Core Viewpoint - VirTra, Inc. has appointed two distinguished leaders in military operations and police training to its board, enhancing its governance and strategic leadership as it aims to innovate and expand its training solutions for public safety and military professionals [1][2]. Group 1: Board Appointments - Retired U.S. Army Lieutenant General Maria R. Gervais and Executive Director Mike Ayers of the Georgia POST Council have joined VirTra's board, effective October 21, 2024 [1]. - With these appointments, four out of five board members are now independent, reinforcing the company's commitment to effective governance [1]. Group 2: Leadership Backgrounds - Lt. Gen. Gervais led a $2 billion modernization initiative that reduced Army training time by three years and introduced 3D terrain technology for virtual training [3]. - Mike Ayers has over 37 years of experience in law enforcement training and led a significant overhaul of Georgia's police credentialing program, increasing required training hours from 408 to over 800 [4]. Group 3: Strategic Impact - Gervais's experience with virtual environments will support VirTra's integration of Virtual Battle Space (VBS) military training into its simulator systems [3]. - Ayers's extensive background in training and certification will enhance the effectiveness of VirTra's law enforcement training programs [5]. Group 4: Company Mission and Vision - VirTra aims to save and improve lives through practical and effective virtual reality and simulator technology, focusing on immersive training for law enforcement and military markets [6].

The most recent trading session ended with VirTra, Inc. (VTSI) standing at $6.52, reflecting a -1.21% shift from the previouse trading day's closing. This change lagged the S&P 500's daily gain of 0.4%. At the same time, the Dow added 0.09%, and the tech-heavy Nasdaq gained 0.63%. The company's stock has climbed by 2.01% in the past month, exceeding the Aerospace sector's loss of 1.22% and lagging the S&P 500's gain of 3.76%. The investment community will be paying close attention to the earnings performanc ...

VirTra, Inc. (VTSI) closed the latest trading day at $6.16, indicating a -0.96% change from the previous session's end. The stock's performance was behind the S&P 500's daily loss of 0.93%. Elsewhere, the Dow lost 0.41%, while the tech-heavy Nasdaq lost 1.53%. Shares of the company witnessed a loss of 7.44% over the previous month, trailing the performance of the Aerospace sector with its loss of 0.36% and the S&P 500's gain of 2.17%. The upcoming earnings release of VirTra, Inc. will be of great interest t ...

CHANDLER, Ariz., Sept. 19, 2024 (GLOBE NEWSWIRE) -- 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, will hold its 2024 Annual Meeting of Shareholders on Monday, October 21, 2024 at 4:30 p.m. Eastern Time (1:30 p.m. Arizona Time) at VirTra's headquarters located at 295 E. Corporate Place, Chandler, AZ 85225. The meeting will also be accessible via webcast here. ...

CHANDLER, Ariz., Aug. 22, 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, is confirmed to present at the 2024 Annual Gateway Conference, which is being held September 4-5, at the Four Seasons Hotel in San Francisco, CA. VirTra's management team is scheduled to present on Thursday, September 5 at 9:00 a.m. Pacific Time (PT). The pres ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2024 was $6.1 million, down from $10.3 million in the prior year, primarily due to delays in federal funding and contract holds [14][4] - Gross profit was $5.5 million, representing a gross margin of 91%, compared to 57% in the prior year, driven by operational enhancements [14][15] - Net income increased to $1.2 million or $0.11 per diluted share, a 17% increase from $1 million or $0.09 per diluted share in the prior year [15] - Adjusted EBITDA was $1.6 million, down from $2.6 million in the prior year [15] Business Line Data and Key Metrics Changes - Government revenue decreased to $5.3 million from $9.5 million in the prior year due to delayed federal budget decisions [10] - International revenue was $0.6 million, a slight decrease from $0.7 million in the prior year, attributed to long lead times in the international pipeline [11] - Bookings totaled $5.9 million for Q2 2024, with a backlog of $13.8 million as of June 30, 2024 [16] Market Data and Key Metrics Changes - The military market is showing potential growth with the U.S. Army's Integrated Visual Augmentation System (IVAS) program, which includes a $5.9 million prototype contract [12] - The company is focusing on expanding its reach into U.S. federal and Department of Defense channels through targeted marketing campaigns [13] Company Strategy and Development Direction - The launch of the V-XR platform is a key component of the company's long-term growth strategy, aimed at enhancing professional training environments [9][18] - The company is prioritizing long-term relationships and is positioned to capitalize on military budget openings [6][18] - Investments in sales and marketing, as well as strategic hiring, are being made to support growth initiatives [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in the first half of the year due to delayed budget decisions but expressed optimism for the second half as grant funding becomes clearer [5][18] - The company is confident in its ability to navigate through temporary challenges and is focused on operational improvements and strategic initiatives for future growth [18] Other Important Information - The company has restructured its sales team to enhance international sales capabilities and stabilize future revenue streams [11] - The addition of a new Chief Technology Officer is expected to accelerate innovation and product development [6] Q&A Session Summary Question: Bookings activity and acceleration in Q3 - Management noted positive trends in the first month of Q3 but refrained from making forward-looking statements [20] Question: Transition from pilot programs to firm purchase orders in healthcare - Management indicated that several healthcare institutions are moving towards firm purchase orders, driven by new training requirements [21][22] Question: Expectations for gross margin in the second half - Management expects gross margin to decrease from Q2 levels but aims to maintain it in the mid- to high 50s range to gain market share [23][24][25] Question: Inventory levels and near-term opportunities - The increase in inventory is attributed to work-in-progress accounts and purchases for military contracts [26][28] Question: Cash flow and tax provisions - The decrease in cash was primarily due to tax payments and efforts to reduce accounts payable [30] Question: Activity levels outside of budget constraints - Management discussed the complexities of federal and local funding processes and indicated that federal contracts are key indicators for future growth [31][32]

Core Insights - VirTra, Inc. reported a significant increase in bookings and improved gross margins in Q2 2024, indicating a positive shift in market conditions and sales strategies [2][4][11] - The company is preparing to launch its new V-XR platform, which is expected to enhance training methodologies across various sectors [5][6] - Despite a year-over-year decline in total revenue, the company maintained a strong gross margin of 91% due to operational efficiencies [3][8][11] Financial Performance - Total revenue for Q2 2024 was $6.1 million, down 41% from $10.3 million in Q2 2023, and down 30% for the first half of 2024 compared to the same period in 2023 [3][7] - Gross profit was $5.5 million, with a gross margin of 91%, a significant increase from 57% in the prior year [3][8] - Net income for Q2 2024 was $1.2 million, or $0.11 per diluted share, compared to $1.0 million, or $0.09 per diluted share, in Q2 2023 [10][23] Operational Highlights - Bookings increased by $3 million quarter-over-quarter, doubling since Q1 2024, reflecting improved sales efforts [2][4] - The company appointed Brandon Cox as Chief Technology Officer to drive innovation and product development [2][6] - New masterclass training programs were launched to enhance customer engagement and training outcomes [2][6] Strategic Initiatives - The company is focusing on expanding its presence in U.S. Federal and Department of Defense markets through targeted marketing and a dedicated sales team [5][6] - VirTra's simulators have been approved for Department of Defense-funded research projects, enhancing its credibility in defense and research sectors [2][4] - The company aims to strengthen its working capital position to support strategic initiatives and long-term growth [12]

"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 | | --- | --- | ...