VirTra Reports Second Quarter and Six Months 2026 Financial Results
Rhea-AI Summary
VirTra (Nasdaq: VTSI) reported second quarter and six‑month 2026 results for the period ended June 30, 2026. Q2 2026 revenue was $5.8 million, down 17% year over year, with gross profit of $3.4 million and gross margin of 59% versus 69% a year ago. Q2 net loss was $0.3 million, or $(0.02) per diluted share, compared with net income of $0.2 million, and Adjusted EBITDA was $0.4 million versus $0.7 million.
For the first six months, revenue was $9.2 million (‑35%), gross profit $5.5 million (60% margin), and net loss $1.6 million versus $1.4 million net income. Adjusted EBITDA was $(0.5) million versus $2.4 million. Bookings reached $5.5 million in Q2 and backlog totaled $24.9 million. VirTra was accepted into the U.S. Army Marketplace in three capability areas and acquired a dual‑building Orlando campus to expand its defense training presence.
Positive
- Q2 2026 bookings $5.5 million; backlog $24.9 million at June 30, 2026
- Q2 2026 net operating expense $3.6M vs $3.9M in Q2 2025
- Cash and cash equivalents $14.3M at June 30, 2026
- Accepted into U.S. Army Marketplace in three mission‑critical capability areas
- Acquired dual‑building Orlando campus to support military training and potential tenant lease income
- Q2 2026 Adjusted EBITDA positive at $0.4M after negative Q1, according to VirTra
Negative
- Q2 2026 revenue $5.8M vs $7.0M in Q2 2025 (‑17%)
- Six‑month 2026 revenue $9.2M vs $14.1M in prior‑year period (‑35%)
- Q2 gross margin 59% vs 69% a year ago; six‑month margin 60% vs 71%
- Net loss $0.3M in Q2 and $1.6M for six months vs prior‑year profits
- Six‑month 2026 Adjusted EBITDA $(0.5)M vs $2.4M in prior‑year period
- Notes payable totaled about $11.4M at June 30, 2026 vs $7.5M at December 31, 2025
News Explained
The completed campus purchase added disclosed mortgage financing, while June 30 cash was $14.3 million after six-month operating cash use.
VirTra completed the Orlando campus acquisition during the second quarter; its supplemental cash-flow disclosure identifies a
At
The specific items to track are the June 30 balance sheet's cash and notes-payable lines and the mortgage disclosure, alongside management's expectation that tenant lease income will contribute to future financial performance.
Market Reaction – VTSI
Following this news, VTSI has gained 5.64%, reflecting a notable positive market reaction. Argus tracked a peak move of +7.8% during the session. Our momentum scanner has triggered 9 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $3.56. Trading volume is elevated at 2.9x the average, suggesting notable buying interest.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | Q1 2026 earnings | Negative | -12.3% | Revenue declined 51%, with a net loss and negative adjusted EBITDA. |
| Mar 26 | FY 2025 earnings | Negative | -15.7% | Annual revenue declined 15%, while management cited funding-timing disruptions. |
| Nov 10 | Q3 2025 earnings | Negative | -7.9% | Quarterly revenue and adjusted EBITDA declined year over year. |
| Aug 11 | Q2 2025 earnings | Positive | -25.0% | Revenue grew 15%, while profitability and recurring-program metrics remained positive. |
| May 12 | Q1 2025 earnings | Positive | +37.3% | Net income rose and bookings increased 120% year over year. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings reactions were negative in four of five prior events, including the three most recent earnings releases.
Key Terms
adjusted ebitda financial
non-gaap financial
diluted eps financial
deferred revenue financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHANDLER, Ariz., Aug. 13, 2026 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) (“VirTra” or the “Company”), a global provider of judgmental use-of-force and firearms training simulators, reported results for the second quarter and six months ended June 30, 2026. The financial statements are available on VirTra’s website and here.
