Benzinga | Sep 15, 2021 10:44AM EDT

Why IronNet Shares Are Trading Higher Today

IronNet Inc (NYSE:IRNT) is trading higher Wednesday after the company announced its second-quarter fiscal 2022 financial results.

IronNet reported quarterly revenue of $6.1 million, which was down from $7.9 million year-over-year. The company reported quarterly subscription revenue of $5.8 million, which was up from $5.3 million year-over-year.

IronNet said it had $14.1 million in cash and cash equivalents at the end of the quarter.

"New customer momentum so far in the second half of our fiscal year is strong and already includes an authorization to proceed with the first installment of a deployment in a significant defense industrial base customer group," said William Welch, co-CEO of IronNet.

IronNet began trading on the New York Stock Exchange following its business combination with LGL Systems Acquisition Corp on Aug. 26. The stock is seeing increased retail investor interest.

IronNet is a global cybersecurity company that aims to transform how organizations secure their networks.

IRNT Price Action: IronNet was halted for volatility at the market open today.

The stock was up 13.2% at $26.39 at time of publication.