Business
VirTra Reports First Quarter 2023 Financial Results
Record Revenue Performance of $10.0 Million, Up 48% Net Income Improves By $2.3 Million to $2.9 Million CHANDLER, Ariz., May 15, 2023 (GLOBE NEWSWIRE) --
About this update from Virtra, Inc.
[{"type":"text","content":"Record Revenue Performance of $10.0 Million, Up 48% Net Income Improves By $2.3 Million to $2.9 Million CHANDLER, Ariz., May 15, 2023 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, firearms training simulators for the law enforcement and military markets, reported results for the first quarter ended March 31, 2023. The financial statements are available on VirTra’s website and here. First Quarter 2023 Financial Summary: Total revenue increased 48% to a record $10.0 millionGross profit increased 88% to $6.9 million, or 69% of total revenueNet income increased by $2.4 million to $2.9 millionAdjusted EBITDA increased to $4.0 millionImproved strong balance sheet with cash and cash equivalents of $14.3 million at March 31, 2023 First Quarter 2023 Financial Highlights: For the Three Months EndedAll figures in millions, except per share dataMarch 31, 2023March 31, 2022% ΔTotal Revenue$10.0$6.848% Gross Profit$6.9$3.788%Gross Margin69.3%54.6%27% Net Income (Loss)$2.9$0.6N/ADiluted EPS$0.27$0.05N/AAdjusted EBITDA$3.99$1.05N/A Management Commentary “Coming off our 17th consecutive year of revenue growth in 2022, in Q1 we worked from our record backlog to deliver VirTra’s first ever quarterly revenue performance in the double-digit millions,” said Bob Ferris, chairman and co-CEO of VirTra. “Simultaneously, our actions to improve internal processes and streamline the overall business have significantly enhanced the efficiency of our operations, leading to the strongest bottom-line performance in the Company’s history. To build on our market-leading position and expand our revenue pathways, we are pursuing additional product and content development to make VirTra’s training capabilities even stronger.” John Givens, co-CEO of VirTra added: “We remain committed to optimizing our business operations and driving profitability while ramping up our sales efforts as we move into the second quarter and beyond. While we are making strides in clearing our backlog and fulfilling orders more efficiently, we recognize that there are still many untapped opportunities in the market, both domestic and international. To capitalize on this potential, we are implementing sales initiatives to maximize our market penetration and prioritize areas with the greatest growth potential. We ...