Okay. Welcome to the Sidoti Virtual Conference, and thank you for joining us today. I'm Anja Soderstrom, a Senior Equity Analyst here at Sidoti. As I mentioned, next up we have Intrusion, which trades under ticker INTZ, and we have Tony Scott, the CEO with us today. This will start as a presentation by Tony, and that will be followed by Q&A. If you would like to participate, you can submit a question in the Q&A function at the bottom of your screen. With that, I'm happy to hand it over to you Tony. Welcome. Well, thank you, Anja. We have a bunch of slides here that are mostly available or all available on our investor section on our website. I won't go through all of these in great detail, but I thought to start with, I'd do just a basic introduction of what it is that we do in the context of the larger cybersecurity world. Most organizations, for many years have had a firewall that protects things on the inside of the network from bad things on the outside of the network, on the greater worldwide web. Inside the network, you have things like workstations, servers, IoT devices, various Wi-Fi devices, and so on. All of these things are targets for the bad guys who want to get into your network and infect or do other bad things to the devices and the networks inside your network. What's different about Intrusion is we think that a firewall in the modern world is just not enough to provide all of the protection that a company needs. The fundamental premise of Intrusion Shield is that there are additional things that in the modern world need to be a part of the filter that firewalls and other devices do. Our technology is based on reputation, primarily in all of the inferencing that we've been doing for more than 30 years, using algorithms and machine learning, and now AI, to build the most complete index of the worldwide web and all of the IP addresses, domain names, and actors that are out on the web. Typically, most firewall technology only filters out known bad adversaries, that have some sort of payload associated with the network traffic that they're trying to generate. Intrusion is different in that we don't rely on the detection of a malicious payload. Our philosophy is if you're a bad guy and you've figured out somehow to sneak through the firewall and all the other technology that's in place, if we identify you as a bad guy, we're just going to block any communications that you try to do whatsoever. That's both on the inbound side and on the outbound side. I'll talk more about why that matters in a little bit. Let's go to the next slide. As I mentioned, we have this ginormous database. It's actually bigger than 8.5 billion records. It's built on this historical record of the internet and all of the inferences that can be drawn from observing behavior on the internet over a 20, 25-year period. One of the things that also makes a difference with Intrusion is we never forget anything. In today's modern world, where there's tons of legacy equipment and technology around, we see strong evidence that the bad guys are resurrecting things that were known five, 10, 15 years ago. Most of the modern cybersecurity technology is forgotten about because it's deemed old and not that interesting. In our case, we remember everything and we're consistent about blocking bad actors, no matter how old they've been around or how long they've been around. Let's go to the next slide. We've also been doing our work, mostly for the U.S. federal government for a long time. That really started in 1996. We provide consulting services to the U.S. federal government, from that time forward, which we still do. We've been working on some of the hardest problems that the government has faced. We launched Shield, which is our commercial product, in the middle of 2021, and I joined shortly after that. Then we also made the strategic decision that instead of just having a hardware appliance that might protect data centers or on-premise facilities, we also needed to protect cloud workloads. We're in AWS and Microsoft Azure environments, and we also needed to cover endpoints like Windows, macOS, Android devices, and iOS devices, and so on. So those are all now part of our product portfolio. At the end of 2025, we were fortunate enough to pay off some debt that we had, and we started 2025 with a debt-free balance sheet. Let's go to the next slide. Here's a little bit of my background. I won't go through this in detail, but as you can tell, I've had some pretty interesting and fun roles. But what I'll say about this progression ending in my role as the CIO for the U.S. federal government is, along the way, cybersecurity's become a bigger and bigger part of the job that every CIO has to focus on. It's one of the reasons I decided to join Intrusion and also become an investor, because I realized how important this is to our country's future and for the protection of all of our citizens and businesses. Let's go to the next slide. We've built a great leadership team. Joe Head's one of the Founders of the company, has been here since the inception, and the rest of the team has decades of experience in this space from a leadership perspective. Really proud and happy to be working with these folks. Let's go to the next slide. I think, if I were to sum it all up, the reasons to invest in our company is we