Second Quarter 2026 and Recent Operational Highlights
- Bookings totaled
$5.5 million during the second quarter. - Total backlog at June 30, 2026 was
$24.9 million and included$13.2 million in capital,$3.8 million in service, and$7.9 million in STEP contracts. - Accepted into the U.S. Army Marketplace across three mission-critical capability areas: Weapons Skills Development, Joint Fires Training, and Counter-Unmanned Aircraft Systems (C-UAS), positioning VirTra to compete for future Army opportunities and demonstrating the breadth of its military training and force-protection solutions.
- Expanded its long-term investment in the defense training market through the acquisition of a dual-building Orlando campus, increasing its presence within Central Florida Research Park and enhancing its ability to support customer engagement, partner collaboration, program execution, and future growth within the military simulation and training ecosystem.
Second Quarter and Six Months 2026 Financial Highlights
| For the Three Months Ended | For the Six Months Ended | ||||||||||||||||
| All figures in millions, except per share data | June 30, 2026 | June 30, 2025 | % Δ | June 30, 2026 | June 30, 2025 | % Δ | |||||||||||
| Total Revenue | $5.8 | -17% | $9.2 | -35% | |||||||||||||
| Gross Profit | $3.4 | -29% | $5.5 | -45% | |||||||||||||
| Gross Margin | 59% | N/A | 60% | N/A | |||||||||||||
| Net Income (Loss) | ($0.3) | N/A | ($1.6) | N/A | |||||||||||||
| Diluted EPS | ($0.02) | N/A | ($0.14) | N/A | |||||||||||||
| Adjusted EBITDA | $0.4 | -45% | ($0.4) | -117% | |||||||||||||
Management Commentary
VirTra CEO John Givens stated, “Our second quarter results reflect increased revenue conversion compared with the first quarter, particularly within our international business. While domestic funding availability and procurement timing continue to impact results, we saw encouraging activity during the quarter, including stronger bookings, momentum in our international business, and increased grant-related activity.
“We continue to see funding opportunities moving through the system, with customers actively submitting applications and advancing their procurement efforts. Recent grant funding releases and increased customer participation in grant programs provide additional evidence that agencies are moving forward, even though the pace of awards and delivery timelines remain difficult to predict. At the same time, we continue to make progress in the military market, as evidenced by our acceptance into the U.S. Army Marketplace across three mission-critical capability areas.
“While uncertainty around funding timelines continues, we believe the underlying demand environment remains healthy. We are encouraged by the level of activity we are seeing across our domestic, international, and military markets, as well as the continued strength of our backlog and opportunity pipeline. Our focus remains on supporting customers through the funding and procurement process, converting backlog into revenue, and positioning VirTra to capture the opportunities ahead.”
Six Months 2026 Financial Results
Total revenue was
Gross profit was
Net operating expense was
Loss from operations was
Net loss was
Adjusted EBITDA, a non-GAAP metric, was
Second Quarter 2026 Financial Results
Total revenue was
Gross profit was
Net operating expense was
Loss from operations was
Net loss was
Adjusted EBITDA, a non-GAAP metric, was
Financial Commentary
VirTra CFO Alanna Boudreau stated, “Second quarter revenue increased significantly compared to the first quarter, reflecting improved revenue conversion and supporting a return to positive adjusted EBITDA. We generated stronger bookings during the quarter and ended June with a backlog of approximately
“While funding and procurement timelines continue to influence the pace of conversion, we remain focused on disciplined expense management while investing in content development, technology, and strategic initiatives that support long-term growth. We also completed the acquisition of our Orlando facility during the quarter, which we expect will contribute positively to future financial performance through tenant lease income while strengthening our position within the military training and simulation market.”
Conference Call
VirTra’s management will hold a conference call today (August 13, 2026) at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results. VirTra’s CEO John Givens and Chief Financial Officer Alanna Boudreau will host the call, followed by a question-and-answer period.
U.S. dial-in number: 1-877-407-9208
International number: 1-201-493-6784
Conference ID: 13761921
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day through August 27, 2026.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13761921
About VirTra, Inc.
