VirTra Reports Third Quarter and Nine Month 2024 Financial Results

Core Insights - VirTra, Inc. reported a significant increase in bookings, totaling $8.9 million in Q3 2024, representing a 51$36.0 million, positioning itself for sustained growth and operational agility [2] Financial Performance - Total revenue for Q3 2024 was $7.5 million, slightly down from$7.6 million in Q3 2023, primarily due to previous booking delays caused by federal funding measures [3][6] - Gross profit for the quarter was $5.5 million, reflecting a 2$5.4 million in the prior year [3][7] - Net income decreased to $0.6 million, or$0.05 per diluted share, compared to $1.6 million, or$0.15 per diluted share, in Q3 2023 [3][9] Operational Highlights - The company advanced its V-XR launch, accepting initial orders and preparing for customer deliveries, which is expected to broaden its market reach [2] - The appointment of retired U.S. Army Lieutenant General Maria R. Gervais and Georgia POST Executive Director Mike Ayers to the Board of Directors enhances the company's expertise in military training and law enforcement certification [2] Management Commentary - The CEO highlighted that the increase in bookings signals the effectiveness of the sales improvements initiated in late 2023, setting a strong foundation for future growth [4] - The CFO emphasized the company's solid cash position and strong gross margin profile, which provide financial flexibility to support growth initiatives [10] Market Outlook - The company is closely monitoring macroeconomic factors, including federal budget decisions, which may impact funding distribution to customers [5] - The management expressed optimism about capitalizing on emerging opportunities as the company moves through Q4 2024 and into 2025 [5]