ztect
1 month ago
On the prior CC around the 7 min mark, it was interesting that it was noted that IVAS finished 42 days early for finalized testing, and that this cancelled remaining assessments. Then in this CC, it was noted the the IVAS contract was novated from Microsoft to Anduril Industries. Honestly, I didn't know what novated means. So, basically Microsoft's contract for IVAS was replaced with a new contract for Anduril. This change was noted in these two relatively recent articles:
https://breakingdefense.com/2025/04/anduril-gets-green-light-from-army-to-take-over-microsofts-ivas-project-exec/
https://breakingdefense.com/2025/02/microsoft-announces-plan-to-slide-22-billion-ivas-contract-over-to-anduril/
Anyway, both CC's seem to be pointing for production, sooner than later, of VTSI's contribution to this program, it's recoil hardware. During the tour last year a lot of floor area was dedicated to testing and production of the prototype units, with even more floor area for expansion. So, when this actually goes into production, this will be a pretty huge ordeal.
The thing too, is that the hardware is integral with the entire system or it can be used stand alone. In both scenarios it provides the huge benefit of saving all the munition costs that are also often in short supply.
dlewisfl
1 month ago
VirTra Reports First Quarter 2025 Financial Results
Net Income Rises to $1.3 Million
Bookings Up 120% Year Over Year to $6.4 Million
CHANDLER, Ariz. , May 12, 2025 (GLOBE NEWSWIRE) -- VirTra, Inc. (Nasdaq: VTSI) ("VirTra" or the "Company"), 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 first quarter ended March 31, 2025 . The financial statements are available on VirTra's website and here.
First Quarter 2025 and Recent Operational Highlights:
-- First quarter bookings totaled $6.4 million , a strong increase from $2.9
million in Q1 2024 and contributing to $33.4 million in bookings over the
last twelve months, reflecting continued traction despite persistent
federal funding uncertainty, including delayed disbursements and
continuing resolutions.
-- Backlog totaled $21.2 million as of March 31, 2025 , including $9.9
million in Capital, $5.8 million in Service, and $5.5 million in STEP
contracts.
-- V-XR(R) product momentum increased, with two units sold to date and
growing interest reflected in active quotes and customer engagement.
-- Reentered the GSA procurement program with bundled offerings to
streamline purchases and reduce sales cycle friction across federal and
municipal buyers.
-- Advanced development work under the U.S. Army's IVAS program, including
expanded recoil kit validation and reliability testing in preparation for
a potential production phase.
-- Maintained robust working capital at $35.3 million , positioning the
Company for sustained growth and operational agility.
First Quarter 2025 Financial Highlights:
For the Three Months Ended
--------------------------------------
All figures in millions, except March 31, March 31,
per share data 2025 2024 %
-------------------------------- -------------- --------- -----------
Total Revenue $7.2 $7.3 -3%
Gross Profit $5.2 $4.7 10%
Gross Margin 72.6% 64.2% N/A
Net Income (Loss) $1.3 $0.5 N/A
Diluted EPS $0.11 $0.04 N/A
Adjusted EBITDA $1.7 $1.2 N/A
*The March 31, 2024 column reflects restated financials.
Management Commentary
VirTra CEO John Givens stated, "We started 2025 with improved operational execution and a solid backlog foundation, though bookings moderated quarter-over-quarter due to delays in federal budget disbursements, standard seasonality, and a more cautious demand environment across the law enforcement and defense sectors. These dynamics have reinforced the importance of programs like STEP, which provide affordable, recurring access to immersive training systems even when procurement cycles slow down. Our development efforts related to the U.S. Army's IVAS program also advanced during the quarter, including expanded recoil kit validation and reliability testing, which are key steps as we prepare for a potential transition into the production phase. Alongside this, demand for our V-XR platform continues to build, with the first delivery expected in Q2 and additional units already in process.
"With more focused sales and marketing functions, we're engaging priority agencies more directly and improving conversion across channels. As part of this effort, we reentered the General Services Administration (GSA) procurement program in Q1 with standardized product bundles, enabling eligible agencies to purchase directly from a federal catalog and reducing friction in the purchasing process. VirTra is positioned to convert opportunity into growth in the quarters ahead. Our focus remains on disciplined execution and aligning closely with the evolving training needs of our customers."
First Quarter 2025 Financial Results
Note: Q1 2024 financials presented below reflect a restatement made in Q4 2024 to adjust the timing of revenue recognition associated with a 2021 international sale.
