VirTra, Inc. - VTSI STOCK NEWS

VirTra, Inc. (Nasdaq: VTSI) reported a strong performance for the full year 2022 with a 16% revenue growth, totaling $28.3 million. The company ended the year with a record backlog of $27.7 million and bookings of $33.0 million. Fourth quarter performance showed total revenue of $8.7 million and net income of $1.4 million, or $0.13 per diluted share. Gross profit for the full year reached $16.3 million, with a gross margin of 57.4%. Management attributes this success to strategic investments and a favorable demand environment in the law enforcement and military markets.

VirTra (Nasdaq: VTSI), a leader in judgmental use of force training simulators, will host a conference call on March 31, 2023, at 4:30 p.m. ET, to discuss its financial results for the fourth quarter and full year ended December 31, 2022. The call will begin with a presentation followed by a Q&A session. Interested participants can join via U.S. dial-in at 1-877-407-9208 or international dial-in at 1-201-493-6784. A live broadcast of the call will be available, and a replay can be accessed from March 31 to April 14, 2023.

VirTra (Nasdaq: VTSI), a leader in judgmental use of force training simulators, will attend the 35th Annual ROTH Conference from March 12-14, 2023, at The Ritz Carlton, Laguna Niguel, Dana Point, CA. Bob Ferris, the chairman and co-CEO, will engage in one-on-one meetings with institutional investors and analysts.

VirTra specializes in advanced training solutions for law enforcement and military sectors, using patented technologies for realistic scenario-based training. Their mission is to enhance safety and lives globally through immersive virtual reality and simulation technologies. For investor inquiries, contact their relations team at VTSI@gatewayir.com.

VirTra (NASDAQ: VTSI) announced the appointment of Jim McDonnell as an independent board member, effective January 1, 2023. McDonnell, a seasoned law enforcement leader, brings extensive knowledge in public safety and tactical training. He has held key positions such as Sheriff of Los Angeles County and Chief of Police in Long Beach. Bob Ferris, Chairman and Co-CEO, expressed confidence in McDonnell's ability to drive growth within the company. McDonnell noted the potential for further expansion in the law enforcement market, emphasizing the value of VirTra's training solutions.

VirTra (NASDAQ: VTSI) has appointed Alanna Boudreau as chief financial officer, effective December 1, 2022. Boudreau brings over 20 years of experience in financial management, previously serving as group controller for The 600 Group PLC and as an Accounting Manager at AdventHealth. Co-CEO John Givens expressed confidence in her ability to contribute significantly to the company's growth given her familiarity with public company reporting and extensive management skills. Boudreau is eager to enhance VirTra's financial performance while supporting its mission in law enforcement and military training.

VirTra, Inc. (NASDAQ: VTSI) reported record bookings of $16.7 million for Q3 2022, a 52% increase year-over-year, contributing to a backlog of $28.3 million, up 30%. Despite the strong bookings, total revenue fell 20% to $4.9 million due to unbilled sales, resulting in a net loss of $803,000. For the first nine months of 2022, revenue rose 24% to $19.7 million, and gross profit increased 28% to $10.9 million. While management highlights growth potential with new initiatives and the Orlando facility opening, operational costs and lower Q3 revenues raise concerns.

VirTra, Inc. (NASDAQ: VTSI) has announced a conference call scheduled for November 14, 2022, at 4:30 p.m. Eastern time. The call will discuss the company's financial results for Q3 ending September 30, 2022. Prior to the call, a press release will provide the financial data. Investors can access the live broadcast and replay through the company’s investor relations website. This conference aims to provide insights into VirTra's performance within the law enforcement and military training markets.