VirTra Inc. (NASDAQ: VTSI) stock gained by 4.01% at last close whereas the VTSI stock price declines by 9.88% in the pre-market trading session. For law enforcement, army, academic, and commercial industries, VirTra is an international provider of judgmental use of force training simulators, weapons training simulators, and driving simulators.
VTSI stock, Financial Highlights
VirTra released its second-quarter 2021 financial results. Given below is the summary:
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- From $2.8 million in the second quarter of 2020, overall revenue grew by 90% to $5.3 million. A rise in the number of simulators and accessories finished and delivered contributed to the increase in overall income.
- From $1.6 million in the second quarter of 2020, gross profit jumped by 99 percent to $3.1 million. Gross profit margin was 59.7%, up from 57.0 percent in the second quarter of 2020.
- In the second quarter of 2020, net operating expenses were $2.3 million, down from $2.4 million the previous quarter. The decline in net operating expenditure was offset by higher software licensing owing to a one-time impairment write-down in the comparable year-ago quarter.
- In the second quarter of 2020, income from operations was $821,000, relative to a loss of $822,000 in the previous quarter.
- For the second quarter of 2021, net income was $529,400 compared to a net loss of $601,300, or $(0.08) per diluted share (based on 7.8 million weighted average diluted shares outstanding) in the second quarter of 2020.
- Adjusted EBITDA, a non-GAAP indicator, was $1.0 million in the second quarter of 2020, up from a loss of $579,200 in the previous quarter.
- Backlog climbed 19 percent to a record $17.0 million at the end of the second quarter of 2020, relative to $14.3 million at the conclusion of the previous quarter.
Bob Ferris, chairman, and chief executive officer of VirTra commented,
Looking ahead, they feel their company has never been in a stronger place to scale than it is now. Their pipeline is growing, sales are picking up, and the need for high-quality training that improves skills and saves lives is growing. They think that their first-half financial and operational performance, together with the strategic initiatives they’re implementing, enables them to deliver rapid and profitable success in 2021 and even beyond.