UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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 | | --- | --- | | ...

VirTra, Inc. (NASDAQ:VTSI) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET Company Participants Bob Ferris - Chairman, President, Co-Chief Executive Officer John Givens - Director & Co-Chief Executive Officer Alanna Boudreau - Chief Financial Officer Conference Call Participants Richard Baldry - ROTH MKM Jaeson Schmidt - Lake Street Operator Good afternoon, and welcome to VirTra's First Quarter 2023 Earnings Conference Call. My name is Claudia, and I will be your operator for today's call. Joining ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 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 | | --- | --- | ...

Start Time: 16:30 January 1, 0000 5:10 PM ET VirTra, Inc. (NASDAQ:VTSI) Q4 2022 Earnings Conference Call March 31, 2023, 16:30 PM ET Company Participants Bob Ferris - Chairman, President and Co-CEO John Givens - Co-CEO Alanna Boudreau - CFO Conference Call Participants Jaeson Schmidt - Lake Street Richard Baldry - ROTH Capital Operator Good afternoon. Welcome to VirTra’s Fourth Quarter and Full Year 2022 Earnings Conference Call. My name is Doug, and I will be your operator for today’s call. Joining us for ...

Financial Performance - Revenues for the year ended December 31, 2022, were $28,302,244, an increase of $3,868,188 or 16% compared to $24,434,056 in 2021[103] - Gross profit increased to $16,254,878 for 2022, representing a 43% increase from $11,405,212 in 2021, with a gross profit margin of 57%[105] - Net operating expenses rose to $13,661,173 in 2022, a 37% increase from $9,951,175 in 2021, driven by higher marketing and facility relocation costs[106] - Income from operations was $2,593,705 for 2022, up 78% from $1,454,037 in 2021, due to increased revenue and decreased cost of goods sold[108] - Net income for 2022 was $1,955,898, a decrease of 23% from $2,540,089 in 2021, primarily due to the absence of PPP loan forgiveness[110] - Adjusted EBITDA for 2022 was $3,605,430, a 72% increase from $2,090,157 in 2021, reflecting improved operational performance[111] Cash Flow and Financial Position - Cash and cash equivalents decreased to $13,483,597 as of December 31, 2022, down from $19,708,565 in 2021[112] - Net cash used in operating activities was $2,693,351 for 2022, compared to $125,743 in 2021, primarily due to increases in inventory and accounts payable[113] - The Company believes its current capital resources are adequate for over 12 months but is open to raising additional funds for business expansion and market opportunities[118] - As of December 31, 2022, there were no off-balance sheet arrangements that could materially affect the Company's financial condition[139] Revenue Recognition and Product Offerings - Revenue recognition is based on the FASB's ASC 606, with no significant impact on financial statements upon adoption[127] - Revenues include product sales and services, with product sales consisting of simulators, upgrade components, and accessories[128] - The Company provides a one-year assurance-type warranty on products, estimating warranty costs based on historical claims[137] Market and Product Development - The company plans to broaden its product offerings and increase its total addressable market through new marketing strategies and product innovations[102] - The V-300™ simulator features a 300-degree immersive training environment, enhancing decision-making and tactical training capabilities[102] - The Company received bookings totaling $6.4 million for the three months ended December 31, 2022, with a backlog of $27.7 million as of the same date[116] - Management estimates that the majority of new bookings from Q4 2022 will convert to revenue in 2023, although contract terms and delivery dates may change[117]

VirTra, Inc. (NASDAQ:VTSI) Q3 2022 Earnings Conference Call November 14, 2022 4:30 PM ET Company Participants Bob Ferris – Chairman and Co-Chief Executive Officer John Givens – Co-Chief Executive Officer Conference Call Participants Richard Baldry – ROTH Capital Jaeson Schmidt – Lake Street Operator Good afternoon, and welcome to VirTra’s Third Quarter 2022 Earnings Conference Call. My name is Keith, and I will be your operator for today’s call. Today’s call is being recorded. Joining us for today’s present ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 ☐ 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. Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Tradi ...

