VirTra, Inc. reported its financial results for the third quarter ended September 30, 2024, on November 12, 2024. Total revenue for the quarter was $7.5 million, a slight decrease from $7.6 million in the prior year period, primarily attributed to delayed contracts due to federal government funding measures. Gross profit increased to $5.5 million, representing 73% of total revenue, up from $5.4 million (71% of revenue) in Q3 2023, driven by lower cost of sales and high-margin service and STEP contracts.
Net operating expense rose by 28% to $4.7 million, compared to $3.7 million in the third quarter of 2023, due to investments in higher-level staff, expanded sales and marketing efforts, and enhancements to IT infrastructure and compliance. This led to a decrease in operating income to $0.8 million from $1.7 million in the prior year period. Net income for the quarter was $0.6 million, or $0.05 per diluted share, down from $1.6 million, or $0.15 per diluted share, in Q3 2023.
Despite the decline in net income, bookings for the third quarter grew 51% quarter-over-quarter to $8.9 million, bringing the year-to-date total to $17.7 million. The company maintained a strong cash position with $19.7 million in cash and cash equivalents at September 30, 2024. Management noted that the increase in bookings signals accelerating sales momentum and a strong foundation for future growth, despite ongoing macroeconomic factors and federal budget decisions.
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