VirTra (Nasdaq: VTSI) is a global provider of judgmental use-of-force and firearms training simulators for law enforcement, military, educational, and commercial markets. Since 1993, VirTra has been dedicated to saving lives by providing highly effective, realistic training designed to prepare officers for the most difficult real-world situations.
About the Presentation of Adjusted EBITDA
Adjusted earnings before interest, income taxes, depreciation, and amortization and before other non-operating costs and income (“Adjusted EBITDA”) is a non-GAAP financial measure. Adjusted EBITDA also includes non-cash stock option expense and other than temporary impairment loss on investments. Other companies may calculate Adjusted EBITDA differently. VirTra calculates its Adjusted EBITDA to eliminate the impact of certain items it does not consider to be indicative of its performance and its ongoing operations. Adjusted EBITDA is presented herein because management believes the presentation of Adjusted EBITDA provides useful information to VirTra’s investors regarding VirTra’s financial condition and results of operations and because Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in VirTra’s industry, several of which present a form of Adjusted EBITDA when reporting their results. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of VirTra’s results as reported under accounting principles generally accepted in the United States of America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to Adjusted EBITDA is provided in the following tables:
| For Three Months Ended | For Six Months Ended | |||||||||||||||||||||||||||||||
| June 30, | June 30, | Increase | % | June 30, | June 30, | Increase | % | |||||||||||||||||||||||||
| 2026 | 2025 | (Decrease) | Change | 2026 | 2025 | (Decrease) | Change | |||||||||||||||||||||||||
| | | | | | | | | |||||||||||||||||||||||||
| Net Income (Loss) | $ | (261,258 | ) | $ | 175,314 | $ | (436,572 | ) | -249 | % | $ | (1,589,890 | ) | $ | 1,439,374 | $ | (3,029,264 | ) | -210 | % | ||||||||||||
| Adjustments: | | | | | | | | | ||||||||||||||||||||||||
| Provision for income taxes | 88,439 | (9,000 | ) | 97,439 | -1083 | % | 142,438 | 93,000 | 49,438 | 53 | % | |||||||||||||||||||||
| Depreciation and amortization | 520,368 | 513,693 | 6,675 | 1 | % | 990,394 | 829,841 | 160,553 | 19 | % | ||||||||||||||||||||||
| Interest (net) | 6,426 | (26,876 | ) | 33,302 | -124 | % | (15,346 | ) | (48,127 | ) | 32,781 | -68 | % | |||||||||||||||||||
| EBITDA | 353,975 | 653,131 | (299,156 | ) | -46 | % | (472,404 | ) | 2,314,088 | (2,786,492 | ) | -120 | % | |||||||||||||||||||
| Right of use amortization | 29,280 | 42,501 | (13,221 | ) | -31 | % | 72,773 | 84,365 | (11,592 | ) | -14 | % | ||||||||||||||||||||
| | | | | | | | | |||||||||||||||||||||||||
| Adjusted EBITDA | $ | 383,255 | $ | 695,632 | $ | (312,377 | ) | -45 | % | $ | (399,631 | ) | $ | 2,398,453 | $ | (2,798,084 | ) | -117 | % | |||||||||||||
Forward-Looking Statements
The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
Investor Relations Contact:
Gateway Group, Inc.
