VirTra(US:VTSI)2022-08-19 13:00Financial 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]