Private company

IronNet, Inc.

American prepackaged software services company based in McLean. Summary from the record

Last updated Oct 19, 2026.

Overview

IndustryServices-Prepackaged Software¹
HeadquartersMclean, Virginia¹
Incorporated inDE²
Business address7900 Tysons One Place, Suite 400, Mclean, Va 22102²
Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company²
Legal formCorporation

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

48.7%Gross margin³

-395.2%Operating margin³

-407.3%Net margin³

-1.0%Revenue growth, 2023³

-$65.0MFree cash flow³

Where the money goes

Where each dollar of revenue went, fiscal 2023

Cost of revenueResearch and development

Cost of revenue30¢$14.0M
Research and development68¢$32.4M
Interest2¢$897.0K
Income tax0¢$58.0K

Out of $27.3M in revenue.³ The company lost money this year.

Financial statements

Revenue⁴³$27.3M in 2023−7% since 2021

Gross profit⁴³$13.3M in 2023−40% since 2021

Operating income⁵⁴³-$107.7M in 2023+17007% since 2020

Net income⁵⁴³-$111.0M in 2023+10187% since 2019

Fiscal year	2019	2020	2021	2022	2023
Revenue			$29.2M⁴	$27.5M³	$27.3M³
Cost of revenue			$7.0M⁴	$9.4M³	$14.0M³
Gross profit			$22.2M⁴	$18.2M³	$13.3M³
Research and development			$25.8M⁴	$52.9M³	$32.4M³
Operating expenses				$247.9M³	$121.0M³
Operating income		-$629.7K⁵	-$55.3M⁴	-$229.8M³	-$107.7M³
Interest			$0⁴	$1.2M³	$897.0K³
Income before tax				-$242.2M³	-$111.0M³
Income tax		$37.6K⁵	$77.0K⁴	$465.0K³	$58.0K³
Net income	-$1.1M⁵	-$8.8M⁵	-$55.4M⁴	-$242.6M³	-$111.0M³
Earnings per share				-$3.03³	-$1.07³
Earnings per share (diluted)				-$3.03³	-$1.07³
Shares (weighted, basic)				80.0M shares³	104.0M shares³
Shares (weighted, diluted)				80.0M shares³	104.0M shares³

Total assets⁵⁴³$33.7M in 2023−81% since 2019

Total liabilities⁵⁴³$68.4M in 2023+230% since 2019

Shareholders’ equity⁵³-$34.7M in 2023

Cash⁸⁴³$7.6M in 2023+641% since 2019

Long-term debt⁴$0 in 2022

Fiscal year	2019	2020	2021	2022	2023
Cash	$1.0M⁸	$10.8M⁴	$31.5M⁴	$47.7M³	$7.6M³
Receivables				$2.0M³	$3.4M³
Inventory				$4.6M³	$2.7M³
Current assets	$1.2M⁵	$884.9K⁵	$45.7M⁴	$70.7M³	$21.2M³
Property, plant and equipment				$5.6M³	$6.0M³
Total assets	$173.9M⁵	$174.1M⁵	$51.7M⁴	$81.2M³	$33.7M³
Accounts payable				$2.3M³	$7.3M³
Short-term debt				$0⁴
Current liabilities	$214.1K⁵	$247.5K⁵	$21.4M⁴	$24.5M³	$56.3M³
Long-term debt			$2.1M⁴	$0⁴
Total liabilities	$20.7M⁵	$29.7M⁵	$46.7M⁴	$42.8M³	$68.4M³
Retained earnings				-$417.7M³	-$528.7M³
Shareholders’ equity	$5.0M⁵	$5.0M⁵	$5.0M³	$38.4M³	-$34.7M³
Shares outstanding				100.4M shares⁴	111.8M shares³

Cash from operations⁵⁴³-$64.9M in 2023+13563% since 2020

Capital spending⁴³$142.0K in 2023−85% since 2021

Free cash flow⁴³-$65.0M in 2023+49% since 2021

Fiscal year	2020	2021	2022	2023
Cash from operations	-$474.8K⁵	-$42.6M⁴	-$83.7M³	-$64.9M³
Depreciation and amortization			$1.1M³	$2.3M³
Stock-based compensation			$156.6M³	$36.9M³
Capital spending		$952.0K⁴	$1.7M³	$142.0K³
Free cash flow		-$43.6M	-$85.4M	-$65.0M
Cash from investing			-$3.9M³	-$2.5M³
Cash from financing			$103.4M³	$27.5M³

