Date: Monday, August 12, 2024 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) U.S. dial-in: 1-877-407-9208 International dial-in: 1-201-493-6784 Conference ID: 13747540 CHANDLER, Ariz., July 29, 2024 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) ("VirTra" or the "Company"), a global provider of judgmental use of force training simulators and firearms training simulators for the law enforcement and military markets, will hold a conference call on Monday, August 12, 2024 at 4:30 p.m. Eastern time (1:3 ...

CHANDLER, Ariz., July 09, 2024 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) ("VirTra" or the "Company"), a global provider of judgmental use of force training simulators and firearms training simulators for the law enforcement and military markets, today announced that Bob Ferris will step down from his position as Executive Chairman and will depart as a director. The Board is pleased to appoint CEO John Givens as the new Chairman of the Board. Both changes are effective July 12, 2024. Bob Ferris will co ...

"We are deeply grateful to Bob for his visionary leadership and the foundational role he played in establishing VirTra as a leader in virtual training," said Givens. "Bob is widely acknowledged as a pioneer in the simulation industry, with his innovative approach dating back to the 1990s. His technological expertise has resulted in highly effective, differentiated training systems that elevate law enforcement and military training worldwide, earning him a revered spot in The National Center for Simulation H ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $8.1 million, a 19% decrease from $10 million in the prior year period, primarily due to delays in federal funding caused by the U.S. government's continuing resolution [41] - Gross profit totaled $5.5 million, representing a gross margin of 67%, down from 69% in the prior year period, with a 21% decrease in gross profit attributed to changes in sales and increased costs from the Microsoft contract [30][41] - Net income was $1.2 million, or $0.11 per diluted share, compared to $2.9 million or $0.27 per diluted share in the prior year [42] - Adjusted EBITDA was $1.9 million, down from $4 million in the prior year period [42] - Net operating expenses increased by 17% to $4.1 million from $3.5 million in the prior year, driven by higher payroll and IT spending [14] Business Line Data and Key Metrics Changes - Government revenue increased by 7% to $6.7 million from $6.3 million in the prior year, attributed to design and prototyping revenue [9] - International revenue decreased to $1.3 million from $3.2 million in the prior year, primarily due to longer lead times in the international pipeline and geopolitical issues affecting government funding [27] Market Data and Key Metrics Changes - The backlog as of March 31, 2024, totaled $14 million, with $5.4 million in capital, $6.4 million in service and warranties, and $2.2 million in STEP contracts [15] - There are $6.8 million in renewable STEP contracts expected to represent additional revenue over the next five years, with a historical renewal rate of over 95% [15] Company Strategy and Development Direction - The company is preparing for the launch of the V-XR platform, which aims to enhance soft skills training across various sectors, including law enforcement and healthcare [5][6] - Strategic investments are being made in content and technology to improve training solutions and expand the scenario library [7] - The company is focused on enhancing customer engagement and operational efficiencies through a revised sales initiative and the addition of sales support specialists [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that Q1 performance was not satisfactory, citing external headwinds from cyclical budget decisions and the impact of continuing resolutions [4] - There is optimism for improved bookings as government budgets are approved, and the sales team restructuring is beginning to show results [10][22] - The company is positioned to capitalize on a healthy pipeline of opportunities as government budget resolutions take shape [32] Other Important Information - The company has significantly expanded its production capacity to meet growing demands, particularly in military markets [29] - The recent award of a $5.9 million prototype contract from the U.S. Army's IVAS program highlights the company's strategic alignment with military needs [28] Q&A Session Summary Question: How are bookings tracking in Q2? - Management indicated that bookings are tracking positively, but timing is uncertain due to reliance on federal funding [33] Question: What is the significance of the IVAS win? - The IVAS contract is seen as a significant milestone, representing a continuation of the company's involvement in military training technologies [28][47] Question: How many customers will receive the V-XR? - Management noted significant interest from both new and existing customers, but specific numbers were not disclosed [35][37]

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number: 001-38420 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q VIRTRA, INC. (Exact name of registrant as specified in its charter) | Nevada | 93-1207631 | | --- | --- | ...

VirTra Advances Preparations for V-XR Deliveries Strategic Military Training Initiatives Position Company for Continued Market Penetration Exhibit 99.1 VirTra Reports First Quarter 2024 Financial Results CHANDLER, Ariz. — May 14, 2024 — VirTra, Inc. (Nasdaq: VTSI) ("VirTra" or the "Company"), a global provider of judgmental use of force training simulators, firearms training simulators for the law enforcement and military markets, reported results for the first quarter ended March 31, 2024. The financial st ...

