VirTra reports strong financial results in Q2 2024, with bookings doubling to $3 million.

From GlobeNewswire: 2024-08-12 16:26:00

VirTra, Inc. reported strong results for Q2 2024, with bookings doubling since Q1 to $3 million. Gross margins improved to 91%, while working capital remained robust at $34.8 million. The V-XR platform is set to launch soon, with a focus on law enforcement, military, healthcare, and education markets.

Financial highlights for Q2 2024 include total revenue of $6.1 million, gross profit of $5.5 million (91% margin), and net income of $1.2 million. Operating income was $1.1 million, and adjusted EBITDA was $1.6 million. Cash and cash equivalents were $18.4 million as of June 30, 2024.

CEO John Givens highlighted positive momentum, with a stronger sales pipeline and increased bookings. The upcoming V-XR launch offers new training opportunities. Initiatives include online and in-person masterclass training programs to enhance customer success. The company aims to secure larger contracts in key markets like U.S. Federal and Department of Defense channels.

CFO Alanna Boudreau commented on challenges faced in Q2 but noted a 91% gross margin and improved bookings. Cash and working capital position have been strengthened to support growth initiatives. The focus is on optimizing revenue, capturing emerging market opportunities, and building a loyal customer base.

VirTra will hold a conference call on August 12, 2024, to discuss results. CEO John Givens and CFO Alanna Boudreau will host the call. Details for the call are provided, and a replay will be available online. VirTra is a global provider of use of force training simulators for law enforcement, military, education, and commercial markets.



Read more at GlobeNewswire:: VirTra Reports Second Quarter and First Half 2024 Financial