tend to be ahead of the game a little bit, in terms of our technology. Our solutions today are really aimed at detecting and blocking cybersecurity threats before they can even enter the building, before they can even get into the environment. We think with our commercial products now, that allows us to have a foothold for profitable growth in the future. We're expecting to be cash flow positive, near the end of this year, and profitable from that point forward. While we still have a significant reliance on federal government revenue, we've also expanded our offerings to include state and local and commercial enterprises. I'll cover some of the more recent developments in a further slide. Our goal is to increase our recurring revenue, rather than the one-time or annual contracts that have been a part of our past. Let's go to the next slide. Recently, just a week or two ago, we received a $4 million contract from the state of Texas to deliver cyber threat technology to the state of Texas. In 2025, we received a $3 million contract from DoD to support critical infrastructure. We're deployed today at 240 or so water wells in the island of Guam and telecom facilities, protecting against threats against that portion of the critical infrastructure there. In 2026, we expect to have more of these large ticket awards, based on our unique technology and the value that that can bring. As I mentioned, in late 2025, we had a very fortuitous series of transactions that allowed us to eliminate $10 million or so of debt. We raised about $14 million over the course of several days, and allowed us to operate and invest in 2025 in our core technology and go-to-market activities. We're starting to see the results of that effort, adding new logos, and penetrating markets that we had not been in prior to that. Let's go to the next slide. Now, obviously from a demand side, the bad guys are still out there and still waging war really on all kinds of institutions, not just government, but civilian and private sector organizations as well. The addition of AI to the weaponry that they have has only resulted in larger number of attacks, more successful attacks, and we expect this trend to continue for many more years. On the defensive side, we're also using AI to create better defenses. It's a bit of an arms race, but we don't believe that the demand for our kind of solution is either going away or is going to be eliminated anytime soon. Let's go to the next slide. Now, two problems we help solve in addition to what I mentioned before. The attacks keep on happening, but there's a terrible manpower shortage. If you're going to run a security operation center 24/7, you have to find the right talent, which is rare and hard to find, and the salaries and compensation for people with those skills is going through the roof. The work is, frankly, a very fatiguing sort of activity. These folks get alerts all day long, all night long, that come off of the various technologies that they've deployed, and all of them require somebody, a human usually, to look at it, track down whether it's a serious event that's occurring, or maybe it's a false alarm. You can imagine if you're in one of these jobs and the alarms just keep going off all the time, all day long, all night long, that that can be a pretty tedious activity. We're investing in AI to help filter those alerts and have the humans focus on the most important and the most serious of those attacks. Lastly, we're seeing the bad guys use AI to do what we call polymorphic attacks, or whether it's a zero-day attack or attacks that actually don't have any malware in the payload, but attack from multiple points your infrastructure. It's very clear that that's the trend. I mentioned that Intrusion is good at two things. One is preventing zero-day attacks where they're never been seen before. It's the attack of first impression, the payloads and signatures are not known or not well-known. We don't care. If we see a bad guy trying to initiate traffic, we know it's from a bad guy, we just block it. That cuts off surveillance activity and other kinds of techniques that the bad guys have learned to use to bypass traditional technology. Let's go to the next slide. We have customers in all of the segments listed here. We don't especially focus on one or the other. I think the nice thing about our Intrusion Shield solutions is that it's pretty agnostic in terms of the business that an organization might be in. The threats are still the same, the tools that the bad guys use are still the same. What may be different across these different customers is their risk tolerance. In government and medical and financial, you have pretty low tolerance for risk. In some of the others, maybe it's a little higher. Let's go to the next slide. As I mentioned, what differentiates us is this threat intelligence database that we have. We've learned over the last 25 years or so, again, through algorithms and machine learning and now AI, a lot about what doesn't work, in order to distill that down to a set of things that do work from a reputation standpoint. This is a learning that can't be replicated easily with AI or any other tools. It takes experience, it takes testing, it takes a lot of refining and inferencing work that, frankly, just takes a long time to do. We think we're uniquely