Virtra Inc Stock Price, News & Analysis

VirTra, Inc. (NASDAQ: VTSI) reported robust financial results for Q2 and the first half of 2022, with total revenue increasing 52% to $8.0 million and $14.8 million, respectively. Gross profit also surged 51% to $4.7 million, reflecting a 59% gross margin. Net income rose to $787,000 in Q2 and $1.4 million for six months. Adjusted EBITDA reached $1.3 million and $2.3 million for the respective periods. Backlog remains strong at $16.5 million. Management remains optimistic about future growth opportunities amidst strong market demand.

VirTra, a global provider of judgmental use of force training simulators, announced a CAD$1.2 million (USD$0.9 million) order from a Canadian law enforcement agency. This order is part of a standing offer with the Government of Canada, aimed at supplying simulation technology to law enforcement facilities. The order includes V-100 and V-180 simulators, alongside training for system operation. Delivery is scheduled by February 2023. VirTra aims to enhance its market presence outside the U.S., continuing its mission to provide effective training solutions.

VirTra, a provider of judgmental use of force training simulators, reported a 52% increase in total revenue to $6.8 million for Q1 2022, alongside a 44% rise in gross profit to $3.7 million. The net income was $577,000, with adjusted EBITDA up 33% to $997,000. Backlog reached $21.0 million, a 30% year-over-year increase, although it declined from the previous quarter. Operating expenses rose 48% due to higher payroll and marketing costs. The company maintains a strong sales pipeline despite challenges in government funding.

VirTra (NASDAQ: VTSI) reported a 28% revenue growth for 2021, totaling $24.4 million, with $32.9 million in bookings. The year ended with a record backlog of $23.1 million, an increase of 58% year-over-year. In Q4 2021, revenue rose by 32% to $8.6 million, but gross profit fell to $2.8 million due to a military contract impacting margins. Despite a net income of $2.5 million, figures suggest potential concerns with operating income and adjusted EBITDA.

VirTra (NASDAQ: VTSI) will hold a conference call on August 2, 2022, at 4:30 p.m. ET to discuss its audited financial results for the fourth quarter and full year ending December 31, 2021. The call will include a presentation by management followed by a Q&A session. Participants can join via U.S. dial-in or international dial-in numbers provided. A live audio webcast will also be available for listeners, with a replay accessible until August 16, 2022. The company's mission focuses on delivering advanced training solutions for law enforcement and military markets.

VirTra (NASDAQ: VTSI) has secured a contract worth nearly $700,000 with the Federal Law Enforcement Training Centers (FLETC) for the maintenance of 59 simulators used for training federal police officers. These simulators, operational in four locations, will be under an annual service plan ensuring up-to-date technology and training scenarios through 2026. This contract highlights the ongoing partnership and the significance of VirTra's innovative training solutions in enhancing law enforcement effectiveness.

On June 10, 2022, VirTra (NASDAQ: VTSI) announced it has been granted an extension by Nasdaq to regain compliance with its listing rules. The company must file its Annual Report on Form 10-K and Form 10-Q by August 12, 2022. This follows previous notices from Nasdaq regarding non-compliance due to late filings. VirTra specializes in training simulators for law enforcement and military applications, aiming to enhance training through advanced technologies.

VirTra, Inc. (NASDAQ: VTSI) received a notice from Nasdaq on May 17, 2022, indicating non-compliance with Listing Rule 5250(c)(1) due to not filing its Form 10-Q for Q1 2022. This notice does not immediately affect its Nasdaq listing. VirTra has 60 days to submit a compliance plan to Nasdaq, with a potential 180-day extension if accepted. Co-CEO Bob Ferris stated that the company is actively working with its auditor to finalize the necessary financial reports to regain compliance.

VirTra, Inc (NASDAQ: VTSI) has appointed John Givens as co-CEO effective immediately. Givens, a board member since November 2020, previously founded Bohemia Interactive Simulations, which was sold to BAE Systems for $200 million. His leadership is expected to enhance operational excellence and business development within VirTra's law enforcement and military training markets. Givens expressed enthusiasm about leveraging the company's world-class products for growth. Following this appointment, the board will reduce to two independent directors with plans to add one soon.