VirTra(US:VTSI)2025-05-12 20:10Financial Performance - Net income for Q1 2025 increased to $1.3 million, up from $0.5 million in Q1 2024, representing a 170% increase[11] - Total revenue for Q1 2025 was $7.2 million, a slight decrease of 3% from $7.3 million in the prior year period[8] - Bookings for Q1 2025 reached $6.4 million, a significant increase of 120% year-over-year from $2.9 million in Q1 2024[5] - Gross profit improved to $5.2 million, reflecting a gross margin of 72.6%, compared to $4.7 million and 64.2% in the prior year[9] - Adjusted EBITDA for Q1 2025 was $1.7 million, a 22% increase from $1.4 million in Q1 2024[12] - Operating income more than doubled to $1.4 million in Q1 2025, compared to $0.7 million in the prior year[11] - Total revenue for Q1 2025 was $7,160,247, a decrease of 2.5% compared to $7,346,421 in Q1 2024[24] - Gross profit increased to $5,196,880 in Q1 2025, up 10.2% from $4,714,164 in Q1 2024[24] - Net income for Q1 2025 was $1,264,060, representing a significant increase of 169.5% compared to $468,196 in Q1 2024[24] - Operating expenses decreased to $3,829,077 in Q1 2025, down 5.8% from $4,063,802 in Q1 2024[24] Cash and Assets - Cash and cash equivalents at the end of Q1 2025 were $17,612,626, a decrease from $18,040,827 at the end of Q4 2024[26] - Total assets increased to $66,797,122 as of March 31, 2025, compared to $65,453,086 as of December 31, 2024[22] - Total liabilities remained relatively stable at $19,812,659 in Q1 2025, compared to $19,762,198 in Q4 2024[22] - The company reported a net cash provided by operating activities of $65,691 in Q1 2025, a decrease from $5,136,509 in Q1 2024[26] Research and Development - Research and development expenses were $609,127 in Q1 2025, down from $693,380 in Q1 2024[24] - Development work under the U.S. Army's IVAS program advanced, including expanded recoil kit validation and reliability testing[5] Backlog and Working Capital - Backlog as of March 31, 2025, totaled $21.2 million, including $9.9 million in Capital, $5.8 million in Service, and $5.5 million in STEP contracts[5] - The company maintained robust working capital of $35.3 million, positioning it for sustained growth[5] Strategic Initiatives - The company reentered the GSA procurement program with bundled offerings to streamline purchases for federal and municipal buyers[6] Share Information - The weighted average shares outstanding for basic shares increased to 11,162,037 in Q1 2025 from 10,959,298 in Q1 2024[24]