Record Bookings of $16.7 Million, up 52%, Driving Record Backlog of $28.3 Million, up 30%

 

CHANDLER, Ariz. — November 14, 2022 — 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 growth
  • Record backlog of $28.3 million at September 30, 2022
  • Received 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 offer
  • Working 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 million
  • Gross profit of $2.5 million, or 51% of total revenue
  • Net loss of ($803,000)
  • Adjusted EBITDA loss of ($214,000)

 

Nine Month 2022 Financial Highlights:

  • Total revenue increased 24% to $19.7 million
  • Gross profit increased 28% to $10.9 million, or 56% of total revenue
  • Net income of $562,000
  • Adjusted EBITDA of $1.7 million

 

Third quarter and Nine Month 2022 Financial Highlights:

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 federal clients. While shipments were somewhat slower in the quarter, contributing to the lower revenue, we view the high level of bookings as positive indicators for future business.”

John Givens, co-CEO of VirTra commented, “Since the end of the third quarter, we announced the official opening of our Orlando, Florida facility that provides us with a critical presence in the epicenter of the military simulation market, a market we have high aspirations for more significantly penetrating. Additionally, to continue our track record of innovating with world-class training solutions, we introduced the ‘VirTra Volumetric Video’, or ‘V3™’. V3 combines the best of high-definition video capture and computer-generated imagery to provide a novel, industry-first training solution. We believe V3 will become the standard for effective de-escalation training in the future, giving VirTra another competitive advantage, and industry veterans and customers tell us it is a ‘game changer’. With a strong capitalization position that includes $15.7 million of cash, VirTra remains well-position for continued growth within the law enforcement and military markets.”

 

Third Quarter 2022 Financial Results

Total revenue decreased 20% to $4.9 million from $6.1 million in the third quarter of 2022. The decrease in revenues for the three months ended September 30, 2022 as compared to the same period in the prior year is due to unbilled sales not yet being recognized.

Gross profit decreased 12% to $2.5 million from $2.9 million in the third quarter of 2021. The decrease in gross profit was due primarily to lower revenue. Gross profit margin was 51%, an increase compared to 47% in the third quarter of 2021.

Net operating expense was $3.6 million, compared to $2.6 million in the third quarter of 2021.  The increase was primarily due to expenses related to the move into the new building, Orlando location, and increased payroll costs.

Loss from operations totaled ($1.1 million) compared to income from operations of $266,000 in the third quarter of 2021.

Net loss totaled ($803,000), or ($0.07) per diluted share (based on 10.9 million weighted average diluted shares outstanding), a decrease compared to a net income of $1.3 million, or $0.12 per diluted share (based on 11.0 million weighted average diluted shares outstanding), in the third quarter of 2021.

Adjusted EBITDA, a non-GAAP metric, totaled a loss of ($214,000), compared to $520,000 in the third quarter of 2021.

Backlog at the end of the third quarter totaled $28.3 million, compared to $21.7 million at the end of the third quarter of 2021.

 

Nine months Ended September 30, 2022 Financial Results

Total revenue increased 24% to $19.7 million from $15.8 million for the first nine months of 2021.  The increase in sales for the nine months ended September 30, 2022 resulted from an increase in the number of simulators and accessories completed, delivered and revenue recognized compared to the same periods in 2021.

Gross profit increased 28% to $10.9 million from $8.6 million for the first nine months of 2021. The increase in gross profit was due to the product mix of systems, accessories and services sold. Gross profit margin was 56%, an increase compared to 54% for the first nine months of 2021.

Net operating expense was $10.3 million, compared to $6.9 million for the first nine months of 2021. The increase was primarily due to expenses related to the move into the new building, Orlando location, and increased payroll costs.

Operating income was $681,000, a decrease compared to an operating income of $1.7 million for the first nine months of 2021.

Net income totaled $562,000, or $0.05 per diluted share (based on 10.9 million weighted average diluted shares outstanding), a decline compared to a net income of $2.5 million, or $0.25 per diluted share (based on 10.1 million weighted average diluted shares outstanding), for the first nine months of 2021.

Adjusted EBITDA, a non-GAAP metric, totaled $1.7 million, a decline from $2.3 million for the first nine months of 2021.

 

Conference Call

VirTra’s management will hold a conference call today (November 14, 2022) at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results. VirTra’s chairman and co-CEO, Bob Ferris and co-CEO John Givens will host the call, followed by a question-and-answer period.