VTSI@gateway-grp.com
949-574-3860
| VIRTRA, INC. CONDENSED BALANCE SHEETS (UNAUDITED) | ||||||||||||||
| June 30, 2026 | December 31, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 14,312,743 | $ | 18,594,598 | ||||||||||
| Accounts receivable, net | 4,461,812 | 5,502,087 | ||||||||||||
| Inventory, net | 14,193,484 | 13,060,024 | ||||||||||||
| Unbilled revenue | 3,180,534 | 868,216 | ||||||||||||
| Prepaid expenses and other current assets | 1,668,188 | 2,622,462 | ||||||||||||
| Deferred Contract Costs, short term | 374,375 | 374,375 | ||||||||||||
| Total current assets | 38,191,136 | 41,021,762 | ||||||||||||
| Long-term assets: | ||||||||||||||
| Property and equipment, net | 20,696,026 | 16,268,400 | ||||||||||||
| Operating lease right-of-use asset, net | - | 268,873 | ||||||||||||
| Intangible assets, net | 2,534,037 | 2,513,186 | ||||||||||||
| Security deposits, long-term | - | 15,979 | ||||||||||||
| Other assets, long-term | 452,697 | 424,226 | ||||||||||||
| Deferred tax asset, net | 4,007,463 | 4,135,463 | ||||||||||||
| Deferred Contract Costs, long term | 301,508 | 488,695 | ||||||||||||
| Total long-term assets | 27,991,731 | 24,114,822 | ||||||||||||
| Total assets | $ | 66,182,867 | $ | 65,136,584 | ||||||||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 612,981 | $ | 784,074 | ||||||||||
| Accrued compensation and related costs | 659,091 | 461,430 | ||||||||||||
| Accrued expenses and other current liabilities | 1,301,057 | 1,196,565 | ||||||||||||
| Notes payable, current | 312,523 | 227,754 | ||||||||||||
| Operating lease liability, short-term | - | 196,311 | ||||||||||||
| Deferred revenue, short-term | 6,931,535 | 7,361,738 | ||||||||||||
| Total current liabilities | 9,817,187 | 10,227,872 | ||||||||||||
| Long-term liabilities: | ||||||||||||||
| Deferred revenue, long-term | 1,157,655 | 1,913,393 | ||||||||||||
| Notes payable, long-term | 11,107,199 | 7,314,085 | ||||||||||||
| Operating lease liability, long-term | - | 89,053 | ||||||||||||
| Total long-term liabilities | 12,264,854 | 9,316,531 | ||||||||||||
| Total liabilities | 22,082,041 | 19,544,403 | ||||||||||||
| Commitments and contingencies (See Note 10) | ||||||||||||||
| Stockholders’ equity: | ||||||||||||||
| Preferred stock | - | - | ||||||||||||
| Common stock | 1,135 | 1,130 | ||||||||||||
| Class A common stock | - | - | ||||||||||||
| Class B common stock | - | - | ||||||||||||
| Additional paid-in capital | 33,154,621 | 33,056,091 | ||||||||||||
| Retained Earnings | 10,945,070 | 12,534,960 | ||||||||||||
| Total stockholders’ equity | 44,100,826 | 45,592,181 | ||||||||||||
| Total liabilities and stockholders’ equity | $ | 66,182,867 | $ | 65,136,584 | ||||||||||
| VIRTRA, INC. CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||
| Revenues: | ||||||||||||||||||
| Net sales | $ | 5,763,358 | $ | 6,978,938 | $ | 9,237,504 | $ | 14,139,185 | ||||||||||
| Total revenue | 5,763,358 | 6,978,938 | 9,237,504 | 14,139,185 | ||||||||||||||
| Cost of sales | 2,347,656 | 2,166,461 | 3,687,998 | 4,129,828 | ||||||||||||||
| Gross profit | 3,415,702 | 4,812,477 | 5,549,506 | 10,009,357 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| General and administrative | 3,167,673 | 3,289,995 | 6,128,846 | 6,509,946 | ||||||||||||||
| Research and development | 435,493 | 608,116 | 936,165 | 1,217,243 | ||||||||||||||
| Net operating expense | 3,603,166 | 3,898,111 | 7,065,011 | 7,727,189 | ||||||||||||||
| Income (loss) from operations | (187,464 | ) | 914,366 | (1,515,505 | ) | 2,282,168 | ||||||||||||
