VirTra Q3 Sales Decline Year-Over-Year

TL;DR

VirTra's Q3 sales down to $11.4M from $12.1M last year. YTD sales also lower.

AI Summary

VirTra, Inc. reported its third-quarter financial results for the period ending September 30, 2024. The company's net sales for the third quarter of 2024 were $11.4 million, a decrease from $12.1 million in the same period of 2023. For the nine months ended September 30, 2024, net sales were $31.1 million, down from $34.2 million for the comparable period in 2023.

Why It Matters

The decline in sales suggests potential challenges in VirTra's market or sales execution, which could impact future revenue and profitability.

Risk Assessment

Risk Level: medium — The decrease in net sales for both the quarter and year-to-date indicates a potential slowdown in the company's business performance.

Key Numbers

• $11.4M — Q3 2024 Net Sales (Represents a decrease compared to Q3 2023)
• $12.1M — Q3 2023 Net Sales (Previous period's net sales for comparison)
• $31.1M — Year-to-Date Net Sales (2024) (Represents a decrease compared to the same period in 2023)
• $34.2M — Year-to-Date Net Sales (2023) (Previous year's year-to-date net sales for comparison)

Key Players & Entities

• VirTra, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• $11.4 million (dollar_amount) — Net sales for Q3 2024
• $12.1 million (dollar_amount) — Net sales for Q3 2023
• $31.1 million (dollar_amount) — Net sales for the nine months ended September 30, 2024
• $34.2 million (dollar_amount) — Net sales for the nine months ended September 30, 2023

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value VTSI Nasdaq Capital Mark

Filing Documents

• form10-q.htm (10-Q) — 1259KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-044748.txt ( ) — 6236KB
• vtsi-20240930.xsd (EX-101.SCH) — 35KB
• vtsi-20240930_cal.xml (EX-101.CAL) — 55KB
• vtsi-20240930_def.xml (EX-101.DEF) — 169KB
• vtsi-20240930_lab.xml (EX-101.LAB) — 302KB
• vtsi-20240930_pre.xml (EX-101.PRE) — 236KB
• form10-q_htm.xml (XML) — 1276KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) F-1 Condensed Balance Sheets as of September 30, 2024, and December 31, 2023 F-1 Condensed Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 F-2 Condensed Statements of Changes in Stockholders' Equity for the Three and Nine Months Ended September 30, 2024, and 2023 F-3 Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 F-4 Notes to the Unaudited Financial Statements F-5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 8 Item 4.

Controls and Procedures

Controls and Procedures 9 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 9 Item 1A.

Risk Factors

Risk Factors 9 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 9 Item 3. Defaults Upon Senior Securities 9 Item 4. Mine Safety Disclosures 9 Item 5. Other Information 9 Item 6. Exhibits 10

SIGNATURES

SIGNATURES 11 2 PART I: FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS VIRTRA, INC. CONDENSED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 19,668,455 $ 18,849,842 Accounts receivable, net 7,216,751 15,724,147 Inventory, net 13,911,948 12,404,880 Unbilled revenue 2,258,930 1,109,616 Prepaid expenses and other current assets 1,886,148 906,803 Total current assets 44,942,232 48,995,288 Long-term assets: Property and equipment, net 16,351,433 15,487,012 Operating lease right-of-use asset, net 478,474 716,687 Intangible assets, net 560,873 567,540 Security deposits, long-term 35,692 35,691 Other assets, long-term 201,670 201,670 Deferred tax asset, net 3,498,003 3,630,154 Total long-term assets 21,126,145 20,638,754 Total assets $ 66,068,377 $ 69,634,042 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,121,558 $ 2,282,427 Accrued compensation and related costs 1,906,302 2,221,416 Accrued expenses and other current liabilities 708,952 3,970,559 Notes payable, current 230,824 226,355 Operating lease liability, short-term 192,294 317,840 Deferred revenue, short-term 4,797,825 6,736,175 Total current liabilities 8,957,755 15,754,772 Long-term liabilities: Deferred revenue, long-term 3,022,676 3,012,206 Notes payable, long-term 7,629,800 7,813,021 Operating lease liability, long-term 308,109 432,176 Total long-term liabilities 10,960,585 11,257,403 Total liabilities 19,918,340 27,012,175 Commitments and contingencies (See Note 11) - - Stockholders' equity: Preferred stock $ 0.0001 par value; 2,500,000 authorized; no shares issued or outstanding - - Common stock $ 0.0001 par value; 50,000,000 shares authorized; 11,242,925 shares issued and outstanding as of September 30, 2024, and 11,107,230 shares issued and o

View Full Filing

View this 10-Q filing on SEC EDGAR