Financial Data and Key Metrics Changes - Total revenue for the first half of 2022 increased over 50% compared to the same period in 2021, reaching $14.8 million from $9.7 million [6][22] - Adjusted EBITDA grew 33% in the first half of the year, totaling $2.3 million, up from $1.8 million in the same period last year [7][29] - Net income for the second quarter of 2022 was $787,000 or $0.07 per diluted share, an increase from $529,000 or $0.05 per diluted share in Q2 2021 [28] Business Line Data and Key Metrics Changes - Revenue in the commercial segment grew over fivefold in the first half of the year to $5.2 million, with Q2 commercial revenue of $3.6 million exceeding the total for all of 2021 [11][21] - Government sales saw a slight decline, but management noted that the high season for new government orders typically occurs in Q3 [7] - International revenue increased 125% in the first half of 2022 compared to the prior year, attributed to the lifting of COVID-related travel restrictions [8] Market Data and Key Metrics Changes - Backlog as of June 30, 2022, totaled $16.5 million, down from $21 million at the end of Q1 2022 [31] - The company noted a strong sales pipeline for government orders, with expectations for increased activity in the upcoming quarters [7][51] Company Strategy and Development Direction - The company is focusing on expanding its presence in the military market, with a new operational facility in Orlando to enhance product demonstrations and relationships [15][16] - A recent reorganization aimed at improving operational efficiency and scalability, including a 10% staff reduction, is not primarily a cost-cutting measure but rather an optimization strategy [19][66] - The company is optimistic about future growth opportunities, particularly in the military sector, and is streamlining operations to facilitate maximum scale [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, citing a robust sales pipeline and the potential for significant military contracts [38][71] - The company is addressing inflationary pressures and operational inefficiencies while maintaining a focus on high-quality training products [36][85] - Management emphasized the importance of educating the market on the need for high-quality training in life-and-death situations, which is seen as a key opportunity for growth [81] Other Important Information - The company is transitioning to a new headquarters in Chandler, Arizona, which is expected to enhance operational efficiencies [39] - The departure of the Chief Operating Officer was noted, with no immediate replacement planned [33][34] Q&A Session Summary Question: Can you talk about the cadence of seasonal bookings in the military market? - Management indicated that military contracts typically have a base with options for multiple years, with September 30 being a key date for contract issuance [43] Question: What is the backdrop for the regular police market? - Management noted that COVID-19 had previously impacted their ability to schedule installations, but with restrictions easing, they have been able to convert backlog into revenue [49] Question: Are the ERP systems in a steady state? - Management acknowledged that the ERP system is evolving and that they are focused on ensuring scalability and timely filings [55] Question: How do you feel about the September budget flushes from customers? - Management expressed optimism about the sales pipeline and noted that they are not currently facing major issues related to government budget cycles [74] Question: Can you comment on the increase in operating expenses? - Management clarified that the increase in operating expenses is partly due to growth initiatives and one-time costs associated with the move to new facilities [68]

Financial Performance - Revenues for Q2 2022 were $7,997,383, a 52% increase from $5,255,192 in Q2 2021[82] - Cost of sales for Q2 2022 increased to $3,253,651, up 53% from $2,120,492 in Q2 2021[83] - Gross profit for Q2 2022 was $4,743,732, reflecting a 51% increase from $3,134,700 in Q2 2021[84] - Operating income for Q2 2022 was $1,041,623, a 27% increase compared to $820,768 in Q2 2021[86] - Net income for Q2 2022 was $787,374, up 49% from $529,359 in Q2 2021[89] - Operating expenses for Q2 2022 were $3,702,109, a 60% increase from $2,313,932 in Q2 2021[85] - The gross profit margin for Q2 2022 was 59%, slightly down from 60% in Q2 2021[84] - Net income for the three months ended June 30, 2022, was $787,374, a 49% increase from $529,359 in the same period of 2021[90] - Adjusted EBITDA for the six months ended June 30, 2022, was $2,342,478, reflecting a 33% increase from $1,754,993 in the same period of 2021[90] Cash Flow and Investments - The company had cash and cash equivalents of $15,016,233 as of June 30, 2022, down from $19,708,565 as of December 31, 2021[90] - Net cash used in operating activities was $2,778,270 for the six months ended June 30, 2022, compared to net cash provided of $937,906 for the same period in 2021[91] - Net cash used in investing activities was $1,811,738 for the six months ended June 30, 2022, compared to $694,895 for the same period in 2021[92] - Net cash used in financing activities was $102,234 for the six months ended June 30, 2022, a significant decrease from net cash provided of $16,801,070 in the same period of 2021[93] Business Strategy and Outlook - The company plans to broaden product offerings and enter new market segments through innovative products and services[79] - The company aims to increase its total addressable market by targeting new customer types[79] - The company is open to partnerships and acquisitions to enhance its market position and operational efficiency[79] - The company estimates that the majority of new bookings received in the first six months of 2022 will be converted to revenue within the same year[94] - Management believes current capital resources will be adequate for more than 12 months, but is open to raising additional funds for expansion[96] - As of June 30, 2022, there were no off-balance sheet arrangements that could materially affect the company's financial condition[100] Bookings and Backlog - The company received bookings totaling $9.9 million for the six months ended June 30, 2022, with a backlog of $16.5 million as of the same date[94]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ 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 | | --- | --- | ...