 

U.S. dial-in number: 1-844-825-9789

International number: 1-412-317-5180

Conference Code: 10172500

 

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 VirTra’s IR team 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 conference call will be available after 7:30 p.m. Eastern time on the same day through November 28, 2022.

 

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 10172500

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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 accepted in the United States of America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to Adjusted EBITDA is provided in the following tables:

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

 

VirTra, Inc.

Condensed Balance Sheets

 

VirTra, Inc.

Condensed Statements of Operations

(Unaudited)

 

VirTra, Inc.

Condensed Statements of Cash Flows

(Unaudited)

CHANDLER, Ariz. — October 31, 2022 — VirTra, Inc. (NASDAQ: VTSI), a global provider of judgmental use of force training simulators, and firearms training simulators for the law enforcement and military markets, will hold a conference call on Monday, November 14, 2022 at 4:30 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2022. Financial results will be issued in a press release prior to the call.

 

VirTra management will host the conference call, followed by a question and answer period.

 

Date: Monday, November 14, 2022

Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

U.S. dial-in number: 1-844-825-9789

International number: 1-412-317-5180

Conference Code: 10172500

 

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 conference call will be available after 7:30 p.m. Eastern time on the same day through November 28, 2022.

 

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 10172500

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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.

 

Investor Relations Contact:

Matt Glover or Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

CHANDLER, Ariz. — October 19, 2022 — 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, has introduced a breakthrough technology for the industry, “VirTra Volumetric Video”, or “V3™”, which has the potential to provide a step-function change in training content.

Prior to V3™, companies would use either high-definition video capture or computer-generated imagery (CGI) human avatars with each having its own advantages and limitations. High-definition video capture is photorealistic and looks real, but it is simply two-dimensional (2D) and limited to the one angle originally captured. CGI avatars are three-dimensional (3D) but do not look, move or emote like a human while demanding expensive manual work from talented artists. CGI avatars fail at de-escalation training and judgmental use-of-force exercises whereas V3 excels at depicting human interactions accurately.

V3™ combines the advantages of high-definition video and 3D characters coupled with the ability to affordably build a comprehensive library of training content suitable for screen-based or headset-based platforms to provide a novel, industry-first simulation training solution. The V3™ studio has a diameter of 39 feet and can record multiple people interacting with each other at the same time.

4DViews, the market leader of volumetric capture systems, previously presented to VirTra new volumetric video technology with unique capabilities that are ideal for police and military training. 4DViews’ technology enables VirTra to overcome the “uncanny valley” effect, resulting in a deeper sense of immersion and a better training experience. VirTra purchased a premium volumetric video capture studio with adjacent supercomputers to perform the trillions upon trillions of calculations needed to successfully implement this technology. VirTra also negotiated a multi-year exclusivity for the patented 4DViews volumetric video technology for the police and military training markets.

A team of contractors worked around the clock to custom build the V3™ studio. Special sound-proofing material is sandwiched between four layers of wall material. Professional acoustic engineers analyzed the space and strategically placed 76 acoustic tiles for maximum effect, combined with custom quadruple sound dampened air conditioning ducts makes for the cleanest audio profile possible for a volumetric video capture studio. The V3™ incorporates a full 360-degree, tier 1 green screen to quickly create training content with the lowest potential for any manual editing. Approximately 90% of all costs for V3™ had been paid through the end of the second quarter of 2022.

“Exceptional training content is a key differentiator and compelling reason for so many customers to buy simulators from VirTra,” said Bob Ferris, Chairman and Co-CEO of VirTra. “Our goal with this multi-year project was to propel simulation training content to new levels of effectiveness, whether on a screen or in a headset, and in the process, we have built the world’s very best volumetric video capture studio. This is a tool needed to create characters and scenarios with unparalleled realism built for the three-dimensional world of headset-based training.”

The industry-first V3™ studio is fully operational and is quickly creating the most realistic, flexible and future-proof training library for police and military forces worldwide. VirTra is also evaluating rental opportunities for the volumetric studio to select customers.

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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 4DViews

4DViews is the market leader in volumetric video capture systems, providing complete studio solutions for filming, performance and full-body holograms for use in AR, VR, and Web applications. Since its inception in 2007, 4DViews’ aim is to deliver high-quality and realistic volumetric video with its volumetric capture system, the HOLOSYS. 4DViews’ volumetric video has been used extensively in the training, entertainment, fashion, and filmmaking industries all over the world to create impactful content. Learn more about 4Dviews’ volumetric video at www.4dviews.com.

