VirTra Reports Second Quarter and Six Months 2025 Financial Results

Core Insights - VirTra, Inc. reported a 15% year-over-year increase in total revenue for Q2 2025, reaching $7.0 million, and a 5% increase for the first six months, totaling $14.1 million [3][13][9] - The company maintained positive net income and strong gross margins despite a decrease in gross profit and net income compared to the previous year [6][11][15] - Management highlighted improvements in federal funding trends and the reopening of the Department of Justice COPS grant program as positive developments for future demand [6][17] Financial Performance - Total revenue for Q2 2025 was $7.0 million, up from $6.1 million in Q2 2024, while total revenue for the first six months was $14.1 million compared to $13.4 million in the prior year [3][9] - Gross profit for Q2 2025 was $4.8 million, representing a gross margin of 69%, down from $5.5 million and 91% in Q2 2024 [14][10] - Net income for Q2 2025 was $0.2 million, or $0.02 per diluted share, compared to $1.2 million, or $0.11 per diluted share, in the prior year [15][11] Operational Highlights - Bookings for Q2 2025 were $4.6 million, an increase from $3.6 million in Q2 2024, contributing to a total of $32.1 million over the last twelve months [8] - The backlog as of June 30, 2025, totaled $18.8 million, with $7.1 million in Capital, $5.7 million in Service, and $6.0 million in STEP contracts [8] - The STEP® recurring revenue program maintained renewal rates around 95%, with an increasing number of customers transitioning to new three-year agreements [8] Cash Position and Working Capital - Cash and cash equivalents were $20.7 million as of June 30, 2025, up from $17.6 million at the end of Q1 2025 [16] - The company maintained robust working capital of $34.1 million, positioning it for sustained growth and operational agility [8][16] - Net operating expenses for the first six months decreased by 9% to $7.7 million, reflecting disciplined cost management [11]