Financial Performance - Q3 2024 bookings increased by 51% quarter-over-quarter to $8.9 million, and a 22% year-over-year increase from $7.3 million in Q3 2023[2]. - Total revenue for Q3 2024 was $7.5 million, a slight decrease of 1% from $7.6 million in Q3 2023[7]. - Net income for Q3 2024 was $0.6 million, or $0.05 per diluted share, compared to $1.6 million, or $0.15 per diluted share, in Q3 2023[10]. - Adjusted EBITDA for Q3 2024 was $1.1 million, down 62% from $2.9 million in Q3 2023[10][16]. - Total revenue for the three months ended September 30, 2024, was $7,484,269, a decrease of 1.02% from $7,561,582 in the same period of 2023[19]. - Net income for the three months ended September 30, 2024, was $583,101, down 64.3% from $1,634,790 in the same period of 2023[19]. - Net income for the nine months ended September 30, 2024, was $3,000,002, a decrease from $5,607,804 in the same period of 2023, representing a decline of approximately 46.4%[20]. Cost and Expenses - Gross margin improved to 73%, up from 71% in the prior year period, reflecting a lower cost of sales[2][8]. - Net operating expenses increased by 28% to $4.7 million, driven by investments in staff and expanded sales and marketing efforts[9]. - Operating expenses increased to $4,742,341 for the three months ended September 30, 2024, compared to $3,716,463 in the prior year, representing a rise of 27.5%[19]. - Research and development expenses for the three months ended September 30, 2024, were $724,757, up from $487,388 in the same period of 2023, indicating a growth of 48.6%[19]. Cash Flow and Assets - Cash and cash equivalents as of September 30, 2024, were $19,668,455, an increase from $18,849,842 as of December 31, 2023[18]. - Total current assets decreased to $44,942,232 as of September 30, 2024, from $48,995,288 as of December 31, 2023, a decline of 8.3%[18]. - Accounts receivable increased significantly to $8,661,418 compared to a negative $11,131,628 in the previous year, indicating improved collection efforts[20]. - Cash and restricted cash at the end of the period totaled $19,668,455, up from $17,201,178, marking an increase of approximately 14.3%[20]. - Net cash provided by operating activities decreased to $2,669,269 from $4,365,751, reflecting a decline of about 38.7% year-over-year[20]. - Net cash used in investing activities rose to $1,692,249 from $512,249, indicating increased investment in property and equipment[20]. - Net cash used in financing activities was $158,408, slightly higher than $135,921 in the previous year, reflecting ongoing financing efforts[20]. - The company experienced a net increase in cash of $818,612, a significant drop from $3,717,581 in the same period last year, indicating tighter cash flow management[20]. Liabilities and Equity - Total liabilities decreased significantly to $19,918,340 as of September 30, 2024, from $27,012,175 as of December 31, 2023, a reduction of 26.1%[18]. - The company’s total stockholders' equity increased to $46,150,037 as of September 30, 2024, from $42,621,867 as of December 31, 2023, reflecting a growth of 8.5%[18]. - The company reported an increase in accumulated income to $13,662,995 as of September 30, 2024, compared to $10,662,993 as of December 31, 2023[18]. Strategic Initiatives - The launch of the new V-XR extended reality solution is expected to broaden offerings and open avenues into adjacent markets such as healthcare and education[3]. - The company is optimistic about capitalizing on emerging opportunities as it moves through Q4 and into 2025, despite macroeconomic uncertainties[6]. - A strong backlog of long-term contracts reflects continued demand and provides a steady revenue foundation[11]. Other Financial Metrics - Interest paid during the period was $182,419, with taxes paid amounting to $5,315,442, indicating ongoing financial obligations[20]. - The company issued 20,151 RSUs during the period, down from 41,903 in the previous year, reflecting a decrease in equity compensation[20]. - Inventory net increased by $1,507,068, compared to an increase of $1,183,302 in the prior year, suggesting a potential buildup of stock[20].

