Business
VirTra Reports Third Quarter and Nine Month 2021 Financial Results
Record Quarterly Bookings Drives Backlog to Record $21.7 Million, Year-to-Date Revenue Grows 26% Year-over-Year TEMPE, Ariz., Nov. 15, 2021 (GLOBE NEWSWIRE)
About this update from Virtra, Inc.
[{"type":"text","content":"Record Quarterly Bookings Drives Backlog to Record $21.7 Million, Year-to-Date Revenue Grows 26% Year-over-Year\nTEMPE, Ariz., Nov. 15, 2021 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators, firearms training simulators and driving simulators for the law enforcement and military markets, reported results for the third quarter and nine months ended September 30, 2021. The financial statements are available on VirTra’s website and here. Third Quarter 2021 and Recent Operational Highlights: Awarded $24.5 million DHS IDIQ contract for U.S. Customs and Border Protection with $1.4 million initial orderReceived $1.37 million order from a country in the Middle East for use-of-force simulators, recoil kits and various training tools, software, and accessoriesSecured $1.3 million order from a federal law enforcement agency in a European country for use-of-force simulators, weapon recoil kits and other training accessoriesScaling manufacturing capabilities to support anticipated growth in training simulator development and production with purchase of industrial building in Chandler, AZ Third Quarter 2021 Financial Summary: Total revenue was $6.1 millionGross profit was $2.9 million, or 47% of total revenueNet income totaled $1.3 millionAdjusted EBITDA totaled $520,000Backlog increased 28% sequentially and 51% year-over-year to record $21.7 millionCash and cash equivalents totaled $21.5 million Nine Month 2021 Financial Summary: Total revenue was $15.8 millionGross profit was $8.6 million, or 54% of total revenueNet income totaled $2.5 million, or $0.25 per diluted shareAdjusted EBITDA totaled $2.3 million Third Quarter and Nine Month 2021 Financial Highlights: All figures in millions, except per share dataFor the Three Months Ended For the Nine Months EndedSeptember 30, 2021September 30, 2021% △ September 30, 2021September 30, 2021% △Total Revenue$6.1 $6.4 -5% $15.8 $12.5 26% Gross Profit$2.9 $4.0 -28% $8.6 $7.1 20% Gross Margin 47.2% 61.9% -24% 54.3% 57.0% -5% Net Income (Loss)$1.3 $0.9 N/A $2.5 ($0.1) N/A Diluted EPS$0.12 $0.11 N/A $0.25 ($0.02) N/A Adjusted EBITDA$0.52 $1.59 N/A $2.27 $0.62 N/A Management Commentary “We continue to be encouraged with the accelerating market adoption of VirTra’s world-class training solutions, which is evidenced by our record qua...