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VirTra Inc. (VTSI-1.60%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing a decrease in revenues to $26,350,819 from $38,791,337 in the previous year, attributed to a challenging booking environment and delayed contract signings.
Cost of sales for the year was $6,938,304, leading to a gross profit of $19,412,515, down from $27,413,073 in the previous year. The gross profit margin was 74%, compared to 71% in the prior year.
Operating expenses increased slightly to $17,416,184, with general and administrative expenses rising due to higher travel and IT costs.
Net income for the year was $1,363,681, a significant decrease from $9,150,835 in the previous year, mainly due to reduced revenues.
Cash provided by operating activities was $1,257,266, while cash used in investing and financing activities was $1,845,572 and $220,709, respectively.
VirTra had a working capital of $34,826,680 as of December 31, 2024. The company plans to expand its market share by developing new products and entering new markets.
The filing also details the company's strategy for growth, including building core business, increasing the total addressable market, and broadening product offerings.
VirTra's backlog was reported at $22 million, with management estimating that most new bookings will convert to revenue in 2025.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of multiple levels of management review and inadequate system controls.
VirTra continues to focus on providing training simulators for law enforcement and military markets, with a range of products including the V-300™ and V-180™ simulators.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the VirTra Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.