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Leadership

Who has led IronNet, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

Chair

Keith B. Alexander2021

President

Chief financial officer

20202025

Chief executive officerLinda Kay Zecher Jul 21, 2023 to Jul 21, 2023⁹
Chief executive officerKeith B. Alexander Aug 30, 2021 to Nov 23, 2021¹⁰
Chief executive officerWilliam E. Welch Aug 30, 2021 to Sep 7, 2022¹¹
Chief executive officerMarc Gabelli Nov 6, 2019 to Nov 6, 2019¹²
ChairKeith B. Alexander Aug 30, 2021 to Nov 23, 2021¹⁰
PresidentKeith B. Alexander Aug 30, 2021 to Nov 23, 2021¹⁰
PresidentJohn S. Mega Nov 6, 2019 to Nov 6, 2019¹³
Chief financial officerCameron Pforr Sep 16, 2022 to Sep 16, 2022¹⁴
Chief financial officerJames C. Gerber Aug 30, 2021 to Sep 7, 2022¹⁵
Chief financial officerRobert Lapenta V. Jr. Nov 6, 2019 to Nov 6, 2019¹⁶

Board members and other officers (15)

Chief Product OfficerDonald Closser Aug 30, 2021 to Nov 4, 2022¹⁷
Chief Marketing OfficerRussell Cobb Aug 30, 2021 to Sep 14, 2021¹⁸
Chief Revenue OfficerSean Foster Aug 30, 2021 to Sep 14, 2021¹⁹
Board memberLinda Kay Zecher Jul 21, 2023 to Jul 21, 2023⁹
Board memberAndre Pienaar Aug 30, 2021 to Dec 9, 2021²⁰
Board memberDonald R. Dixon Aug 30, 2021 to Jul 14, 2022²¹
Board memberJan E. Tighe Aug 30, 2021 to Jul 14, 2022²²
Board memberJohn M. Keane Aug 30, 2021 to Jul 14, 2022²³
Board memberJohn Michael McConnell Aug 30, 2021 to Jul 14, 2022²⁴
Board memberRobert Lapenta V. Jr. Aug 30, 2021 to Jul 14, 2022²⁵
Board memberTed Schlein Aug 30, 2021 to Jul 14, 2022²⁶
Board memberWilliam E. Welch Aug 30, 2021 to Sep 7, 2022¹¹
Board memberMarc Gabelli Nov 6, 2019 to Nov 6, 2019¹²
Board memberMary E. Gallagher Nov 6, 2019 to Jul 14, 2022²⁷
Board memberMichael J. Ferrantino Jr. Nov 6, 2019 to Nov 6, 2019²⁸

Named in SEC Form D filings

People the company listed in its private-offering notices.

DirectorMichael J. Rogers named Feb 22, 2022²⁹
DirectorTheodore E. Schlein named Feb 22, 2022²⁹

Former names

LGL Systems Acquisition Corp.Jun 26, 2019 to Aug 30, 2021²
MTRON Systems Acquisition Corp.May 30, 2019 to Jul 9, 2019²

Timeline

Jul 21, 2023New chief executive Linda Kay Zecher becomes CEO⁹
Aug 30, 2021New chief executive Keith B. Alexander becomes CEO¹⁰
Aug 30, 2021New chief executive William E. Welch becomes CEO¹¹
Nov 6, 2019New chief executive Marc Gabelli becomes CEO¹²

Filings

190 filings to the SEC since October 2021: 3 annual reports, 8 quarterly reports, 39 major events, 56 insider forms, 12 large holders, 1 private raises, 71 other. The latest 20:

The 190 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

39 open-market trades by officers, directors and large owners since October 2021: 2 buys and 37 sales. Grants, option exercises and gifts are left out.