positioned with this technology that we have, and it's the reason I joined the company and also became an investor. Let's go to the next slide. Here's just a snapshot of one of our dashboards, and I'll show you another one in just a second, but it allows the security operations analyst to see what was killed by our technology, where it is in the network, what the domains that were being addressed by devices within the network, and the frequency of those requests. It gives the security operations center analyst a list of the devices that need to be looked at potentially or remediated. Let's go to the next slide. We also have a dashboard that lets you see geographic references to where the malicious traffic is coming from or going to. You can see in this particular dashboard, there was a highly unusual amount of activity going to Singapore. Now, it might be that there's a very valid reason why that would be the case, but situational awareness is key here, and if you see any traffic coming or going to or from places that might be concerning to your organization, it would show up here on this dashboard. We categorize the risks as well, again, based on reputation. Let's go to the next slide. Some of the more recent work we've done with artificial intelligence are these AI summary reports that take all of the vast amount of information that comes in and prioritize it, and develop recommended follow-up actions based on the insights that have come from all of the work that our Shield technology performs. These are just examples of a sample report. Let's go to the next slide. When we started, we were focused on on-prem, the data center, because that's where, in most corporations, the crown jewels or the most precious information was kept. We quickly realized that there was a number of other areas that also needed focus. As organizations started to move to the cloud and moved large amounts of their workloads and data to the cloud, whether it's a private cloud or public cloud, we felt strongly we needed to have a solution, or our solution in that domain. We now have that. As I mentioned, we also have endpoint technology that works on tablets, phones, iOS devices, and so on. Effectively, we have all of the critical points covered and collectively, all of these sensors, wherever they're located, work together to provide the information in the dashboard and the controls that you need to manage this kind of thing at scale. Let's go to the next slide. I mentioned this in the beginning, but this is a two-way problem. It's both sensing and detecting bad stuff that's coming in from the internet, but it's also looking at and categorizing and blocking bad stuff that might be emanating from inside your network. That's something that a lot of modern technology just doesn't do very well today on the outbound side. Let's go to the next slide. A little bit on our financials. I won't drain this in detail. You can, again, see this on our website. We did do a $3 million secured note financing in the end of first quarter, start of second quarter in 2026. We don't see a need to raise additional capital in 2026, absent some other significant event like an acquisition or other kind of activity like that. Let's go to the next slide. A little bit on our cap table. About 23 million shares outstanding in total, and pretty broadly held, as you can see. Couple of comments on our 2025 and first quarter 2026 performance. Revenue was down slightly in the fourth quarter, and also the first quarter of 2026, and it's all attributable to one government contract that we had expected to be renewed in late 2025, and it's been held up because of the war in Iran and the focus of DoD in terms of funding the war in Iran efforts. We still expect that contract to come. We just don't know the timing of it. It's just really held up in the procurement process of the U.S. federal government at this point, which is in a bit of shambles, I'll say. Nevertheless, even if that doesn't come through with the $4 million deal that we just announced and some other ones that we're confident about in our pipeline, it should have negligible effect on our 2026 earnings. Again, we're looking forward to being cash flow positive rate-wise at the end of the year. A little bit on the balance sheet. Not really a ton of comment here, but we pride ourselves in our discipline in terms of managing our financial affairs. Let's go to the next slide. I think that's it. I'm happy to take questions. Okay, great. Thank you so much. Yes, for the audience, if you have any questions, you can submit them in the Q&A function at the bottom of your screen. This $4 million contract that you just won, how long is that running for, and how are you sort of booking the revenue for that? It's a one-year contract, and it's a little heavier in the first few months, just based on the deliverables, but it'll be exercised over the period of performance, which is one year. There's plenty of room for add-ons and other things on top of that $4 million contract. As we identify activities that merit additional action, we have the opportunity to benefit from that. I think for conservative purposes, just spread it evenly over the next 12 months and it'll be close enough. Are most of your contracts one year or? Most of the government contracts are multi-year and tend to renew