Total revenue for the first quarter was $7.2 million , compared to $7.3 million in the prior year period. The 3% decrease was primarily driven by delayed deliveries on several customer orders booked in Q4 2024, which pushed revenue recognition into future quarters.
Gross profit for the first quarter improved to $5.2 million (73% of total revenue), compared to $4.7 million (64% of total revenue) in the prior year period. The increase in gross margin reflects a 25% decrease in cost of sales, highlighting the Company's operational efficiency gains and more favorable product mix.
Net operating expense for the first quarter was $3.8 million , a 6% decrease from $4.1 million in the prior year period. This decrease reflects ongoing cost discipline and optimization of internal resources while maintaining core growth initiatives.
Operating income for the first quarter more than doubled to $1.4 million , compared to $0.7 million in the prior year period.
Net income for the first quarter increased to $1.3 million , or $0.11 per diluted share (based on 11.3 million weighted average diluted shares outstanding), up from a restated $0.5 million , or $0.04 per diluted share (based on 11.0 million weighted average diluted shares outstanding), in the first quarter of 2024.
Adjusted EBITDA, a non-GAAP metric, increased 22% to $1.7 million , up from $1.4 million in the first quarter of 2024.
Cash and cash equivalents were $17.6 million at March 31, 2025 , compared to $18.0 million at December 31, 2024 . Working capital grew to $35.3 million , and the Company maintained a debt-light balance sheet, positioning it well for near- and long-term execution.
Financial Commentary
CFO Alanna Boudreau stated, "Our Q1 results reflect a steady shift in the right direction, with strong gross margins, disciplined cost management, and increased clarity on backlog conversion into future revenue. This greater visibility is supported by improved forecasting around STEP and capital orders, stronger contract structures, and more predictable customer delivery timelines. One key recent development was the enhancement of our STEP agreements, which now include full three-year commitments, converting what was previously uncertain renewal potential into reliable, recurring revenue, with renewal rates expected to continue around 95%.
"The steps we've taken over the past several quarters to improve execution and efficiency continue to gain traction and support our bottom-line results. With $17.6 million in cash and over $35 million in working capital, we remain well- positioned to pursue growth while navigating the timing uncertainties of government funding cycles. As new sales channels activate and V-XR adoption builds, we believe the Company is positioned for sustained top-line improvements throughout 2025."
Conference Call
VirTra's management will hold a conference call today ( May 12, 2025 ) at 4:30 p.m. Eastern time ( 1:30 p.m. Pacific time ) to discuss these results. VirTra's Chief Executive Officer John Givens and Chief Financial Officer Alanna Boudreau will host the call, followed by a question-and-answer period.
U.S. dial-in number: 1-877-407-9208
International number: 1-201-493-6784
Conference ID: 13753538
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company's website.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 26, 2025 .
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13753538
About VirTra, Inc.
VirTra (Nasdaq: VTSI) is a global provider of judgmental use of force training simulators, firearms training simulators for the law enforcement, military, educational and commercial markets. The company's patented technologies, software, and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship, and related training that mimics real-world situations. VirTra's mission is to save and improve lives worldwide through practical and highly effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.
About the Presentation of Adjusted EBITDA
Adjusted earnings before interest, income taxes, depreciation, and amortization and before other non-operating costs and income ("Adjusted EBITDA") is a non-GAAP financial measure. Adjusted EBITDA also includes non-cash stock option expense and other than temporary impairment loss on investments. Other companies may calculate Adjusted EBITDA differently. VirTra calculates its Adjusted EBITDA to eliminate the impact of certain items it does not consider to be indicative of its performance and its ongoing operations. Adjusted EBITDA is presented herein because management believes the presentation of Adjusted EBITDA provides useful information to VirTra's investors regarding VirTra's financial condition and results of operations and because Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in VirTra's industry, several of which present a form of Adjusted EBITDA when reporting their results. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of VirTra's results as reported under accounting principles generally
(MORE TO FOLLOW) Dow Jones Newswires
05-12-25 1605ET
billpr
2 months ago
OT: Appreciate your post. You and I have a pretty long history and I think, except for a few rare occasions, you have always been my favorite guy here. You, Twister, TeeRoy, and a couple of others that I can't remember at the moment, have helped me to have some fun too. I hope you and the others make some more money off Virtra, but it will never be anything more than a 30-40M company. If memory serves me correctly, that might be at least a dozen times I've posted that.
At your age I agree it might be time to move to a more livable climate, but frankly I would suggest either go further south (naples area, or further north, hernando county area. I know you like the Venice, Englewood area, but actually It's sort of crummy and you can afford better. Take care..
BTW do you think Twister has left? He was a great poster...