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.
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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.
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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.