Business
VirTra Reports Second Quarter and First Half 2024 Financial Results
Quarterly Bookings Improve as VirTra Advances Product Launches and Expands Focus on Federal and Defense Markets CHANDLER, Ariz., Aug. 12, 2024 (GLOBE
About this update from Virtra, Inc.
[{"type":"text","content":"Quarterly Bookings Improve as VirTra Advances Product Launches and Expands Focus on Federal and Defense Markets\nCHANDLER, Ariz., Aug. 12, 2024 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) (“VirTra” or the “Company”), a global provider of judgmental use of force training simulators, firearms training simulators for the law enforcement and military markets, reported results for the second quarter ended June 30, 2024. The financial statements are available on VirTra’s website and here. Second Quarter 2024 and Recent Operational Highlights: Bookings increased by $3 million quarter-over-quarter, doubling since Q1, highlighting improved market conditions and a strengthened sales approach.Gross margins improved to 91%, marking a significant increase from 83% in Q1.Maintained robust working capital at $34.8 million, positioning the Company for sustained growth and operational agility.Advanced V-XR launch preparations, with the new extended reality solution set to begin shipping by the end of Q3 2024.Appointed Brandon Cox as Chief Technology Officer to accelerate innovation and lead new product development efforts.Launched new online and in-person masterclass training programs to maximize simulator utilization and enhance customer success outcomes through improved engagement and skill development.VirTra simulators approved for DoD-funded research projects, reinforcing the Company’s standing in defense and research sectors. Second Quarter and Six Month 2024 Financial Highlights: For the Three Months Ended For the Six Months EndedAll figures in millions, except per share dataJune 30, 2024June 30, 2023% Δ June 30, 2024June 30, 2023% ΔTotal Revenue$6.1$10.3-41% $14.2$20.4-30% Gross Profit$5.5$5.9-7% $11.0$12.9-15%Gross Margin91%57%N/A 78%63%N/A Net Income (Loss)$1.2$1.0N/A $2.4$4.0N/ADiluted EPS$0.11$0.09N/A $0.22$0.36N/AAdjusted EBITDA$1.6$2.6N/A $3.70$6.55N/A Management Commentary CEO John Givens stated, “Our recent developments have positioned us strongly for future growth. Although our second quarter revenue was impacted by earlier challenges with federal budget resolutions, we have successfully doubled our bookings sequentially from the first quarter. This increase in bookings reflects the positive momentum we are building as we move through the second half of the year. VirTra’s sales pipeline is stronger than ever, and the sales te...