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- **Backlog Expansion**: Q3 bookings of $8.4M (vs. $4.6M Q2) drove backlog to $21.9M, reflecting strong demand despite revenue delays.
- **International Growth**: International revenue doubled YoY to $1.2M, with wins in Canada and Colombia.
- **Gross Margin Management**: Target 60-65% range, with potential margin trade-offs for market share gains.
- **Military Progress**: SVT system demo exceeded Army expectations, positioning for long-term contracts.
- **STEP Program Strength**: 95% renewal rate provides stable recurring revenue.

**【CEO Summary Section】**
- **Revenue and Backlog Growth**: Despite Q3 revenue of $5.3M (down 29% YoY due to Federal funding delays), backlog grew to $21.9M, up from $18.2M in Q2, driven by $8.4M in new bookings. International revenue doubled YoY to $1.2M.
- **Product Innovations**: Launched V-One Portable Simulator for smaller agencies and APEX analytics platform for real-time training metrics. Military SVT system demonstrated to U.S. Army, exceeding expectations.
- **Operational Strengths**: Redesigned website increased qualified leads; GSA channel streamlines sales; STEP program renewal rate 95%.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net loss of $0.4M (-$0.03 EPS) vs. $0.6M net income YoY. Gross margin 66% (down from 73% YoY due to higher capital sales mix). Operating expenses down 16% to $4M.
- **Liquidity**: $20.8M cash on hand. Adjusted EBITDA $0.1M (Q3) and $2.5M (9M). Backlog components: $10.2M capital, $5.3M service, $6.4M STEP.

**【Q&A Highlights】**
- **Booking Dynamics**: $4.8M international booking (Colombia) skewed Q3 backlog. 1/3 of capital backlog could convert in 2026. STEP contracts provide 3-year recurring revenue visibility.
- **Funding Impact**: Federal shutdown delayed military funding ($4.8M INL award). Law enforcement agencies await director appointments and grant clarity.
- **Gross Margin Outlook**: Target 60-65% range, may sacrifice margin for market share with new products like V-One.
- **Strategic Options**: Evaluating acquisitions to enhance offerings, but prioritizing organic growth until funding environment stabilizes.

VirTra, Inc. (VTSI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VTSI

VTSI fundamentals

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