Business
VirTra Reports Third Quarter and Nine Month 2022 Financial Results
Record Bookings of $16.7 Million, up 52%, Driving Record Backlog of $28.3 Million, up 30% CHANDLER, Ariz., Nov. 14, 2022 (GLOBE NEWSWIRE) -- VirTra, Inc.
About this update from Virtra, Inc.
[{"type":"text","content":"Record Bookings of $16.7 Million, up 52%, Driving Record Backlog of $28.3 Million, up 30%\nCHANDLER, Ariz., Nov. 14, 2022 (GLOBE NEWSWIRE) -- VirTra, Inc. (NASDAQ: VTSI) (“VirTra”), a global provider of judgmental use of force training simulators and firearms training simulators for the law enforcement and military markets, reported results for the third quarter and nine months ended September 30, 2022. The financial statements are available on VirTra’s website and here. Third Quarter 2022 Highlights: Record third quarter 2022 bookings of $16.7 million, 52% year-over-year growthRecord backlog of $28.3 million at September 30, 2022Received orders worth $9.0 million from two U.S. Federal agencies under existing contract with U.S. Customs and Border Protection (CBP)Received CAD $1.2 million (approximately USD $0.9 million) follow on order in Canada under exclusive standing offerWorking capital surplus of $25.7 million, including unrestricted cash and cash equivalents of $15.7 million Third Quarter 2022 Financial Summary: Total revenue of $4.9 millionGross profit of $2.5 million, or 51% of total revenueNet loss of ($803,000)Adjusted EBITDA loss of ($214,000) Nine Month 2022 Financial Highlights: Total revenue increased 24% to $19.7 millionGross profit increased 28% to $10.9 million, or 56% of total revenueNet income of $562,000Adjusted EBITDA of $1.7 million Third quarter and Nine Month 2022 Financial Highlights: For the Three Months Ended For the Nine Months EndedAll figures in millions, except per share dataSeptember 30, 2022September 30, 2021% Δ September 30, 2022September 30, 2021% ΔTotal Revenue$4.9 $6.1 -20% $19.7 $15.8 24% Gross Profit$2.5 $2.9 -12% $10.9 $8.6 28%Gross Margin 51% 47%9% 56% 54%3% Net Income$(0.8)$1.3 N/A $0.6 $2.5 N/A Diluted EPS$(0.07)$0.12 N/A $0.05 $0.25 N/A Adjusted EBITDA$(0.21)$0.52 N/A $1.66 $2.27 N/A Management Commentary “Our third quarter was one of the strongest in our history as far as new sales orders secured as we continue to work on numerous initiatives to scale up and streamline our operations while leading innovation in our market,” said Bob Ferris, chairman and co-CEO of VirTra. “We had a record quarter for bookings at $16.7 million, representing 52% year-over-year growth, driving our backlog to a record level of $28.3 million, largely due to some of our largest orders in our history with fed...