Financial Performance - Net sales for Q3 2024 were $7,484,269, a decrease of 1% from $7,561,582 in Q3 2023, and for the nine months ended September 30, 2024, net sales were $21,653,707, down 22% from $27,925,420 in the same period of 2023[94]. - Gross profit for Q3 2024 was $5,497,973, an increase of 2% from $5,386,074 in Q3 2023, while gross profit for the nine months ended September 30, 2024, was $16,484,729, a decrease of 10% from $18,255,712 in the same period of 2023[96]. - Operating income for Q3 2024 was $755,632, a decrease of 55% from $1,669,611 in Q3 2023, and for the nine months ended September 30, 2024, operating income was $3,285,392, down 54% from $7,069,523 in the same period of 2023[98]. - Net income for Q3 2024 was $583,101, a decrease of 64% from $1,634,790 in Q3 2023, and for the nine months ended September 30, 2024, net income was $3,000,002, down 47% from $5,607,804 in the same period of 2023[101]. - Cost of sales for Q3 2024 was $1,986,296, a decrease of 9% from $2,175,508 in Q3 2023, and for the nine months ended September 30, 2024, cost of sales was $5,168,978, a decrease of 47% from $9,669,708 in the same period of 2023[95]. - Operating expenses for Q3 2024 were $4,742,341, an increase of 28% from $3,716,463 in Q3 2023, and for the nine months ended September 30, 2024, operating expenses were $13,199,337, an increase of 18% from $11,186,189 in the same period of 2023[97]. - Adjusted EBITDA for the three months ended September 30, 2024, was $1,082,826, down 62% from $2,867,159 in the prior year[104]. Profitability Metrics - The gross profit margin for Q3 2024 was 73%, compared to 71% in Q3 2023, and for the nine months ended September 30, 2024, the gross profit margin was 76%, compared to 65% in the same period of 2023[96]. - Net income for the three months ended September 30, 2024, was $583,101, a decrease of 64% compared to $1,634,790 for the same period in 2023[104]. Cash Flow and Capital Resources - Cash and cash equivalents as of September 30, 2024, were $19,668,455, an increase from $18,849,842 as of December 31, 2023[104]. - Net cash provided by operating activities for the nine months ended September 30, 2024, was $2,669,269, compared to $4,365,751 for the same period in 2023[105]. - Net cash used in investing activities was $1,692,249 for the nine months ended September 30, 2024, compared to $512,249 for the same period in 2023[106]. - The company had working capital of $35,984,477 as of September 30, 2024, up from $33,240,516 as of December 31, 2023[104]. - Management believes current capital resources will be adequate for more than 12 months, but is open to raising additional funds for expansion[109]. Business Strategy and Market Outlook - The company plans to expand its market share by developing and marketing effective simulators, adding staff to meet expected demand, and increasing its total addressable market through new marketing and product offerings[81][82]. - The company is open to partnerships and acquisitions to optimize long-term growth and shareholder value[84]. - The introduction of new products, such as the V-XR extended reality headset-based training solution, is part of the company's strategy to innovate and broaden its product offerings[94]. - The company plans to convert the majority of new capital bookings received in the first nine months of 2024 into revenue within the same year[108]. - The company received bookings totaling $8.9 million in the three months ending September 30, 2024, and $17.7 million for the nine months ended September 30, 2024[108]. - As of September 30, 2024, the company's backlog was $15.2 million, including $7 million in capital and $6.2 million in service and warranties[108].

Core Insights - VirTra, Inc. reported a significant increase in bookings, totaling $8.9 million in Q3 2024, representing a 51% increase quarter-over-quarter and a 22% increase year-over-year [2][4] - The company's gross margin expanded to 73%, up from 71% in the prior year period, indicating improved cost efficiency [2][3] - The company maintained a robust working capital of $36.0 million, positioning itself for sustained growth and operational agility [2] Financial Performance - Total revenue for Q3 2024 was $7.5 million, slightly down from $7.6 million in Q3 2023, primarily due to previous booking delays caused by federal funding measures [3][6] - Gross profit for the quarter was $5.5 million, reflecting a 2% increase from $5.4 million in the prior year [3][7] - Net income decreased to $0.6 million, or $0.05 per diluted share, compared to $1.6 million, or $0.15 per diluted share, in Q3 2023 [3][9] Operational Highlights - The company advanced its V-XR launch, accepting initial orders and preparing for customer deliveries, which is expected to broaden its market reach [2] - The appointment of retired U.S. Army Lieutenant General Maria R. Gervais and Georgia POST Executive Director Mike Ayers to the Board of Directors enhances the company's expertise in military training and law enforcement certification [2] Management Commentary - The CEO highlighted that the increase in bookings signals the effectiveness of the sales improvements initiated in late 2023, setting a strong foundation for future growth [4] - The CFO emphasized the company's solid cash position and strong gross margin profile, which provide financial flexibility to support growth initiatives [10] Market Outlook - The company is closely monitoring macroeconomic factors, including federal budget decisions, which may impact funding distribution to customers [5] - The management expressed optimism about capitalizing on emerging opportunities as the company moves through Q4 2024 and into 2025 [5]

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]