say, great expectations. At what level? Last question. What level of revenue per contract would you make a public announcement? $100,000. It's not so much. It's not so much in some cases, Howard, it's not the level of the dollar amount that would determine whether we can make an announcement. We actually signed some deals in Q3 that didn't produce revenue in Q3 but will produce revenue in Q4 that by contract we were prohibited from announcing. The only way you'll see them is when revenue shows up after the end of a quarter, and that's not uncommon in the cybersecurity space. We'll announce whatever we can, when we can, if it's significant. I'm not going to announce, you know, a $5,000 deal or a $10,000 deal or something like that, but if it's, you know, $100,000 or $400,000 or a million, I'll certainly announce it if I'm allowed to. Tony, best of luck. Thank you. Thank you. The next question comes from [Jerzy Janowicz]. He is a private investor. Jerry, please proceed. Tony, do you believe your intellectual property alone could be worth multiples of your current stock price? I'm just looking for a simple yes or no answer. Yes, and thank you. Based on your knowledge in the cybersecurity market, do you believe your products could integrate well with a larger cybersecurity company suite of products? Yes or no? Yes, actually, we. Yeah, I do. It may not always be the obvious, you know, first names that come to mind, but the answer is yes. It's, you know, I think, obvious that that could be very interesting and exciting for us. Great. Thank you. That's all I had. Thank you. At this time, there are no other questions in the queue. I'll turn the call back over to our host, Mr. Tony Scott, for any closing remarks. Thankfully, it looks like the government shutdown is close to coming to an end, and I think we all breathe a sigh of relief in that regard. We're looking forward to working with our government partners. As we've talked about at some length already today, this is the opportunity that's in front of us right now is doing better protection for critical infrastructure, whether it's public sector or private sector. It's the biggest cybersecurity opportunity I think there is out there. With the shutdown behind us, I think it opens the door for us to move ahead. We'll let you know when we can and as soon as we can, when anything has developed. As I said earlier, I'm pretty excited about the opportunity and look forward to having this call with you for the next quarter in our annual results. Thanks, everybody, for your patience. We're working hard. We got a great team on this, and I think we're making great progress. Talk to you all soon. Thanks. Thank you. This concludes today's conference and you may disconnect your lines at this time. Thank you for your participation.