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

Open House on October 20, 2022 to showcase the new facility and offer immersive training demonstrations of VirTra’s world-class training solutions to interested parties

 

CHANDLER, Ariz. — October 4, 2022 — 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, has leased a facility in Orlando, Florida to support the Company’s strategy of capturing military end-market growth opportunities. The facility, which VirTra has a lease-option-to-buy, features offices, a warehouse, conference rooms and simulation demonstration rooms.

The new facility continues VirTra’s expansion efforts, building on its 2021 purchase of an industrial building in Chandler, Arizona that serves as the Company’s new headquarters. The 9,000 square foot facility will serve as an extension of research and development, and as a demonstration site for employees and future customers visiting the Orlando area. The site currently houses V-300® 4K and V-ST PRO® simulators as well as multiple offices and conference rooms.

VirTra will hold an open house and technology demonstrations at the new facility located at 12301 Challenger Parkway, Orlando, Florida 32826 on Thursday, October 20, 2022 from 1:00 p.m. to 7:00 p.m. Eastern time.

“Orlando is the epicenter of military simulation training, so having a presence a minute down the street will allow us to work alongside the decision-makers in the industry and better connect with current and future military customers,” said John Givens, Co-CEO of VirTra. “Our open house not only celebrates the opening of the building in the simulation capital of the world, but also reinforces our goal to help improve and advance training technology for military servicemembers.”

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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.

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

CHANDLER, Ariz. — September 26, 2022 — 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, will hold its 2022 Annual Meeting of Shareholders virtually on Tuesday, November 8, 2022 at 4:30 p.m. Eastern Time (2:30 p.m. Mountain Time) and will be accessible via a live webcast here.

Shareholders of record at the close of business on September 23, 2022 will be entitled to vote. Proxy materials and voting instructions can be found on the investor relations section of the company’s website and here.

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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.

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover or Jeff Grampp, CFA

VTSI@gatewayir.com

949-574-3860

CHANDLER, Ariz. — September 7, 2022 — 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, has received two orders worth approximately $9.0 million under an existing contract with the U.S. Customs and Border Protection (CBP). Of the total order amount, $4.3 million is attributable to the CBP and $4.7 million is attributed to another U.S. federal agency ordered under the same contract.

The orders consist of VirTra’s flagship V-300® and portable V-100® simulators, recoil kits and magazines, V-Threat-Fire® devices and other accessories. Service plans are included as well as training and installation. Items on the orders are expected to be delivered within the next eight months.

“These substantial orders are a meaningful accomplishment for VirTra and we are honored to be able to help those who keep our borders secure by providing them with the latest in training technology,” said John Givens, Co-CEO of VirTra. “Additionally, the orders demonstrate the significant need we continue to see for realistic training amongst federal agencies.”

Commented Jason Mulcahy, VirTra’s Sr. VP of Global Sales, “CBP has been a valued client of VirTra for many years and we look forward to assisting them with their training goals through this sizable order. Our world-class training solutions continue to have strong demand from federal agencies, which remains a core growth market for the Company.”

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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.

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

CHANDLER, Ariz. — August 26, 2022 — 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, has appointed Danielle Diaz as chief financial officer, effective, August 24, 2022. Danielle Diaz replaces chief accounting officer Marsha J. Foxx, who has departed the company. Foxx’s departure was not the result of any disagreement with VirTra on any matters relating to its accounting practices or policies.

Diaz brings over 20 years of experience in financial and operating functions, including extensive experience as a chief financial officer. Throughout her career, she has held numerous accounting and financial leadership positions across different industries, including manufacturing and technology. Prior to VirTra, she held the role of chief financial officer at both F&B manufacturing, an industry leading manufacturer specializing in complex sheet metal fabrication of customer designed products, and Lorts Manufacturing, a custom furniture manufacturer. She also was a senior finance officer for Common Spirit, one of the largest nonprofit health systems in the U.S. and was most recently the chief financial officer for Bakersfield Heart Hospital. Diaz holds a Bachelor of Science in Accounting and Master of Business Management from the University of Phoenix. She was recently 1 of 18 selected nationally for the Harvard Business School Leadership Development Program currently underway.

“Danielle brings two decades of senior level financial experience and executive leadership to VirTra that will prove invaluable for our organization,” said John Givens, co-CEO of VirTra. “We expect her extensive experience as a CFO, coupled with her excellent leadership abilities and business acumen, will allow her to hit the ground running in her new role. On behalf of the entire VirTra team, I would like to thank Marsha for her time and contribution to the Company, including overseeing our ERP system integration and recent financial filings.”