on a very regular basis. This one that didn't this year was a brand new contract in 2025, and so we had no history with that particular group to determine. All of our other contracts renew on time, on schedule, many of them pay for the contract upfront on a yearly basis. That's quite helpful when they do that as well. How long time ahead of the termination of the contract are you starting to talk about renewal? Most of them we know months in advance. We have been able to get rate increases and other kinds of things over the last couple of years. In most cases, we're sole source and very, very happy and satisfied set of customers. Even on the commercial side, we've had extremely low churn. Once we're in, we're in, and we tend to stay in. We're pleased with that as well. Okay. You mentioned cash flow positive by the end of the year, but what kind of revenue do you need to break even? It's somewhere between $10 million and $12 million, depending on the exact contracts that we sign, but it's in that kind of ballpark. Okay. Can you just talk about your main competitors and the competitive environment? Yeah. We've searched far and wide to try to find a competitor who does what we do, and we have been unable to find that. All the big players in cybersecurity claim to have some sort of reputation portion of their stack that they offer. When we get down to it and we do benchmarks, us against them, or our rate of successful detection of zero-day, for example, or blocking the call homes that I talked about earlier, there's nobody who even comes close. Probably the biggest thing, Anja, that we have in the marketplace is when you hear about what we do, everybody automatically says, "Oh, that's a firewall." We're not. We love firewalls. We think they're great. We think they're necessary. They just don't do everything that is needed in a modern world. Another way to think about this is we're a much finer-grained filter for network traffic than what you get with other technologies. If a competitor pops up, I'd love to find them and see what they do, but we've been unable to find anybody who even comes close. Okay. That's good. Also in your last earnings release, you mentioned the P.O.S.S.E. Program through- Yeah the partnership with PortNexus. How big of an opportunity can that be? Can you just talk a little bit about what that is? We've licensed our technology to PortNexus, who've developed a school safety program. Essentially what they do is, I'm talking about PortNexus now. They'll be present in classrooms, in school districts all over the country, where if there's an incident of some kind, let's say a shooting or some other incident that requires law enforcement activity, the teacher or a school resource officer can trigger the alarm. It instantly lights up all the cameras in the facility, and it also sends out a text message to all the pre-registered cell phones associated with that location. When the recipient clicks on the text, it turns their phone into a camera and a GPS feed also to law enforcement authorities on top of the cameras. This is a problem that any educational institution that has had an incident like this fully recognizes, because that initial contextual information about where the problem is, who's involved, how serious is it, is really important for law enforcement to have a better response. Even for other people in the vicinity who can take defensive action. When there's a shooting or whatever, and I don't know if you've ever experienced one of these, but there's just chaos everywhere for a while. This solution helps cut through the chaos, give situational awareness to the school officials and law enforcement. We provide the network protection to keep these things from being tampered with. The P.O.S.S.E. Program is a parallel effort with the school districts to make sure that the local sheriffs or whoever the law enforcement authorities are, if they want the additional protection of our Shield technology, we can sell that as an add-on to the school solution. We're pretty excited about it. We're deployed in about four or five locations in Iowa already, and we've got a bunch more on the docket to light up. We've only been selling it for a month or two, and I'm starting to see really good traction with that. Okay. I'm going to squeeze in one last question. You mentioned that you are funded for the organic growth this year, but you mentioned not for M&A. Are you actively looking at M&A? If so, what are you looking for? I'm always looking for the right thing. When we see it, we'll act on it. I'm looking for those game changer kinds of things that will drive exponential sort of growth going forward. It's probably going to come out of the AI space is my guess, because that's where all the energy is being put in our domain these days, and I'm just seeing some really great things that are maturing, and they're getting to the point where they could be very interesting to us. Okay. Sounds exciting. We're actually out of time, so we need to conclude here. Before we close it up, I want to hand it over to you for some closing remarks. I'd just say thanks for listening. Feel free to contact us if you have additional questions. The slide deck is available on our website, and I want to thank you for hosting us today. Okay. Thank you. Thank you everyone who joined. Take care.