VirTra, Inc. - VTSI STOCK NEWS

VirTra (NASDAQ: VTSI) has announced a new facility in Orlando, Florida, aimed at expanding its military market opportunities. The 9,000 square foot site will support research, development, and training demonstrations of advanced simulators, including the V-300® 4K and V-ST PRO®. An open house is scheduled for October 20, 2022, to showcase the new location and technology. This move is part of VirTra’s strategy to connect more effectively with military decision-makers.

VirTra (NASDAQ: VTSI) will hold its 2022 Annual Meeting of Shareholders virtually on November 8, 2022, at 4:30 p.m. ET. Shareholders recorded by September 23, 2022, can participate and vote. Proxy materials are available on the company's investor relations site. VirTra specializes in judgmental use of force training simulators for law enforcement and military markets, utilizing patented technologies for effective training in de-escalation and marksmanship. Their mission focuses on improving lives worldwide through advanced simulation technologies.

VirTra (NASDAQ: VTSI) has secured two significant orders totaling approximately $9.0 million from the U.S. Customs and Border Protection (CBP) and another federal agency. The orders include the V-300^® and V-100^® training simulators, recoil kits, and additional accessories, with deliveries expected within eight months. This accomplishment highlights the ongoing demand for advanced training technologies within federal agencies, reinforcing VirTra's position in the market.

VirTra, a global leader in judgmental use of force training simulators, has appointed Danielle Diaz as the new Chief Financial Officer as of August 24, 2022. She replaces Marsha J. Foxx, who left the company without any disagreements regarding accounting practices. Diaz brings over 20 years of financial leadership experience from various industries, including her previous roles as CFO at F&B Manufacturing and Bakersfield Heart Hospital. The company anticipates her extensive expertise will enhance its growth trajectory and operational efficiency.

VirTra, Inc. (NASDAQ: VTSI) reported robust financial results for Q2 and the first half of 2022, with total revenue increasing 52% to $8.0 million and $14.8 million, respectively. Gross profit also surged 51% to $4.7 million, reflecting a 59% gross margin. Net income rose to $787,000 in Q2 and $1.4 million for six months. Adjusted EBITDA reached $1.3 million and $2.3 million for the respective periods. Backlog remains strong at $16.5 million. Management remains optimistic about future growth opportunities amidst strong market demand.

VirTra, a global provider of judgmental use of force training simulators, announced a CAD$1.2 million (USD$0.9 million) order from a Canadian law enforcement agency. This order is part of a standing offer with the Government of Canada, aimed at supplying simulation technology to law enforcement facilities. The order includes V-100 and V-180 simulators, alongside training for system operation. Delivery is scheduled by February 2023. VirTra aims to enhance its market presence outside the U.S., continuing its mission to provide effective training solutions.

VirTra, a provider of judgmental use of force training simulators, reported a 52% increase in total revenue to $6.8 million for Q1 2022, alongside a 44% rise in gross profit to $3.7 million. The net income was $577,000, with adjusted EBITDA up 33% to $997,000. Backlog reached $21.0 million, a 30% year-over-year increase, although it declined from the previous quarter. Operating expenses rose 48% due to higher payroll and marketing costs. The company maintains a strong sales pipeline despite challenges in government funding.

VirTra (NASDAQ: VTSI) reported a 28% revenue growth for 2021, totaling $24.4 million, with $32.9 million in bookings. The year ended with a record backlog of $23.1 million, an increase of 58% year-over-year. In Q4 2021, revenue rose by 32% to $8.6 million, but gross profit fell to $2.8 million due to a military contract impacting margins. Despite a net income of $2.5 million, figures suggest potential concerns with operating income and adjusted EBITDA.

VirTra (NASDAQ: VTSI) will hold a conference call on August 2, 2022, at 4:30 p.m. ET to discuss its audited financial results for the fourth quarter and full year ending December 31, 2021. The call will include a presentation by management followed by a Q&A session. Participants can join via U.S. dial-in or international dial-in numbers provided. A live audio webcast will also be available for listeners, with a replay accessible until August 16, 2022. The company's mission focuses on delivering advanced training solutions for law enforcement and military markets.