VirTra Reports First Quarter 2025 Financial Results

Core Insights - VirTra, Inc. reported a net income of $1.3 million for Q1 2025, a significant increase from $0.5 million in Q1 2024, reflecting improved operational execution and cost management [4][13][15] - Bookings for the first quarter rose 120% year-over-year to $6.4 million, contributing to a total of $33.4 million in bookings over the last twelve months, despite challenges in federal funding [8][10] Financial Performance - Total revenue for Q1 2025 was $7.2 million, a slight decrease of 3% from $7.3 million in Q1 2024, primarily due to delayed deliveries [10] - Gross profit increased to $5.2 million, representing a 10% rise from $4.7 million in the prior year, with gross margin improving to 72.6% from 64.2% [11][12] - Adjusted EBITDA for Q1 2025 was $1.7 million, up 22% from $1.4 million in Q1 2024, indicating strong operational efficiency [13][20] Operational Highlights - The company maintained a backlog of $21.2 million as of March 31, 2025, with $9.9 million in Capital, $5.8 million in Service, and $5.5 million in STEP contracts [8] - Development efforts related to the U.S. Army's IVAS program advanced, including recoil kit validation and reliability testing, preparing for a potential production phase [7][8] - The company reentered the General Services Administration procurement program, enhancing sales and marketing functions to engage priority agencies more effectively [8][9] Cash Position - Cash and cash equivalents stood at $17.6 million as of March 31, 2025, with working capital growing to $35.3 million, positioning the company for sustained growth [14][16]