Business
VirTra Reports Fourth Quarter and Full Year 2019 Financial Results
Strong Fourth Quarter Results Drive 14th Consecutive Year of Revenue Growth TEMPE, Ariz., March 23, 2020 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI)
About this update from Virtra, Inc.
[{"type":"text","content":"Strong Fourth Quarter Results Drive 14th Consecutive Year of Revenue Growth\nTEMPE, Ariz., March 23, 2020 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of training simulators for the law enforcement, military, educational and commercial markets, reported results for the fourth quarter and full year ended December 31, 2019. The financial statements are available on VirTra’s website and here.\n Fourth Quarter 2019 and Recent Highlights: Received $2.3 million follow-on order from Arizona Department of Safety for judgmental use-of-force training and firearms simulators, including virtual firing rangesReceived $1.1 million order through new distributor in Europe to provide European law enforcement and military personnel with industry-leading technology and training methodsLaunched the world’s first 4K 300-degree simulators and received inaugural orders from Federal Law Enforcement Training Center (FLETC)Expanded intellectual property in two critical areas: converting real firearms and TASERs® for simulation trainingLaunched driving simulators, V-DTS™, for U.S. and international law enforcement Fourth Quarter and Full Year 2019 Financial Highlights: All figures in millions, except per share dataQ4 2019Q4 2018% Δ FY 2019FY 2018% Δ Total Revenue$5.9 $2.5 133%$18.7 $18.1 3% Gross Profit$2.6 $1.0 176%$9.7 $11.0 -12% Gross Margin44.8%37.8%19%51.9%61.1%-15% Net Income (Loss)($0.1)($1.3)N/A ($0.1)$0.8 N/A Diluted EPS($0.01)($0.16)N/A ($0.01)$0.10 N/A Management Commentary “In the fourth quarter of 2019, we continued to capitalize on the momentum we’ve generated throughout the year by successfully executing against the strategic priorities we outlined last year,” said Bob Ferris, Chairman and Chief Executive Officer of VirTra. “Financially, the fourth quarter was highlighted by $5.9 million in revenue and $729,000 in adjusted EBITDA. These financial improvements were in large part due to VirTra’s growing reputation as the most trusted name for effective simulation training and our team’s ability to effectively deliver orders from the robust pipeline of business we’ve built. “Due to our positive financial results in the latter half of the year, we were able to grow revenues for the 14th consecutive year. Our ability to consistently drive growth on an annual basis is a direct result of continuously introducing in...