Business
VirTra Reports Fourth Quarter and Full Year 2022 Financial Results
16% Revenue Growth for Full Year 2022; Ended the Year with Record Backlog of $27.7 Million CHANDLER, Ariz., March 31, 2023 (GLOBE NEWSWIRE) -- VirTra, Inc.
About this update from Virtra, Inc.
[{"type":"text","content":"16% Revenue Growth for Full Year 2022; Ended the Year with Record Backlog of $27.7 Million\nCHANDLER, Ariz., March 31, 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 fourth quarter and full year ended December 31, 2022. The financial statements are available on VirTra’s website and here. Fourth Quarter 2022 and Full Year 2022 Highlights: Bookings of $6.4 million in the fourth quarter of 2022 and $33.0 million for 2022.Record backlog at December 31, 2022 of $27.7 million, 20% higher than prior year comparable period.Launched operations at a new facility in Orlando, Florida to support strategic growth in military end-market.Maintained a strong balance sheet with cash and cash equivalents of $13.5 million at year end. Fourth Quarter 2022 Financial Summary: Total revenue was $8.7 millionGross profit was $5.3 million, or 61% of total revenueNet income was $1.4 millionAdjusted EBITDA totaled $1.7 million Full Year 2022 Financial Summary: Total revenue increased 16% to $28.3 millionGross profit was $16.3 million, or 57% of total revenueNet income was $2.0 millionAdjusted EBITDA totaled $3.6 million Fourth Quarter and Full Year 2022 Financial Highlights: For the Three Months Ended For the Full Year EndedAll figures in millions, except per share dataDecember 31,2022December 31,2021% Δ December 31,2022December 31,2021% ΔTotal Revenue$8.7$8.6>1% $28.3$24.416% Gross Profit$5.3$2.888% $16.3$11.443%Gross Margin61.4%32.7%88% 57.4%46.7%23% Net Income (Loss)$1.4$0.0N/A $2.0$2.5-23%Diluted EPS$0.13$0.00N/A $0.18$0.25N/AAdjusted EBITDA$1.70($0.48)N/A $3.62$1.79102% Management Commentary“Our strong performance in 2022 was the result of continued execution against our business strategy as we generated record revenue and bookings and delivered another period of solid profitability,” said Bob Ferris, chairman and co-CEO of VirTra. “During the year, we made aggressive investments to expand the breadth and effectiveness of our training offerings, including launching VirTra Volumetric Video, a breakthrough technology that has the potential to provide a step-function change in training content. Operationally, we successfully centralized and expanded our Arizona headquarters,...