| Other income (expense): | ||||||||||||||||||
| Other income | 103,656 | 77,873 | 216,845 | 149,883 | ||||||||||||||
| Other (expense) | (89,011 | ) | (825,925 | ) | (148,792 | ) | (899,677 | ) | ||||||||||
| Net other income | 14,645 | (748,052 | ) | 68,053 | (749,794 | ) | ||||||||||||
| Income (Loss) before provision for income taxes | (172,819 | ) | 166,314 | (1,447,452 | ) | 1,532,374 | ||||||||||||
| Provision (Benefit) for income taxes | 88,439 | (9,000 | ) | 142,438 | 93,000 | |||||||||||||
| Net Income (loss) | $ | (261,258 | ) | $ | 175,314 | $ | (1,589,890 | ) | $ | 1,439,374 | ||||||||
| Net Income (loss) per common share: | ||||||||||||||||||
| Basic | $ | (0.02 | ) | $ | 0.02 | $ | (0.14 | ) | $ | 0.13 | ||||||||
| Diluted | $ | (0.02 | ) | $ | 0.02 | $ | (0.14 | ) | $ | 0.13 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||||
| Basic | 11,307,865 | 11,261,588 | 11,305,886 | 11,260,902 | ||||||||||||||
| Diluted | 11,307,865 | 11,261,588 | 11,305,886 | 11,260,902 | ||||||||||||||
| VIRTRA, INC. CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Net (loss) | $ | (1,589,890 | ) | $ | 1,439,374 | |||||||||||||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 990,394 | 829,841 | ||||||||||||||||||
| Right of use amortization | 72,774 | 84,365 | ||||||||||||||||||
| Employee stock compensation | 98,535 | 212,823 | ||||||||||||||||||
| Bad Debt Expense | (18,172 | ) | - | |||||||||||||||||
| Loss on disposal of lease | 2,706 | - | ||||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Accounts receivable, net | 1,058,449 | 1,557,910 | ||||||||||||||||||
| Inventory, net | (1,133,461 | ) | 1,776,667 | |||||||||||||||||
| Other assets-LT | 158,715 | - | ||||||||||||||||||
| Deferred taxes | 128,000 | 87,175 | ||||||||||||||||||
| Unbilled revenue | (2,312,318 | ) | 983,019 | |||||||||||||||||
| Other assets | 954,274 | 19,712 | ||||||||||||||||||
| Prepaid expenses and other current assets | - | (1,337,108 | ) | |||||||||||||||||
| Accounts payable and other accrued expenses | 131,057 | (273,918 | ) | |||||||||||||||||
| Operating lease right of use | (75,992 | ) | (87,907 | ) | ||||||||||||||||
| Deferred revenue | (1,185,941 | ) | 755,476 | |||||||||||||||||
| Net cash provided (used in) by operating activities | (2,720,870 | ) | 6,047,429 | |||||||||||||||||
| Cash flows from investing activities: | ||||||||||||||||||||
| Internal intangible assets | (429,850 | ) | (2,265,489 | ) | ||||||||||||||||
| Purchase of property and equipment | (1,013,009 | ) | (996,452 | ) | ||||||||||||||||
| Net cash (used in) investing activities | (1,442,859 | ) | (3,261,941 | ) | ||||||||||||||||
| Cash flows from financing activities: | ||||||||||||||||||||
| Principal payments of debt | (122,116 | ) | (128,962 | ) | ||||||||||||||||
| Net cash (used in) financing activities | (122,116 | ) | (128,962 | ) | ||||||||||||||||
| Net (decrease) in cash | (4,285,845 | ) | 2,656,526 | |||||||||||||||||
| Cash and restricted cash, beginning of period | 18,594,598 | 18,040,827 | ||||||||||||||||||
| Cash and restricted cash, end of period | $ | 14,308,753 | $ | 20,697,353 | ||||||||||||||||
| Supplemental disclosure of cash flow information: | ||||||||||||||||||||
| Income taxes paid (refunded) | $ | (1,041,894 | ) | $ | 720,951 | |||||||||||||||
| Interest paid | $ | 134,961 | $ | 116,415 | ||||||||||||||||
| Noncash investing & financing activities disclosure: | ||||||||||||||||||||
| Assumption of lease asset (Lessor) | $ | 256,990 | $ | - | ||||||||||||||||
| Mortgage to Purchase Building | $ | (4,000,000 | ) | $ | - | |||||||||||||||