Diaz commented: “I am grateful for the opportunity to join VirTra at such an exciting time in the Company’s growth trajectory. I look forward to working alongside all the departments to bring my experience and knowledge to VirTra as it continues to scale to provide better training for even more customers.”

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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.

Investor Relations Contact:

Matt Glover or Jeff Grampp

VTSI@gatewayir.com

949-574-3860

Total Revenue up 52%, Driving 51% Increase in Gross Profit and 34% Increase in Adjusted EBITDA

 

CHANDLER, Ariz. — August 19, 2022 — 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 second quarter and six months ended June 30, 2022. The financial statements are available on VirTra’s website and here. 

 

Second Quarter 2022 Financial Highlights: 

  • Total revenue increased 52% to $8.0 million 
  • Gross profit increased 51% to $4.7 million, or 59% of total revenue 
  • Net income increased to $$787,000 
  • Adjusted EBITDA increased to $1.3 million 
  • Backlog at June 30, 2022 of $16.5 million  
  • Working capital surplus totaled $27.0 million, including unrestricted cash and cash equivalents of $15.0 million 

 

Six Month 2022 Financial Highlights: 

  • Total revenue increased 52% to $14.8 million 
  • Gross profit increased 48% to 8.4 million, or 57% of total revenue 
  • Net income increased to $1.4 million 
  • Adjusted EBITDA increased to $2.3 million  

 

Second Quarter and Six Month 2022 Financial Highlights: 

 

Management Commentary 

“We reported another strong quarter of growth in the second quarter of 2022 as we continue to deliver higher volumes of our world-class training solutions domestically and internationally,” said Bob Ferris, chairman and co-CEO of VirTra. “Total revenue and adjusted EBITDA increased 52% and 34% year-over-year, respectively, while gross profit margin expanded from the first quarter 2022 to 59%,. Further, market demand was noticeably strong in the commercial market, which includes the military market, as we recorded $3.6 million in commercial revenue in Q2, eclipsing the $3.2 million of commercial revenue we recorded for all of 2021. 

“Our deliveries are accelerating, allowing us to convert backlog into revenue and resulting in backlog decreasing from the first quarter 2022 to $16.5 million. Additionally, our core law enforcement market tends to be seasonally stronger in the second half of the year so we remain optimistic regarding our sales pipeline and commercial opportunities, which provide us with significant growth opportunities. Complemented with a strong balance sheet that includes a $27.0 million working capital surplus, VirTra remains well-positioned for continued success. Additionally, I would like to thank the entire VirTra team and our advisors for their dedication and hard work in getting our financial filing status back up-to-date.” 

 

Management Change 

Effective August 16, 2022, VirTra Chief Operating Officer, Vice President, and Director, Matt Burlend, departed the Company. Mr. Burlend’s departure was not the result of any disagreement with VirTra on any matters relating to its operations, policies, or practices. VirTra will not seek an immediate replacement for Mr. Burlend at the company-level but plans to fill the Board vacancy resulting from his departure. The Company thanks Mr. Burlend for his many years of service and all his contributions to VirTra. 

 

Second Quarter 2022 Financial Results 

Total revenue increased 52% to $8.0 million from $5.3 million in the second quarter of 2021. The increase in revenues resulted from an increase in the number of simulators and accessories completed, delivered and revenue recognized compared to the same period in 2021. 

Gross profit increased 51% to $4.7 million from $3.1 million in the second quarter of 2021. The increase in gross profit was driven by an increase in the number of simulators and accessories completed, delivered and revenue recognized compared to the same period in 2021. Gross profit margin was 59%, a decrease compared to 60% in the second quarter of 2021.  

Net operating expense was $3.7 million, compared to $2.3 million in the second quarter of 2021. The increase was primarily due to expenses related to the move into the new building and increased payroll costs. 

Income from operations totaled $1.0 million compared to $823,000 in the second quarter of 2021. 

Net income totaled $787,000, or $0.07 per diluted share (based on 10.9 million weighted average diluted shares outstanding), an improvement compared to a net income of $529,000, or $0.05 per diluted share (based on 10.7 million weighted average diluted shares outstanding), in the second quarter of 2021.  

Adjusted EBITDA, a non-GAAP metric, totaled $1.3 million, an improvement from $1.0 million in the second quarter of 2021.  

Backlog at the end of the second quarter totaled $16.5 million, compared to $17.0 million at the end of the second quarter of 2021.  

