Q2 2024 VirTra Inc Earnings Call Transcript
Key Points
- VirTra Inc (VTSI) maintained exceptionally strong gross margins of 91%, demonstrating operational efficiencies.
- Bookings increased by $3 million quarter-over-quarter, doubling since Q1, highlighting improved market conditions.
- The company has strengthened its ability to secure federal grants, which are increasing and will provide essential funding for customers.
- VirTra Inc (VTSI) announced the addition of Brandon Cox as Chief Technology Officer, bringing expertise in data analytics and system integration.
- The launch of the V-XR platform is set to disrupt and improve professional training environments, enhancing soft skill training across various sectors.
- Revenue decreased to $6.1 million from $10.3 million in the prior year period, primarily due to delays in federal funding.
- Government revenue decreased to $5.3 million from $9.5 million in the prior year, attributed to delayed federal budget decisions.
- International revenue was $0.6 million, a slight decrease from $0.7 million in 2023, due to long lead times in the international pipeline.
- Net operating expense increased by 10% to $4.4 million, driven by investments in sales and marketing and strategic hiring.
- Adjusted EBITDA decreased to $1.6 million from $2.6 million in the prior year period.
Good afternoon, and welcome to VirTra's second-quarter 2024 earnings conference call. My name is Paul, and I will be your operator for today's call. Joining us for today's presentation are the company's CEO, John Givens; and CFO, Alanna Boudreau. Following their remarks, we will open the call for questions.
Before we begin the call, I would like to provide VirTra's safe harbor statement that includes cautions regarding forward-looking statements made during this call.
During this presentation, management may discuss financial projections, information or expectations about the company's products and services or markets or otherwise make statements about the future, which are forward-looking and subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. The company does not undertake any obligation to update them as required by law. Finally, I'd like to remind everyone that this call will be made available for replay via a link in the Investor Relations section of the company's website at
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