Date	Who	Trade	Shares	Price	Value	Filing
Nov 3, 2022	Closser DonaldChief Product Officer	Sale	9,741	$0.68	$6.6K	Form 4
Oct 6, 2022	Closser DonaldChief Product Officer	Sale	9,220	$0.62	$5.7K	Form 4
Sep 2, 2022	Closser DonaldChief Product Officer	Sale	9,289	$1.92	$17.8K	Form 4
Sep 2, 2022	Welch William ECo-CEO & Director	Sale	41,859	$1.92	$80.4K	Form 4
Sep 2, 2022	Gerber James CChief Financial Officer	Sale	3,066	$1.92	$5.9K	Form 4
Aug 3, 2022	Closser DonaldChief Product Officer	Sale	9,288	$2.37	$22.0K	Form 4
Aug 3, 2022	Gerber James CChief Financial Officer	Sale	1,899	$2.37	$4.5K	Form 4
Aug 3, 2022	Welch William ECo-CEO & Director	Sale	41,859	$2.37	$99.2K	Form 4
Jul 12, 2022	Closser DonaldChief Product Officer	Sale	2,544	$2.36	$6.0K	Form 4
Jul 12, 2022	Gerber James CChief Financial Officer	Sale	1,559	$2.36	$3.7K	Form 4
Jul 1, 2022	Closser DonaldChief Product Officer	Sale	3,169	$2.11	$6.7K	Form 4
Jul 1, 2022	Gerber James CChief Financial Officer	Sale	278	$2.11	$587	Form 4
Jul 1, 2022	Welch William ECo-CEO & Director	Sale	28,700	$2.11	$60.6K	Form 4
Jun 2, 2022	Closser DonaldChief Product Officer	Sale	5,936	$3.08	$18.3K	Form 4
Jun 2, 2022	Gerber James CChief Financial Officer	Sale	2,008	$3.08	$6.2K	Form 4
Jun 2, 2022	Welch William ECo-CEO & Director	Sale	28,487	$3.08	$87.7K	Form 4
May 6, 2022	Closser DonaldChief Product Officer	Sale	6,563	$2.84	$18.6K	Form 4
May 6, 2022	Gerber James CChief Financial Officer	Sale	2,398	$2.84	$6.8K	Form 4
May 6, 2022	Welch William ECo-CEO & Director	Sale	29,254	$2.84	$83.1K	Form 4
Apr 12, 2022	Gerber James CChief Financial Officer	Sale	30,000	$3.17	$95.1K	Form 4

All 39 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

KPCB Digital Growth Fund II, LLCSC 13D/A, 1 filing Feb 14, 2024³⁰
3i, LPSC 13G/A, 2 filings May 26, 2023 to Feb 12, 2024³¹
C5 Investors General Partner LtdSC 13D/A, 6 filings Dec 27, 2022 to Jul 13, 2023³²
GLAZER CAPITAL, LLCSC 13G/A, 1 filing Feb 14, 2022³³
INTEGRATED CORE STRATEGIES (US) LLCSC 13G/A, 1 filing Feb 14, 2022³⁴
Beryl Capital Management LLCSC 13G/A, 1 filing Feb 11, 2022³⁵

Money raised

Private offerings the company reported to the SEC on Form D.

Feb 22, 2022Filed a private offering of equity Form D: $175 million offered in all Form D

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARIronNet, Inc. filings on SEC EDGAR
2
SEC EDGARIronNet, Inc. filings on SEC EDGAR
3
SEC EDGARIronNet, Inc. 10-K for fiscal 2023
4
SEC EDGARIronNet, Inc. 10-K for fiscal 2021
5
SEC EDGARIronNet, Inc. 10-K for fiscal 2020
6
SEC EDGARIronNet, Inc. 10-Q for fiscal 2023
7
SEC EDGARIronNet, Inc. 10-Q for fiscal 2023
8
SEC EDGARIronNet, Inc. 10-K for fiscal 2019
9
SEC EDGARLinda Kay Zecher, Chief executive officer
10
SEC EDGARKeith B. Alexander, Chief executive officer
11
SEC EDGARWilliam E. Welch, Chief executive officer
12
SEC EDGARMarc Gabelli, Chief executive officer
13
SEC EDGARJohn S. Mega, President
14
SEC EDGARCameron Pforr, Chief financial officer
15
SEC EDGARJames C. Gerber, Chief financial officer
16
SEC EDGARRobert Lapenta V. Jr., Chief financial officer
17
SEC EDGARDonald Closser, Chief Product Officer
18
SEC EDGARRussell Cobb, Chief Marketing Officer
19
SEC EDGARSean Foster, Chief Revenue Officer
20
SEC EDGARAndre Pienaar, Board member
21
SEC EDGARDonald R. Dixon, Board member
22
SEC EDGARJan E. Tighe, Board member
23
SEC EDGARJohn M. Keane, Board member
24
SEC EDGARJohn Michael McConnell, Board member
25
SEC EDGARRobert Lapenta V. Jr., Board member
26
SEC EDGARTed Schlein, Board member
27
SEC EDGARMary E. Gallagher, Board member
28
SEC EDGARMichael J. Ferrantino Jr., Board member
29
SEC EDGARIronNet, Inc. Form D naming Michael J. Rogers
30
SEC EDGARKPCB Digital Growth Fund II, LLC SC 13D/A on IronNet, Inc.
31
SEC EDGAR3i, LP SC 13G/A on IronNet, Inc.
32
SEC EDGARC5 Investors General Partner Ltd SC 13D/A on IronNet, Inc.
33
SEC EDGARGLAZER CAPITAL, LLC SC 13G/A on IronNet, Inc.
34
SEC EDGARINTEGRATED CORE STRATEGIES (US) LLC SC 13G/A on IronNet, Inc.
35
SEC EDGARBeryl Capital Management LLC SC 13G/A on IronNet, Inc.