Business
VirTra Provides Business Update
Record Orders for 2021 of $32.7 Million, 37% Year-Over-Year Growth TEMPE, Ariz., March 31, 2022 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a
About this update from Virtra, Inc.
[{"type":"text","content":"Record Orders for 2021 of $32.7 Million, 37% Year-Over-Year Growth\nTEMPE, Ariz., March 31, 2022 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, provided a business update for the full year ended December 31, 2021. Full Year 2021 Financial Highlights: Sales orders received in 2021 totaled a record $32.7 million, an increase of 37% compared to 2020Estimated cash and cash equivalents at December 31, 2021 totaled $19.7 million Recent Operational Highlights: Awarded standing offer from Government of Canada as part of countrywide effort to standardize purchasing from one simulation provider for the Royal Canadian Mounted Police as well as a wide range of other Canadian agencies.Secured $2.7 million in follow-on orders from two foreign countries, demonstrating strong customer retention.Formed teaming agreement with Action Target to collaborate on best-in-class solutions for both simulation training systems and live-fire shooting ranges. Management Commentary “While we are not yet able to release financial 2021 results, we are highly optimistic given the 37% year-over-year growth in orders to a record $32.7 million,” said Bob Ferris, chairman and CEO of VirTra. “The record level of orders continues to demonstrate the market acceptance of VirTra’s world-class training solutions as the gold standard in the industry. As the world continues to move away from COVID-related restrictions, we are having more opportunities to attend trade shows and meet with prospective customers to demonstrate VirTra’s innovative technology, new software features and scenarios, recoil kits, simulated CEWs (conducted energy weapon) and instructor training capabilities. These in-person demonstrations allow us to better showcase the advantages of VirTra’s solutions, which we believe will translate to continued growth. Recent wins including the $2.7 million in two foreign country orders and the standing offer we won for the Government of Canada represents further market share gains for VirTra and our more effective simulation training products adopted by governments globally.” VirTra filed a Form 12b-25 with the U.S. Securities and Exchange Commission to disclose that it will not be able to file its Annual Rep...