RTTNews | Sep 15, 2021 10:12AM EDT

10:12 Wednesday, September 15, 2021 (RTTNews.com) - Shares of IronNet Cybersecurity, Inc. (IRNT) are rising more than 12% in the morning trade on Wednesday after the company reiterated its revenue outlook for the full year.

The company said its customer count increased in the second quarter to 51 from 22 at the end of the same quarter last year.

Looking forward to the full year, the company has reaffirmed its revenue outlook in the range of $43 million-$45 million.

"In the first half of fiscal 2022, IronNet was invited into larger deployments that shifted the anticipated closing of several large new customer contracts into the third quarter, including some that involve contracts for entire supply chain communities at once," said James Gerber, CFO of IronNet. "Our cloud focus coupled with the large deal formation that we are seeing reflects IronNet's ease of deployment and increasing market recognition, which keeps us on pace to double ARR in the third quarter and meet our growth objectives for the full year".

For the second quarter, the company has reported net loss of $17.2 million, wider than $14.3 million loss in the same quarter a year ago.

Revenue for the quarter decreased to $6.1 million from $7.9 million last year.

Annual recurring revenue of $24.1 million increased from $19.5 million a year ago.

IRNT touched a new high of $31.44 this morning before slipping to trade at $26.28 currently.

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