Business
VirTra Reports Second Quarter 2021 Financial Results
Total Revenue up 90%, Gross Profit Increases by 99%, and Backlog Grows to a Record $17.0 Million TEMPE, Ariz. , Aug. 12, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc.
About this update from Virtra, Inc.
[{"type":"text","content":"Total Revenue up 90%, Gross Profit Increases by 99%, and Backlog Grows to a Record $17.0 Million\nTEMPE, Ariz. , Aug. 12, 2021 (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 second quarter and six months ended June 30, 2021. The financial statements are available on VirTra’s website and here. Second Quarter 2021 Financial Highlights: Total revenue increased 90% to $5.3 millionGross profit increased 99% to $3.1 million, or 60% of total revenueNet income increased to $529,400Adjusted EBITDA increased to $1.0 millionBacklog increased 6% sequentially and 19% year-over-year to a record $17.0 million as of June 30, 2021Unrestricted cash and cash equivalents totaled $23.8 million Six Month 2021 Financial Highlights: Total revenue increased 59% to $9.7 millionGross profit increased 80% to $5.7 million, or 59% of total revenueNet income increased to $1.2 millionAdjusted EBITDA increased to $1.8 million Second Quarter and Six Month 2021 Financial Highlights: For the Three Months Ended For the Six Months EndedAll figures in millions, except per share dataJune 30,2021June 30, 2020% ∆ June 30, 2021June 30, 2020% ∆Total Revenue$5.3 $2.8 90% $9.7 $6.1 59% Gross Profit$3.1 $1.6 99% $5.7 $3.2 80%Gross Margin 59.7% 57.0%5% 58.8% 51.9%13% Net Income (Loss)$0.5 ($0.6)N/A $1.2 ($1.0)N/A Diluted EPS$0.05 ($0.08)N/A $0.13 ($0.13)N/A Adjusted EBITDA$1.00 ($0.58)N/A $1.75 ($0.98)N/A Management Commentary “We delivered strong financial results across the board in the second quarter, highlighted by a 90% increase in total revenue and a 99% increase in gross profit,” said Bob Ferris, chairman and chief executive officer of VirTra. “Continued market demand for our products drove profitable growth while enabling us to deliver another quarter of positive net income and strong adjusted EBITDA. Demand for VirTra’s world-class training solutions from the law enforcement and military markets continues to build, demonstrated by the 6% sequential and 19% year-over-year increase in our backlog to a record $17.0 million. Our strong financial performance in the second quarter also demonstrates our team’s consistent operational excellence, as well as the value and effectiveness that VirTra’s products provide to our end us...