IRNT - IronNet stock tumbles postmarket as outlook disappoints

IronNet (NYSE:IRNT) stock tumbled 10.6% postmarket after the cybersecurity firm issued a disappointing outlook for 2023 along with its Q4 earnings report. IRNT expects 2023 revenue of ~$34M, up nearly 25%, but well below consensus estimate of $41.97M. 2023 ARR is projected to be ~$48M, up around 50%. "We will increase our guidance as appropriate to reflect strategic customer contracts," said CFO James Gerber. IRNT's cash and cash equivalents stood at $47.7M at Q4-end. IRNT has not yet drawn on its equity line facility with Tumim Stone Capital. IRNT also said it identified an error in its Q3 financial statements. The error is preliminarily estimated to be $28M and resulted in an overstatement of stock-based compensation expense in Q3. This will likely result in a restatement or revision of its Q3 financial statements.

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IronNet stock tumbles postmarket as outlook disappoints