Financial Performance - Total revenue for the fourth quarter was 5.4million,adecreaseof5010.9 million in the prior year period[3]. - For the full year 2024, total revenue was 26.4million,adeclineof3238.8 million in 2023[10]. - Total revenue for 2024 decreased to 26,350,819from38,791,337 in 2023, representing a decline of approximately 32%[30]. - Gross profit for the fourth quarter was 3.7million,representingagrossmarginof68.519,412,515, down from 27,413,073in2023,indicatingadecreaseofabout29(0.9) million, or (0.08)perdilutedshare,comparedtonetincomeof3.5 million, or 0.32perdilutedshare,inthefourthquarterof2023[15].−Netincomefor2024was1,363,681, a significant drop from 9,150,835in2023,reflectingadeclineofapproximately85(1.8) million, compared to 3.0millioninthefourthquarterof2023[16].CashandLiquidity−Cashandcashequivalentswere18.0 million at December 31, 2024, providing a solid liquidity position[18]. - Cash and cash equivalents at the end of 2024 were 18,040,827,downfrom18,849,842 at the end of 2023, a decrease of approximately 4%[32]. - The company reported a net cash provided by operating activities of 1,257,266in2024,downfrom6,682,616 in 2023, a decline of approximately 81%[32]. Backlog and Bookings - Fourth quarter bookings increased by 37% sequentially to 12.2million,withasignificantportionrecordedinDecember,positioningthecompanyforrevenueconversioninearly2025[6].−Year−endbacklogexpandedto22.0 million as of December 31, 2024, reflecting continued sales momentum despite federal funding delays[6]. Expenses and Liabilities - Operating expenses increased slightly to 17,416,184in2024from17,029,508 in 2023, showing an increase of about 2%[30]. - Total liabilities decreased to 19,762,198in2024from27,012,175 in 2023, representing a reduction of approximately 27%[30]. Research and Development - Research and development expenses increased to 3,003,302in2024from2,794,314 in 2023, an increase of about 7%[30]. Assets - Total assets decreased to 65,453,086in2024from70,382,019 in 2023, a decline of about 7%[30]. Federal Funding and Growth Outlook - The company is focused on expanding its role in federal law enforcement training initiatives and has secured contracts in Europe and Latin America[5]. - The company anticipates continued variability in federal funding cycles but remains optimistic about long-term growth in tactical training needs[9]. Share Information - The weighted average shares outstanding for basic shares increased to 11,162,917 in 2024 from 10,958,448 in 2023, an increase of about 2%[30].
VirTra(VTSI)2025-03-27 20:48