Financial Data and Key Metrics - Full year 2023 revenue increased 34% to $38 million from $28.3 million in 2022 [25] - Q4 2023 revenue increased 17% to $10.1 million from $8.6 million in Q4 2022 [25] - Gross profit for 2023 increased 64% to $26.7 million (70% of revenue) from $16.3 million (57% of revenue) in 2022 [26] - Q4 2023 gross profit increased 58% to $8.4 million (83% of revenue) from $5.3 million (61% of revenue) in Q4 2022 [26] - Net income for 2023 was $8.4 million ($0.77 per diluted share), up from $2 million ($0.18 per diluted share) in 2022 [28] - Q4 2023 net income totaled $2.8 million ($0.25 per diluted share), up from $1.4 million ($0.13 per diluted share) in Q4 2022 [28] - Adjusted EBITDA for 2023 increased to $11.6 million from $4 million in 2022 [29] Business Line Performance - Government revenue increased 39% to $31 million in 2023 from $22.4 million in 2022 [18] - International revenue was $5.8 million in 2023, up from $4.2 million in 2022 [19] - Subscription training equipment partnership (STEP) program continues to grow, with recurring revenue representing 20% of total quarterly revenue [21] Market Performance - Domestic market benefited from strategic sales restructuring and improved customer success functions [8][9] - International market growth attributed to stronger simulator and accessory sales, though longer lead times persist due to geopolitical tensions and US government budget issues [19][20] - Military market penetration progressing, with a dedicated business development and training center opened in Orlando, Florida [17] Strategic Direction and Industry Competition - Focus on expanding market share through technological innovation, including the V-XR extended reality training platform [12][14] - Integration of AI into content creation and data analytics to enhance training experiences [36][38] - Emphasis on developing soft skills training to expand into adjacent markets like hospitals and care facilities [15] - Targeting military market with VBS integration and custom recoil kits for M4 and M249 weapons [16] Management Commentary on Operating Environment and Future Outlook - Backlog reduced to $19.4 million entering 2024, with growing bookings and pipeline critical for future growth [7] - Confidence in sales initiatives taking effect, with expected momentum in bookings [30] - Anticipated higher close rates in international market as budgets are approved and geopolitical tensions ease [20] - Strong foundation laid for 2024 success through operational, sales, and product development improvements [40] Other Important Information - Bookings for 2023 totaled $33.6 million, a year-over-year increase of $0.5 million [30] - Backlog as of December 31, 2023, was $19.4 million, with $10.5 million in capital, $6.3 million in service and warranties, and $2.6 million in STEP contracts [31] - $6.9 million in renewable STEP contracts expected to generate additional revenue over the next five years [32] - Unrestricted cash and cash equivalents stood at $18.9 million as of December 31, 2023 [33] Q&A Session Question: Impact of government funding on business - Continuing resolution impacted expected stronger Q4, particularly affecting international, military contracts, and police department grants [42] - Backlog helped navigate through the impact, with improved conditions expected in Q2 2024 and beyond [43] Question: Initiatives around grant programs - Focus on helping small police departments access grants for training equipment, with a dedicated trainer assisting in grant identification and application [44][45] Question: Traction with V-XR and revenue impact timeline - V-XR product release set for Q2 2024, with multiple orders already in place [46] - V-XR expected to complement rather than cannibalize V300 sales, targeting smaller organizations with operational funds [47] Closing Remarks - Confidence in continued innovation and strong growth trajectory for 2024 [49]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to ______________ Commission file number: 001-38420 VIRTRA, INC. (Exact name of registrant as specified in its charter) | Nevada | 93-1207631 | | --- | --- | | (St ...

Exhibit 99.1 VirTra Reports Fourth Quarter and Full Year 2023 Financial Results Annual Revenue Grows to a Record $38.0 Million, Marking a 34% Increase "This strategic overhaul was instrumental in effectively working through the substantial backlog we faced entering 2023. With that backlog down to $19.4 million entering 2024, growing bookings and our pipeline will be critical to our growth trajectory going forward. To align more closely with future growth opportunities, we also restructured our sales team, i ...

VirTra, Inc. (NASDAQ:VTSI) Q3 2023 Earnings Conference Call November 14, 2023 4:30 PM ET Company Participants John Givens - Chief Executive Officer Alanna Boudreau - Chief Financial Officer Robert Ferris - Executive Chairman Conference Call Participants Jaeson Schmidt - Lake Street Capital Markets Operator Good afternoon, and welcome to VirTra's Third Quarter 2023 Earnings Conference Call. My name is Irene, and I will be your operator for today's call. Joining us for today's presentation are the company's C ...