 

Six Months Ended June 30, 2022 Financial Results 

Total revenue increased 52% to $14.8 million from $9.7 million for the first six months of 2021. The increase in revenues resulted from an increase in the number of simulators and accessories completed, delivered and revenue recognized compared to the same period in 2021. 

Gross profit increased 48% to $8.4 million from $5.7 million for the first six months of 2021. The increase in gross profit was driven by an increase in the number of simulators and accessories completed, delivered and revenue recognized compared to the same period in 2021. Gross profit margin was 57%, a decrease compared to 59% for the first six months of 2021.  

Net operating expense was $6.7 million, compared to $4.3 million for the first six months of 2021. The increase was primarily due to expenses related to the move into the new building and increased payroll costs. 

Operating income was $1.8 million, an improvement compared to an operating income of $1.4 million for the first six months of 2021. 

Net income totaled $1.4 million, or $0.13 per diluted share (based on 10.9 million weighted average diluted shares outstanding), an improvement compared to a net income of $1.2 million, or $0.13 per diluted share (based on 9.2 million weighted average diluted shares outstanding), for the first six months of 2021.  

Adjusted EBITDA, a non-GAAP metric, totaled $2.3 million, an improvement from $1.8 million for the first six months of 2021.  

 

Conference Call 

VirTra’s management will hold a conference call today (August 19, 2022) at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time) to discuss these results. VirTra’s chairman and co-CEO, Bob Ferris, co-CEO John Givens and chief accounting officer, Marsha Foxx, 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 Code: 13732200 

   

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 VirTra’s IR team 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 on the same day after 1:00 p.m. ET through September 2, 2022.  

 

U.S. replay dial-in: 1-844-512-2921 

International replay dial-in: 1-412-317-6671  

Replay ID: 13732200 

 

About VirTra 

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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 accepted in the United States of America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to Adjusted EBITDA is provided in the following tables:   

 

Forward-Looking Statements 

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. 

 

Investor Relations Contact: 

Matt Glover and Jeff Grampp, CFA 

Gateway Group, Inc.  

VTSI@gatewayir.com 

949-574-3860 

 

VirTra, Inc. 

Condensed Balance Sheets 

 

VirTra, Inc. 

Condensed Statements of Operations 

(Unaudited) 

 

VirTra, Inc. 

Condensed Statements of Cash Flows 

(Unaudited) 

CHANDLER, Ariz. — August 18, 2022 — 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, has received an order worth CAD$1.2 million (Approximately USD$0.9 million) from a Canadian law enforcement agency. This order utilized the previously announced standing offer from the Government of Canada to supply marksmanship and judgmental use of force simulation technology to various law enforcement facilities.

As part of the order, the agency will receive multiple V-100® and V-180® simulators and associated tools and accessories designed for simulator training, including drop-in recoil kits and V-Author® scenario authoring software. Part of the order will also include hands-on training for system and hardware operation.

“Our standing offer with the Government of Canada is expected to be a solid source of orders for VirTra as we further penetrate markets outside of the United States,” said Jason Mulcahy, VirTra’s General Manager. “We continue to deliver on our goal of providing the most effective training solutions in the world to first responders all across Canada.”

All services and products ordered by the Canadian agency will be delivered before the end of February 2023 as per the contract. The standing offer, solely awarded to VirTra, makes the buying process more efficient for all federal, provincial, and municipal law enforcement agencies in Canada to obtain standardized training simulators in a streamlined process.

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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.

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

VirTra Reports First Quarter 2022 Financial Results

Total Revenue Increased 52% Year-Over-Year, Driving 44% Year-Over-Year Increase in Gross Profit

 

CHANDLER, Ariz. — August 11, 2022 — 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 first quarter ended March 31, 2022. The financial statements are available on VirTra’s website and here.

 

First Quarter 2022 Highlights:

  • Backlog as of March 31, 2022 totaled $21.0 million, up 30% year-over-year
  • Received first order for multiple systems associated with a standing offer VirTra was awarded by the Government of Canada
  • Bookings totaled $6.4 million
  • Working capital surplus of $25.9 million as of March 31, 2022, including cash and cash equivalents of $15.7 million

 

First Quarter 2022 Financial Summary:

  • Total revenue increased 52% to $6.8 million
  • Gross profit increased 44% to $3.7 million, or 55% of revenue
  • Net income was $577,000
  • Adjusted EBITDA increased 33% to $997,000

 

First Quarter 2022 Financial Highlights:

 

Management Commentary

“We started off 2022 continuing our positive momentum from 2021, generating year-over-year revenue and adjusted EBITDA growth of 52% and 33%, respectively, while gross margins expanded from full-year 2021 levels to 55%,” said Bob Ferris, chairman and co-CEO of VirTra. “We realized strong growth in multiple markets with government revenue increasing 38% year-over-year and commercial revenue, which includes the military market, increasing almost five-fold from the prior year period to $1.6 million.

“Backlog grew 30% year-over-year to $21.0 million but declined from our prior quarter record of $23.1 million as we had a strong quarter of deliveries as demonstrated by our revenue growth and was impacted by $1.8 million in budgetary cuts and government de-funding that removed prior bookings. Nonetheless, our sales pipeline remains robust as we continue to pursue attractive growth opportunities, which we expect will be further augmented by our new co-CEO, John Givens, who is actively leveraging his extensive experience and relationships in the military simulation industry to further penetrate this significant market for VirTra.”

 

First Quarter 2022 Financial Results

Total revenue increased 52% to $6.8 million from $4.4 million in the first quarter of 2021. The increase in total revenue was due to an increase in the number of simulators and accessories completed, delivered and revenue recognized compared to the same period in 2021.

Gross profit increased 44% to $3.7 million (55% of total revenue) from $2.6 million (58% of total revenue) in the first quarter of 2021. The increase in gross profit dollars was due to the increase in total revenue, while the decrease in gross profit margin was due to increased costs and the product mix of systems, accessories and services sold in the period.

Operating expenses increased 48% to $3.0 million from $2.0 million in the first quarter of 2021. The increase in operating expenses was mainly due to increases in payroll, marketing, research and development, and professional services expenses.

Income from operations increased to $711,000 from $564,000 in the first quarter of 2021.

Net income totaled $577,000, or $0.05 per diluted share, compared to $655,000, or $0.08 per diluted share, in the first quarter of 2021.

Adjusted EBITDA increased to $997,000 from $751,000 in the first quarter of 2021.

At March 31, 2022, backlog totaled approximately $21.0 million, compared to $23.1 million at December 31, 2021 and $16.1 million at March 31, 2021.

Cash and cash equivalents totaled $15.7 million at March 31, 2022 compared to $19.7 million at December 31, 2021. The sequential decrease in cash and cash equivalents was primarily due to increases in accounts receivable, inventory and unbilled revenues, partly offset by increases in trade accounts payable, accrued compensation and deferred revenues. Net working capital surplus at March 31, 2022 was $25.9 million, essentially unchanged from December 31, 2021.

 

Second Quarter 2022 Earnings Release and Conference Call Timing

VirTra plans to release its second quarter 2022 results ended June 30, 2022 on August 19, 2022 before market open. Management will hold a conference call August 19, 2022 at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss results for the first quarter 2022 and second quarter 2022. VirTra’s chairman and co-CEO, Bob Ferris, co-CEO John Givens and chief accounting officer, Marsha Foxx, 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 code: 13732200

 

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 VirTra’s IR team 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 conference call will be available after 1:00 p.m. Eastern time on the same day through September 2, 2022.

 

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 13732200

 

About VirTra

VirTra (NASDAQ: VTSI) is a global provider of judgmental use of force training simulators and 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 accepted in the United States of America (“GAAP”). Adjusted EBITDA should not be considered as an alternative for net income, cash flows from operating activities and other consolidated income or cash flows statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. A reconciliation of net income to Adjusted EBITDA is provided in the following tables:

 

Forward-Looking Statements

The information in this discussion contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “should,” “could,” “predicts,” “potential,” “continue,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions, and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. In evaluating these statements, you should specifically consider various factors, uncertainties and risks that could affect our future results or operations. These factors, uncertainties and risks may cause our actual results to differ materially from any forward-looking statement set forth in the reports we file with or furnish to the Securities and Exchange Commission (the “SEC”). You should carefully consider these risk and uncertainties described and other information contained in the reports we file with or furnish to the SEC before making any investment decision with respect to our securities. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.

 

Investor Relations Contact:

Matt Glover and Jeff Grampp, CFA

Gateway Group, Inc.

VTSI@gatewayir.com

949-574-3860

 

 

VirTra, Inc.

Condensed Balance Sheets

 

VirTra, Inc.

Condensed Statements of Operations

(Unaudited)

 

VirTra, Inc.

Condensed Statements of Cash Flows

(Unaudited)